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        <name>Countrywide Alternative Loan Trust</name>
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        <name>Countrywide Alternative Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Countrywide Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>American Home Mortgage Investment Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Anchor Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Angel Oak Mortgage Trust</name>
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        <title>Angel Oak Mortgage Trust 2021-7</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust 2019-6</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust 2020-R1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust 2021-6</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>The Baha Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bcap Llc Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
        <lei>N/A</lei>
        <title>BBCMS 2018-TALL Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Commercial Mortgage Securities Llc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Binom Securitization Trust</name>
        <lei>N/A</lei>
        <title>BINOM Securitization Trust 2021-INV1</title>
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          <isin value="US05552UAA25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bcp Trust</name>
        <lei>N/A</lei>
        <title>BCP Trust 2021-330N</title>
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          <isin value="US05553BAG05"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Bcp Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bcp Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bcp Trust</name>
        <lei>N/A</lei>
        <title>BCP Trust 2021-330N</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bcp Trust</name>
        <lei>N/A</lei>
        <title>BCP Trust 2021-330N</title>
        <cusip>05553BAQ8</cusip>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bfld Trust</name>
        <lei>N/A</lei>
        <title>BFLD 2024-WRHS Mortgage Trust</title>
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          <isin value="US05555HAN08"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bmd2 Re-remic Trust</name>
        <lei>N/A</lei>
        <title>BMD2 Re-Remic Trust 2019-FRR1</title>
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          <isin value="US055631AZ83"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>None</couponKind>
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      <invstOrSec>
        <name>Bxp Trust</name>
        <lei>N/A</lei>
        <title>BXP Trust 2021-601L</title>
        <cusip>05607TAJ1</cusip>
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          <isin value="US05607TAJ16"/>
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        <balance>1699000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2021-LBA</title>
        <cusip>05609BAK5</cusip>
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          <isin value="US05609BAK52"/>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bx Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bx Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bx Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Bxsc Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Bx Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bx Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bmo Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US05615BAL53"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
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          <isin value="US05619PAC05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
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          <isin value="US05619PAG19"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc Of America Merrill Lynch Large Loan Inc</name>
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          <isin value="US05942XAG25"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc Of America Funding Corporation</name>
        <lei>N/A</lei>
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          <isin value="US05951UAW18"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Banc Of America Funding Corporation</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
        <title>BANK 2019-BNK17</title>
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          <isin value="US065403AL19"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bank</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Barclays Mortgage Loan Trust 2021-NQM1</title>
        <cusip>06744UAC5</cusip>
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          <isin value="US06744UAC53"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Barclays Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bear Stearns Mortgage Funding Trust</name>
        <lei>N/A</lei>
        <title>Bear Stearns Mortgage Funding Trust 2007-AR2</title>
        <cusip>07401TAB2</cusip>
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          <isin value="US07401TAB26"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Bear Stearns Mortgage Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Benchmark Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bhms Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BHMS Commercial Mortgage Trust 2025-ATLS</title>
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          <isin value="US088928AA44"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bluepeak Abs Issuer</name>
        <lei>N/A</lei>
        <title>Bluepeak ABS Issuer LLC</title>
        <cusip>09631QAA8</cusip>
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        <balance>10000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cascade Funding Mortgage Trust</name>
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        <name>CSMC 2020-FACT</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Countrywide Alternative Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Castle Hill Ingots Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cali Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Castlelake Aircraft Securitization Trust</name>
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        <name>Castlelake Aircraft Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US151704AB98"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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          <isin value="US151704AC71"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Chnge Mortgage Trust</name>
        <lei>N/A</lei>
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          <isin value="US169926AA02"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Chnge Mortgage Trust 2022-1</name>
        <lei>N/A</lei>
        <title>CHNGE Mortgage Trust 2022-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cim Trust</name>
        <lei>N/A</lei>
        <title>CIM Trust 2025-NR1</title>
        <cusip>17181YAA8</cusip>
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          <isin value="US17181YAA82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Citigroup Mortgage Loan Trust Inc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Clicklease Equipment Receivables 2024-1 Trust</name>
