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      <repPdEnd>2026-12-31</repPdEnd>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FARMSTEAD_TH_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan FARMSTEAD_TH_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11562"/>
        </identifiers>
        <balance>4555000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4555000.00000000</valUSD>
        <pctVal>5.685874217014</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.39100000</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>VAPA_INVEST_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VAPA_INVEST_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11647"/>
        </identifiers>
        <balance>134643.28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>134643.28000000</valUSD>
        <pctVal>0.168071296212</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>RABS_REHAB_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan RABS_REHAB_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11666"/>
        </identifiers>
        <balance>113330.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>113330.00000000</valUSD>
        <pctVal>0.141466547752</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.62500000</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>SCRIBNER_AVE_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan SCRIBNER_AVE_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11646"/>
        </identifiers>
        <balance>542500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>542500.00000000</valUSD>
        <pctVal>0.677186995110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>Bellemeade Re Ltd.</name>
        <lei>N/A</lei>
        <title>Bellemeade Re Ltd., Series 2025-1, Class B1</title>
        <cusip>07876NAE5</cusip>
        <identifiers>
          <isin value="US07876NAE58"/>
        </identifiers>
        <balance>1600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1676696.80000000</valUSD>
        <pctVal>2.092971922035</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.67776040</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>ANNAMALAYAR_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan ANNAMALAYAR_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11643"/>
        </identifiers>
        <balance>796022.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>796022.00000000</valUSD>
        <pctVal>0.993651145110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.61000000</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>WOODHOUSE_MANAGEMENT</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan WOODHOUSE_MANAGEMENT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11725"/>
        </identifiers>
        <balance>1444500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1444500.00000000</valUSD>
        <pctVal>1.803127399885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>G_ST_TOWNHOMES_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan G_ST_TOWNHOMES_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11651"/>
        </identifiers>
        <balance>764400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>764400.00000000</valUSD>
        <pctVal>0.954178320853</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.39160000</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>BIG_HORN_LAND</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan BIG_HORN_LAND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11758"/>
        </identifiers>
        <balance>497556.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>497556.00000000</valUSD>
        <pctVal>0.621084705141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.19000000</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>BOISE_VIEWS_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan BOISE_VIEWS_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11620"/>
        </identifiers>
        <balance>1945638.70000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1945638.70000000</valUSD>
        <pctVal>2.428684285390</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.69000000</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>SJ_VALLEY_HOMES_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan SJ_VALLEY_HOMES_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11768"/>
        </identifiers>
        <balance>284400.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>284400.00000000</valUSD>
        <pctVal>0.355008260662</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>BOULDER_CANYON_LAND</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan BOULDER_CANYON_LAND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11761"/>
        </identifiers>
        <balance>258605.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>258605.00000000</valUSD>
        <pctVal>0.322809111282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.39160000</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>Fox Hollow</name>
        <lei>N/A</lei>
        <title>Land Banking Loan-Fox Hollow</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AIX9946C6"/>
        </identifiers>
        <balance>1662863.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1662863.75000000</valUSD>
        <pctVal>2.075704527449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Land Banking Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MUZZY_CONSTRUCT_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan MUZZY_CONSTRUCT_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11644"/>
        </identifiers>
        <balance>277097.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>277097.00000000</valUSD>
        <pctVal>0.345892137851</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.97160000</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>BOULDER_CANYON_LAND</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan BOULDER_CANYON_LAND</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11760"/>
        </identifiers>
        <balance>519270.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>519270.00000000</valUSD>
        <pctVal>0.648189660739</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.61000000</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>MAYLAND_DEVELOP_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan MAYLAND_DEVELOP_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11753"/>
        </identifiers>
        <balance>1039500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1039500.00000000</valUSD>
        <pctVal>1.297577661599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>Higgins Crossing</name>
        <lei>N/A</lei>
        <title>Land Banking Loan-Higgins Crossing</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AJB9967Y4"/>
        </identifiers>
        <balance>1167399.75000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1167399.75000000</valUSD>
