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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.409210000000</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>Antares CLO</name>
        <lei>254900KOI7TFZJ19KK11</lei>
        <title>Antares CLO 2018-3 LTD</title>
        <cusip>03665LAL7</cusip>
        <identifiers>
          <isin value="US03665LAL71"/>
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        <balance>6800000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6809397.600000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.319210000000</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>Aquarian CLO 1 Ltd</name>
        <lei>N/A</lei>
        <title>Aquarian CLO 1 Ltd</title>
        <cusip>03843QAA5</cusip>
        <identifiers>
          <isin value="US03843QAA58"/>
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        <balance>6000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5993250.000000000000</valUSD>
        <pctVal>0.7462128252</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.149260000000</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>Barclays Commercial Mortgage S</name>
        <lei>N/A</lei>
        <title>BBCMS 2019-BWAY Mortgage Trust</title>
        <cusip>05492NAA1</cusip>
        <identifiers>
          <isin value="US05492NAA19"/>
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        <balance>1266227.040000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>905929.730000000000</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>2034-11-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.709480000000</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>Bayview Opportunity Master Fun</name>
        <lei>N/A</lei>
        <title>Bayview Opportunity Master Fund VII 2024-EDU1 LLC</title>
        <cusip>07336PAA2</cusip>
        <identifiers>
          <isin value="US07336PAA21"/>
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        <balance>811028.500000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>817771.390000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2047-06-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.093190000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brightwood Capital MM CLO 2019</name>
        <lei>N/A</lei>
        <title>Brightwood Capital MM CLO 2025-1 Ltd</title>
        <cusip>10950EAA6</cusip>
        <identifiers>
          <isin value="US10950EAA64"/>
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        <balance>6000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6007470.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.332920000000</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>CFK Trust</name>
        <lei>N/A</lei>
        <title>CFK Trust 2020-MF2</title>
        <cusip>12529AAG9</cusip>
        <identifiers>
          <isin value="US12529AAG94"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1813349.600000000000</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>2039-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.349000000000</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>CHNGE Mortgage Trust</name>
        <lei>N/A</lei>
        <title>CHNGE Mortgage Trust 2022-NQM1</title>
        <cusip>12569CAB7</cusip>
        <identifiers>
          <isin value="US12569CAB72"/>
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        <balance>730865.810000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>728488.230000000000</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>2067-06-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.820000000000</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>Colony American Finance Ltd</name>
        <lei>N/A</lei>
        <title>CAFL 2024-RTL1 Issuer LLC</title>
        <cusip>12770DAA2</cusip>
        <identifiers>
          <isin value="US12770DAA28"/>
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        <balance>6500000.000000000000</balance>
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        <curCd>USD</curCd>
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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>2031-11-28</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.749000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cerberus</name>
        <lei>635400TT2BPIAD7JRA96</lei>
        <title>Cerberus Loan Funding XLVIII LLC</title>
        <cusip>15675JAA8</cusip>
        <identifiers>
          <isin value="US15675JAA88"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.402920000000</annualizedRt>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cerberus</name>
        <lei>635400AJWCPT3PXIDY25</lei>
        <title>Cerberus Loan Funding 52 LLC</title>
        <cusip>15675MAA1</cusip>
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          <isin value="US15675MAA18"/>
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        <balance>6000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5995158.000000000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.272920000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cherry Securitization Trust</name>
        <lei>N/A</lei>
        <title>Cherry Securitization Trust 2024-1</title>
        <cusip>164737AC2</cusip>
        <identifiers>
          <isin value="US164737AC26"/>
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        <balance>11260000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-04-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.310000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2026-FL3</title>
        <cusip>30192DAE6</cusip>
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          <isin value="US30192DAE67"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2999931.600000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Freddie Mac - STACR</name>
        <lei>5493007ZK0X40BI7UF30</lei>
        <title>Freddie Mac STACR Securitized Participation Interests Trust 2018-SPI2</title>
        <cusip>3137G1CT2</cusip>
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        <balance>29416.090000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2048-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>3.852531000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>First American Government Obli</name>
        <lei>549300R5MYM6VZF1RM44</lei>
        <title>First American Government Obligations Fund</title>
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          <isin value="US31846V3362"/>
          <ticker value="FGXXX"/>
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        <curCd>USD</curCd>
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        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fortress Credit Opportunities</name>
        <lei>2549008RD44HDM6DNP14</lei>
        <title>Fortress Credit Opportunities IX CLO Ltd</title>
        <cusip>34961JAY0</cusip>
        <identifiers>
          <isin value="US34961JAY01"/>
