# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0001752724-23-067563
**Filing Date:** 2023-3
**Character Count:** 236762
**Document Hash:** 6d03ceb54599e68d0f65f31bc1b74264
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067563.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067563

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20230731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000754510
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04118
- **FILM NUMBER:** 23763672

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

## Series and Classes Contracts Data

### Fidelity Real Estate Income Fund (Series ID: S000007192)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000019680 | Fidelity Real Estate Income Fund                  | FRIFX           |
| C000087887 | Fidelity Advisor Real Estate Income Fund: Class A | FRINX           |
| C000087889 | Fidelity Advisor Real Estate Income Fund: Class C | FRIOX           |
| C000087890 | Fidelity Advisor Real Estate Income Fund: Class M | FRIQX           |
| C000087891 | Fidelity Advisor Real Estate Income Fund: Class I | FRIRX           |
| C000205040 | Fidelity Advisor Real Estate Income Fund: Class Z | FIKMX           |

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Fidelity Securities Fund

- **b. Investment Company Act file number:** 811-04118

- **c. CIK number of Registrant:** 0000754510

- **d. LEI of Registrant:** LIUMB3NDWOFJPXVROE85

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

  - **Street Address 1:** 245 Summer Street

  - **City:** Boston

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 02210

  - **Telephone number:** 1-800-FIDELITY

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

- **a. Name of Series:** Fidelity Real Estate Income Fund

- **b. EDGAR series identifier (if any):** S000007192

- **c. LEI of Series:** KYIURORXMOJZHC2FKE02

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

- **a. Date of fiscal year-end:** 2023-07-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $4974065309.24

**Total Liabilities:** $4091754.07

**Net Assets:** $4969973555.17

**Cash Not Reported:** $230554.10

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 18197.50776281 | **1-Year:** 61883.41556625 | **5-Year:** 185865.30440567 | **10-Year:** 229735.28403347 | **30-Year:** 3652.73549990

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

- **3-Month:** 36328.13623985 | **1-Year:** 190477.52776242 | **5-Year:** 261228.02313394 | **10-Year:** 26883.52402644 | **30-Year:** 1001.22378569