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        <title>ClickLease Equipment Receivables 2024-1 Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Colt Funding Llc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Alternative Loan Trust 2006-Hy12</name>
        <lei>N/A</lei>
        <title>Countrywide Alternative Loan</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Cross Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Cross Mortgage Trust</name>
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        <title>Cross Mortgage Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Cross Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Cross Mortgage Trust</name>
        <lei>N/A</lei>
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        <cusip>227919AE7</cusip>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Castle Hill Ingots Ltd</name>
        <lei>N/A</lei>
        <title>CSTL Commercial Mortgage Trust 2026-GATE3</title>
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          <isin value="US228920AG97"/>
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        <balance>4000000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dsla Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>DSLA Mortgage Loan Trust 2006-AR2</title>
        <cusip>23332QAC7</cusip>
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          <isin value="US23332QAC78"/>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Dtp Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DTP Commercial Mortgage Trust 2023-STE2</title>
        <cusip>23346GAA7</cusip>
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          <isin value="US23346GAA76"/>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dc Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>DC Trust 2024-HLTN</title>
        <cusip>24022FAJ9</cusip>
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          <isin value="US24022FAJ93"/>
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        <balance>2439000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2461926.60000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2021-1</title>
        <cusip>24380VAC5</cusip>
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          <isin value="US24380VAC54"/>
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        <balance>1085409.65000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1055738.35000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2025-CES1</title>
        <cusip>24380WAB5</cusip>
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          <isin value="US24380WAB54"/>
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        <balance>8910543.34000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8943073.95000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2021-3</title>
        <cusip>24381VAA8</cusip>
        <identifiers>
          <isin value="US24381VAA89"/>
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        <balance>2672441.19000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2367256.16000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Deephaven Residential Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Deephaven Residential Mortgage Trust 2021-2</title>
        <cusip>24381WAB4</cusip>
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          <isin value="US24381WAB46"/>
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        <balance>1331491.66000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Dominion Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Dominion Mortgage Trust 2021-RTL1</title>
        <cusip>257463AA7</cusip>
        <identifiers>
          <isin value="US257463AA79"/>
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        <balance>5930219.13290000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Dominion Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Dominion Mortgage Trust 2021-RTL1</title>
        <cusip>257463AC3</cusip>
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          <isin value="US257463AC36"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL2</title>
        <cusip>27786YAA6</cusip>
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          <isin value="US27786YAA64"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Easy Street Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <cusip>27786YAB4</cusip>
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          <isin value="US27786YAB48"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Elp Commercial Mortgage Trust</name>
        <lei>N/A</lei>
        <title>ELP Commercial Mortgage Trust 2025-ELP</title>
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          <isin value="US290154AJ26"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Bx Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2024-CNYN</title>
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          <isin value="US05612HAG65"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Extended Stay America Trust</name>
        <lei>549300IESZBC3BJUJW64</lei>
        <title>Extended Stay America Trust 2026-ESH2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Extended Stay America Trust</name>
        <lei>549300IESZBC3BJUJW64</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
        <lei>549300IESZBC3BJUJW64</lei>
        <title>Extended Stay America Trust 2025-ESH</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Fs Commerical Mortgage Trust 2023-4szn</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Falcon Aerospace Ltd</name>
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        <name>Fat Brands Royalty I, Llc</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Fat Brands Gfg Royalty Llc</name>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>549300XWC4JMK6CH6K84</lei>
        <title>Freddie Mac Mscr Trust Mn1</title>
        <cusip>35563FAB7</cusip>
        <identifiers>
          <isin value="US35563FAB76"/>
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        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2055200.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2051-01-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>529900NYZHC090WEXH18</lei>
        <title>Freddie Mac Mscr Trust Mn7</title>
        <cusip>35563QAB3</cusip>
        <identifiers>
          <isin value="US35563QAB32"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2475950.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-04-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>529900XKEN78GROIG538</lei>
        <title>Freddie Mac Mscr Trust Mn8</title>
        <cusip>35563RAA3</cusip>
        <identifiers>
          <isin value="US35563RAA32"/>
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        <balance>10026797.28260000</balance>
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        <curCd>USD</curCd>
        <valUSD>10124057.22000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-05-25</maturityDt>
          <couponKind>Floating</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>529900XKEN78GROIG538</lei>
