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        <name>3403 - Rosslyn Senior Participation</name>
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        <lei>N/A</lei>
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        <name>3507 - WP FL Wilton Manors</name>
        <lei>N/A</lei>
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        <name>3520 - 6693 Windsor</name>
        <lei>N/A</lei>
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        <name>3521 - 22 East 10th Street BH</name>
        <lei>N/A</lei>
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        <name>3523 - GME Alliance</name>
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        <name>3359-01 - Nalskihouse MT</name>
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        <name>3368-04 - Carlisle New York Apartments</name>
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        <name>3371-01 - Greyhawk SSOF Ruckus Lender</name>
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        <name>3372 - 3151 NF Owner</name>
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        <name>3391 - ZDJ W 37</name>
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        <name>3394 - Sunnyvale Park Place</name>
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        <name>3399 - BH3 Malibu</name>
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        <name>Fidelity Government Portfolio</name>
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        <name>The Mall at Johnson City</name>
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        <name>3303 - 150 Lefferts</name>
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        <name>3314 - VM Equities</name>
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        <name>3326 - Elgny</name>
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        <name>3333 - McRopp New York Royal44</name>
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        <name>3335 - Cromwell Inwood</name>
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        <name>3340 - San Antonio Palo Alto</name>
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        <name>3341 - Ferncroft</name>
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        <name>3344 - 1600 North 11</name>
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        <name>3356 - GK West 47th</name>
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        <name>141405 - 87th TR N1</name>
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        <name>139043 - VP Developers</name>
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        <name>138925 - Beachside Dev Holdings</name>
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        <name>138920 - Malama Aina Rei</name>
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        <name>138912 - Drama Rose</name>
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        <pctVal>0.1816639439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8</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>138706 - Burien 10</name>
        <lei>N/A</lei>
        <title>138706 - Burien 10</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138706"/>
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        <balance>1156656.43</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1156656.43</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</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>
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      </invstOrSec>
      <invstOrSec>
        <name>138702 - Burien 10</name>
        <lei>N/A</lei>
        <title>138702 - Burien 10</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138702"/>
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        <balance>1042107.36</balance>
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        <curCd>USD</curCd>
        <valUSD>1042107.36</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</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>
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      </invstOrSec>
      <invstOrSec>
        <name>138701 - Burien 10</name>
        <lei>N/A</lei>
        <title>138701 - Burien 10</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138701"/>
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        <balance>893952.47</balance>
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        <curCd>USD</curCd>
        <valUSD>893952.47</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>138700 - Burien 10</name>
        <lei>N/A</lei>
        <title>138700 - Burien 10</title>
        <cusip>999999999</cusip>
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          <ticker value="138700"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>138375 - NAAKEF Sagecliffe</name>
        <lei>N/A</lei>
        <title>138375 - NAAKEF Sagecliffe</title>
        <cusip>999999999</cusip>
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          <ticker value="138375"/>
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        <curCd>USD</curCd>
        <valUSD>562500</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>138136 - Sitton Pretty</name>
        <lei>N/A</lei>
        <title>138136 - Sitton Pretty</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138136"/>
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        <balance>376800</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>376800</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.332865</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>138127 - Casa De Kai</name>
        <lei>N/A</lei>
        <title>138127 - Casa De Kai</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138127"/>
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        <balance>211400</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>211400</valUSD>
        <pctVal>0.0463119938</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>138082 - Lot 15 Gulf Blvd 2025</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138082"/>
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        <balance>589379.96</balance>
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        <curCd>USD</curCd>
        <valUSD>589379.96</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.33038</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>138070 - Lot 14 Gulf Blvd 2025</name>
        <lei>N/A</lei>
        <title>138070 - Lot 14 Gulf Blvd 2025</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="138070"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.33038</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>137802 - Spire Builders</name>
        <lei>N/A</lei>
        <title>137802 - Spire Builders</title>
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          <ticker value="137802"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>136341 - 12420 Killion St.</name>
        <lei>N/A</lei>
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          <ticker value="136341"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>136236 - Grupo Monarca</name>
        <lei>N/A</lei>
        <title>136236 - Grupo Monarca</title>
        <cusip>999999999</cusip>
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          <ticker value="136236"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>135978 - JM Partnership</name>
        <lei>N/A</lei>
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          <ticker value="135978"/>