        <pctVal>1.457231205153</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Land Banking Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LADASATO_REALTY_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan LADASATO_REALTY_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11674"/>
        </identifiers>
        <balance>3825000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3825000.00000000</valUSD>
        <pctVal>4.774636417141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>SHELTER_SHINE_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan SHELTER_SHINE_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11732"/>
        </identifiers>
        <balance>600000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>600000.00000000</valUSD>
        <pctVal>0.748962575237</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>24_NEWELL_STREET</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 24_NEWELL_STREET</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11749"/>
        </identifiers>
        <balance>2800000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2800000.00000000</valUSD>
        <pctVal>3.495158684443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>TRIO_REI_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan TRIO_REI_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11751"/>
        </identifiers>
        <balance>345659.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>345659.50000000</valUSD>
        <pctVal>0.431476715459</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>STRUCTURE_REDEVELOP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan STRUCTURE_REDEVELOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11664"/>
        </identifiers>
        <balance>342900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>342900.00000000</valUSD>
        <pctVal>0.428032111748</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.22360000</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>VAPA_INVEST_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VAPA_INVEST_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11649"/>
        </identifiers>
        <balance>117000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>117000.00000000</valUSD>
        <pctVal>0.146047702171</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>CASHN_CO</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan CASHN_CO</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11724"/>
        </identifiers>
        <balance>720000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>720000.00000000</valUSD>
        <pctVal>0.898755090285</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>ONE_SOURCE_FUND_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan ONE_SOURCE_FUND_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11684"/>
        </identifiers>
        <balance>1499749.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1499749.00000000</valUSD>
        <pctVal>1.872093122084</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.97160000</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>VAPA_INVESTMENTS_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VAPA_INVESTMENTS_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11636"/>
        </identifiers>
        <balance>139033.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>139033.00000000</valUSD>
        <pctVal>0.173550856205</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>VM_PREMIER_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VM_PREMIER_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11752"/>
        </identifiers>
        <balance>900000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>900000.00000000</valUSD>
        <pctVal>1.123443862856</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>445_GK_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 445_GK_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11573"/>
        </identifiers>
        <balance>2005000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2005000.00000000</valUSD>
        <pctVal>2.502783272253</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.62500000</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>MAYLAND_DEVELOP_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan MAYLAND_DEVELOP_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11738"/>
        </identifiers>
        <balance>484000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>484000.00000000</valUSD>
        <pctVal>0.604163144025</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-28</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>4333_ELMER_AVE</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 4333_ELMER_AVE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11670"/>
        </identifiers>
        <balance>1853746.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1853746.47000000</valUSD>
        <pctVal>2.313977883348</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75000000</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>TAFT_GARDENS_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan TAFT_GARDENS_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11561"/>
        </identifiers>
        <balance>742440.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>742440.00000000</valUSD>
        <pctVal>0.926766290599</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.79000000</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>DINGLEBERRY_FARMS</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan DINGLEBERRY_FARMS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11719"/>
        </identifiers>
        <balance>396000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>396000.00000000</valUSD>
        <pctVal>0.494315299656</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>SARIAN_HOMES</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan SARIAN_HOMES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11663"/>
        </identifiers>
        <balance>556638.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>556638.00000000</valUSD>
        <pctVal>0.694835049925</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.31600000</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>Quarter Path</name>
        <lei>N/A</lei>
        <title>Land Banking Loan-Quarter Path</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AIS9906P1"/>
        </identifiers>
        <balance>1108028.53000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1105369.26000000</valUSD>
        <pctVal>1.379800345930</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Land Banking Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-07-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>OLIT</name>
        <lei>N/A</lei>
        <title>Ocwen Loan Investment Trust, Series 2025-HB2, Class M4</title>
        <cusip>68278FAE8</cusip>
        <identifiers>
          <isin value="US68278FAE88"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1303071.90000000</valUSD>