        <title>Freddie Mac Mscr Trust Mn8</title>
        <cusip>35563RAB1</cusip>
        <identifiers>
          <isin value="US35563RAB15"/>
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        <balance>2300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2412470.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.94700000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Multifamily Structured Credit Risk</name>
        <lei>529900KWKEUIIIV9P337</lei>
        <title>Freddie Mac Mscr Trust Mn9</title>
        <cusip>355917AB1</cusip>
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          <isin value="US355917AB15"/>
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        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2543250.00000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2044-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.94700000</annualizedRt>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Freedom Financial</name>
        <lei>N/A</lei>
        <title>FREED ABS Trust 2022-4FP</title>
        <cusip>35634JAD0</cusip>
        <identifiers>
          <isin value="US35634JAD00"/>
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        <balance>1280728.10000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1286363.30000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-18</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.40000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fresb Multifamily Mortgage Pass-through Certifica</name>
        <lei>N/A</lei>
        <title>FRESB 2022-SB95 Mortgage Trust</title>
        <cusip>35802DAD9</cusip>
        <identifiers>
          <isin value="US35802DAD93"/>
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        <balance>105574725.50780000</balance>
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        <curCd>USD</curCd>
        <valUSD>1346447.26000000</valUSD>
        <pctVal>0.034188690864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>0.07500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gcat</name>
        <lei>N/A</lei>
        <title>GCAT2021-NQM4 Trust</title>
        <cusip>36168HAA2</cusip>
        <identifiers>
          <isin value="US36168HAA23"/>
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        <balance>508740.26010000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>431439.62000000</valUSD>
        <pctVal>0.010955019355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2066-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.09300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Gkn Sub Ctl Pt Trust Aub</name>
        <lei>N/A</lei>
        <title>GKN Subordinated CTL Pass-Through Trust/Auburn MI</title>
        <cusip>36175XAA8</cusip>
        <identifiers>
          <isin value="US36175XAA81"/>
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        <balance>7076849.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4713181.43000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-03-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.37700000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust</title>
        <cusip>36262EAF3</cusip>
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          <isin value="US36262EAF34"/>
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        <balance>1000000.00000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2022-LTV2</title>
        <cusip>36266PAB3</cusip>
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          <isin value="US36266PAB31"/>
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        <balance>13828498.08000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2052-07-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>5493001UQE7OCP3UT106</lei>
        <title>GS Mortgage-Backed Securities Trust 2022-GR2</title>
        <cusip>36267BAB3</cusip>
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          <isin value="US36267BAB36"/>
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        <balance>20590972.33000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>N/A</lei>
        <title>GS Mortgage-Backed Securities Trust 2022-PJ6</title>
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          <isin value="US36267JAF75"/>
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        <fairValLevel>2</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gs Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp. II</title>
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          <isin value="US36269JAE82"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>254900WJFO182DZH8M35</lei>
        <title>GS Mortgage-Backed Securities Trust 2025-NQM2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>254900WJFO182DZH8M35</lei>
        <title>GS Mortgage-Backed Securities Trust 2025-NQM2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Gs Mortgage-backed Securities Trust</name>
        <lei>254900Y4XCLF0D6VBG48</lei>
        <title>GS Mortgage-Backed Securities Trust 2025-DSC2</title>
        <cusip>36275JAE0</cusip>
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        <balance>14624687.95000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Gcat</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Government National Mortgage Association</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GREAT WOLF TRUST 2024-WOLF</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Great Wolf Trust</name>
        <lei>N/A</lei>
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          <isin value="US39152MAG06"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Pretium Mortgage Credit Partners Llc</name>
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        <title>PRET 2026-NPL1 LLC</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hltn Commercial Mortgage Trust 2024-dplo</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hltn Commercial Mortgage Trust 2024-dplo</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hsi Asset Securitization Corporation Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Harborview Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Hertz Vehicle Financing Llc</name>
        <lei>5493004IHDYOZ9K9WF47</lei>
        <title>Hertz Vehicle Financing III LP</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Usa Trust</name>
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        <title>Hilton USA Trust</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Usa Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hilton Usa Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
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      <invstOrSec>
        <name>Jp Morgan Reremic</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Jp Morgan Mortgage Trust</name>
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      <invstOrSec>
        <name>Jw Commercial Mortgage Trust 2024-mrco</name>
        <lei>N/A</lei>
        <title>JW Commercial Mortgage Trust 2024-MRCO</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jp Morgan Mortgage Trust</name>
        <lei>529900AW45JIN41HJ284</lei>
        <title>JP Morgan Mortgage Trust Series 2025-NQM4</title>
        <cusip>46660HAK2</cusip>
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        <fairValLevel>2</fairValLevel>