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        <name>135718 - MHD Real Estate</name>
        <lei>N/A</lei>
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          <ticker value="135718"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>137649 - Druther Home Investments</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>136820 - PJG Corporation</name>
        <lei>N/A</lei>
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          <ticker value="136820"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>137688 - Lemaitre Investments</name>
        <lei>N/A</lei>
        <title>137688 - Lemaitre Investments</title>
        <cusip>999999999</cusip>
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          <ticker value="137688"/>
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        <balance>207000</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>135587 - Fenix-Orion</name>
        <lei>N/A</lei>
        <title>135587 - Fenix-Orion</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="135587"/>
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        <balance>1418750</balance>
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        <pctVal>0.3108095611</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</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>135513 - Beachside Dev Holdings</name>
        <lei>N/A</lei>
        <title>135513 - Beachside Dev Holdings</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="135513"/>
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        <balance>1310077.16</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1310077.16</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.14</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>134271 - OVB Encanto</name>
        <lei>N/A</lei>
        <title>134271 - OVB Encanto</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134271"/>
        </identifiers>
        <balance>2430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2430000</valUSD>
        <pctVal>0.5323469486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.95538</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>133874 - Magnolia PDI</name>
        <lei>N/A</lei>
        <title>133874 - Magnolia PDI</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133874"/>
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        <balance>2303801.92</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2303801.92</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.63635</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>133837 - Nuharbor Enterprises</name>
        <lei>N/A</lei>
        <title>133837 - Nuharbor Enterprises</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133837"/>
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        <balance>250438.86</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250438.86</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.33038</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>133827 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
        <title>133827 - Sanctuary Parcel 1</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133827"/>
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        <balance>1440448.46</balance>
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        <curCd>USD</curCd>
        <valUSD>1440448.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>133826 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
        <title>133826 - Sanctuary Parcel 1</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133826"/>
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        <balance>1440448.46</balance>
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        <curCd>USD</curCd>
        <valUSD>1440448.46</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</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>133825 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
        <title>133825 - Sanctuary Parcel 1</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133825"/>
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        <balance>1388206.14</balance>
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        <curCd>USD</curCd>
        <valUSD>1388206.14</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.33038</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>133824 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
        <title>133824 - Sanctuary Parcel 1</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133824"/>
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        <balance>1488741.86</balance>
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        <curCd>USD</curCd>
        <valUSD>1488741.86</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>133284 - Beachside Dev Holdings</name>
        <lei>N/A</lei>
        <title>133284 - Beachside Dev Holdings</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133284"/>
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        <balance>1471760.71</balance>
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        <curCd>USD</curCd>
        <valUSD>1471760.71</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.35</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>133131 - The Brooks</name>
        <lei>N/A</lei>
        <title>133131 - The Brooks</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133131"/>
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        <balance>1820000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1820000</valUSD>
        <pctVal>0.3987125294</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>133115 - Amagansett South Holdings</name>
        <lei>N/A</lei>
        <title>133115 - Amagansett South Holdings</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="133115"/>
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        <balance>2370581.32</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>132990 - D&amp;G Luxury Management</name>
        <lei>N/A</lei>
        <title>132990 - D&amp;G Luxury Management</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="132990"/>
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        <balance>761604.37</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.47823</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>132620 - Evol Holdings</name>
        <lei>N/A</lei>
        <title>132620 - Evol Holdings</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="132620"/>
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        <balance>350000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.76135</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>132561 - 950 NW Apartments</name>
        <lei>N/A</lei>
        <title>132561 - 950 NW Apartments</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="132561"/>
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        <balance>662400</balance>
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        <curCd>USD</curCd>
        <valUSD>662400</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.76135</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>132384 - Humble Pride Lovedale LP</name>
        <lei>N/A</lei>
        <title>132384 - Humble Pride Lovedale LP</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="132384"/>
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        <balance>1131828.1</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>130468 - AAA Milano House Luxury Oceanfront Developer</name>
        <lei>N/A</lei>