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019680 | 3.32%                | -1.50%               | 6.19%                |
| Class ID C000205040 | 3.43%                | -1.55%               | 6.22%                |
| Class ID C000087890 | -0.70%               | -5.55%               | 1.98%                |
| Class ID C000087887 | -0.79%               | -5.46%               | 1.90%                |
| Class ID C000087889 | 2.22%                | -2.61%               | 5.16%                |
| Class ID C000087891 | 3.33%                | -1.51%               | 6.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-13531449.63            | $162141977.47                              |
| Month 2  | $-244818.89              | $-106984371.20                             |
| Month 3  | $-3059572.71             | $279135646.35                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| DIGITAL REALTY TRUST INC                                                         | DIGITAL REALTY TRUST INC                                                                                | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |     83900 | NS      | $9616618.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC 3.2% 11/18/2029                                                                             | CUSIP: 29444UBE5<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4526066.30   | 0.09%             | 2029-11-18      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER S 4.1% PFD PERP                                                                      | CUSIP: 74460W396<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    200000 | NS      | $3786000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                        | JPMCC 2011-C3 G CSTR 02/15/2046 144A                                                                    | CUSIP: 46635TBK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4671000 | PA      | $398270.01    | 0.01%             | 2046-02-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CAMB COML MTG TR 2019-LIFE                                                       | CAMB COML MTG TR 2019-LIFE 1ML+325 12/15/2037 144A                                                      | CUSIP: 12482HAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14973000 | PA      | $14030410.72  | 0.28%             | 2037-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SERITAGE GROWTH PPTYS                                                            | SERITAGE GROWTH PPTYS SER A 7% PERP PFD                                                                 | CUSIP: 81752R308<br>LEI: 5493003CJFC2MM82WB25 | Long             | EP               | CORP              | US        |     91986 | NS      | $2210423.58   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-LP2                                            | BX 2022-LP2 G TSFR1M+411.27 02/15/39 144A                                                               | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5106145 | PA      | $4805019.72   | 0.10%             | 2039-02-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2                                    | NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-SFR2 4% 09/04/2039 144A                                        | CUSIP: 64830RAJ1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2900000 | PA      | $2431629.41   | 0.05%             | 2039-09-04      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| Morgan Stanley Capital I Trust                                                   | Morgan Stanley Capital I Trust 3.536% 02/15/2053                                                        | CUSIP: 61770KBC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2765000 | PA      | $2137093.11   | 0.04%             | 2053-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC                                                                                             | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     75500 | NS      | $55728815.00  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                                          | UBSCM 2012-C1 F CSTR 5/10/45 144A                                                                       | CUSIP: 90269GAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2221350 | PA      | $106241.62    | 0.00%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC                                                                                               | CUSIP: 45031U101<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |     77413 | NS      | $718392.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2019-B13 MTG TR                                                        | BENCHMARK 2019-B13 A4 2.952% 08/15/2057                                                                 | CUSIP: 08162DAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19715000 | PA      | $17679948.70  | 0.36%             | 2057-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                                    | PENNSYLVANIA REAL EST INVT TR 7.2% PERP PFD C                                                           | CUSIP: 709102602<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |     50325 | NS      | $89578.50     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK41                                                                  | BANK 2022-BNK41 CSTR 04/15/2065                                                                         | CUSIP: 06540MCA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4433000 | PA      | $3338486.09   | 0.07%             | 2065-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2021-GSA3                                                         | GS MTG SECS TR 2021-GSA3 2.6183% 12/15/2054                                                             | CUSIP: 36263UAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12657000 | PA      | $10647980.97  | 0.21%             | 2054-12-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BRE/EVERBRIGHT M6 BORROWER LLC                                                   | MOTEL 6 TERM B 1LN 09/09/2026                                                                           | CUSIP: 05601QAB0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8341200 | PA      | $8271717.80   | 0.17%             | 2026-09-09      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | SERVICE PPTYS TR 4.65% 03/15/2024                                                                       | CUSIP: 44106MAS1<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3408110.06   | 0.07%             | 2024-03-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| OFFICE PROPERTIES INCOME TRUST                                                   | OFFICE PROPERTIES INCOME TRUST 4.5% 02/01/2025                                                          | CUSIP: 81618TAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21056000 | PA      | $19589556.78  | 0.39%             | 2025-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | HOWARD HUGHES CORP 5.375% 08/01/2028 144A                                                               | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |  11900000 | PA      | $11024041.00  | 0.22%             | 2028-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6                                  | MORGAN STAN BAML TR-2012-C6 F CSTR 11/15/2045 144A                                                      | CUSIP: 61761DAU6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1937712.25   | 0.04%             | 2045-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MSC 2021-L7 A3                                                                   | MSC 2021-L7 A5 2.574% 10/15/2054                                                                        | CUSIP: 61772TBH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10055000 | PA      | $8403014.78   | 0.17%             | 2054-10-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CSAIL 2019-C15 COML MTG TR                                                       | CSAIL 2019-C15 COML MTG TR 4.0529% 03/15/2052                                                           | CUSIP: 22945DAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9425000 | PA      | $8948740.61   | 0.18%             | 2052-03-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK36                                                                  | BANK 2021-BNK36 2.47% 09/15/2064                                                                        | CUSIP: 06540DBH7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25000000 | PA      | $21099067.50  | 0.42%             | 2064-09-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| CENTURY CMNTYS INC                                                               | CENTURY COMMUNITIES INC 6.75% 06/01/2027                                                                | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   4670000 | PA      | $4605203.28   | 0.09%             | 2027-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| CREDIT SUISSE MORTGAGE TRUST 2021                                                | CREDIT SUISSE MORTGAGE TRUST 2021-BRIT A 1ML+345.92 05/15/2023 144A                                     | CUSIP: 12658RAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9280000 | PA      | $8745087.81   | 0.18%             | 2023-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| EXTRA SPACE STORAGE INC                                                          | EXTRA SPACE STORAGE INC                                                                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    111000 | NS      | $17519130.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL INC                                                       | WILLIAMS SCOTSMAN INTL INC 4.625% 08/15/2028 144A                                                       | CUSIP: 96950GAE2<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $3937858.75   | 0.08%             | 2028-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9                                  | MSBAM 13-C9 D CSTR 5/15/46                                                                              | CUSIP: 61762DAG6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |   5137000 | PA      | $4472571.69   | 0.09%             | 2046-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4% PFD PERP                                                                              | CUSIP: 74460W420<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    331800 | NS      | $6264384.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP SER C 6.375%/VAR PFD PERP                                                            | CUSIP: 64828T508<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |   1149554 | NS      | $22933602.30  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TR 2021-MFP                                                                | SREIT TR 2021-MFP G 1ML+297.38 11/15/2038 144A                                                          | CUSIP: 78472UAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3874000 | PA      | $3628217.17   | 0.07%             | 2038-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ARMADA HOFFLER PROPERTIES INC                                                    | ARMADA HOFFLER PPTYS INC SER A 6.75% PFD PERP                                                           | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |    255050 | NS      | $5822791.50   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| HEALTHCARE REALTY TRUST INC                                                      | HEALTHCARE REALTY TRUST INC                                                                             | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    186360 | NS      | $4012330.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2017-COR2                                                                   | COMM 2017-COR2 D 3% 09/10/2050 144A                                                                     | CUSIP: 12595EAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2769000 | PA      | $2021218.26   | 0.04%             | 2050-09-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                                                        | SPIRIT RLTY CAP INC SER A 6% PFD PERP                                                                   | CUSIP: 84860W201<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EP               | CORP              | US        |    101125 | NS      | $2445202.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                   | OMEGA HEALTHCARE INVESTORS INC 4.95% 04/01/2024                                                         | CUSIP: 681936BB5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   2866000 | PA      | $2843468.57   | 0.06%             | 2024-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VASA TR 2021-VASA                                                                | VASA TR 2021-VASA F 1ML+390 04/15/2060 144A                                                             | CUSIP: 92230AAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6685000 | PA      | $6009851.10   | 0.12%             | 2039-07-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| XHR LP                                                                           | XHR LP 6.375% 08/15/2025 144A                                                                           | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |   4250000 | PA      | $4186572.28   | 0.08%             | 2025-08-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                               | PENNYMAC MTG INVT TR 6.75% PERP PFD                                                                     | CUSIP: 70931T509<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    217700 | NS      | $4319168.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH PPTYS INC                                                                    | UMH PPTYS INC 6.75% SER D PFD PERP                                                                      | CUSIP: 903002509<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EP               | CORP              | US        |    650125 | NS      | $15050393.75  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| REDWOOD TRUST INC                                                                | REDWOOD TRUST INC CONV 5.625% 07/15/2024                                                                | CUSIP: 758075AD7<br>LEI: DRBV4N1ERQLEMIF11G78 | Long             | DBT              | CORP              | US        |   8631000 | PA      | $8167083.75   | 0.16%             | 2024-07-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| DYNEX CAPITAL INC                                                                | DYNEX CAP INC 6.9%/VAR PFD PERP C                                                                       | CUSIP: 26817Q878<br>LEI: 5CIJ4S9HAEBWILA19B65 | Long             | EP               | CORP              | US        |    284884 | NS      | $6549483.16   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| OFFICE PROPERTIES INCOME TRUST                                                   | OFFICE PROPERTIES INCOME TRUST 4.25% 05/15/2024                                                         | CUSIP: 81618TAE0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4974000 | PA      | $4827161.65   | 0.10%             | 2024-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                   | CBL and ASSOCS LP 5.25% 12/01/2023                                                                      | CUSIP: 12505JAA1<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |  11371000 | PA      | $1.14         | 0.00%             | 2023-12-01      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| EASTERLY GOVERNMENT PROPERTIES INC                                               | EASTERLY GOVERNMENT PROPERTIES INC                                                                      | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   1062300 | NS      | $17251752.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: —       |
| LXP INDUSTRIAL TRUST                                                             | LXP INDUSTRIAL TRUST REIT                                                                               | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |   4593174 | NS      | $53051159.70  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI PROPERTIES LP                                                               | VICI PROPERTIES LP 5.125% 05/15/2032                                                                    | CUSIP: 925650AD5<br>LEI: 254900X4QE7SGKQLLN38 | Long             | DBT              | CORP              | US        |  34000000 | PA      | $32524400.00  | 0.65%             | 2032-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C3                                                        | WFRBS 2011-C3 D CSTR 3/44                                                                               | CUSIP: 92935VAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1537072 | PA      | $576401.91    | 0.01%             | 2044-03-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO REALTY TRUST SER N 5.25% PERP PFD                                                               | CUSIP: 929042810<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    147400 | NS      | $2707738.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ADAMS HOMES INC                                                                  | ADAMS HOMES INC 7.5% 02/15/2025 144A                                                                    | CUSIP: 00623PAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7530000 | PA      | $6476265.58   | 0.13%             | 2025-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B34 MORTGAGE TRUST                                                | BENCHMARK 2022-B34 MORTGAGE TRUST 3.786% 04/15/2055                                                     | CUSIP: 08161YBG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22168402 | PA      | $20615591.90  | 0.41%             | 2055-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-LBA6                                                                  | BX TR 2022-LBA6 TSFR1M+420 01/15/2039 144A                                                              | CUSIP: 12433EAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11340000 | PA      | $10592741.63  | 0.21%             | 2039-01-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC                                                                                 | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    457988 | NS      | $6778222.40   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| AMR HMS 15-SFR2                                                                  | AMERICAN HOMES 4 RENT 2015-SFR2 TR VAR 10/17/2045 144A                                                  | CUSIP: 02666BAG1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   4514831 | PA      | $45.15        | 0.00%             | 2052-10-17      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| KIMCO REALTY CORP                                                                | KIMCO REALTY CORP 5.125% PERP PFD                                                                       | CUSIP: 49446R737<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |     14000 | NS      | $327390.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATE                                       | CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATES 1ML+371.44 08/15/2023 144A                                  | CUSIP: 12659XAA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18000000 | PA      | $17385615.00  | 0.35%             | 2023-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CENTURY CMNTYS INC                                                               | CENTURY COMMUNITIES INC 3.875% 08/15/2029 144A                                                          | CUSIP: 156504AM4<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |  13005000 | PA      | $10932718.28  | 0.22%             | 2029-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BBCMS 2022                                                                       | BBCMS 2022-C15 C CSTR 04/15/2055                                                                        | CUSIP: 05552FBG1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3094000 | PA      | $2338681.27   | 0.05%             | 2055-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2013-C13                                                       | WFRBS COML MTG TR 2013-C13 D CSTR 05/15/2045 144A                                                       | CUSIP: 92937UAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3955000 | PA      | $3859084.92   | 0.08%             | 2045-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| PLYMOUTH INDUSTRIAL REIT INC                                                     | PLYMOUTH INDL REIT INC SER A STEP PFD PERP                                                              | CUSIP: 729640201<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    171625 | NS      | $4299206.25   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 5.15% SER F PFD PERP                                                                     | CUSIP: 74460W685<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     25800 | NS      | $623844.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TERRENO RLTY CORP                                                                | TERRENO REALTY CORP                                                                                     | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    346628 | NS      | $22333242.04  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| OPG TR 2021-PORT                                                                 | OPG TR 2021-PORT 1ML+343.6 10/15/2036 144A                                                              | CUSIP: 67118AAU9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8554840 | PA      | $7946935.49   | 0.16%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2021-B29 MORTGAGE TRUST                                                | BENCHMARK 2021-B29 A5 MORTGAGE TRUST 2.3879% 09/15/2054                                                 | CUSIP: 08163JAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $12575059.50  | 0.25%             | 2054-09-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL INC CONV 6.25% 06/15/2024                                                                 | CUSIP: 55272XAA0<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | DBT              | CORP              | US        |   9700000 | PA      | $9190750.00   | 0.18%             | 2024-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                                         | GS MTG SECS TR 2012-GCJ9 VAR 11/10/2045 144A                                                            | CUSIP: 36192PAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4870833 | PA      | $4506007.53   | 0.09%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| POSTAL REALTY TRUST INC                                                          | POSTAL REALTY TRUST INC                                                                                 | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               | CORP              | US        |    878500 | NS      | $13581610.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ENBRIDGE INC                                                                     | ENBRIDGE INC SER L 4/VAR PFD PERP                                                                       | CUSIP: 29250N790<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    111400 | NS      | $2235798.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                            | CUSHMAN and WAKEFIELD TERM B 1LN 08/21/2025                                                             | CUSIP: 23340DAP7<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4974425 | PA      | $4949552.44   | 0.10%             | 2025-08-21      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2013-GCJ16                                                        | GSMS 2013-GC16 F 3.5% 11/10/2046                                                                        | CUSIP: 36248GAT7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7221000 | PA      | $6577403.82   | 0.13%             | 2046-11-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP                                                                     | WELLTOWER INC                                                                                           | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    828300 | NS      | $62155632.