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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>REPO RBC 302875AE9 KF86 C </name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REPO RBC 30317FAG6 KF92 C </name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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        <name>REPO RBC 35708GAJ4 K525 C </name>
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        <name>AVA Jodeco - Preferred Equity Loan </name>
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        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
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        <name>FREMF 2024-K525 C </name>
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        <fairValLevel>2</fairValLevel>
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        <name>Synovous Reverse Repo </name>
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        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-03-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.62</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>REPO BARC 30319RAE3 F106 CS </name>
        <lei>N/A</lei>
        <title>REPO BARC 30319RAE3 F106 CS </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="RAE260708"/>
        </identifiers>
        <balance>-10653316.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-10653316.00000000</valUSD>
        <pctVal>-2.49815990607</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-07-08</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.96</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="G5GSEF7VJP5I7OUK5573" name="BARCLAYS BANK PLC"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>4.96</repurchaseRt>
          <maturityDt>2026-07-08</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>10653316</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>19919693.77</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Elux at Ocotillo - Mez loan - Parallel 5% </name>
        <lei>N/A</lei>
        <title>Elux at Ocotillo - Mez loan - Parallel 5% </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF008MEZ 00001"/>
        </identifiers>
        <balance>-262500.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-307734.08000000</valUSD>
        <pctVal>-0.07216240843</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetConditional assetCat="OTHER" desc="A portion of SCF008MEZ is owned by an outside fund. This position represents that liability. "/>
        <issuerCat>PF</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-05-16</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>13.5</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>Elux Ocotillo Senior - Parallel </name>
        <lei>N/A</lei>
        <title>Elux Ocotillo Senior - Parallel </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF008SEN 00001"/>
        </identifiers>
        <balance>-671237.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-671237.20000000</valUSD>
        <pctVal>-0.15740243324</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetConditional assetCat="OTHER" desc=" 5% of SCF008SEN is owned by an outside fund. This position represents that liability "/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.55</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>FREMF 2025-K759 D </name>
        <lei>N/A</lei>
        <title>FREMF 2025-K759 D </title>
        <cusip>356916AS5</cusip>
        <identifiers>
          <isin value="US356916AS56"/>
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        <balance>40026891.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24472048.89000000</valUSD>
        <pctVal>5.738597386637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</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>BOFAS Re-REMIC Trust 2026-FRR7 </name>
        <lei>N/A</lei>
        <title>BOFAS Re-REMIC Trust 2026-FRR7 </title>
        <cusip>05620CBL5</cusip>
        <identifiers>
          <isin value="US05620CBL54"/>
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        <balance>16248727.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11130270.75000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-01-01</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>1.16</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>Mariposa Chorus River Blue - Preferred Equity Loan </name>
        <lei>N/A</lei>
        <title>Mariposa Chorus River Blue - Preferred Equity Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF006PRE"/>
        </identifiers>
        <balance>16028651.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22461582.48000000</valUSD>
        <pctVal>5.267151070956</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-12-11</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Tuscany Village - Preferred Equity Loan </name>
        <lei>N/A</lei>
        <title>Tuscany Village - Preferred Equity Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF003PRE"/>
        </identifiers>
        <balance>18000000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>22673468.58000000</valUSD>
        <pctVal>5.316837512218</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-10-23</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>14</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GRAYSON ON 4TH - SENIOR </name>
        <lei>N/A</lei>
        <title>GRAYSON ON 4TH - SENIOR </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF012SEN"/>
        </identifiers>
        <balance>49500000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>49500000.00000000</valUSD>
        <pctVal>11.60755161594</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2029-06-12</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.47</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>The Benton Pref </name>
        <lei>N/A</lei>