        <title>130468 - AAA Milano House Luxury Oceanfront Developer</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="130468"/>
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        <balance>363750</balance>
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        <curCd>USD</curCd>
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        <pctVal>0.0796877377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.63635</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>130467 - AAA Milano House Luxury Oceanfront Developer</name>
        <lei>N/A</lei>
        <title>130467 - AAA Milano House Luxury Oceanfront Developer</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="130467"/>
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        <balance>363750</balance>
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        <curCd>USD</curCd>
        <valUSD>363750</valUSD>
        <pctVal>0.0796877377</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.63635</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>130333 - Sunpacific Partners</name>
        <lei>N/A</lei>
        <title>130333 - Sunpacific Partners</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="130333"/>
        </identifiers>
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        <name>114221 - CF 4942 Topanga</name>
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        <name>114043 - 5913 Lubao Ave</name>
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        <name>113734 - MF Real Estate Investment</name>
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        <name>112599 - Villa Bello At Zona</name>
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        <name>111834 - Red Cedar Development</name>
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        <name>111792 - 88th Street Homes</name>
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        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <lei>N/A</lei>
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        <name>106538 - Eagle OZB I</name>
        <lei>N/A</lei>
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          <ticker value="106538"/>
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        <name>106536 - Eagle OZB I</name>
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        <name>106533 - Eagle OZB I</name>
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        <name>105880 - B Cove Investments</name>
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        <name>104677 - Daest</name>
        <lei>N/A</lei>
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          <ticker value="104677"/>
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        <securityLending>
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      <invstOrSec>
        <name>104480 - Elmer Avenue</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="104480"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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        <name>104364 - RRCap - FA Shingletree</name>
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          <ticker value="104364"/>
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        <balance>4369483</balance>
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        <pctVal>0.9572349556</pctVal>
        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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        <isRestrictedSec>Y</isRestrictedSec>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>104363 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
        <title>104363 - RRCap - FA Shingletree</title>
        <cusip>999999999</cusip>
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          <ticker value="104363"/>
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        <curCd>USD</curCd>
        <valUSD>4369483</valUSD>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>9.625</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>104362 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
        <title>104362 - RRCap - FA Shingletree</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="104362"/>
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        <curCd>USD</curCd>
        <valUSD>3825580</valUSD>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>104361 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
        <title>104361 - RRCap - FA Shingletree</title>
        <cusip>999999999</cusip>
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          <ticker value="104361"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>104360 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="104360"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="104359"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="104358"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>104357 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="104357"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>104356 - RRCap - FA Shingletree</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="104356"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>103980 - KPI Equity Holdings I</name>
        <lei>N/A</lei>
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          <ticker value="103980"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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        <name>103772 - Rhino Homes</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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        <name>102698 - 4798 NE 2nd Ave.</name>
        <lei>N/A</lei>
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        <issuerCat>CORP</issuerCat>
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        <name>102697 - 4798 NE 2nd Ave.</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="102697"/>
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        <name>102696 - 4798 NE 2nd Ave.</name>
        <lei>N/A</lei>
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        <name>102608 - 158 &amp; 160 Eckerson</name>
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        <name>102607 - 158 &amp; 160 Eckerson</name>
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        <name>102111 - Westlake Mountainview</name>
        <lei>N/A</lei>
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          <ticker value="102111"/>
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        <issuerCat>CORP</issuerCat>
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        <securityLending>
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        <name>133823 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
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          <ticker value="133823"/>
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      </invstOrSec>
      <invstOrSec>
        <name>133822 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
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          <ticker value="133822"/>
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        <issuerCat>CORP</issuerCat>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>133819 - Sanctuary Parcel 1</name>
        <lei>N/A</lei>
        <title>133819 - Sanctuary Parcel 1</title>
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          <ticker value="133819"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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      </invstOrSec>
      <invstOrSec>