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| DCP MIDSTREAM LP                                                                 | DCP MIDSTREAM LP SER B 7.875/VAR PFD PERP                                                               | CUSIP: 23311P209<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |    256314 | NS      | $6446297.10   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | ENERGY TRANSFER LP 7.125/VAR PERP                                                                       | CUSIP: 29273VAM2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |   6000000 | PA      | $5481000.00   | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SREIT TR 2021-IND                                                                | SREIT TR 2021-IND G 1ML+343.21 10/15/2038 144A                                                          | CUSIP: 78473JAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12754000 | PA      | $11704844.48  | 0.24%             | 2038-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TR SER F 6.3% PERP PFD                                                                | CUSIP: 70509V704<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    281697 | NS      | $5984652.77   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER INC                                                                    | WELLTOWER INC 4% 06/01/2025                                                                             | CUSIP: 42217KBF2<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4888459.95   | 0.10%             | 2025-06-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2013-C11                                                       | WFRBS 2013-C11 E VAR 3/45                                                                               | CUSIP: 92937EAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4727000 | PA      | $3828856.29   | 0.08%             | 2045-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                                        | BENCHMARK 2022-B35 MTG TR 4.59391% 05/15/2055                                                           | CUSIP: 08163RBV7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9500000 | PA      | $7662953.65   | 0.15%             | 2055-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2014-DSTY                                      | JPMCC 2014-DSTY E CSTR 06/27                                                                            | CUSIP: 46642MAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8161000 | PA      | $20120.13     | 0.00%             | 2027-06-10      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                       | JP MORGAN CHASE CMS TR 12-CIBX 4.0% 06/15/2045 144A                                                     | CUSIP: 46637WAS2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8192000 | PA      | $2927362.05   | 0.06%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| BENCHMARK 2019-B13 MTG TR                                                        | BENCHMARK 2019-B13 D MTG TR 2.5% 08/15/2057 144A                                                        | CUSIP: 08162DAR9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $614347.30    | 0.01%             | 2057-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                                            | COMM 2018-HCLV MTG TR 1ML+305 09/15/2033 144A                                                           | CUSIP: 20048KAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4265000 | PA      | $3345422.07   | 0.07%             | 2033-09-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| GLADSTONE COMMERCIAL CORP                                                        | GLADSTONE COMMERCIAL CORP SER E 6.625% PFD 12/31/2049                                                   | CUSIP: 376536702<br>LEI: 529900EVVV534W8R0T32 | Long             | EP               | CORP              | US        |    139468 | NS      | $3277498.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                                   | ASHTON WOODS USA LLC/FIN CO 4.625% 04/01/2030 144A                                                      | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6840000 | PA      | $5680025.81   | 0.11%             | 2030-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ACADIA REALTY TRUST                                                              | ACADIA RLTY TR REIT                                                                                     | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    510426 | NS      | $7926915.78   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| BX 2021-SOAR                                                                     | BX TRUST 2021-SOAR J 3.85% 06/15/2023 144A                                                              | CUSIP: 05608WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18862116 | PA      | $17741966.26  | 0.36%             | 2038-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-PAC                                            | BX COMMERCIAL MORTGAGE TRUST 2021-PAC G 1ML+262.21 10/15/2036 144A                                      | CUSIP: 05609PAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17232000 | PA      | $16170974.06  | 0.33%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                       | TWO HARBORS INVT CORP 8.125% SER A PERP PFD                                                             | CUSIP: 90187B200<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |    363526 | NS      | $8037559.86   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| URSTADT BIDDLE PPTYS INC                                                         | URSTADT BIDDLE PPTYS INC SER K 5.875% PFD PERP                                                          | CUSIP: 917286874<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |     69225 | NS      | $1518796.50   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                  | MSC 2011-C3 D CSTR 7/49                                                                                 | CUSIP: 61760RAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7317000 | PA      | $7091300.55   | 0.14%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK43                                                                  | BANK 2022-BNK43 4.399% 08/15/2055                                                                       | CUSIP: 06541QAZ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10485000 | PA      | $10269706.25  | 0.21%             | 2055-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                                         | PKHL COML MTG TR 2021-MF G 1ML+410 07/15/2038 144A                                                      | CUSIP: 69356GAS8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5944000 | PA      | $5407687.15   | 0.11%             | 2038-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2017-BNK4 2.5% 06/15/2055 144A                                                                     | CUSIP: 06541MAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1146913.60   | 0.02%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAINMENT INC                                                        | CAESARS ENTERTAINMENT INC 8.125% 07/01/2027 144A                                                        | CUSIP: 28470RAK8<br>LEI: 5299000BKFWWVND5L441 | Long             | DBT              | CORP              | US        |  17465000 | PA      | $17726975.00  | 0.36%             | 2027-07-01      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| HEALTHCARE TRUST INC                                                             | HEALTHCARE TRUST INC 7.125% PERP PFD                                                                    | CUSIP: 42226B303<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |    190000 | NS      | $4121100.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TR 2022-LBA6                                                                  | BX TR 2022-LBA6 TSFR1M+335 01/15/2039 144A                                                              | CUSIP: 12433EAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6200000 | PA      | $5745667.10   | 0.12%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BRIXMOR OPERATING PARTNERSHIP LP                                                 | BRIXMOR OPERATING PARTNERSHIP LP 4.05% 07/01/2030                                                       | CUSIP: 11120VAJ2<br>LEI: 549300CJHBL7JBUA6503 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3658221.52   | 0.07%             | 2030-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SAUL CENTERS INC                                                                 | SAUL CENTERS INC 6.125% SER D PFD PERP                                                                  | CUSIP: 804395804<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     82775 | NS      | $1941901.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL RETAIL PROPERTIES INC                                                   | NATIONAL RETAIL PROPERTIES INC                                                                          | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |     73200 | NS      | $3466020.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| AGREE REALTY CORP                                                                | AGREE REALTY CORP 4.375% PERP PFD                                                                       | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    240000 | NS      | $4394400.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON GRAND VACATIONS BORROWER ESCROW LLC                                       | HILTON GRAND VACATIONS BORROWER ESCROW LLC 4.875% 07/01/2031 144A                                       | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  22890000 | PA      | $19849750.20  | 0.40%             | 2031-07-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC CONV 5% 04/15/2023                                                              | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |  21416000 | PA      | $21215225.00  | 0.43%             | 2023-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                         | AMERICAN HOMES 4 RENT LP 3.625% 04/15/2032                                                              | CUSIP: 02666TAE7<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $15115654.55  | 0.30%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP                                                             | SABRA HEALTH CARE LP 3.9% 10/15/2029                                                                    | CUSIP: 78572XAG6<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |    989000 | PA      | $845578.13    | 0.02%             | 2029-10-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| SOTHERLY HOTELS INC                                                              | SOTHERLY HOTELS INC SER C 7.875% PERP PFD                                                               | CUSIP: 83600C400<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |    107000 | NS      | $2728500.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                        | JPMCC 2011-C3 E CSTR 2/46                                                                               | CUSIP: 46635TBD3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13774000 | PA      | $6033547.81   | 0.12%             | 2046-02-15      | Variable      | 0.06%                 | No            |                  3 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 4.75% 02/01/2030                                                                     | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |  26715000 | PA      | $21912578.03  | 0.44%             | 2030-02-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1                                  | WELLS FARGO COMMERCIAL MORTGAGE TRUST 2016-BNK1 D 3% 08/15/2049 144A                                    | CUSIP: 95000GAJ3<br>LEI: 549300DNBJ7A0SEFVK31 | Long             | ABS-MBS          | CORP              | US        |   6979000 | PA      | $4203473.33   | 0.08%             | 2049-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CUBESMART                                                                        | CUBESMART                                                                                               | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    378600 | NS      | $17336094.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 8.0% SER D PERP PFD                                                                           | CUSIP: 45031U408<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    291621 | NS      | $7369262.67   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP COMMERCIAL MORTGAGE TRUST 2016-C3                                      | CGCMT 2016-C3 D 3% 11/15/2049 144A                                                                      | CUSIP: 17325GAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7010000 | PA      | $4396784.16   | 0.09%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| LIFE STORAGE INC                                                                 | LIFE STORAGE INC                                                                                        | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |    128100 | NS      | $13839924.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                                  | BROOKFIELD PROPERTY PARTN LP 5.75% PFD PERP                                                             | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |     43000 | NS      | $784750.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 7.5 PFD PERP I                                                                                | CUSIP: 45031U804<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    471496 | NS      | $11843979.52  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER G 7.75%/VAR PFD PERP                                                           | CUSIP: 00123Q856<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    320000 | NS      | $7433600.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC                                                             | GLOBAL NET LEASE INC SER B 6.875% PFD PERP                                                              | CUSIP: 379378409<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |    294000 | NS      | $6967800.00   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD                                   | PRIMA CAPITAL CRE SECURITIZATION 2020-VIII LTD 3% 12/01/2070 144A                                       | CUSIP: 74167UAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9277000 | PA      | $7009567.61   | 0.14%             | 2070-12-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                          | CHIMERA INVESTMENT CORP 8%/VAR PERP PFD                                                                 | CUSIP: 16934Q604<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |    672531 | NS      | $14661175.80  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTAS INC                                                                       | VENTAS INC REIT                                                                                         | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    987086 | NS      | $51140925.66  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SERVICE PROPERTIES TRUST                                                         | SERVICE PPTYS TR 7.5% 09/15/2025                                                                        | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   7950000 | PA      | $7817155.50   | 0.16%             | 2025-09-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| GLOBAL MEDICAL REIT INC                                                          | GLOBAL MEDICAL REIT INC SER A 7.5% PFD PERP                                                             | CUSIP: 37957W203<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EP               | CORP              | US        |    150848 | NS      | $3807403.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                      | JP MORGAN CH CMS 13-LC11 VAR 04/15/2046 144A                                                            | CUSIP: 46639YAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2518000 | PA      | $348994.80    | 0.01%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| EQUINIX INC                                                                      | EQUINIX INC 3.9% 04/15/2032                                                                             | CUSIP: 29444UBU9<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | DBT              | CORP              | US        |  17000000 | PA      | $15631351.08  | 0.31%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                       | TWO HARBORS INV CORP 7.625% SER B PFD PERP                                                              | CUSIP: 90187B309<br>LEI: 549300ZUIBT6KH4HU823 | Long             | EP               | CORP              | US        |    776859 | NS      | $16088749.89  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| CUSHMAN and WAKEFIELD US BORROWER LLC                                            | CUSHMAN and WAKEFIELD US BORROWER LLC 6.75% 05/15/2028 144A                                             | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11165000 | PA      | $10777909.45  | 0.22%             | 2028-05-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES INC                                                    | HUDSON PACIFIC PROPERTIES INC 4.75% PFD PERP C                                                          | CUSIP: 444097307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    790100 | NS      | $11756688.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                         | AMERICAN HOMES 4 RENT LP 2.375% 07/15/2031                                                              | CUSIP: 02666TAC1<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $5713235.50   | 0.11%             | 2031-07-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                      | JP MORGAN CH CMS 13-LC11 E CSTR 04/15/2046 144A                                                         | CUSIP: 46639YAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    472000 | PA      | $221795.40    | 0.00%             | 2046-04-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2019-GSA1                                                         | GS MTG SECS TR 2019-GSA1 3.0479% 11/10/2052                                                             | CUSIP: 36261PAT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25860000 | PA      | $23194426.19  | 0.47%             | 2052-11-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLADSTONE COMMERCIAL CORP                                                        | GLADSTONE COMMERCIAL CORP SER G 6% PFD PERP                                                             | CUSIP: 376536884<br>LEI: 529900EVVV534W8R0T32 | Long             | EP               | CORP              | US        |    516000 | NS      | $11088840.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY L P                                                               | VORNADO REALTY LP 3.4% 06/01/2031                                                                       | CUSIP: 929043AL1<br>LEI: 549300BMOJ05INE4YK86 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $4597230.36   | 0.09%             | 2031-06-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK33                                                                  | BANK 2021-BNK33 2.556% 05/15/2064                                                                       | CUSIP: 06541CBL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14931000 | PA      | $12773925.90  | 0.26%             | 2064-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MHC COML MTG TR 2021-MHC                                                         | MHC 2021 MHC G 1ML+286.9 04/15/2026 144A                                                                | CUSIP: 55316VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20601000 | PA      | $19724757.07  | 0.40%             | 2038-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| FARMLAND PARTNERS INC                                                            | FARMLAND PARTNERS INC                                                                                   | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |    115756 | NS      | $1490937.28   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL PARTNERS LP                                                               | GLOBAL PARTNERS LP SER A 9.75/VAR PFD PERP                                                              | CUSIP: 37946R208<br>LEI: 549300PCHWTW9P4DU444 | Long             | EP               | CORP              | US        |    161507 | NS      | $4305792.77   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE                                                                                          | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |    170700 | NS      | $51950838.00  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2018-HCLV MTG TR                                                            | COMM MORTGAGE TRUST 2018-HCLV G 1ML+505 069/15/2033                                                     | CUSIP: 20048KAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4265000 | PA      | $3259597.48   | 0.07%             | 2033-09-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| PENNYMAC CORP                                                                    | PENNYMAC CORP CONV 5.5% 11/01/2024                                                                      | CUSIP: 70932AAD5<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |  18167000 | PA      | $16804475.00  | 0.34%             | 2024-11-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| UBS-BAMLL TR 2012-WRM                                                            | UBSBM 2012-WRM D CSTR 6/30                                                                              | CUSIP: 90269PAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2143000 | PA      | $1934813.34   | 0.04%             | 2030-06-10      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| BENCHMARK 2022-B36 MTG TR                                                        | BENCHMARK 2022-B36 MTG TR 2.5% 07/15/2055 144A                                                          | CUSIP: 08163QAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3828000 | PA      | $2062103.02   | 0.04%             | 2055-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK OF AMER MERRILL LYNCH TR 2013-C12                              | MORGAN STANLEY BNK AML TR13-C12 4.94% 10/15/2046                                                        | CUSIP: 61762XAC1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7164000 | PA      | $6379659.49   | 0.13%             | 2046-10-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B14 MTG TR                                                        | BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A                                                           | CUSIP: 08162YBM3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3427000 | PA      | $2858402.44   | 0.06%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP 7/VAR PFD PERP                                                                     | CUSIP: 00123Q500<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    653202 | NS      | $16447626.36  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIONAL STORAGE AFFILIATES TRUST                                                | NATIONAL STORAGE AFFILIATES SER A 6% PFD PERP                                                           | CUSIP: 637870205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     91575 | NS      | $2305858.