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        <balance>5739297.830000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5746603.960000000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.564530000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Foundation Finance Trust</name>
        <lei>N/A</lei>
        <title>Foundation Finance Trust 2023-1</title>
        <cusip>35042AAD5</cusip>
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          <isin value="US35042AAD54"/>
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        <balance>2483929.620000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2613044.280000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-12-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Multifamily Structured Credit</name>
        <lei>529900NYZHC090WEXH18</lei>
        <title>Freddie Mac Mscr Trust Mn7</title>
        <cusip>35563QAC1</cusip>
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          <isin value="US35563QAC15"/>
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        <balance>4000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4498564.000000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-09-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>12.493190000000</annualizedRt>
          <isDefault>N</isDefault>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage A</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HTAP Trust</name>
        <lei>N/A</lei>
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          <isin value="US40446AAA34"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>HGI Re-REMIC Trust 2026-FRR1</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>KIMM CLO</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Morgan Stanley Capital I Trust</name>
        <lei>N/A</lei>
        <title>Morgan Stanley Capital I Trust 2021-230P</title>
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          <isin value="US61772WAA53"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>MULTIFAMILY CONNECTICUT AVENUE</name>
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        <title>Multifamily Connecticut Avenue Securities Trust 2020-01</title>
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          <isin value="US62548QAF81"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust</title>
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          <isin value="US69545UAD28"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2026-2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust 2025-2</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Prosper Credit Card Issuer LLC</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>Reach Financial LLC</name>
        <lei>N/A</lei>
        <title>Reach Abs Trust 2024-1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Reprise Personal Loan Securiti</name>
        <lei>N/A</lei>
        <title>Reprise Financial Receivables Trust 2026-1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Sound Point CLO LTD</name>
        <lei>N/A</lei>
        <title>Sound Point CLO XXIII</title>
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          <isin value="US83614BAQ23"/>
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        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Theorem Funding Trust</name>
        <lei>N/A</lei>
        <title>Theorem Funding Trust 2022-2</title>
        <cusip>88339FAB9</cusip>
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          <isin value="US88339FAB94"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2019-HY3</title>
        <cusip>89177XAG2</cusip>
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          <isin value="US89177XAG25"/>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2024-CES1</title>
        <cusip>89183CAB1</cusip>
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        <balance>840511.700000000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>WSTN Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BCC Middle Market CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BXMT Ltd</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Cerberus</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Multifamily Structured Credit</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Government National Mortgage A</name>
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        <fairValLevel>2</fairValLevel>
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        <name>HTAP Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>J.P. Morgan Wealth Management</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Life Financial Services Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Morgan Stanley Capital I Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <title>Pagaya AI Debt Grantor Trust 2026-1</title>
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        <name>Pagaya AI Debt Selection Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>UNLOCK HEA TRUST</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>Deerpath Capital CLO LTD</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Freddie Mac</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Multifamily Structured Credit</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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        <name>HOMES Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>IMC Home Equity Loan Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Long Trust</name>
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        <fairValLevel>2</fairValLevel>
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        <name>MF1</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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        <name>SILVER POINT SCF CLO LTD</name>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>UNLOCK HEA TRUST</name>
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        <title>Unlock HEA Trust 2025-2</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Upgrade Master Pass-Thru Trust</name>
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        <title>Upgrade Master Pass-Thru Trust Series 2025-ST3</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Vericrest Opportunity Loan Tra</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Waikiki Beach Hotel Trust</name>
        <lei>N/A</lei>
        <title>WBHT Commercial Mortgage Trust 2025-WBM</title>
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        <balance>7590000.000000000000</balance>
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        <fairValLevel>2</fairValLevel>
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        <name>PTCM Re-REMIC Trust</name>
        <lei>N/A</lei>
        <title>PTCM Re-REMIC Trust 2026-FRR2</title>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>PRKCM Trust</name>
        <lei>N/A</lei>
        <title>PRKCM 2023-AFC3 Trust</title>
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          <isin value="US693984AC08"/>