        <name>133332 - Probiz Estate Investment HOL2</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="133332"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9</annualizedRt>
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      <invstOrSec>
        <name>126273 - 859 Beacon</name>
        <lei>N/A</lei>
        <title>126273 - 859 Beacon</title>
        <cusip>999999999</cusip>
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          <ticker value="126273"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>126255 - Duran USA Group</name>
        <lei>N/A</lei>
        <title>126255 - Duran USA Group</title>
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          <ticker value="126255"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>126221 - JP&amp;C Properties</name>
        <lei>N/A</lei>
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          <ticker value="126221"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>126105 - B Life Capital 26</name>
        <lei>N/A</lei>
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          <ticker value="126105"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>123469 - 5601 Fishburn</name>
        <lei>N/A</lei>
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          <ticker value="123469"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>123412 - Thirty Seven Sunrise</name>
        <lei>N/A</lei>
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          <ticker value="123412"/>
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        <issuerCat>CORP</issuerCat>
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      <invstOrSec>
        <name>123392 - 429 13th St. NE</name>
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        <name>123304 - Logos Homes</name>
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        <name>122724 - 151 S St. NW</name>
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        <name>122723 - 3302 Park</name>
        <lei>N/A</lei>
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        <name>122126 - Oak View Development</name>
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        <name>121917 - Bidwell Commons Townhomes</name>
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        <name>121664 - Platinum Enterprise</name>
        <lei>N/A</lei>
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        <assetCat>DBT</assetCat>
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        <name>121644 - BJB 1321 Management</name>
        <lei>N/A</lei>
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          <ticker value="121644"/>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
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        <securityLending>
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        <name>121268 - Hibernia Investment</name>
        <lei>N/A</lei>
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        <curCd>USD</curCd>
        <valUSD>1190759</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</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>121266 - Vertex Custom Homes</name>
        <lei>N/A</lei>
        <title>121266 - Vertex Custom Homes</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121266"/>
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        <balance>611165</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>611165</valUSD>
        <pctVal>0.1338896390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</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>121265 - Pelican Equity Partnership Inc.</name>
        <lei>N/A</lei>
        <title>121265 - Pelican Equity Partnership Inc.</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121265"/>
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        <balance>297300</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>297300</valUSD>
        <pctVal>0.0651303489</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>121264 - Ground-up Customz/Empower Estates Customs</name>
        <lei>N/A</lei>
        <title>121264 - Ground-up Customz/Empower Estates Customs</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121264"/>
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        <balance>922250</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>922250</valUSD>
        <pctVal>0.2020399067</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</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>121262 - LLG Enterprises</name>
        <lei>N/A</lei>
        <title>121262 - LLG Enterprises</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121262"/>
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        <balance>720960</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>720960</valUSD>
        <pctVal>0.1579427391</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</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>121261 - Watson Recovery Enterprises</name>
        <lei>N/A</lei>
        <title>121261 - Watson Recovery Enterprises</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121261"/>
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        <balance>162450</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>162450</valUSD>
        <pctVal>0.0355883793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.14049</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>121021 - Black Marlin Group</name>
        <lei>N/A</lei>
        <title>121021 - Black Marlin Group</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="121021"/>
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        <balance>2604825</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2604825</valUSD>
        <pctVal>0.5706463541</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</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>120806 - 4848 Fulton</name>
        <lei>N/A</lei>
        <title>120806 - 4848 Fulton</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="120806"/>
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        <balance>2051426.94</balance>
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        <curCd>USD</curCd>
        <valUSD>2051426.94</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.96549</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>120373 - 46 Fayette</name>
        <lei>N/A</lei>
        <title>120373 - 46 Fayette</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="120373"/>
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        <balance>1971860</balance>
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        <curCd>USD</curCd>
        <valUSD>1971860</valUSD>
        <pctVal>0.4319809276</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.73339</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>119622 - Parkside Homes</name>
        <lei>N/A</lei>
        <title>119622 - Parkside Homes</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="119622"/>
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        <balance>2268530.38</balance>
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        <curCd>USD</curCd>
        <valUSD>2268530.38</valUSD>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.91</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>119564 - R.I USA Multiservices</name>
        <lei>N/A</lei>
        <title>119564 - R.I USA Multiservices</title>
        <cusip>999999999</cusip>
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          <ticker value="119564"/>