        <title>The Benton Pref </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF009PRE 00001"/>
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        <balance>-2584319.36000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetConditional assetCat="OTHER" desc="This is the unfunded portion of SCF009PRE and represents the future liability to fund SCF009PRE."/>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2030-08-07</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</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>Solace at Cimarron Hills - Preferred Equity Loan </name>
        <lei>N/A</lei>
        <title>Solace at Cimarron Hills - Preferred Equity Loan </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="SCF007PRE"/>
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        <balance>7275153.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7356357.19000000</valUSD>
        <pctVal>1.725036278550</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>Y</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-06</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>Y</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREMF 2018-KF43 C </name>
        <lei>N/A</lei>
        <title>FREMF 2018-KF43 C </title>
        <cusip>30296DAK7</cusip>
        <identifiers>
          <isin value="US30296DAK72"/>
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        <balance>19012877.13000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19149615.84000000</valUSD>
        <pctVal>4.490508167439</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>12.46</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>Goldman Sachs Financial Square Government Fund </name>
        <lei>N/A</lei>
        <title>Goldman Sachs Financial Square Government Fund </title>
        <cusip>38141W265</cusip>
        <identifiers>
          <isin value="US38141W2659"/>
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        <balance>24612274.24000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>24612274.24000000</valUSD>
        <pctVal>5.771479669222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Churchill Reverse Repo </name>
        <lei>N/A</lei>
        <title>Churchill Reverse Repo </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="CHURCHIRR"/>
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        <balance>-6050795.23000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-6050795.23000000</valUSD>
        <pctVal>-1.41888723130</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.67</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="O06XD7BJ4EPXNABVFN69" name="CHURCHILL ASSET MANAGEMENT LLC"/>
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          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>6.67</repurchaseRt>
          <maturityDt>2028-04-01</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>6050795.23</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>13424750.98</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCatConditional desc="Private Investment" invstCat="Other instrument"/>
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          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>FREMF 2017-KW02 C </name>
        <lei>N/A</lei>
        <title>FREMF 2017-KW02 C </title>
        <cusip>30301RAQ6</cusip>
        <identifiers>
          <isin value="US30301RAQ65"/>
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        <balance>35145401.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>33420060.55000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-25</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FREMF 2025-K759 X2A </name>
        <lei>N/A</lei>
        <title>FREMF 2025-K759 X2A </title>
        <cusip>356916AN6</cusip>
        <identifiers>
          <isin value="US356916AN69"/>
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        <balance>652145194.98000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2596255.24000000</valUSD>
        <pctVal>0.608811448615</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2062-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0.1</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>REPO RBC 30301RAQ6 KW02 C </name>
        <lei>N/A</lei>
        <title>REPO RBC 30301RAQ6 KW02 C </title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Dummy ID" value="RAQ260910"/>
        </identifiers>
        <balance>-21592000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>-21592000.00000000</valUSD>
        <pctVal>-5.06323746447</pctVal>
        <payoffProfile>Short</payoffProfile>
        <assetCat>RA</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.14</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <repurchaseAgrmt>
          <transCat>Reverse repurchase</transCat>
          <notClearedCentCparty isCleared="N">
            <counterpartyInfos>
              <counterpartyInfo lei="ES7IP3U3RHIGC71XBU11" name="ROYAL BANK OF CANADA"/>
            </counterpartyInfos>
          </notClearedCentCparty>
          <isTriParty>Y</isTriParty>
          <repurchaseRt>5.14</repurchaseRt>
          <maturityDt>2026-09-10</maturityDt>
          <repurchaseCollaterals>
            <repurchaseCollateral>
              <principalAmt>21592000</principalAmt>
              <principalCd>USD</principalCd>
              <collateralVal>33420060.55</collateralVal>
              <collateralCd>USD</collateralCd>
              <invstCat>AMBS</invstCat>
            </repurchaseCollateral>
          </repurchaseCollaterals>
        </repurchaseAgrmt>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-06-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Origin Real Estate Credit Interval Fund</ncom:nameOfApplicant>
      <ncom:signature>Peter Sattelmair</ncom:signature>
      <ncom:signerName>Peter Sattelmair</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