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD TR 2021-LIH                                                                 | STWD TR 2021-LIH 1ML+420 11/15/2036 144A                                                                | CUSIP: 78486EAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9177000 | PA      | $8555661.12   | 0.17%             | 2036-11-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                                    | PENNSYLVANIA REAL EST INVT TR SER D 6.875% PFD PERP                                                     | CUSIP: 709102701<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |    150100 | NS      | $282938.50    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SLG OFFICE TR 2021-OVA                                                           | SLG OFFICE TR 2021-OVA 2.5854% 07/15/2041 144A                                                          | CUSIP: 78449RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13377000 | PA      | $11156434.05  | 0.22%             | 2041-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| HUDSON PACIFIC PROPERTIES LP                                                     | HUDSON PAC PPTYS LP 4.65% 04/01/2029                                                                    | CUSIP: 44409MAB2<br>LEI: 5493007NTUGLGZ8T3526 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5226453.42   | 0.11%             | 2029-04-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2019                                                                    | BX TRUST 2019 1ML+265 10/15/2036 144A                                                                   | CUSIP: 056054AL3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15217550 | PA      | $14720789.82  | 0.30%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2018-H4                                           | MORGAN STANLEY CAPITAL I TRUST 2018-H4 4.31% 12/15/2051                                                 | CUSIP: 61691RAE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14240929 | PA      | $13860142.22  | 0.28%             | 2051-12-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| INVITATION HOMES OPERATING PARTNERSHIP LP                                        | INVITATION HOMES OPERATING PARTNERSHIP LP 4.15% 04/15/2032                                              | CUSIP: 46188BAD4<br>LEI: 549300147YMUQB3GW319 | Long             | DBT              | CORP              | US        |  30000000 | PA      | $27511004.40  | 0.55%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CITY OFFICE REIT INC                                                             | CITY OFFICE REIT INC 6.625% SER A PFD PERP                                                              | CUSIP: 178587200<br>LEI: 5493003J7157VP25NL57 | Long             | EP               | CORP              | US        |    178475 | NS      | $3928234.75   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TR SER E 6.375% PERP PFD                                                              | CUSIP: 70509V605<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    372994 | NS      | $7832874.00   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| VASA TR 2021-VASA                                                                | VASA TR 2021-VASA G 1ML+500 04/15/2060 144A                                                             | CUSIP: 92230AAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $712607.20    | 0.01%             | 2039-07-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-H1                                           | MORGAN STANLEY CAPITAL I TRUST 2017-H1 4.281% 06/15/2050                                                | CUSIP: 61691JBA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2470594 | PA      | $2153280.05   | 0.04%             | 2050-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CUSHMAN and WAKEFIELD PLC                                                        | CUSHMAN and WAKEFIELD PLC                                                                               | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | GB        |    201400 | NS      | $2906202.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WILLIAMS SCOTSMAN INTL INC                                                       | WILLIAMS SCOTSMAN INTL INC 6.125% 06/15/2025 144A                                                       | CUSIP: 71953LAA9<br>LEI: 549300V3TCHCBOBTGH07 | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3255940.80   | 0.07%             | 2025-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                                           | CD 2017-CD4 D 3.3% 05/10/2050 144A                                                                      | CUSIP: 12515DAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2769000 | PA      | $2054520.19   | 0.04%             | 2050-05-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL 7.5% PFD PERP                                                                             | CUSIP: 55272X409<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |    447732 | NS      | $9165074.04   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2014-UBS2 MTG TR                                                            | COMM 2014-UBS2 D MTG TR CSTR 03/10/2047 144A                                                            | CUSIP: 12591UAP8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3713000 | PA      | $3314348.93   | 0.07%             | 2047-03-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER L 4.625% PFD PERP                                                                    | CUSIP: 74460W552<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    139600 | NS      | $2986044.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                 | HILTON DOMESTIC OPERATING CO INC 4% 05/01/2031 144A                                                     | CUSIP: 432833AL5<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5199000.00   | 0.10%             | 2031-05-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2011-C3                                        | JP MORGAN CHASE CO MT SE 2011-C3 H CSTR 02/15/2046 144A                                                 | CUSIP: 46635TBN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7077000 | PA      | $618398.17    | 0.01%             | 2046-02-15      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| HOME PARTNERS AMER 2021-1 TR                                                     | HOME PARTNERS AMER 2021-1 TR 3.325% 09/17/2041 144A                                                     | CUSIP: 437300AL0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   6769690 | PA      | $5390526.08   | 0.11%             | 2041-09-17      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| GLOBAL NET LEASE INC                                                             | GLOBAL NET LEASE INC SER A 7.25% PFD PERP                                                               | CUSIP: 379378300<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EP               | CORP              | US        |    531595 | NS      | $12667908.85  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                                       | JPMDB 2015-WPG PR1 CSTAR 6/5/35 144A                                                                    | CUSIP: 92939VAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6725000 | PA      | $5454042.92   | 0.11%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                                      | SUMMIT HOTEL PPTYS INC SERIES E 6.25% PFD PERP                                                          | CUSIP: 866082605<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    457602 | NS      | $10465266.22  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| HOME PARTNERS AMER 2021-3 TR                                                     | HOME PARTNERS AMER 2021-3 TR 4.242% 01/17/2041 144A                                                     | CUSIP: 43730XAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  10079208 | PA      | $8488829.83   | 0.17%             | 2041-01-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK39                                                                  | BANK 2022-BNK39 2.928% 02/15/2055                                                                       | CUSIP: 06539VAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13750000 | PA      | $12020518.13  | 0.24%             | 2055-02-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                         | DIGITAL RLTY TR INC SER L 5.2% PERP PFD                                                                 | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     33700 | NS      | $795657.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAPITAL I TRUST 2017-H1                                           | MORGAN STANLEY CAPITAL I TRUST 2017-H1 D 2.546% 06/15/2050 144A                                         | CUSIP: 61691JAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3528078.50   | 0.07%             | 2050-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BANK 2017-BNK8                                                                   | BANK 2017-BNK8 E 2.8% 11/15/2050 144A                                                                   | CUSIP: 06650AAW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11374393 | PA      | $6453207.27   | 0.13%             | 2050-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE1 MTG TR                                                           | COMM 2012-CR1 D CSTR 5/45                                                                               | CUSIP: 12624BAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5550000 | PA      | $4063456.92   | 0.08%             | 2045-05-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TR                                                        | DIVERSIFIED HEALTHCARE TR 4.75% 02/15/2028                                                              | CUSIP: 81721MAM1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9933000 | PA      | $6053368.86   | 0.12%             | 2028-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GREYSTAR REAL ESTATE PARTNERS LLC                                                | GREYSTAR REAL ESTATE PARTNERS LLC 5.75% 12/01/2025 144A                                                 | CUSIP: 39807UAB2<br>LEI: 254900HGC806SXAS4M46 | Long             | DBT              | CORP              | US        |   6885000 | PA      | $6770915.48   | 0.14%             | 2025-12-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                                      | SUNSTONE HOTEL INVS INC SER I 5.7% PERP PFD                                                             | CUSIP: 867892887<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |    240000 | NS      | $4946400.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ARBOR REALTY TRUST INC                                                           | ARBOR REALTY TRUST INC SER F 6.25%/VAR PFD PERP                                                         | CUSIP: 038923850<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |    447536 | NS      | $9120783.68   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                                        | BENCHMARK 2022-B35 A5 MTG TR VAR 05/15/2054                                                             | CUSIP: 08163RBQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27302000 | PA      | $26930294.19  | 0.54%             | 2055-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES LP / VICI NOTE CO INC                                            | VICI PROPERTIES LP / VICI NOTE CO INC 4.625% 12/01/2029 144A                                            | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14000000 | PA      | $13037339.70  | 0.26%             | 2029-12-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C17                                                            | BBCMS MTG TR 2022-C17 C 5.45% 09/15/2055                                                                | CUSIP: 054976AL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1708372.40   | 0.03%             | 2055-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP                                                               | ENERGY TRANSFER LP 7.6/VAR PFD PERP                                                                     | CUSIP: 29273V605<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EP               | CORP              | US        |    525651 | NS      | $12589341.45  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                  | MSC 2011-C3 G CSTR 07/49                                                                                | CUSIP: 61760RAS1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5049500 | PA      | $2816696.94   | 0.06%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| HOME PARTNERS AMER 2019-2 TR                                                     | HOME PARTNERS AMER 2019-2 TR 3.866% 10/19/2039 144A                                                     | CUSIP: 43732TAL5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2769158 | PA      | $2364615.93   | 0.05%             | 2039-10-19      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                      | BOSTON PPTYS LTD PARTNERSHIP 6.75% 12/01/2027                                                           | CUSIP: 10112RBG8<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |     37000 | PA      | $39174.99     | 0.00%             | 2027-12-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| DCP MIDSTREAM LP                                                                 | DCP MIDSTREAM LP 7.95/VAR PERP PFD                                                                      | CUSIP: 23311P308<br>LEI: 52990024YYS3MLGW0E91 | Long             | EP               | CORP              | US        |    328262 | NS      | $8239376.20   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| FORESTAR GROUP INC                                                               | FORESTAR GROUP INC 5% 03/01/2028 144A                                                                   | CUSIP: 346232AE1<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4362513.60   | 0.09%             | 2028-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR                                           | COMMERCIAL MORTGAGE CD 2017-CD4 MTG TR CSTR 05/10/2050                                                  | CUSIP: 12515DAV6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2458110.00   | 0.05%             | 2050-05-10      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| HERSHA HOSPITALITY TR                                                            | HERSHA HOSPITL 6.875% PFD PERP                                                                          | CUSIP: 427825401<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     49450 | NS      | $1045758.71   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CEDAR REALTY TRUST INC                                                           | CEDAR RLTY TR I 7.25% PFD PERP                                                                          | CUSIP: 150602407<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |    131801 | NS      | $2042915.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR REAL ESTATE FINANCE TRUST INC                                                | KKR REAL ESTATE FINANCE TRUST INC 6.5% PERP PFD                                                         | CUSIP: 48251K209<br>LEI: 549300K23AYZDZ2REL62 | Long             | EP               | CORP              | US        |    188372 | NS      | $3663835.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| BX 2021-21M MTG TR                                                               | BX 2021-21M MTG TR 1ML+401 10/15/2036 144A                                                              | CUSIP: 05609CAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2172454 | PA      | $1998290.43   | 0.04%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2020-C6                                                             | BBCMS MTG TR 2020-C6 3.045% 02/15/2053                                                                  | CUSIP: 05492TAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1129000 | PA      | $847643.04    | 0.02%             | 2053-02-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP LP / CARETRUST CAP CORP                                          | CTR PARTNERSHIP LP / CARETRUST CAP CORP 3.875% 06/30/2028 144A                                          | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  26490000 | PA      | $23719410.90  | 0.48%             | 2028-06-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 5% 03/01/2031                                                                        | CUSIP: 489399AM7<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |   6960000 | PA      | $5677306.80   | 0.11%             | 2031-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CENTERSPACE                                                                      | CENTERSPACE 6.625% SER C PFD PERP                                                                       | CUSIP: 15202L206<br>LEI: 5493002LG2SH9EEHT720 | Long             | EP               | CORP              | US        |    317300 | NS      | $8471910.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSTON PPTY LTD PARTNERSHIP                                                      | BOSTON PPTYS LTD PARTNERSHIP 3.25% 01/30/2031                                                           | CUSIP: 10112RBD5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $9456811.76   | 0.19%             | 2031-01-30      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                       | JPMCC 2012-CBX E CSTR 6/45                                                                              | CUSIP: 46637WAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4953910 | PA      | $4118748.55   | 0.08%             | 2045-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| TAYLOR MORRISON COMMUNITIES INC                                                  | TAYLOR MORRISON COMMUNITIES INC 5.875% 06/15/2027 144A                                                  | CUSIP: 87724RAA0<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |   1798000 | PA      | $1767344.10   | 0.04%             | 2027-06-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| TRICON RESIDENTIAL 2021-SFR1 TR                                                  | TRICON RESIDENTIAL 2021-SFR1 TR 4.133% 07/17/2038 144A                                                  | CUSIP: 89614YAH9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3000000 | PA      | $2559292.20   | 0.05%             | 2038-07-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE                                                              | NEW HOME CO INC/THE 7.25% 10/15/2025 144A                                                               | CUSIP: 645370AC1<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |   6180000 | PA      | $5361150.00   | 0.11%             | 2025-10-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B36 MTG TR                                                        | BENCHMARK 2022-B36 MTG TR 5.2895% 07/15/2055 144A                                                       | CUSIP: 08163QBP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1714069.40   | 0.03%             | 2055-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC                                                            | EG GLOBAL FINANCE PLC 8.5% 10/30/2025 144A                                                              | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   1682000 | PA      | $1585285.00   | 0.03%             | 2025-10-30      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                                   | ASHTON WOODS USA LLC/FIN CO 6.625% 01/15/2028 144A                                                      | CUSIP: 045086AK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7925000 | PA      | $7229185.00   | 0.15%             | 2028-01-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                                   | SMRT 2022-MINI TSFR1M+335 01/15/2039 144A                                                               | CUSIP: 78457JAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19615000 | PA      | $18165282.81  | 0.37%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX TR 2022-VAMF                                                                  | BX TR 2022-VAMF TSFR1M+329.9 01/15/2039 144A                                                            | CUSIP: 05609TAL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4367000 | PA      | $4071759.79   | 0.08%             | 2039-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MHP 2022-MHIL F                                                                  | MHP 2022-MHIL F TSFR1M+395.75 01/15/2027 144A                                                           | CUSIP: 55293DAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18873495 | PA      | $17616722.56  | 0.35%             | 2027-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| INDEPENDENCE PLAZA TR 2018-INDP                                                  | INDEPENDENCE PLAZA TR 2018-INDP E 4.996% 07/10/2035 144A                                                | CUSIP: 45378YAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2896000 | PA      | $2723028.00   | 0.05%             | 2035-07-10      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RWT HOLDINGS INC                                                                 | RWT HOLDINGS INC CONV 5.75% 10/01/2025                                                                  | CUSIP: 749772AD1<br>LEI: Z31FN4C0IQMCYFAEUP31 | Long             | DBT              | CORP              | US        |   4474000 | PA      | $3961277.41   | 0.08%             | 2025-10-01      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WEYERHAEUSER CO                                                                  | WEYERHAEUSER CO                                                                                         | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    178300 | NS      | $6138869.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                               | PENNYMAC MTG INVT TR 8.125/VAR PREF PERP                                                                | CUSIP: 70931T301<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    410254 | NS      | $9944556.96   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SUMIT 2022-BVUE MTG TR                                                           | SUMIT 2022-BVUE MTG TR 3.29249% 02/12/2041 144A                                                         | CUSIP: 865592AJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6000000 | PA      | $4306920.00   | 0.09%             | 2041-02-12      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| TAH 2017                                                                         | TAH 2017 5.104% 01/17/2036 144A                                                                         | CUSIP: 89613FAF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   3785000 | PA      | $3680014.32   | 0.07%             | 2036-01-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                          | GSMS 2011-GC5 D 5.47 8/44                                                                               | CUSIP: 36191YAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2733635 | PA      | $1135074.96   | 0.02%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL 6.5%/VAR PFD PERP                                                                         | CUSIP: 55272X508<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EP               | CORP              | US        |   1117351 | NS      | $21631915.36  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2021-B28 MTG TR                                                        | BENCHMARK 2021-B28 MTG TR 2.2237% 08/15/2054                                                            | CUSIP: 08163GAU4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $8274141.00   | 0.17%             | 2054-08-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                          | GS MTG SECS TR 2011-GC5 4.5% 08/10/2044 144A                                                            | CUSIP: 36191YAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7897000 | PA      | $27698.73     | 0.00%             | 2044-08-10      | Fixed         | 0.04%                 | No            |                  3 | On Loan: No      |