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        <balance>2669487.35</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.15299</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>119487 - CAP Housing</name>
        <lei>N/A</lei>
        <title>119487 - CAP Housing</title>
        <cusip>999999999</cusip>
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          <ticker value="119487"/>
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        <balance>193500</balance>
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        <curCd>USD</curCd>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.5</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>118929 - 842 Meadow Creek</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="118929"/>
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        <balance>1337961.69</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.92089</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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        <name>118766 - Hazen Grp.</name>
        <lei>N/A</lei>
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          <ticker value="118766"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
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          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>118708 - O. Rhyan Capital Management</name>
        <lei>N/A</lei>
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        <cusip>999999999</cusip>
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          <ticker value="118708"/>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.84394</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>118912 - North Fitzhugh LP</name>
        <lei>N/A</lei>
        <title>118912 - North Fitzhugh LP</title>
        <cusip>999999999</cusip>
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          <ticker value="118912"/>
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        <balance>2866099.43</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>3</fairValLevel>
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          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.92</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>118591 - Carolinas Builders</name>
        <lei>N/A</lei>
        <title>118591 - Carolinas Builders</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="118591"/>
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        <balance>1215000</balance>
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        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.68098</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>118590 - Carolinas Builders</name>
        <lei>N/A</lei>
        <title>118590 - Carolinas Builders</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="118590"/>
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        <balance>1215000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.68098</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>118588 - Carolinas Builders</name>
        <lei>N/A</lei>
        <title>118588 - Carolinas Builders</title>
        <cusip>999999999</cusip>
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          <ticker value="118588"/>
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        <lei>N/A</lei>
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      <invstOrSec>
        <name>117729 - Built Full Homes</name>
        <lei>N/A</lei>
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        <name>117712 - RR 2710 Development Group</name>
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          <ticker value="117712"/>
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        <name>117679 - Vault Money Investments</name>
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        <name>117664 - Retail Bee</name>
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        <name>117420 - BJB 1321 Management</name>
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          <couponKind>Fixed</couponKind>
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        <name>117396 - Cygnus Construction</name>
        <lei>N/A</lei>
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        <name>117241 - 1813-60 Binyan</name>
        <lei>N/A</lei>
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          <ticker value="117241"/>
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        <name>116301 - Halona Development Group</name>
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        <name>140474 - MK Real Estate Advisors</name>
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        <name>139919 - Waterloo Holdings &amp; Investment</name>
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        <name>139891 - Women Build Houses Too</name>
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        <name>139225 - 168th Project</name>
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        <name>125848 - Highland Park 21</name>
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        <name>125774 - One Star Development</name>
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        <name>125679 - Dara 1 Holdings</name>
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        <name>125623 - Willa Mae Investments</name>
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        <name>125570 - M &amp; J Pham Development</name>
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        <name>125357 - 412 Woodcrest</name>
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        <name>125337 - Schurman Cottages</name>
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        <name>125300 - Andyvale</name>
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        <name>125229 - La Sabana</name>
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        <name>125221 - Taku Construction</name>
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        <name>125125 - 634 NW 12th Ave</name>
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        <name>125124 - 526 NW 15th Terr.</name>
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        <name>125112 - Toussaint Ateliers Residences</name>
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        <name>124986 - MAAS Rehab &amp; Mary Ellen and Mary Lee</name>
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        <name>110003 - 791 Crandon Holding 707</name>
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        <name>109703 - Loma Alta 10</name>
        <lei>N/A</lei>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>109697 - Loma Alta 10</name>
        <lei>N/A</lei>
        <title>109697 - Loma Alta 10</title>
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          <ticker value="109697"/>
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      <invstOrSec>
        <name>109696 - Loma Alta 10</name>
        <lei>N/A</lei>
        <title>109696 - Loma Alta 10</title>
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          <ticker value="109696"/>
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      <invstOrSec>
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        <lei>N/A</lei>
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          <ticker value="109450"/>
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        <lei>N/A</lei>
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          <ticker value="109448"/>
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        <name>109399 - 1515 Blake</name>
        <lei>N/A</lei>