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        <name>Jp Morgan Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jpmorgan Chase Bank, Na - Cacln</name>
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        <title>J.P. Morgan Chase Bank NA - Chase Auto Credit Linked Notes</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Jp Morgan Chase Commercial Mortgage Sec Trust</name>
        <lei>N/A</lei>
        <title>JPMCC Multifamily Housing Mortgage Loan Trust 2025-Q032</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pretium Mortgage Credit Partners Llc</name>
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        <title>Pret 2025-NPL7 LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Vontive Mortgage Trust 2025-rtl1</name>
        <lei>N/A</lei>
        <title>Vontive Mortgage Trust 2025-RTL1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2023-RTL4</title>
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        <name>Lhome Mortgage Trust</name>
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        <title>LHOME Mortgage Trust 2024-RTL1</title>
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      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL1</title>
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        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL3</title>
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        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL3</title>
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          <isin value="US50205GAC69"/>
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        <curCd>USD</curCd>
        <valUSD>1260457.00000000</valUSD>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL2</title>
        <cusip>50205JAA4</cusip>
        <identifiers>
          <isin value="US50205JAA43"/>
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        <balance>18306000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>18412650.76000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
        <title>LHOME Mortgage Trust 2024-RTL2</title>
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        <identifiers>
          <isin value="US50205JAB26"/>
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        <balance>4100000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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          <isPaidKind>N</isPaidKind>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>5299002NGIWITLMXOH85</lei>
        <title>LHOME Mortgage Trust 2025-RTL1</title>
        <cusip>50205UAC5</cusip>
        <identifiers>
          <isin value="US50205UAC53"/>
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        <balance>6000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6047929.80000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.02300000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Lqr Trust</name>
        <lei>N/A</lei>
        <title>LQR Trust 2025-CALI</title>
        <cusip>50216WAG9</cusip>
        <identifiers>
          <isin value="US50216WAG96"/>
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        <balance>1250000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1250000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lstr Trust</name>
        <lei>N/A</lei>
        <title>LSTR Trust 2026-HTL6</title>
        <cusip>50220QAC5</cusip>
        <identifiers>
          <isin value="US50220QAC50"/>
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        <curCd>USD</curCd>
        <valUSD>2628000.00000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust</name>
        <lei>N/A</lei>
        <title>Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust</title>
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        <identifiers>
          <isin value="US524947AD00"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Legends Outlets (kansas City, Ks) Mortgage Secured Pass-through Trust</name>
        <lei>N/A</lei>
        <title>Legends Outlets Kansas City KS Mortgage Secured Pass-Through Trust</title>
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          <isin value="US524947AE82"/>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust 2006-7</title>
        <cusip>52520QAX2</cusip>
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          <isin value="US52520QAX25"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust 2007-2</title>
        <cusip>52521DAC6</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      <invstOrSec>
        <name>Lehman Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Lehman Mortgage Trust 2006-9</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lehman Xs Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Lehman Xs Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Lendingpoint Asset Securitization Trust</name>
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        <title>Lendingpoint 2021-B Asset Securitization Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mfra Trust</name>
        <lei>N/A</lei>
        <title>MFA 2021-INV2 Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Massage Envy</name>
        <lei>N/A</lei>
        <title>ME Funding LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mfra Trust</name>
        <lei>N/A</lei>
        <title>MFA 2021-NQM1 Trust</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mfra Trust</name>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Mrcd Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MRCD 2019-MARK Mortgage Trust</title>
        <cusip>55348UAW8</cusip>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <annualizedRt>2.71800000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Citicorp Homeowners Mortgage Acceptance Corp. 1</name>
        <lei>N/A</lei>
        <title>MAC Trust 2025-801B</title>
        <cusip>553918AA1</cusip>
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          <isin value="US553918AA15"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Citicorp Homeowners Mortgage Acceptance Corp. 1</name>
        <lei>N/A</lei>
        <title>MAC Trust 2025-801B</title>
        <cusip>553918AC7</cusip>
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          <isin value="US553918AC70"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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      </invstOrSec>
      <invstOrSec>
        <name>Citicorp Homeowners Mortgage Acceptance Corp. 1</name>
        <lei>N/A</lei>
        <title>MAC Trust 2025-801B</title>
        <cusip>553918AE3</cusip>
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          <isin value="US553918AE37"/>
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        <valUSD>6724790.00000000</valUSD>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>Madison Avenue Trust</name>
        <lei>N/A</lei>
        <title>MAD Commercial Mortgage Trust 2025-11MD</title>
        <cusip>55616AAG2</cusip>
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          <isin value="US55616AAG22"/>
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        <balance>14469000.00000000</balance>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marlette Funding Trust</name>