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        <balance>1640778.520000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1637139.600000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
          <annualizedRt>7.088000000000</annualizedRt>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortg</name>
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        <fairValLevel>2</fairValLevel>
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        <name>SOUTH CAROLINA ST STUDENT LOAN</name>
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        <fairValLevel>2</fairValLevel>
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        <name>BXHPP Trust</name>
        <lei>N/A</lei>
        <title>BXHPP Trust 2021-FILM</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BXDL Static CLO 2025-1 LLC</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Unison Trust</name>
        <lei>N/A</lei>
        <title>Unison Trust 2026-1</title>
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          <isin value="US908925AA87"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Unison Trust</name>
        <lei>N/A</lei>
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          <isin value="US90920EAA55"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>UNLOCK HEA TRUST</name>
        <lei>N/A</lei>
        <title>Unlock HEA Trust 2025-1</title>
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          <isin value="US91528BAA52"/>
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        <fairValLevel>2</fairValLevel>
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        <name>UNLOCK HEA TRUST</name>
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        <title>Unlock HEA Trust 2024-1</title>
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          <isin value="US91530QAA85"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Upgrade Master Pass-Thru Trust</name>
        <lei>N/A</lei>
        <title>Upgrade Master Pass-Thru Trust Series 2025-ST6</title>
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          <isin value="US91533QAC15"/>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Tru</name>
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        <title>Vista Point Securitization Trust 2024-CES1</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Vista Point Securitization Tru</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SOHO Trust 2021-SOHO</name>
        <lei>N/A</lei>
        <title>Soho Trust 2021-SOHO</title>
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        <fairValLevel>2</fairValLevel>
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        <name>Springcastle SPV</name>
        <lei>N/A</lei>
        <title>SpringCastle America Funding LLC</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>tvc mortgage trust</name>
        <lei>N/A</lei>
        <title>TVC Mortgage Trust 2026-RRTL1</title>
        <cusip>87306XAB1</cusip>
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          <isin value="US87306XAB10"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Tikehau US CLO Ltd</name>
        <lei>254900CXO5NATO3A5N33</lei>
        <title>Tikehau US CLO VII Ltd</title>
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          <isin value="US88677FAA12"/>
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        <balance>6900000.000000000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-02-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.030150000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Verus Securitization Trust</name>
        <lei>213800DTJD5UKJR53O34</lei>
        <title>Verus Securitization Trust 2023-8</title>
        <cusip>92540DAC9</cusip>
        <identifiers>
          <isin value="US92540DAC92"/>
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        <balance>897312.680000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>913062.940000000000</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>2068-12-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.967690000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ALEN 2021-ACEN Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Alen 2021-ACEN Mortgage Trust</title>
        <cusip>01449NAA4</cusip>
        <identifiers>
          <isin value="US01449NAA46"/>
        </identifiers>
        <balance>1660000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1579918.610000000000</valUSD>
        <pctVal>0.1967138914</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-04-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.904480000000</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>BXMT Ltd</name>
        <lei>N/A</lei>
        <title>BXMT 2021-FL4 Ltd</title>
        <cusip>05609GAG3</cusip>
        <identifiers>
          <isin value="US05609GAG38"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2940222.000000000000</valUSD>
        <pctVal>0.3660837384</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-05-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.753680000000</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>GCAT</name>
        <lei>N/A</lei>
        <title>GCAT 2023-NQM1 Trust</title>
        <cusip>36169BAA4</cusip>
        <identifiers>
          <isin value="US36169BAA44"/>
        </identifiers>
        <balance>1789564.400000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1667439.510000000000</valUSD>
        <pctVal>0.2076110203</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2057-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>4.250000000000</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>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2025-5</title>
        <cusip>69548WAE3</cusip>
        <identifiers>
          <isin value="US69548WAE30"/>
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        <balance>2749893.750000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2746052.150000000000</valUSD>
        <pctVal>0.3419078685</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.865000000000</annualizedRt>
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          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential 2023-SFR1 Trust</title>
        <cusip>74334FAL2</cusip>
        <identifiers>
          <isin value="US74334FAL22"/>
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        <balance>2299000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2295884.630000000000</valUSD>
        <pctVal>0.2858580163</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-03-17</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.600000000000</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>Achieve Mortgage</name>
        <lei>N/A</lei>
        <title>ACHM Trust 2026-HE1</title>
        <cusip>00113TAC4</cusip>
        <identifiers>
          <isin value="US00113TAC45"/>