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        <lei>N/A</lei>
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          <ticker value="109339"/>
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        <name>108872 - Addison Hesby</name>
        <lei>N/A</lei>
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          <ticker value="108872"/>
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        <name>108408 - Eagle Rock 17</name>
        <lei>N/A</lei>
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          <ticker value="108408"/>
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        <name>108405 - Eagle Rock 17</name>
        <lei>N/A</lei>
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          <ticker value="108405"/>
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      <invstOrSec>
        <name>108402 - Eagle Rock 17</name>
        <lei>N/A</lei>
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          <ticker value="108402"/>
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        <name>108203 - Kirkland 7</name>
        <lei>N/A</lei>
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          <ticker value="108203"/>
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        <name>108167 - Lime Builders</name>
        <lei>N/A</lei>
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        <name>107997 - Mercado Rodriguez</name>
        <lei>N/A</lei>
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        <name>107983 - Nextgen Eaglerock 13</name>
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        <name>135442 - Treweek Construction</name>
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        <name>135354 - 3216 Butler Bay</name>
        <lei>N/A</lei>
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        <name>135023 - R&amp;R Casitas</name>
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        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1256305.4</valUSD>
        <pctVal>0.2752223647</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.26</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>134999 - 3A BC Homes</name>
        <lei>N/A</lei>
        <title>134999 - 3A BC Homes</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134999"/>
        </identifiers>
        <balance>1489794.3</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1489794.3</valUSD>
        <pctVal>0.3263734361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</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>134998 - 3A BC Homes</name>
        <lei>N/A</lei>
        <title>134998 - 3A BC Homes</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134998"/>
        </identifiers>
        <balance>1138573.82</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1138573.82</valUSD>
        <pctVal>0.2494305757</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</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>134970 - 2421 Webber</name>
        <lei>N/A</lei>
        <title>134970 - 2421 Webber</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134970"/>
        </identifiers>
        <balance>610051.93</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>610051.93</valUSD>
        <pctVal>0.1336457957</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.08</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>134960 - Sole Manage Homes</name>
        <lei>N/A</lei>
        <title>134960 - Sole Manage Homes</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134960"/>
        </identifiers>
        <balance>233923.9</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>233923.9</valUSD>
        <pctVal>0.0512463681</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.21</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>134772 - Seither &amp; Associates Investment Group and Ezyres</name>
        <lei>N/A</lei>
        <title>134772 - Seither &amp; Associates Investment Group and Ezyres</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134772"/>
        </identifiers>
        <balance>607763.52</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>607763.52</valUSD>
        <pctVal>0.1331444672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.38635</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>134771 - XGlobal3 Investments</name>
        <lei>N/A</lei>
        <title>134771 - XGlobal3 Investments</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134771"/>
        </identifiers>
        <balance>920000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>920000</valUSD>
        <pctVal>0.2015469929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.51135</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>134743 - Crestar Homes Corp</name>
        <lei>N/A</lei>
        <title>134743 - Crestar Homes Corp</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134743"/>
        </identifiers>
        <balance>606000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>606000</valUSD>
        <pctVal>0.1327581279</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.63635</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>134546 - Stocks and Investments</name>
        <lei>N/A</lei>
        <title>134546 - Stocks and Investments</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="134546"/>
        </identifiers>
        <balance>220500</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>220500</valUSD>
        <pctVal>0.0483055565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.26135</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>116028 - 12 Geneva St</name>
        <lei>N/A</lei>
        <title>116028 - 12 Geneva St</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="116028"/>
        </identifiers>
        <balance>928980.97</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>928980.97</valUSD>
        <pctVal>0.2035144793</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.16505</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>115378 - Buza Family Trust</name>
        <lei>N/A</lei>
        <title>115378 - Buza Family Trust</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="115378"/>
        </identifiers>
        <balance>1111000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1111000</valUSD>
        <pctVal>0.2433899012</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.72755</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>115231 - Shoreline 940</name>
        <lei>N/A</lei>
        <title>115231 - Shoreline 940</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="115231"/>
        </identifiers>
        <balance>2025054.29</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2025054.29</valUSD>
        <pctVal>0.4436343507</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.04005</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>115011 - 4115 Shadyglade</name>
        <lei>N/A</lei>
        <title>115011 - 4115 Shadyglade</title>
        <cusip>999999999</cusip>
        <identifiers>
          <ticker value="115011"/>
        </identifiers>
        <balance>2812500</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2812500</valUSD>
        <pctVal>0.6161423017</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.68</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-21</ncom:dateSigned>
      <ncom:nameOfApplicant>Redwood Private Real Estate Debt Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Richard Duff</ncom:signature>
      <ncom:signerName>Richard Duff</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