        <pctVal>1.626586809906</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>VERONA_ASSETS_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VERONA_ASSETS_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11722"/>
        </identifiers>
        <balance>152100.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152100.00000000</valUSD>
        <pctVal>0.189862012822</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>VERONA_ASSETS_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VERONA_ASSETS_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11769"/>
        </identifiers>
        <balance>148500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>148500.00000000</valUSD>
        <pctVal>0.185368237371</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-27</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>CANOPY_WEST_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan CANOPY_WEST_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11490"/>
        </identifiers>
        <balance>197250.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>197250.00000000</valUSD>
        <pctVal>0.246221446609</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00400000</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>ARLINGTON_AVE_PROP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan ARLINGTON_AVE_PROP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11506"/>
        </identifiers>
        <balance>478000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>478000.00000000</valUSD>
        <pctVal>0.596673518272</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.04400000</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>MARAPRANO_DEVELOP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan MARAPRANO_DEVELOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11673"/>
        </identifiers>
        <balance>819487.88000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>819487.88000000</valUSD>
        <pctVal>1.022942921635</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>Onity Loan Investment Trust</name>
        <lei>N/A</lei>
        <title>Onity Loan Investment Trust, Series 2026-HB1, Class M4</title>
        <cusip>68278HAE4</cusip>
        <identifiers>
          <isin value="US68278HAE45"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1278881.85000000</valUSD>
        <pctVal>1.596391073001</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.99999880</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>PROPERTIES_BY_T&amp;M</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PROPERTIES_BY_T&amp;M</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11441"/>
        </identifiers>
        <balance>152854.45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>152854.45000000</valUSD>
        <pctVal>0.190803770847</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.84000000</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>P&amp;K_DEVELOP_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan P&amp;K_DEVELOP_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11652"/>
        </identifiers>
        <balance>243750.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243750.00000000</valUSD>
        <pctVal>0.304266046190</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.23160000</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>PM25_HOLDINGS</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PM25_HOLDINGS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11754"/>
        </identifiers>
        <balance>250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>250000.00000000</valUSD>
        <pctVal>0.312067739682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>JHARRIS_INVESTMENTS</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan JHARRIS_INVESTMENTS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11520"/>
        </identifiers>
        <balance>123806.99000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>123806.99000000</valUSD>
        <pctVal>0.154544670104</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.04400000</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>365_MARRETT_ROAD</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 365_MARRETT_ROAD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11671"/>
        </identifiers>
        <balance>934920.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>934920.00000000</valUSD>
        <pctVal>1.167033484735</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75000000</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>LEAH_COURT_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan LEAH_COURT_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11543"/>
        </identifiers>
        <balance>306404.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306404.00000000</valUSD>
        <pctVal>0.382475214838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.08360000</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>PRIME_BUILD_RENOVATE</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PRIME_BUILD_RENOVATE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11718"/>
        </identifiers>
        <balance>1584000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1584000.00000000</valUSD>
        <pctVal>1.977261198627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>EFMT</name>
        <lei>254900NFBGFOBK1G2B84</lei>
        <title>Ellington Financial Mortgage Trust, Series 2025-RTL1, Class M2</title>
        <cusip>26846FAD1</cusip>
        <identifiers>
          <isin value="US26846FAD15"/>
        </identifiers>
        <balance>1250000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248287.75000000</valUSD>
        <pctVal>1.558201346463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-11-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.33400000</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>HOUSE_BUYERS_208</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan HOUSE_BUYERS_208</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11661"/>
        </identifiers>
        <balance>835849.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>835849.00000000</valUSD>
        <pctVal>1.043366032583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.82000000</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>1103_HOE_NY_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 1103_HOE_NY_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11571"/>
        </identifiers>
        <balance>1958000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1958000.00000000</valUSD>
        <pctVal>2.444114537192</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75000000</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>RAYNA_PROPERTIES_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan RAYNA_PROPERTIES_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11437"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>300000.00000000</valUSD>