| TRI POINTE HOMES INC                                                             | TRI POINTE HOMES INC 5.25% 06/01/2027                                                                   | CUSIP: 87265HAF6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11458000 | PA      | $10780373.88  | 0.22%             | 2027-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                                        | WFRBS COML MTG TR 2011-C5 VAR 11/15/2044 144A                                                           | CUSIP: 92936JAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1735639.60   | 0.03%             | 2044-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER F 6.125%/VAR PFD PERP                                                          | CUSIP: 00123Q872<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    930100 | NS      | $20052956.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| VERITAS MULTIFAMILY PORTFOLIO POOL A                                             | VERITAS POOL A MEZZ 1ML+850 11/15/2023                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  29336049 | PA      | $28162607.40  | 0.57%             | 2023-11-15      | Variable      | 0.13%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COML MTG SECS TR 2012-CIBX                                       | JPMCC 2012-CBX G 4.0% 6/45 144A                                                                         | CUSIP: 46637WAU7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4044000 | PA      | $938957.76    | 0.02%             | 2045-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| KIMCO REALTY CORP                                                                | KIMCO REALTY CORP SER M 5.25% PFD PERP                                                                  | CUSIP: 49446R711<br>LEI: 549300EA7I6T15IBYS12 | Long             | EP               | CORP              | US        |     48100 | NS      | $1137565.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                   | CBL and ASSOCS LP 4.6% 10/15/2024                                                                       | CUSIP: 12505JAB9<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |  18229000 | PA      | $1.82         | 0.00%             | 2024-10-15      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| VICI PPTYS INC                                                                   | VICI PPTYS INC                                                                                          | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    825700 | NS      | $28222426.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDL RLTY INC                                                            | REXFORD INDL RLTY INC SER B 5.875% PERP PFD                                                             | CUSIP: 76169C308<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     88600 | NS      | $2186648.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021                                                | BX COMMERCIAL MORTGAGE TRUST 2021 VINO G 1ML+389.82 05/15/2038 144A                                     | CUSIP: 05608KAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20979000 | PA      | $19601403.48  | 0.39%             | 2038-05-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                    | ANNALY CAPITAL MANAGEMENT INC 6.5%/VAR PFD PERP                                                         | CUSIP: 035710862<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |   1069599 | NS      | $25713159.96  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS RESIDENTIAL 2019-SFR3 TR                                                | PROGRESS RESIDENTIAL 2019-SFR3 TR 3.867% 09/17/2036 144A                                                | CUSIP: 74332WAL7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   1000000 | PA      | $945550.40    | 0.02%             | 2036-09-17      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2013-GCJ16                                                        | GSMS 2013-GC16 D CSTR 11/46                                                                             | CUSIP: 36248GAP5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3708000 | PA      | $3498310.75   | 0.07%             | 2046-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TR SER H 5.7% PERP PFD                                                                | CUSIP: 70509V886<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    717200 | NS      | $13605284.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| WFRBS COML MTG TR 2011-C4                                                        | WFRBS 2011-C4 G 5% 06/15/44                                                                             | CUSIP: 92936CBD0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3955000 | PA      | $251487.77    | 0.01%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| NATIXIS COML MTG SECS TR 2018-FL1                                                | NATIXIS COML MTG SECS TR 2018-FL1 WAN2 1ML+375 06/15/2035 144A                                          | CUSIP: 63874MBE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    651000 | PA      | $498133.68    | 0.01%             | 2035-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                                          | UBSCM 2012-C1 D CSTR 5/45                                                                               | CUSIP: 90269GAN1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    321258 | PA      | $292010.84    | 0.01%             | 2045-05-10      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| EQUITY RESIDENTIAL                                                               | EQUITY RESIDENTIAL REIT                                                                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    103700 | NS      | $6600505.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| XHR LP                                                                           | XHR LP 4.875% 06/01/2029 144A                                                                           | CUSIP: 98372MAC9<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $8875000.00   | 0.18%             | 2029-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2016-BNK2                                                | MORGAN STANLEY CAP I TR 2016-BNK2 3% 11/15/2049 144A                                                    | CUSIP: 61690YAC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2966000 | PA      | $2195071.35   | 0.04%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  3 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP 6.875/VAR PERP PFD                                                                 | CUSIP: 00123Q609<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |    673972 | NS      | $14908260.64  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                     | GLP CAP LP / GLP FING II INC 5.3% 01/15/2029                                                            | CUSIP: 361841AL3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19193000 | PA      | $18713366.93  | 0.38%             | 2029-01-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO REALTY TRUST SER M 5.25% PFD PERP                                                               | CUSIP: 929042828<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      2000 | NS      | $37600.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| DIVERSIFIED HEALTHCARE TR                                                        | DIVERSIFIED HEALTHCARE TR 4.75% 05/01/2024                                                              | CUSIP: 81721MAK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19148000 | PA      | $16706630.00  | 0.34%             | 2024-05-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BANK 2021-BNK38                                                                  | BANK 2021-BNK38 3.21677%/VAR 12/15/2064                                                                 | CUSIP: 06540EBC6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3505000 | PA      | $2535099.55   | 0.05%             | 2064-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GREEN TREE FINANCIAL CORP                                                        | GT 1996-4 M1 7.75% 6/27                                                                                 | CUSIP: 393505MR0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    235351 | PA      | $234820.68    | 0.00%             | 2027-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| CREST CLARENDON STR 02 1 LTD                                                     | CREST CLARENDON STR 02 1 LTD 3ML+47 12/28/2035 144A                                                     | CUSIP: 226063204<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $0.05         | 0.00%             | 2035-12-28      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| GS MTG SECS TR 2021                                                              | GS MTG SECS TR 2021-RENT G 1ML+570 11/21/2023 144A                                                      | CUSIP: 36260XAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6938114 | PA      | $6307686.65   | 0.13%             | 2035-11-21      | Variable      | 0.10%                 | No            |                  3 | On Loan: No      |
| HERSHA HOSPITALITY TR                                                            | HERSHA HOSPITALITY TR 6.5% PERP PFD                                                                     | CUSIP: 427825609<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |    197750 | NS      | $4071672.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4% PERP PFD                                                                              | CUSIP: 74460W461<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     37000 | NS      | $708180.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BX TR 2019-OC11                                                                  | BX TR 2019-OC11 4.075457% 12/09/2041 144A                                                               | CUSIP: 05606FAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  22521000 | PA      | $18103884.20  | 0.36%             | 2041-12-09      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| OPG TR 2021-PORT                                                                 | OPG TR 2021-PORT G 1ML+244 10/15/2036 144A                                                              | CUSIP: 67118AAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4776372 | PA      | $4501405.61   | 0.09%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| MSJP 2015-HAUL                                                                   | MSJP 2015-HAUL E 5.012% 09/05/2047 144A                                                                 | CUSIP: 553697AN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1039524.45   | 0.02%             | 2047-09-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO COML MTG TR 2019-C52                                                 | WELLS FARGO COML MTG TR 2019-C52 3.561% 08/15/2052                                                      | CUSIP: 95002MBC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    883000 | PA      | $681140.90    | 0.01%             | 2052-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| DBUBS 2011 LC3                                                                   | DBUBS 2011-LC3A D CSTR 8/44                                                                             | CUSIP: 23305YAM1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2924187 | PA      | $2741178.65   | 0.06%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| BX TRUST 2019                                                                    | BX TRUST 2019 1ML+230 10/15/2036 144A                                                                   | CUSIP: 056054AK5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13391750 | PA      | $13030814.22  | 0.26%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | HOWARD HUGHES CORP 4.125% 02/01/2029 144A                                                               | CUSIP: 44267DAE7<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |  14960000 | PA      | $12918259.20  | 0.26%             | 2029-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                    | ANNALY CAPITAL MANAGEMENT INC 6.95%/VAR PERP PFD                                                        | CUSIP: 035710870<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |   1599843 | NS      | $39836090.70  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK AMER MERRILL LYNCH COML MTG TR 2016-UBS10                                   | BACM 2016-UBS10 CSTR 06/49                                                                              | CUSIP: 06054MAK9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3030000 | PA      | $2763748.14   | 0.06%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.75% SER K PFD PERP                                                                     | CUSIP: 74460W578<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    174000 | NS      | $3810600.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| DIGITAL REALTY TRUST INC                                                         | DIGITAL RLTY TR INC 5.25% PFD PERP                                                                      | CUSIP: 253868855<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |     32900 | NS      | $779730.00    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BRAEMAR HOTELS and RESORTS INC                                                   | BRAEMAR HOTELS and RESORTS INC SER D 8.25% PFD PERP                                                     | CUSIP: 10482B309<br>LEI: 549300JDUUEBN868C776 | Long             | EP               | CORP              | US        |    173050 | NS      | $4246647.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNBELT MEZZ                                                                     | SUNBELT MEZZ SOFR+445 01/21/2027                                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  18837337 | PA      | $18837337.32  | 0.38%             | 2027-01-21      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| CREDIT SUISSE MORTGAGE TRUST 2021-4SZN                                           | CREDIT SUISSE MORTGAGE TRUST 2021-4SZN TSFR1M+396.65 11/15/2023 144A                                    | CUSIP: 12663FAA7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    906000 | PA      | $877332.35    | 0.02%             | 2023-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| SITE CENTERS CORP                                                                | SITE CENTERS CORP                                                                                       | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   1379438 | NS      | $18829328.70  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNSYLVANIA REAL EST INVT TR                                                    | PENNSLVNA 7.375% PFD PERP                                                                               | CUSIP: 709102503<br>LEI: 5493001GPBXRIG8WJO70 | Long             | EP               | CORP              | US        |     99385 | NS      | $187837.65    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TRUST LP                                                             | RLJ LODGING TRUST LP 4% 09/15/2029 144A                                                                 | CUSIP: 74965LAB7<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |  22550000 | PA      | $18912685.00  | 0.38%             | 2029-09-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESORTS INC                                                   | MARRIOTT OWNERSHIP RESORTS INC 4.5% 06/15/2029 144A                                                     | CUSIP: 57164PAH9<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |  20315000 | PA      | $17684394.19  | 0.36%             | 2029-06-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| JPMDB COML MTG SECS TR 2018-C8                                                   | JPMDB COML MTG SECS TR 2018-C8 CSTR 06/15/2051 144A                                                     | CUSIP: 46591AAG0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1698000 | PA      | $1159352.46   | 0.02%             | 2051-06-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| NEXPOINT RESIDENTIAL TRUST INC                                                   | NEXPOINT RESIDENTIAL TRUST INC                                                                          | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |     10300 | NS      | $520150.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDL RLTY INC                                                            | REXFORD INDL RLTY INC SER C 5.625% PERP PFD                                                             | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |     78225 | NS      | $1901649.75   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD TR 2021-LIH                                                                 | STWD TR 2021-LIH 1ML+ 11/15/2036 144A                                                                   | CUSIP: 78486EAQ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4985000 | PA      | $4673404.10   | 0.09%             | 2036-11-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| HOME PARTNERS AMER 2021-2 TR                                                     | HOME PARTNERS AMER 2021-2 TR 4.505% 12/17/2026 144A                                                     | CUSIP: 43732VAN6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |  27963465 | PA      | $23487655.17  | 0.47%             | 2026-12-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HOSPITALITY TRUST SER F 7.375% PFD PERP                                                         | CUSIP: 044103604<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    127400 | NS      | $2410408.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CHERRY HILL MORTGAGE INVESTMENT CORP                                             | CHERRY HILL MTG INVT CORP 8.25%/VAR PFD PERP                                                            | CUSIP: 164651309<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     58325 | NS      | $1314353.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO RLTY SR L 5.4% PFD PRP                                                                          | CUSIP: 929042844<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     30100 | NS      | $572803.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MED TR 2021-MDLN                                                                 | MED TR 2021-MDLN 1ML+525 11/15/2026 144A                                                                | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18206910 | PA      | $16936610.18  | 0.34%             | 2038-11-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE LP                                                             | SABRA HEALTH CARE LP 5.125% 08/15/2026                                                                  | CUSIP: 14162VAB2<br>LEI: 549300OVKLRFSIQG0H81 | Long             | DBT              | CORP              | US        |  20264000 | PA      | $19599234.62  | 0.39%             | 2026-08-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HO SR D 8.45% PFD PERP                                                                          | CUSIP: 044103406<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    190073 | NS      | $4418436.96   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13                                 | MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13 D CSTR 11/15/2046 144A                                 | CUSIP: 61763BAC8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6218000 | PA      | $5748752.41   | 0.12%             | 2046-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| PRIMA CAP LTD 2021-9A                                                            | PRIMA CAP LTD 2021-9A C 1ML+235 12/15/2037 144A                                                         | CUSIP: 74167FAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4672729.50   | 0.09%             | 2037-12-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SABRA HEALTH CARE REIT INC                                                       | SABRA HEALTHCARE REIT INC                                                                               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    604175 | NS      | $8156362.50   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| KENNEDY-WILSON INC                                                               | KENNEDY-WILSON INC 4.75% 03/01/2029                                                                     | CUSIP: 489399AL9<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |  19075000 | PA      | $16023000.00  | 0.32%             | 2029-03-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2020-NNN                                       | JPMCC 2020-NNN FFX 4.6254% 01/16/2037 144A                                                              | CUSIP: 46652BBN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1653578.20   | 0.03%             | 2037-01-16      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS CORP TR 2018-RIVR                                                    | GS MTG SECS CORP TR 2018-RIVR G 1ML+260 07/15/2035 144A                                                 | CUSIP: 36255WAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3808000 | PA      | $2526934.73   | 0.05%             | 2035-07-15      | Variable      | 0.07%                 | No            |                  3 | On Loan: No      |