        <lei>N/A</lei>
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          <isin value="US57108VAC63"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Marlette Funding Trust</name>
        <lei>N/A</lei>
        <title>Marlette Funding Trust 2024-1</title>
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          <isin value="US57108VAD47"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mfra Trust</name>
        <lei>2549007EHG79GWD49I44</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mcr Mortgage Trust</name>
        <lei>N/A</lei>
        <title>MCR 2024-TWA Mortgage Trust</title>
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          <isin value="US582923AE88"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance Trust</name>
        <lei>N/A</lei>
        <title>Mello Mortgage Capital Acceptance 2022-INV2</title>
        <cusip>58549JAF1</cusip>
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          <isin value="US58549JAF12"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mello Mortgage Capital Acceptance Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Merchants Bank Of Indiana Multifamily Housing Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Merrill Lynch Alternative Note Asset</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Mfra Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Gs Mortgage-backed Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust 2025-DSC2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Residential Mortgage Loan Trust 2025-NQM8</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Residential Mortgage Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Mtn Commercial Mortgage Trust 2022-lpfl</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Multifamily Connecticut Avenue Securities</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Hold For Cs</name>
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        <fairValLevel>2</fairValLevel>
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        <title>Multifamily Connecticut Avenue Securities 2020-01</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Nyc Commercial Mortgage Trust 2021-909</name>
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        <title>NYC Commercial Mortgage Trust 2026-1PARK</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Nyc Commercial Mortgage Trust 2021-909</name>
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        <title>NYC Commercial Mortgage Trust 2026-1PARK</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Navigator Aviation Ltd</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rithm Capital Corp</name>
        <lei>549300WNTHGEO5LP2G31</lei>
        <title>Rithm Capital Corp.</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Nomura Resecuritization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Orl Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Onslow Bay Financial Llc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>1345 Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prkcm Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Pga National Resort Commercial Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Prosper Marketplace Issuance Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Preston Ridge Partners Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Accredit Loans, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Asset Mortgage Products, Inc.</name>
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        <name>Residential Accredit Loans, Inc.</name>
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        <name>Residential Accredit Loans, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Woodward Capital Management</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Rco Mortgage Llc</name>
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        <name>Rco Mortgage Llc</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Rmf Proprietary Issuance Trust</name>
        <lei>N/A</lei>
        <title>RMF Proprietary Issuance Trust 2022-1</title>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Rain City Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Redwood Trust Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Accredit Loans, Inc.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Asset Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Residential Mortgage Loan Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Roc Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sb Multifamily Repack Trust Series 2020-frr1</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Scg Hotel Issuer Inc</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Sfave Commercial Mortgage Securities Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Sfave Commercial Mortgage Securities Trust</name>
        <lei>549300FIGODFFTOAAU64</lei>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stonepeak</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stonepeak</name>
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        <title>Stonepeak 2021-1 ABS</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saif Securitization Trust</name>
        <lei>N/A</lei>
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          <isin value="US78436VAA98"/>
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        <fairValLevel>2</fairValLevel>
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          <isin value="US78436VAC54"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Saif Securitization Trust</name>
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        <name>Scg Hotel Issuer Inc</name>
        <lei>N/A</lei>
        <title>SCG Commercial Mortgage Trust 2025-FLWR</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Saif Securitization Trust</name>
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        <name>Saif Securitization Trust</name>
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        <name>Saif Securitization Trust</name>
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        <name>Slg Office Trust</name>
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        <name>Smr 2022-ind Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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      <invstOrSec>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Saluda Grade Alternative Mortgage Trust</name>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
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        <title>Saluda Grade Alternative Mortgage Trust 2024-INV1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Extended Stay America Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Starwood Mortgage Residential Trust</name>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-2</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Starwood Mortgage Residential Trust</name>
        <lei>N/A</lei>
        <title>Starwood Mortgage Residential Trust 2021-5</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stellar Jay Ireland Dac</name>
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        <title>Stellar Jay Ireland DAC</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Stellar Jay Ireland Dac</name>