        <pctVal>0.374481287618</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.30000000</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>EMANUEL_GOMEZ</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan EMANUEL_GOMEZ</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11739"/>
        </identifiers>
        <balance>645000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>645000.00000000</valUSD>
        <pctVal>0.805134768380</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>VAPA_INVESTMENTS_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VAPA_INVESTMENTS_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11669"/>
        </identifiers>
        <balance>109800.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>109800.00000000</valUSD>
        <pctVal>0.137060151268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</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>CABHOMEZLLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan CABHOMEZLLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11505"/>
        </identifiers>
        <balance>193000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>193000.00000000</valUSD>
        <pctVal>0.240916295034</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.29400000</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>LIFE_JOY_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan LIFE_JOY_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11730"/>
        </identifiers>
        <balance>361300.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>361300.00000000</valUSD>
        <pctVal>0.451000297389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>JANDS_ENTERPRISES</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan JANDS_ENTERPRISES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11507"/>
        </identifiers>
        <balance>719500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>719500.00000000</valUSD>
        <pctVal>0.898130954806</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.30400000</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>NYC_HOLDING_GROUP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan NYC_HOLDING_GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11426"/>
        </identifiers>
        <balance>378000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>378000.00000000</valUSD>
        <pctVal>0.471846422399</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.00000000</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>CALI_CASH_BUYER_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan CALI_CASH_BUYER_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11659"/>
        </identifiers>
        <balance>207000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>207000.00000000</valUSD>
        <pctVal>0.258392088457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-29</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>PEAKS_TOWNHOMES</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PEAKS_TOWNHOMES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11558"/>
        </identifiers>
        <balance>1641500.72000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1641500.72000000</valUSD>
        <pctVal>2.049037677510</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.89500000</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>CALI_CASH_BUYER</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan CALI_CASH_BUYER</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11726"/>
        </identifiers>
        <balance>243000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>243000.00000000</valUSD>
        <pctVal>0.303329842971</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>Haddon Brook</name>
        <lei>N/A</lei>
        <title>Land Banking Loan-Haddon Brook</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AIV9996R4"/>
        </identifiers>
        <balance>1535754.29000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1535754.29000000</valUSD>
        <pctVal>1.917037479951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Land Banking Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-01-31</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>521_BAYWAY_AVE_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 521_BAYWAY_AVE_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11634"/>
        </identifiers>
        <balance>581820.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>581820.00000000</valUSD>
        <pctVal>0.726269009208</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25000000</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>LEAH_COURT_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan LEAH_COURT_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11544"/>
        </identifiers>
        <balance>306404.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>306404.00000000</valUSD>
        <pctVal>0.382475214838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.08360000</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>VERONA_ASSETS_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VERONA_ASSETS_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11770"/>
        </identifiers>
        <balance>184500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>184500.00000000</valUSD>
        <pctVal>0.230305991885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>PRIMA_HOMES_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PRIMA_HOMES_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11563"/>
        </identifiers>
        <balance>100000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>100000.00000000</valUSD>
        <pctVal>0.124827095872</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.08000000</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>SYCAMORE_PROPERTY_GP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan SYCAMORE_PROPERTY_GP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11657"/>
        </identifiers>
        <balance>320944.47000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>320944.47000000</valUSD>
        <pctVal>0.400625661265</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>FHLMC</name>
        <lei>529900U9LKQ0M8OUKJ53</lei>
        <title>FHLMC MSCR Trust, Series 2026-MN13, Class B1</title>
        <cusip>355921AC1</cusip>
        <identifiers>
          <isin value="US355921AC18"/>
        </identifiers>
        <balance>2000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2015899.40000000</valUSD>
        <pctVal>2.516388676740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.12775960</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>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="PC63153"/>
        </identifiers>
        <balance>-1004000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-1004000.00000000</valUSD>