| NECESSITY RETAIL REIT INC/THE                                                    | THE NECESSITY RETAIL REIT INC SER A 7.5% PFD PERP                                                       | CUSIP: 02607T406<br>LEI: 549300GN4H0K3IUS8983 | Long             | EP               | CORP              | US        |    874787 | NS      | $20811182.73  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SUN CMNTYS OPER LTD PRTNRSHP                                                     | SUN CMNTYS OPER LTD PRTNRSHP 4.2% 04/15/2032                                                            | CUSIP: 866677AH0<br>LEI: 549300PUNBPJCGT6X741 | Long             | DBT              | CORP              | US        |    439000 | PA      | $402298.57    | 0.01%             | 2032-04-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC                                                                                        | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    603310 | NS      | $89356244.10  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| HILTON USA TR 2016-HHV                                                           | HILT 2016-HHV F CSTR 11/38 144A                                                                         | CUSIP: 43300LAQ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20270000 | PA      | $17556108.48  | 0.35%             | 2038-11-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                                      | SUNSTONE HOTEL INVS INC                                                                                 | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    372700 | NS      | $4095973.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| VORNADO REALTY TRUST                                                             | VORNADO REALTY TRUST SER O 4.45% PERP PFD                                                               | CUSIP: 929042794<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    342900 | NS      | $5558409.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP                 | GLOBAL NET LEASE INC / GLOBAL NET LEASE OPERATING PARTNERSHIP LP 3.75% 12/15/2027 144A                  | CUSIP: 37892AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5075000 | PA      | $4289680.65   | 0.09%             | 2027-12-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TR 2021-ACNT                                                                  | BX TR 2021-ACNT 1ML+317.3 11/15/2026 144A                                                               | CUSIP: 05609QAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20581000 | PA      | $19487517.06  | 0.39%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| JPMDB COML MTG SECS TR 2019                                                      | JPMDB 2019-COR6 A4 3.0565% 11/13/52                                                                     | CUSIP: 48129RAX3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $11342009.90  | 0.23%             | 2052-11-13      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC                       | UNITI GROUP LP / UNITI GROUP FINANCE INC / CSL CAPITAL LLC 6.5% 02/15/2029 144A                         | CUSIP: 91327BAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  31820000 | PA      | $22114900.00  | 0.44%             | 2029-02-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA LLC / ASHTON WOODS FINANCE CO                                   | ASHTON WOODS USA LLC/FIN CO 4.625% 08/01/2029 144A                                                      | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4015000 | PA      | $3352525.00   | 0.07%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C16                                                            | BBCMS MTG TR 2022-C16 CSTR 06/15/2055                                                                   | CUSIP: 05552YAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $4188641.10   | 0.08%             | 2055-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| TIMES SQUARE HOTEL TR                                                            | TIMES SQUARE HOTEL TR 8.528% 08/01/2026 144A                                                            | CUSIP: 887367AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3387595 | PA      | $3373780.08   | 0.07%             | 2026-08-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                   | OMEGA HEALTHCARE INVESTORS INC 3.375% 02/01/2031                                                        | CUSIP: 681936BM1<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1618198.62   | 0.03%             | 2031-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2020-VIVA                                                         | BX COML MTG TR 2020-VIVA 3.54875% 03/09/2044 144A                                                       | CUSIP: 12433XAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20898990 | PA      | $16092257.83  | 0.32%             | 2044-03-11      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK44                                                                  | BANK 2022-BNK44 5.746245% 11/15/2055                                                                    | CUSIP: 06540KAJ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10821301.00  | 0.22%             | 2055-11-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BX 2021-XL2                                                                      | BX TRUST 1ML+372.55 10/15/2036 144A                                                                     | CUSIP: 05609KAQ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7254325 | PA      | $6766292.92   | 0.14%             | 2038-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 2.7% 04/15/2031                                                                     | CUSIP: 03027XBM1<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1686312.02   | 0.03%             | 2031-04-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| EPR PROPERTIES                                                                   | EPR PPTYS 4.95% 04/15/2028                                                                              | CUSIP: 26884UAE9<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7233955.76   | 0.15%             | 2028-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP                                                                                      | CUSIP: 64828T201<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EC               | CORP              | US        |    500199 | NS      | $4706872.59   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CREDIT SUISSE COM MTG TR 2021                                                    | CREDIT SUISSE COM MTG TR 2021-SOP2 F STEP 06/15/2034 144A                                               | CUSIP: 12657VAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7120000 | PA      | $6398919.86   | 0.13%             | 2034-06-15      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2019-B14 MTG TR                                                        | BENCHMARK 2019-B14 MTG TR VAR 12/15/2062 144A                                                           | CUSIP: 08162YBP6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5141000 | PA      | $3478893.11   | 0.07%             | 2062-12-15      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| INVITATION HOMES INC                                                             | INVITATION HOMES INC                                                                                    | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    611100 | NS      | $19860750.00  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TR                                                                   | RLJ LODGING TRUST                                                                                       | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    607000 | NS      | $7629990.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER | PARK INTERMEDIATE HOLDINGS LLC / PK DOMESTIC PROPERTY LLC / PK FINANCE CO-ISSUER 4.875% 05/15/2029 144A | CUSIP: 70052LAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12000000 | PA      | $10374007.68  | 0.21%             | 2029-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MHP 2022-MHIL F                                                                  | MHP 2022-MHIL F TSFR1M+325.92 01/15/2027 144A                                                           | CUSIP: 55293DAL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4182990 | PA      | $3942083.24   | 0.08%             | 2027-01-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC                      | UNITI GRP/UNITI HLD/CSL 7.875% 02/15/2025 144A                                                          | CUSIP: 91327AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4934603.50   | 0.10%             | 2025-02-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| DOUGLAS EMMETT INC                                                               | DOUGLAS EMMETT INC REIT                                                                                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    271700 | NS      | $4550975.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS CORP TR 2019-70P                                                     | GS MTG SECS CORP TR 2019-70P E 1ML+220 10/15/2036 144A                                                  | CUSIP: 36257MAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7437000 | PA      | $6727473.76   | 0.14%             | 2036-10-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| ELME COMMUNITIES                                                                 | ELME COMMUNITIES                                                                                        | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |    807347 | NS      | $15501062.40  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                          | CHIMERA INVESTMENT CORP SER C 7.75/VAR PERP PFD                                                         | CUSIP: 16934Q505<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |   1962186 | NS      | $40067838.12  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD ASSET MANAGEMENT LTD                                                  | BROOKFIELD ASSET MANAGEMENT LTD A                                                                       | CUSIP: 113004105<br>LEI: 549300CZ84WPNJZKY093 | Long             | EC               | CORP              | CA        |     21775 | NS      | $710913.53    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2020-BNK30                                                                  | BANK 2020-BN30 MCDG CSTR 12/53                                                                          | CUSIP: 06541UBJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1174946.60   | 0.02%             | 2053-12-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BX 2021-BXMF                                                                     | BX 2021-BXMF 1ML+359.02 10/15/2026 144A                                                                 | CUSIP: 05609RAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23874000 | PA      | $21894635.31  | 0.44%             | 2026-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BX TR 2021-LGCY                                                                  | BX TR 2021-LGCY 1ML+334.6 10/15/2023 144A                                                               | CUSIP: 12434DAY8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  19151000 | PA      | $17238196.20  | 0.35%             | 2036-10-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APT CMNTYS INC                                                       | MID AMERICA APT CMNTY INC                                                                               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    325706 | NS      | $54301704.32  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NATIXIS COML MTG SECS TR 2020-2PAC                                               | NATIXIS COML MTG SECS TR 2020-2PAC AMZ3 VAR 01/15/2025 144A                                             | CUSIP: 63875DAS0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2502675 | PA      | $2124272.54   | 0.04%             | 2037-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| ELP COMMERCIAL MORTGAGE TRUST 2021-ELP                                           | ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+361.49 11/15/2036 144A                                       | CUSIP: 26863LAS3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15448000 | PA      | $14490432.55  | 0.29%             | 2038-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                                                                     | ENBRIDGE INC SER 1 4% PFD PERP                                                                          | CUSIP: 29250N717<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EP               | CORP              | CA        |    498275 | NS      | $11196239.25  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| REALTY INCOME CORP                                                               | REALTY INCOME CORP 4.875% 06/01/2026                                                                    | CUSIP: 756109BF0<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    436000 | PA      | $438931.63    | 0.01%             | 2026-06-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| REALOGY GROUP LLC / REALOGY CO-ISSUER CORP                                       | REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.25% 04/15/2030 144A                                        | CUSIP: 75606DAQ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15000000 | PA      | $11250000.00  | 0.23%             | 2030-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| UMH PPTYS INC                                                                    | UMH PROPERTIES INC                                                                                      | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |    335723 | NS      | $6016156.16   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AGNC INVESTMENT CORP                                                             | AGNC INVESTMENT CORP SER E 6.5%/VAR PFD PERP                                                            | CUSIP: 00123Q807<br>LEI: 5TRACI5HRMELWV32OF39 | Long             | EP               | CORP              | US        |   1424834 | NS      | $31887784.92  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST                                                          | PEBBLEBROOK HOTEL TRUST 6.375% PERP PFD                                                                 | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |    666800 | NS      | $14062812.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| VMC FINANCE 2021-HT1                                                             | VMC FINANCE 2021-HT1 B 1ML+450 01/18/2037 144A                                                          | CUSIP: 91835TAC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  18580000 | PA      | $17505685.82  | 0.35%             | 2037-01-18      | Variable      | 0.09%                 | No            |                  2 | On Loan: No      |
| ANNALY CAPITAL MANAGEMENT INC                                                    | ANNALY CAPITAL MANAGEMENT INC SER I 6.75/VAR PFD PERP                                                   | CUSIP: 035710847<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EP               | CORP              | US        |    192992 | NS      | $4492853.76   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| GS MTG SECS TR 2012-GCJ9                                                         | GS MTG SECS TR 2012-GCJ9 E CSTR 11/10/2045 144A                                                         | CUSIP: 36192PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1908000 | PA      | $1640827.53   | 0.03%             | 2045-11-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2018-AON                                       | J P MORGAN CHASE COML MTG SECS TR 2018-AON-F 4.6132% 07/05/2031 144A                                    | CUSIP: 46649XAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5039000 | PA      | $3560819.93   | 0.07%             | 2031-07-05      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| Fidelity Revere Street Trust                                                     | Fidelity Cash Central Fund                                                                              | CUSIP: 31635A105<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        | 437328412 | NS      | $437415877.85 | 8.80%             |  |  |  | No            |                  1 | On Loan: No      |
| ICAHN ENTERPRISES LP / ICAHN ENTERPRISES FIN CORP                                | ICAHN ENTERPRISES LP/FIN CORP 5.25% 05/15/2027                                                          | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4668750.00   | 0.09%             | 2027-05-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD CORP                                                                  | BROOKFIELD CORP CL A                                                                                    | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Long             | EC               | CORP              | CA        |     12700 | NS      | $472473.79    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                            | AMERICAN HOMES 4 RENT                                                                                   | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    661200 | NS      | $22672548.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SUGARHOUSE HSP GAMING PROP MEZZ LP / SUGARHOUSE HSP GAMING FIN CORP              | SUGARHOUSE HS GMNG MEZZ LP/CRP 5.875% 05/15/2025 144A                                                   | CUSIP: 865033AC8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7500186.80   | 0.15%             | 2025-05-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE2 MTG TR                                                           | COMM 2012-CR2 F 4.25% 8/45                                                                              | CUSIP: 12624KBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1418128.20   | 0.03%             | 2045-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GAMING AND LEISURE PROPERTIES INC                                                | GAMING AND LEISURE PROPRTI INC                                                                          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    386846 | NS      | $20719471.76  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                                                                   | EPR PPTYS 3.6% 11/15/2031                                                                               | CUSIP: 26884UAG4<br>LEI: 549300YSSXFHMPOWZ492 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1546153.20   | 0.03%             | 2031-11-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| J P MORGAN CHASE COML MTG SECS TR 2013-LC11                                      | JP MORGAN CH CMS 13-LC11 D CSTR 04/15/2046                                                              | CUSIP: 46639YAX5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7722000 | PA      | $6472134.07   | 0.13%             | 2046-04-15      | Variable      | 0.04%                 | No            |                  3 | On Loan: No      |
| SUMMIT HOTEL PROPERTIES INC                                                      | SUMMIT HOTEL PPTYS INC SER F 5.875% PERP PFD                                                            | CUSIP: 866082704<br>LEI: 254900OBQWJK6X20LS71 | Long             | EP               | CORP              | US        |    377000 | NS      | $8312736.90   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| SG COML MTG SECS TR 2020-COVE                                                    | SG COMMERCIAL MORTGAGE SECURITIES TRUST 2020-COVE F CSTR 03/15/2037 144A                                | CUSIP: 78397FAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4370249.50   | 0.09%             | 2037-03-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE2 MTG TR                                                           | COMM 2012-CR2 E CSTR 8/45                                                                               | CUSIP: 12624KAY2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $6632354.40   | 0.13%             | 2045-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                                        | WFRBS 2011-C5 E CSTR 11/44                                                                              | CUSIP: 92936JAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2061452 | PA      | $1955100.40   | 0.04%             | 2044-11-15      | Variable      | 0.06%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP / GLP FIN CORP                                                | GLOBAL PARTNERS LP / GLP FIN CORP 7% 08/01/2027                                                         | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3955000 | PA      | $3797303.47   | 0.08%             | 2027-08-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| CHIMERA INVESTMENT CORP                                                          | CHIMERA INVESTMENT CORP SER B 8%/VAR PREF PERP                                                          | CUSIP: 16934Q406<br>LEI: 2JBBQFJOL123LOUBE657 | Long             | EP               | CORP              | US        |   1484504 | NS      | $33252889.60  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP INDUSTRIAL TRUST                                                             | LEXINGTON RLTY 6.5 CV PFD PERPPAR=50                                                                    | CUSIP: 529043309<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EP               | CORP              | US        |    440102 | NS      | $21029772.35  | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| SPIRIT REALTY CAPITAL INC                                                        | SPIRIT RLTY CAP INC                                                                                     | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |    676600 | NS      | $29689208.00  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| BBCMS MTG TR 2020-C7                                                             | BBCMS MTG TR 2020-C7 CSTR 04/15/2053                                                                    | CUSIP: 05492VAL9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2067000 | PA      | $1619092.26   | 0.03%             | 2053-04-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| SAUL CENTERS INC                                                                 | SAUL CENTERS INC 6% SER E PFD PERP                                                                      | CUSIP: 804395879<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     76841 | NS      | $1765037.77   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| COMM 2012-CCRE1 MTG TR                                                           | COMM 2012-CCRE1 G 2.462% 05/15/2045 144A                                                                | CUSIP: 12624BAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6346000 | PA      | $1815565.85   | 0.04%             | 2045-05-15      | Fixed         | 0.02%                 | No            |                  3 | On Loan: No      |
| CTO NEWCO REIT INC                                                               | CTO REALTY GROWTH INC 6.375% PFD PERP                                                                   | CUSIP: 22948Q200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    120000 | NS      | $2611740.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HOSPITALITY TRUST INC SER H 7.5% PFD PERP                                                       | CUSIP: 044103802<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    231565 | NS      | $4515517.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                            | AMERICAN HOMES 4 RENT 5.875% SER G PFD PERP                                                             | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |    199750 | NS      | $4714100.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SREIT TR 2021-MFP2                                                               | SREIT TR 2021-MFP2 1ML+391.55 11/15/2036 144A                                                           | CUSIP: 85236WCU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10872000 | PA      | $10186962.89  | 0.20%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B32 MTG TR                                                        | BENCHMARK 2022-B32 MTG TR 3.0019% 01/15/2055                                                            | CUSIP: 08163NBJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26618000 | PA      | $23183471.47  | 0.47%             | 2055-01-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| READY CAP MTG FING 2019-FL3 LLC                                                  | READY CAP MTG FING 2019-FL3 D 1ML+290 03/25/2034 144A                                                   | CUSIP: 75574XAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3401000 | PA      | $3340882.22   | 0.07%             | 2034-03-25      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BX 2021-VOLT                                                                     | BX 2021-VOLT G 1ML+295 09/15/2023 144A                                                                  | CUSIP: 05609VAS4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4741541.50   | 0.10%             | 2036-09-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2019-C7                                                    | CITIGROUP COMMERCIAL MORTGAGE TRUST 2019-C7 3.102% 12/15/2072                                           | CUSIP: 17328CAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  14820000 | PA      | $13283702.48  | 0.27%             | 2072-12-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| PKHL COML MTG TR 2021-MF                                                         | PKHL COMML MTG 2021-MF E 1ML+235 07/15/2038 144A                                                        | CUSIP: 69356GAN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $460841.20    | 0.01%             | 2038-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| KNDR 2021-KIND F                                                                 | KNDR 2021-KIND F 1ML+405 08/15/2026 144A                                                                | CUSIP: 482606AS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7103659 | PA      | $6380613.44   | 0.13%             | 2038-08-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| RETAIL VALUE INC                                                                 | RETAIL VALUE INC                                                                                        | CUSIP: 76133Q102<br>LEI: 549300VO5RB7323N1Z31 | Long             | EC               | CORP              | US        |    274131 | NS      | $68532.75     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP                                                                                      | CUSIP: 64828T300<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    580904 | NS      | $12959968.24  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BENCHMARK 2020-B18 MORTGAGE TRUST                                                | BENCHMARK 2020-B18 MORTGAGE TRUST 4.534% 07/15/2053 144A                                                | CUSIP: 08163ABT9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  11379000 | PA      | $9604433.57   | 0.19%             | 2053-07-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX TRUST 2018-EXCL                                                               | BX TRUST 2019-IMC G 1ML+360 04/15/2034 144A                                                             | CUSIP: 05608BAS9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5181000 | PA      | $4841146.61   | 0.10%             | 2034-04-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| URSTADT BIDDLE PPTYS INC                                                         | URSTADT BIDDLE PPTYS INC SER H 6.25% PFD PERP                                                           | CUSIP: 917286882<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EP               | CORP              | US        |    281325 | NS      | $6414210.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ LODGING TR                                                                   | RLJ LODGING TR SER A PC 1.95% PERP                                                                      | CUSIP: 74965L200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     31585 | NS      | $799100.50    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                                     | PROLOGIS IN SR Q 8.54% PFD PRP                                                                          | CUSIP: 74340W202<br>LEI: 529900DFH19P073LZ636 | Long             | EP               | CORP              | US        |     93396 | NS      | $5369336.04   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CAPITAL TR RE CDO 05-1 LTD COR                                                   | CTCDO 2005-1A D 1ML+150 3/50                                                                            | CUSIP: 140558AD9<br>LEI: 549300EO21RSSTCI1873 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $0.23         | 0.00%             | 2050-03-20      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.7% SER J PFD PERP                                                                      | CUSIP: 74460W594<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |    303800 | NS      | $6577270.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP COML MTG TR 2022-GC48                                                  | CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A                                                    | CUSIP: 29426VAK2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $2251960.80   | 0.05%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| TWO HARBORS INVESTMENT COR                                                       | TWO HARBORS INVESTMENT COR CONV 6.25% 01/15/2026                                                        | CUSIP: 90187BAB7<br>LEI: 549300ZUIBT6KH4HU823 | Long             | DBT              | CORP              | US        |   4896000 | PA      | $4348137.60   | 0.09%             | 2026-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| WP GLIMCHER MALL TR 15-WPG                                                       | JPMDB 2015-WPG PR2 CSTR 06/35                                                                           | CUSIP: 92939VAN4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2541000 | PA      | $1938534.24   | 0.04%             | 2035-06-05      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| AGELLAN PORTFOLIO                                                                | AGELLAN PORTFOLIO 9% 08/07/2025                                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6611000 | PA      | $6611000.00   | 0.13%             | 2025-08-07      | Fixed         | 0.09%                 | No            |                  3 | On Loan: No      |