        <lei>254900N0ZJ7Y0Q6V4A92</lei>
        <title>Stellar Jay Ireland DAC</title>
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          <isin value="US858558AB53"/>
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        <curCd>USD</curCd>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Structured Asset Mortgage Investments Inc</name>
        <lei>N/A</lei>
        <title>Structured Asset Mortgage Investments II Trust 2007-AR2</title>
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          <isin value="US86363DAB73"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tgif Funding, Llc</name>
        <lei>N/A</lei>
        <title>TGIF Funding LLC 2017-1A</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tharaldson Hotel Portfolio Trust</name>
        <lei>N/A</lei>
        <title>THPT 2023-THL Mortgage Trust</title>
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          <isin value="US87252LAG05"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tharaldson Hotel Portfolio Trust</name>
        <lei>N/A</lei>
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          <isin value="US87252LAN55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tpg Re Finance Trust Inc</name>
        <lei>N/A</lei>
        <title>TPG RE Finance Trust, Inc.</title>
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          <isin value="US87266M2061"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Tvc Mortgage Trust</name>
        <lei>N/A</lei>
        <title>TVC Mortgage Trust 2024-RRTL1</title>
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          <isin value="US87306WAB37"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tvc Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Tvc Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Tlwnd 2019-1</name>
        <lei>N/A</lei>
        <title>GAIA Aviation, Ltd.</title>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Limited/ Us Llc</name>
        <lei>N/A</lei>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>N/A</lei>
        <title>Toorak Mortgage Trust 2024-1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United Auto Credit Securitization Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Arixa Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Unlock Hea Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>United States Treasury Notes</name>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Distribution Financial Services Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse Mortgage Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>First American Government Obligations Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <name>N/A</name>
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        <name>Jpmorgan Us Treasury Plus Money Market Fund</name>
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        <fairValLevel>1</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>N/A</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Lhome Mortgage Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Flagship Credit Auto Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Hudsons Bay Simon Jv Trust</name>
        <lei>N/A</lei>
        <title>Hudsons Bay Simon JV Trust 2015-HBS</title>
        <cusip>44422PBN1</cusip>
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          <isin value="US44422PBN15"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Redwood Trust Inc</name>
        <lei>DRBV4N1ERQLEMIF11G78</lei>
        <title>Redwood Trust, Inc.</title>
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          <isin value="US7580754023"/>
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        <balance>44220.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Credit Suisse</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL ID" value="SLFD0N-1"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Credit Suisse</name>
        <lei>N/A</lei>
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          <other otherDesc="INTERNAL ID" value="SLP40S-1"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs</name>
        <lei>N/A</lei>
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          <ticker value="SLTKO3HL"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Goldman Sachs</name>
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          <ticker value="SLV79U2F"/>
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        <name>Goldman Sachs</name>
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        <name>N/A</name>
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        <name>Chicago Board of Trade</name>
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        <title>US 10yr Ultra Future</title>
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        <balance>930.00000000</balance>
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        <fairValLevel>1</fairValLevel>
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            <curCd>USD</curCd>
            <unrealizedAppr>-1912085.41000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>529900ZQNJ23BIJVY871</lei>
        <title>LHOME Mortgage Trust 2024-RTL5</title>
        <cusip>50205WAC1</cusip>
        <identifiers>
          <isin value="US50205WAC10"/>
        </identifiers>
        <balance>9400000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9433782.66000000</valUSD>
        <pctVal>0.239540521659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.82300000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Mfra Trust</name>
        <lei>N/A</lei>
        <title>MFA 2024-NPL1 Trust</title>
        <cusip>58004YAA7</cusip>
        <identifiers>
          <isin value="US58004YAA73"/>
        </identifiers>
        <balance>5059535.16000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5101341.09000000</valUSD>
        <pctVal>0.129532124058</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.33000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Lhome Mortgage Trust</name>
        <lei>529900XB146PHFHY2T23</lei>
        <title>LHOME Mortgage Trust 2025-RTL3</title>
        <cusip>50205YAC7</cusip>
        <identifiers>
          <isin value="US50205YAC75"/>
        </identifiers>
        <balance>2500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2518334.50000000</valUSD>
        <pctVal>0.063944992330</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.89100000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>N/A</name>
        <lei>N/A</lei>
        <title>UTEX-DEFEASED</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="INTERNAL ID" value="_MTG-140"/>
        </identifiers>
        <balance>63897.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>63884.97000000</valUSD>
        <pctVal>0.001622153020</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2049-12-31</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.35500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-03-02</ncom:dateSigned>
      <ncom:nameOfApplicant>AXONIC FUNDS</ncom:nameOfApplicant>
      <ncom:signature>Joe Castellano</ncom:signature>
      <ncom:signerName>Joe Castellano</ncom:signerName>
      <ncom:title>Chief Accounting Officer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