        <pctVal>-1.25326404256</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>5.20000000</repurchaseRt>
          <maturityDt>2026-08-31</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>2000000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>2015899.40000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="ABS-MBS" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BlackRock Liquidity FedFund</name>
        <lei>549300T8K043VZEOVK74</lei>
        <title>BlackRock Liquidity FedFund</title>
        <cusip>09248U700</cusip>
        <identifiers>
          <isin value="US09248U7000"/>
        </identifiers>
        <balance>3555288.64000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3555288.64000000</valUSD>
        <pctVal>4.437963559213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>PEAKS_TOWNHOMES</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan PEAKS_TOWNHOMES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11557"/>
        </identifiers>
        <balance>1258227.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1258227.20000000</valUSD>
        <pctVal>1.570608473243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.89500000</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>Taylor Landing</name>
        <lei>N/A</lei>
        <title>Land Banking Loan-Taylor Landing</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AJF9943S2"/>
        </identifiers>
        <balance>1113395.78000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1113395.78000000</valUSD>
        <pctVal>1.389819617746</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Land Banking Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-09-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AG4E7BA"/>
        </identifiers>
        <balance>-764000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-764000.00000000</valUSD>
        <pctVal>-0.95367901246</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>5.23000000</repurchaseRt>
          <maturityDt>2026-10-19</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1600000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1676696.80000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="ABS-MBS" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Royal Bank of Canada</name>
        <lei>ES7IP3U3RHIGC71XBU11</lei>
        <title>Royal Bank of Canada</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Inhouse Asset ID" value="AJ7B232"/>
        </identifiers>
        <balance>-698000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-698000.00000000</valUSD>
        <pctVal>-0.87129312919</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="Royal Bank of Canada"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>N</isTriParty>
          <repurchaseRt>5.46000000</repurchaseRt>
          <maturityDt>2026-11-30</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>1500000.00000000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>1526768.25000000</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="ABS-MBS" invstCat="Other instrument"/>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>UKA_DEVELOPMENT_LLC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan UKA_DEVELOPMENT_LLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11656"/>
        </identifiers>
        <balance>374000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>374000.00000000</valUSD>
        <pctVal>0.466853338564</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.24880000</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>5_STAR_DISC_HOMES</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan 5_STAR_DISC_HOMES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11641"/>
        </identifiers>
        <balance>3427122.52000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3427122.52000000</valUSD>
        <pctVal>4.277977513724</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>LEIF_NELSON</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan LEIF_NELSON</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11645"/>
        </identifiers>
        <balance>990000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>990000.00000000</valUSD>
        <pctVal>1.235788249142</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-30</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>STRUCTURE_REDEVELOP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan STRUCTURE_REDEVELOP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11675"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>550000.00000000</valUSD>
        <pctVal>0.686549027301</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.80360000</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>A&amp;L_INVESTMENT_PROP</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan A&amp;L_INVESTMENT_PROP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11756"/>
        </identifiers>
        <balance>777977.19000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>777977.19000000</valUSD>
        <pctVal>0.971126332831</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.50000000</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>VERONA_ASSETS_INC</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan VERONA_ASSETS_INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11731"/>
        </identifiers>
        <balance>189900.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>189900.00000000</valUSD>
        <pctVal>0.237046655062</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</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>Home Re Ltd.</name>
        <lei>N/A</lei>
        <title>Home Re Ltd., Series 2026-1, Class B1</title>
        <cusip>436956AE6</cusip>
        <identifiers>
          <isin value="US436956AE61"/>
        </identifiers>
        <balance>1500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1526768.25000000</valUSD>
        <pctVal>1.905820467185</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-01-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.82776080</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>MILESTONE_INVEST</name>
        <lei>N/A</lei>
        <title>Residential Transitional Loan MILESTONE_INVEST</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="LoanId" value="11720"/>
        </identifiers>
        <balance>1225000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1225000.00000000</valUSD>
        <pctVal>1.529131924443</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Residential Transitional Loan" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-04-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.12500000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-30</ncom:dateSigned>
      <ncom:nameOfApplicant>First Eagle Real Estate Debt Fund</ncom:nameOfApplicant>
      <ncom:signature>Shuang Wu</ncom:signature>
      <ncom:signerName>Shuang Wu</ncom:signerName>
      <ncom:title> Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