| INTOWN 2022-STAY MTG TR                                                          | INTOWN 2022-STAY MTG TR TSFR1M+503.14 08/15/2037 144A                                                   | CUSIP: 46117NAJ1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1978110.40   | 0.04%             | 2039-08-15      | Variable      | 0.10%                 | No            |                  2 | On Loan: No      |
| GREAT AJAX CORP                                                                  | GREAT AJAX CORP PC 7.25% 4/30/24                                                                        | CUSIP: 38983D409<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EP               | CORP              | US        |    611442 | NS      | $14986443.42  | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO COML MTG TR 2016-NXS6                                                | WELLS FARGO COML MTG TR 2016-NXS6 D 3.059% 11/15/2049 144A                                              | CUSIP: 95000KAJ4<br>LEI: 549300CFP9NBBMZH1008 | Long             | ABS-MBS          | CORP              | US        |   5037000 | PA      | $3789516.43   | 0.08%             | 2049-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FIVE PT OPER CO LP / FIVE PT PT CAP CORP                                         | FIVE PT OPER CO LP / FIVE PT PT CAP CORP 7.875% 11/15/2025 144A                                         | CUSIP: 33834YAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6133000 | PA      | $5512723.16   | 0.11%             | 2025-11-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| ARBOR REALTY TRUST INC                                                           | ARBOR REALTY TRUST INC SER D 6.375% PERP PFD                                                            | CUSIP: 038923876<br>LEI: 549300ASFUWYQO0RW077 | Long             | EP               | CORP              | US        |    126100 | NS      | $2591355.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2022-BNK42 C CSTR 06/15/2055                                                                       | CUSIP: 06541MCF9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6500000 | PA      | $5384504.45   | 0.11%             | 2055-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT LP                                                         | AMERICAN HOMES 4 RENT LP 4.9% 02/15/2029                                                                | CUSIP: 02666TAB3<br>LEI: 549300N4PXZ37U8QKI55 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4865007.95   | 0.10%             | 2029-02-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MFA FINANCIAL INC                                                                | MFA FINANCIAL INC                                                                                       | CUSIP: 55272X607<br>LEI: YW72IMH2RRC8Z1TGLG58 | Long             | EC               | CORP              | US        |   1492885 | NS      | $17750402.65  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PENNYMAC MORTGAGE INVESTMENT TRUST                                               | PENNYMAC MTG INVT TR 8%/VAR SER B PREF PERP                                                             | CUSIP: 70931T400<br>LEI: 549300BSSOQO1ZWDUJ97 | Long             | EP               | CORP              | US        |    639908 | NS      | $15191415.92  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE 4.875% SER I PFD PERP                                                                    | CUSIP: 74460W628<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     75000 | NS      | $1695000.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| IMT TR 2017-APTS                                                                 | IMTT 2017-APTS EFX CSTR 06/15/2034 144A                                                                 | CUSIP: 44974ABE6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9213000 | PA      | $8531712.47   | 0.17%             | 2034-06-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| COMM 2013-LC6 MTG TR                                                             | COMM 2013-LC6 E MTG TR 3.5% 01/10/2046 144A                                                             | CUSIP: 20048EAG6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4741000 | PA      | $4061243.48   | 0.08%             | 2046-01-10      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2019-C3                                                             | BBCMS MTG TR 2019-C3 4.178% 05/15/2052                                                                  | CUSIP: 05550MAZ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6775000 | PA      | $5619385.54   | 0.11%             | 2052-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| FEDERAL NAT MTG ASN GTD REM PA                                                   | FNW 2002-W1 3B3 CSTR 2/42                                                                               | CUSIP: 31392CMZ4<br>LEI: N/A                  | Long             | ABS-CBDO         | USGSE             | US        |     24467 | PA      | $8028.26      | 0.00%             | 2042-02-25      | Variable      | 0.03%                 | No            |                  3 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 4.05% 03/15/2032                                                                    | CUSIP: 03027XBW9<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  27000000 | PA      | $25017164.82  | 0.50%             | 2032-03-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                          | GSMS 2011-GC5 C 5.47 8/44                                                                               | CUSIP: 36191YAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8899000 | PA      | $6455362.19   | 0.13%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP SER B 7.125%/VAR PFD PERP                                                            | CUSIP: 64828T409<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |   1184542 | NS      | $25823015.60  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| ELLINGTON FINANCIAL INC                                                          | ELLINGTON FINANCIAL INC 6.75/VAR PFD PERP                                                               | CUSIP: 28852N208<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EP               | CORP              | US        |    212370 | NS      | $4672140.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NECESSITY RETAIL REIT INC/THE                                                    | THE NECESSITY RETAIL REIT INC SER C 7.375% PFD PERP                                                     | CUSIP: 02607T505<br>LEI: 549300GN4H0K3IUS8983 | Long             | EP               | CORP              | US        |    379839 | NS      | $8888232.60   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| GPMT 2019-FL2 LTD                                                                | GPMT 2019-FL2 LTD 1ML+295 02/22/2036 144A                                                               | CUSIP: 36259BAJ6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2142000 | PA      | $2116411.88   | 0.04%             | 2036-02-22      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| BBCMS MTG TR 2022-C17                                                            | BBCMS MTG TR 2022-C17 D 2.5% 09/15/2055 144A                                                            | CUSIP: 054976AR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1128823.20   | 0.02%             | 2055-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                  | MSC 2011-C3 E CSTR 7/15/49 144A                                                                         | CUSIP: 61760RAN2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3456000 | PA      | $2979797.76   | 0.06%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC 2.25% 01/15/2031                                                                       | CUSIP: 22822VAT8<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4173197.50   | 0.08%             | 2031-01-15      | Fixed         | 0.02%                 | No            |                  2 | On Loan: No      |
| GLOBAL PARTNERS LP                                                               | GLOBAL PARTNERS LP SER B 9.5% PERP PFD                                                                  | CUSIP: 37946R307<br>LEI: 549300PCHWTW9P4DU444 | Long             | EP               | CORP              | US        |     67800 | NS      | $1709936.34   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                           | MPT OPER PARTNERSHIP LP/CORP 3.5% 03/15/2031                                                            | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $4199926.02   | 0.08%             | 2031-03-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| GS MTG SECS TR 2011-GC5                                                          | GSMS 2011-GC5 E CSTR 8/44                                                                               | CUSIP: 36191YAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8138000 | PA      | $734219.31    | 0.01%             | 2044-08-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| HOWARD HUGHES CORP                                                               | HOWARD HUGHES CORP 4.375% 02/01/2031 144A                                                               | CUSIP: 44267DAF4<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |  22625000 | PA      | $18799873.15  | 0.38%             | 2031-02-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE PLACE GROUP LTD PARTNERSHIP                                           | PPGLP 2000-C1 A2 7.75% 7/28                                                                             | CUSIP: 743784AB6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2961734 | PA      | $3068578.95   | 0.06%             | 2028-07-20      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC                                                               | FORESTAR GROUP INC 3.85% 05/15/2026 144A                                                                | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8019854.28   | 0.16%             | 2026-05-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C3                                                        | WFRBS 2011-C3 E 5% 3/44                                                                                 | CUSIP: 92935VAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2966000 | PA      | $14726.19     | 0.00%             | 2044-03-15      | Fixed         | 0.05%                 | No            |                  3 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC 7.15% SER I PERP PFD                                                            | CUSIP: 25401T405<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |   1074492 | NS      | $24251284.44  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| AG MORTGAGE INVESTMENT TR INC                                                    | AG MTG INVT 8% PFD PRP                                                                                  | CUSIP: 001228303<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |    256862 | NS      | $4713417.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| MERIT SECURITIES CORP                                                            | MESC 13 M1 VAR 12/33                                                                                    | CUSIP: 589962CV9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    733697 | PA      | $721330.93    | 0.01%             | 2033-12-28      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| EQUITY LIFESTYLE PROPERTIES INC                                                  | EQUITY LIFESTYLE PPTYS INC                                                                              | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   1850596 | NS      | $132835780.88 | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Revere Street Trust                                                     | Fidelity Securities Lending Cash Central Fund                                                           | CUSIP: 31635A303<br>LEI: 549300BDV45LJNXBZC55 | Long             | STIV             | RF                | US        |    691281 | NS      | $691350.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GLADSTONE LAND CORP                                                              | GLADSTONE LAND CORP SER D 5% PFD 01/31/26                                                               | CUSIP: 376549507<br>LEI: 54930002B3Q17H38FG74 | Long             | EP               | CORP              | US        |     30000 | NS      | $724500.00    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK 2018-BNK12                                                                  | BANK 2018-BNK12 D 3% 05/15/2061 144A                                                                    | CUSIP: 06541KAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1682000 | PA      | $1124651.64   | 0.02%             | 2061-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2015-MS1                                                 | MORGAN STANLEY CAP I TR 2015 4.163% 5/15/48                                                             | CUSIP: 61765DAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10833000 | PA      | $8953947.90   | 0.18%             | 2048-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CSAIL 2017-C8 COML MTG TR                                                        | CSAIL 2017-C8 COML MTG TR 4.47% 06/15/2050 144A                                                         | CUSIP: 12595BAK7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4297000 | PA      | $3142034.72   | 0.06%             | 2050-06-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| WFRBS COML MTG TR 2011-C5                                                        | WFRBS COML MTG TR 2011-C5 F CSTR VAR 11/15/2044 144A                                                    | CUSIP: 92936JAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3178794.50   | 0.06%             | 2044-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CD 2017-CD3 MTG TR                                                               | CD 2017-CD3 D 3.25% 02/10/2050 144A                                                                     | CUSIP: 12515GAM9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3353000 | PA      | $2226396.69   | 0.04%             | 2050-02-10      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C13                                 | MSBAM 2013-C13 E CSTR 11/15/46 144A                                                                     | CUSIP: 61763BAE4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3341000 | PA      | $2914476.25   | 0.06%             | 2046-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| UDR INC                                                                          | UDR INC                                                                                                 | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    414200 | NS      | $17640778.00  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN FIN TR FINAN OP                                                         | AMERICAN FIN TR FINAN OP 4.5% 09/30/2028 144A                                                           | CUSIP: 02608AAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  28405000 | PA      | $21576365.00  | 0.43%             | 2028-09-30      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| UBS COML MTG TR 2012-C1                                                          | UBSCM 2012-C1 E CSTR 05/45                                                                              | CUSIP: 90269GAQ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6268000 | PA      | $2443266.40   | 0.05%             | 2045-05-10      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| WILLSCOT MOBILE MINI HOLDINGS CORP                                               | WILLSCOT MOBILE MINI HOLDINGS CORP                                                                      | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |    381100 | NS      | $18468106.00  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA COMMUNICATIONS CORP                                                          | SBA COMMUNICATIONS CORP 3.125% 02/01/2029                                                               | CUSIP: 78410GAG9<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4235912.50   | 0.09%             | 2029-02-01      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN HOMES 4 RENT                                                            | AMERICAN HOMES 4 RENT SER H 6.25% PERP PFD                                                              | CUSIP: 02665T868<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |     98905 | NS      | $2497351.25   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CREST DARTMOUTH STR 03 1 LTD                                                     | CRST DRTMTH ST 2003-1 0% PFD 144A                                                                       | CUSIP: 226065209<br>LEI: N/A                  | Long             | EP               | CORP              | KY        |   1220000 | NS      | $12.20        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| SUMIT 2022-BVUE MTG TR                                                           | SUMI TRUST CORE RMBS 2022-BVUE F CSTR 02/12/2041 144A                                                   | CUSIP: 865592AN9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3211000 | PA      | $2039790.96   | 0.04%             | 2041-02-12      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK42                                                                  | BANK 2022-BNK42 A5 CSTR 06/15/2055                                                                      | CUSIP: 06541MBN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $19759460.00  | 0.40%             | 2055-06-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| TPGI 2021-DGWD G                                                                 | TPGI 2021-DGWD G 1ML+380 06/15/2026 144A                                                                | CUSIP: 87267HAU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7308000 | PA      | $6927580.60   | 0.14%             | 2026-06-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| ESSEX PROPERTY TRUST INC                                                         | ESSEX PROPERTY TRUST INC                                                                                | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |    169800 | NS      | $38386686.00  | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SOTHERLY HOTELS INC                                                              | SOTHERLY HOTELS INC SER B 8% PERP PFD                                                                   | CUSIP: 83600C301<br>LEI: 549300IYTT21F61LSR10 | Long             | EP               | CORP              | US        |     67250 | NS      | $1701425.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC 3.8% 02/15/2028                                                                        | CUSIP: 22822VAK7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1908555.48   | 0.04%             | 2028-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CYXTERA TECHNOLOGIES INC                                                         | CYXTERA TECHNOLOGIES INC A                                                                              | CUSIP: 23284C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    740700 | NS      | $2385054.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30                                 | MORGAN STANLEY BK AMER MERRILL LYNCH TR 2016-C30 D 3% 09/15/2049 144A                                   | CUSIP: 61766NAJ4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2726000 | PA      | $1772205.86   | 0.04%             | 2049-09-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| HILTON DOMESTIC OPERATING CO INC                                                 | HILTON DOMESTIC OPERATING CO INC 3.625% 02/15/2032 144A                                                 | CUSIP: 432833AN1<br>LEI: 5493003EG7H0N1E4XV50 | Long             | DBT              | CORP              | US        |  13965000 | PA      | $11727108.75  | 0.24%             | 2032-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| RLJ LODGING TRUST LP                                                             | RLJ LODGING TRUST LP 3.75% 07/01/2026 144A                                                              | CUSIP: 74965LAA9<br>LEI: 549300RX5I8Z6I6LDZ74 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7307758.80   | 0.15%             | 2026-07-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| M/I HOMES INC                                                                    | M/I HOMES INC 3.95% 02/15/2030                                                                          | CUSIP: 55305BAV3<br>LEI: 5299005M71FH9CCSFB69 | Long             | DBT              | CORP              | US        |  17070000 | PA      | $14360308.20  | 0.29%             | 2030-02-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                  | MSC 2011-C2 XB CSTR 6/44                                                                                | CUSIP: 617459AF9<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |  28858802 | PA      | $105481.81    | 0.00%             | 2044-06-15      | Variable      | 0.00%                 | No            |                  2 | On Loan: No      |
| SAFEHOLD INC                                                                     | SAFEHOLD INC                                                                                            | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Long             | EC               | CORP              | US        |      5925 | NS      | $207138.00    | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CROWN CASTLE INC                                                                 | CROWN CASTLE INC 2.5% 07/15/2031                                                                        | CUSIP: 22822VAY7<br>LEI: 54930012H97VSM0I2R19 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4207026.15   | 0.08%             | 2031-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC 7.125% SER J PFD PERP                                                           | CUSIP: 25401T306<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |   1387346 | NS      | $30577105.84  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| GREAT AJAX CORP                                                                  | GREAT AJAX CORP                                                                                         | CUSIP: 38983D300<br>LEI: 5493004ID2QQWNGDYC18 | Long             | EC               | CORP              | US        |   1663364 | NS      | $14587702.28  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HOSPITALITY TRUST INC SER I 7.5% PFD PERP                                                       | CUSIP: 044103885<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    154709 | NS      | $2962677.35   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                           | MPT OPER PARTNERSHIP LP/CORP 4.625% 08/01/2029                                                          | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  19835000 | PA      | $15421712.50  | 0.31%             | 2029-08-01      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD PROPERTY PARTNERS LP                                                  | BROOKFIELD PROPERTY PARTN LP 6.5% PERP PFD                                                              | CUSIP: N/A<br>LEI: 5493004J5Z0TZW83NU62       | Long             | EP               | CORP              | BM        |     34125 | NS      | $695808.75    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C3                                                  | MORGAN STANLEY CAP I TR 2011-C3 F CSTR 07/15/2049 144A                                                  | CUSIP: 61760RAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5624050 | PA      | $3582955.15   | 0.07%             | 2049-07-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| ISTAR INC                                                                        | ISTAR INC 7.65 SER G PERP PFD                                                                           | CUSIP: 45031U705<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EP               | CORP              | US        |    305973 | NS      | $7695220.95   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| BROOKFIELD OFFICE PROPERTIES INC                                                 | BROOKFIELD OFFICE PROPERTIES INC 5.1/VAR SER EE PERP PFD                                                | CUSIP: 112900642<br>LEI: 36ZUFRRMJERSM4Q0S289 | Long             | EP               | CORP              | CA        |    679025 | NS      | $9487110.41   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| TRICON AMERN HOMES 2018-SFR TR                                                   | TRICON AMERN HOMES 2018-SFR1 F 4.96% 05/17/2037 144A                                                    | CUSIP: 89613TAF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8282000 | PA      | $7835997.74   | 0.16%             | 2037-05-17      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CBL and ASSOCS LTD PARTNERSHIP                                                   | CBL and ASSOCS LP 5.95% 12/15/2026                                                                      | CUSIP: 12505JAD5<br>LEI: 549300VS75TWHD9JTH89 | Long             | DBT              | CORP              | US        |  10317000 | PA      | $1.03         | 0.00%             | 2026-12-15      | Fixed         | 0.06%                 | No            |                  3 | On Loan: No      |
| HEALTHCARE TRUST INC                                                             | HEALTHCARE TRUST INC SER A 7.375% PFD PERP                                                              | CUSIP: 42226B204<br>LEI: 549300Z2NSUGF5NF2Y30 | Long             | EP               | CORP              | US        |    364800 | NS      | $8474304.00   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AMERICAN HOMES 4 RENT 2015-SFR1 TR                                               | AH4R 2015-SFR1 F 5.885% 4/52 144A                                                                       | CUSIP: 02666AAF5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2000000 | PA      | $1949125.20   | 0.04%             | 2052-04-17      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                                               | RITHM CAPITAL CORP SER D 7%/VAR PFD PERP                                                                | CUSIP: 64828T706<br>LEI: 549300WNTHGEO5LP2G31 | Long             | EP               | CORP              | US        |    151200 | NS      | $3211488.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MHP 2022-MHIL MEZZ                                                               | MHP 2022-MHIL MEZZ SOFR+500 01/09/2024                                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |  24679910 | PA      | $23445914.50  | 0.47%             | 2024-01-09      | Variable      | 0.09%                 | No            |                  3 | On Loan: No      |
| EASTGROUP PROPERTIES INC                                                         | EASTGROUP PPTYS INC                                                                                     | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     68600 | NS      | $11541950.00  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HOLDINGS INC                                               | CLEAR CHANNEL OUTDOOR HOLDINGS INC 7.5% 06/01/2029 144A                                                 | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13965000 | PA      | $11381475.00  | 0.23%             | 2029-06-01      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| COMM 2012-CCRE2 MTG TR                                                           | COMM 2012-CR2 D CSTR 8/45                                                                               | CUSIP: 12624KAW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1804916 | PA      | $1665156.86   | 0.03%             | 2045-08-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| BENCHMARK 2022-B35 MTG TR                                                        | BENCHMARK 2022-B35 MTG TR 2.5% 05/15/2055 144A                                                          | CUSIP: 08163RAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $1978632.25   | 0.04%             | 2055-05-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| READY CAPITAL CORP                                                               | READY CAPITAL CORP 6.2% PFD 07/30/26                                                                    | CUSIP: 75574U408<br>LEI: 549300MYWGZUG7ZUYO87 | Long             | EP               | CORP              | US        |    214250 | NS      | $4962030.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LGI HOMES INC                                                                    | LGI HOMES INC 4% 07/15/2029 144A                                                                        | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |  13310000 | PA      | $10781100.00  | 0.22%             | 2029-07-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| ASHFORD HOSPITALITY TRUST INC                                                    | ASHFORD HOSPITALITY TRUST INC SER G 7.375% PFD PERP                                                     | CUSIP: 044103703<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     63168 | NS      | $1306371.09   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2013-C9                                  | MSBAM 2013 - C9 C 4.2117% 5/46                                                                          | CUSIP: 61762DBB6<br>LEI: 549300PFVBG5704L7K74 | Long             | ABS-MBS          | CORP              | US        |   3302000 | PA      | $2975290.54   | 0.06%             | 2046-05-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP LP / UNITI FIBER HOLDINGS INC / CSL CAPITAL LLC                      | UNITI GRP/UNITI HLD/CSL 6% 01/15/2030 144A                                                              | CUSIP: 91327AAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  18035000 | PA      | $11954364.49  | 0.24%             | 2030-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| PUBLIC STORAGE                                                                   | PUBLIC STORAGE SER G 5.05% PFD PERP                                                                     | CUSIP: 74460W669<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |     43800 | NS      | $1048572.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LEHMAN ABS MANUF HSG CNTRCT TR                                                   | LABMH 2001-B M2 7.17% 3/28                                                                              | CUSIP: 52519SAM5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    497467 | PA      | $351619.99    | 0.01%             | 2040-04-15      | Fixed         | 0.07%                 | No            |                  2 | On Loan: No      |
| AG MORTGAGE INVESTMENT TR INC                                                    | AG MORTTGAGE INVVESTMENT TRUST SER C 8% PFD PRP                                                         | CUSIP: 001228402<br>LEI: 549300SNP0PBR2XTFR48 | Long             | EP               | CORP              | US        |    467638 | NS      | $8702743.18   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AMR HMS 15-SFR2                                                                  | AMERICAN HOMES 4 RENT 2015-SFR2 TR 6.07% 10/17/2052 144A                                                | CUSIP: 02666BAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   8259000 | PA      | $8138974.43   | 0.16%             | 2052-10-17      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| BXP TR 2021-601L                                                                 | BXP TR 2021-601L VAR 01/15/2044 144A                                                                    | CUSIP: 05607TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5754000 | PA      | $3245063.82   | 0.07%             | 2044-01-15      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| GLP CAP LP / GLP FING II INC                                                     | GLP CAP LP / GLP FING II INC 5.375% 04/15/2026                                                          | CUSIP: 361841AH2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2996940.00   | 0.06%             | 2026-04-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| CONSECO FIN SECURITIZATNS CORP                                                   | CNF 2002-2 M2 9.163% 3/33                                                                               | CUSIP: 20846QJZ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |    377473 | PA      | $347042.52    | 0.01%             | 2033-03-01      | Fixed         | 0.09%                 | No            |                  2 | On Loan: No      |
| CITIGROUP COML MTG TR 2022-GC48                                                  | CITIGROUP COML MTG TR 2022-GC48 2.5% 06/15/2055 144A                                                    | CUSIP: 29426VAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1017693.00   | 0.02%             | 2055-06-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP                                                                                     | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    551900 | NS      | $123288941.00 | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C23                                                  | JPMBB 2014-C23 UH5 4.7094% 09/15/2047 144A                                                              | CUSIP: 46643AAQ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8640000 | PA      | $6336107.71   | 0.13%             | 2047-09-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| MERIT 2021                                                                       | MHP 2021-STOR J 1ML+395 07/15/2038 144A                                                                 | CUSIP: 55293BAR6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3476000 | PA      | $3307338.22   | 0.07%             | 2038-07-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC                                      | BARCLAYS COMMERCIAL MORTGAGE SECURITIES LLC 2.689% 11/15/2054                                           | CUSIP: 05552XBG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  25000000 | PA      | $21424387.50  | 0.43%             | 2054-11-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| FRANKLIN BSP REALTY TRUST INC/DUPE                                               | FRANKLIN BSP RE 7.5% PFD PERP                                                                           | CUSIP: 35243J200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    240633 | NS      | $5102502.45   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MPT OPER PARTNERSHIP LP / MPT FIN CORP                                           | MPT OPER PARTNERSHIP LP/CORP 5% 10/15/2027                                                              | CUSIP: 55342UAH7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4226675.00   | 0.09%             | 2027-10-15      | Fixed         | 0.05%                 | No            |                  2 | On Loan: No      |
| AMERICAN TOWER CORP                                                              | AMERICAN TOWER CORP 3.8% 08/15/2029                                                                     | CUSIP: 03027XAW0<br>LEI: 5493006ORUSIL88JOE18 | Long             | DBT              | CORP              | US        |  23000000 | PA      | $21495567.01  | 0.43%             | 2029-08-15      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| CHERRY HILL MORTGAGE INVESTMENT CORP                                             | CHERRY HILL MTG INVT CORP 8.2% SER A PFD PERP                                                           | CUSIP: 164651200<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     63650 | NS      | $1451220.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| REXFORD INDL RLTY INC                                                            | REXFORD INDUSTRIAL REALTY INC                                                                           | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |     67700 | NS      | $4296919.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| REALOGY GROUP LLC / REALOGY CO-ISSUER CORP                                       | REALOGY GROUP LLC / REALOGY CO-ISSUER CORP 5.75% 01/15/2029 144A                                        | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4965000 | PA      | $3885112.50   | 0.08%             | 2029-01-15      | Fixed         | 0.06%                 | No            |                  2 | On Loan: No      |
| SITE CENTERS CORP                                                                | SITE CENTERS CORP 6.375% 12/31/99 PFD PERP                                                              | CUSIP: 82981J877<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EP               | CORP              | US        |    104400 | NS      | $2606868.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMBB COML MTG SECS TR 2014-C26                                                  | JPMBB 2014-C26 D CSTR 01/15/2048 144A                                                                   | CUSIP: 46643TAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3398000 | PA      | $2758296.60   | 0.06%             | 2048-01-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BX COML MTG TR 2021-CIP                                                          | BX COML MTG TR 2021-CIP F 1ML+322.73 11/15/2036 144A                                                    | CUSIP: 12434FAN7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7790000 | PA      | $7205161.08   | 0.14%             | 2038-12-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                  | MSC 2011-C2 D CSTR 6/44                                                                                 | CUSIP: 617459AJ1<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   3403110 | PA      | $3205968.21   | 0.06%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| SUNSTONE HOTEL INVS INC NEW                                                      | SUNSTONE HOTEL INVS INC SER H 6.125% PFD PERP                                                           | CUSIP: 867892804<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EP               | CORP              | US        |    180000 | NS      | $3861000.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| GREEN TREE FINANCIAL CORP                                                        | GT 1997-3 M1 7.53% 3/28                                                                                 | CUSIP: 393505TZ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | US        |   2224405 | PA      | $2096953.09   | 0.04%             | 2028-03-15      | Fixed         | 0.08%                 | No            |                  2 | On Loan: No      |
| OMEGA HEALTHCARE INVESTORS INC                                                   | OMEGA HEALTHCARE INVESTORS INC 4.5% 04/01/2027 REGS                                                     | CUSIP: 681936BF6<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              | CORP              | US        |   2434000 | PA      | $2348134.61   | 0.05%             | 2027-04-01      | Fixed         | 0.04%                 | No            |                  2 | On Loan: No      |
| STWD TR 2021-LIH                                                                 | STWD TR 2021-LIH 1ML+355.1 11/15/2036 144A                                                              | CUSIP: 78486EAS7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  15282000 | PA      | $14315246.93  | 0.29%             | 2036-11-15      | Variable      | 0.08%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC                                                          | DIGITALBRIDGE GROUP INC SER H 7.125% PERP PFD                                                           | CUSIP: 25401T504<br>LEI: 549300XG87L902AGBO89 | Long             | EP               | CORP              | US        |    965305 | NS      | $21690403.35  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL NAT MTG ASN GTD REM PA                                                   | FNW 2003-W10 2B3 CSTR 6/43                                                                              | CUSIP: 31393DUL3<br>LEI: N/A                  | Long             | ABS-CBDO         | USGSE             | US        |     43003 | PA      | $30724.37     | 0.00%             | 2043-06-25      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| PROLOGIS INC                                                                     | PROLOGIS INC REIT                                                                                       | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    764330 | NS      | $98812582.40  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY BK AMER MERRILL LYNCH TR 2012-C6                                  | MORGAN STAN BAML TR-2012-C6 VAR 11/15/2045 144A                                                         | CUSIP: 61761DAQ5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1760549.40   | 0.04%             | 2045-11-15      | Variable      | 0.05%                 | No            |                  2 | On Loan: No      |
| CSMC 2020-NET                                                                    | CSMC 2020-NET F CSTR 08/15/2037 144A                                                                    | CUSIP: 126438AN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7050000 | PA      | $5994717.93   | 0.12%             | 2037-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| BANK 2022-BNK43                                                                  | BANK 2022-BNK43 D 3% 08/15/2055 144A                                                                    | CUSIP: 06541QAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5344000 | PA      | $3147392.62   | 0.06%             | 2055-08-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| DIAMONDROCK HOSPITALITY CO                                                       | DIAMONDROCK HOSPITALITY CO 8.25% PFD PERP                                                               | CUSIP: 252784400<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EP               | CORP              | US        |    448231 | NS      | $11546430.56  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                                                        | AVALONBAY COMMUNITIES INC REIT                                                                          | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    128900 | NS      | $22872016.00  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| MORGAN STANLEY CAP I INC                                                         | MSC 1998-CF1 G 7.35% 7/32                                                                               | CUSIP: 61745MHW6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     14270 | PA      | $14147.08     | 0.00%             | 2032-07-15      | Variable      | 0.07%                 | No            |                  2 | On Loan: No      |
| SLG OFFICE TR 2021-OVA                                                           | SLG OFFICE TR 2021-OVA 2.85061% 07/15/2041 144A                                                         | CUSIP: 78449RAQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $3195622.00   | 0.06%             | 2041-07-15      | Fixed         | 0.03%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAP I TR 2011-C2                                                  | MSC 2011-C2 F CSTR 6/44                                                                                 | CUSIP: 617459AL6<br>LEI: 3IFG42XD94UUZ7FL2766 | Long             | ABS-MBS          | CORP              | US        |   4440000 | PA      | $2848270.66   | 0.06%             | 2044-06-15      | Variable      | 0.05%                 | No            |                  3 | On Loan: No      |
| JPMCC 2021-1                                                                     | JPMCC 2021-1MEM E CSTR 10/09/2042 144A                                                                  | CUSIP: 46654BAL1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9552000 | PA      | $6043652.61   | 0.12%             | 2042-10-09      | Variable      | 0.03%                 | No            |                  2 | On Loan: No      |
| LAMAR ADVERTISING CO                                                             | LAMAR ADVERTISING CO CL A                                                                               | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |    201900 | NS      | $21510426.00  | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CSMC 2020-NET                                                                    | CSMC 2020-NET VAR 08/15/2037 144A                                                                       | CUSIP: 126438AL4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9400000 | PA      | $8135841.00   | 0.16%             | 2037-08-15      | Variable      | 0.04%                 | No            |                  2 | On Loan: No      |
| CEDAR REALTY TRUST INC                                                           | CEDAR REALTY TRUST INC SER C 6.50% PFD PERP                                                             | CUSIP: 150602506<br>LEI: 54930056URX93R2RSN82 | Long             | EP               | CORP              | US        |    291600 | NS      | $3589596.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-02

**Name of Applicant:** Stacie M. Smith

**Signature:** Stacie M. Smith

**Name of Signer:** Stacie M. Smith

**Title:** President and Treasurer