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        <balance>4386395.460000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4403444.500000000000</valUSD>
        <pctVal>0.5482679282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.269000000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2026-HF3</title>
        <cusip>31684WAD9</cusip>
        <identifiers>
          <isin value="US31684WAD92"/>
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        <balance>1794780.620000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1812616.790000000000</valUSD>
        <pctVal>0.2256868804</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-03-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.643190000000</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>Arini US CLO Limited</name>
        <lei>254900KOH6QFFOT43O65</lei>
        <title>Arini US CLO VII Ltd</title>
        <cusip>04039VAA6</cusip>
        <identifiers>
          <isin value="US04039VAA61"/>
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        <balance>10000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10015390.000000000000</valUSD>
        <pctVal>1.2470049585</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.991020000000</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>BPR Trust</name>
        <lei>N/A</lei>
        <title>BPR Trust 2021-NRD</title>
        <cusip>05592CAQ9</cusip>
        <identifiers>
          <isin value="US05592CAQ96"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3010067.400000000000</valUSD>
        <pctVal>0.3747801107</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-12-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>10.510000000000</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>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Trust 2023-LIFE</title>
        <cusip>05609DAA3</cusip>
        <identifiers>
          <isin value="US05609DAA37"/>
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        <balance>6000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5900664.000000000000</valUSD>
        <pctVal>0.7346850463</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2028-02-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.045300000000</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>BLACKROCK LTD</name>
        <lei>529900270ZC9EIH17Z28</lei>
        <title>Blackrock MT Lassen Clo XV LLC</title>
        <cusip>092916AA3</cusip>
        <identifiers>
          <isin value="US092916AA32"/>
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        <balance>5000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5007481.000000000000</valUSD>
        <pctVal>0.6234758343</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.402920000000</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>Boston Lending Trust 2021-1</name>
        <lei>N/A</lei>
        <title>Boston Lending Trust 2021-1</title>
        <cusip>100842AC7</cusip>
        <identifiers>
          <isin value="US100842AC71"/>
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        <balance>552969.220000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>454758.620000000000</valUSD>
        <pctVal>0.0566214849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2061-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.000000000000</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>COLEM 2021-HLNE Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COLEM 2022-HLNE Mortgage Trust</title>
        <cusip>12659JAA5</cusip>
        <identifiers>
          <isin value="US12659JAA51"/>
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        <balance>3800000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3737588.800000000000</valUSD>
        <pctVal>0.4653629830</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-04-12</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.543033000000</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>CRIBS Mortgage Trust 2025-RTL1</name>
        <lei>254900Y2C40FXLSY2W87</lei>
        <title>Cribs Mortgage Trust 2025-RTL1</title>
        <cusip>12704NAB9</cusip>
        <identifiers>
          <isin value="US12704NAB91"/>
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        <balance>3000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3027938.700000000000</valUSD>
        <pctVal>0.3770052462</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.437000000000</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>Easy Street Mortgage Loan Trus</name>
        <lei>N/A</lei>
        <title>Easy Street Mortgage Loan Trust 2025-RTL1</title>
        <cusip>27786FAA7</cusip>
        <identifiers>
          <isin value="US27786FAA75"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2012103.200000000000</valUSD>
        <pctVal>0.2505247092</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2040-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.456000000000</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>MF1</name>
        <lei>N/A</lei>
        <title>MF1 2021-FL7 Ltd</title>
        <cusip>55284AAL2</cusip>
        <identifiers>
          <isin value="US55284AAL26"/>
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        <balance>3200000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3183065.280000000000</valUSD>
        <pctVal>0.3963198824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-16</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6.553290000000</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>Marlette Funding Trust</name>
        <lei>N/A</lei>
        <title>Marlette Funding Trust 2023-1</title>
        <cusip>57110PAD3</cusip>
        <identifiers>
          <isin value="US57110PAD33"/>
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        <balance>3029105.930000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3073827.650000000000</valUSD>
        <pctVal>0.3827188278</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>New Residential Mortgage Loan</name>
        <lei>N/A</lei>
        <title>New Residential Mortgage Loan Trust 2023-NQM1</title>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2025-8</title>
        <cusip>694956AA1</cusip>
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          <isin value="US694956AA10"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2026-4</title>
        <cusip>69549UAA4</cusip>
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          <isin value="US69549UAA43"/>
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        <balance>8000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust 2026-1</title>
        <cusip>73072JAA6</cusip>
        <identifiers>
          <isin value="US73072JAA60"/>
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        <balance>6412718.630000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6324197.460000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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      <invstOrSec>
        <name>Regents Capital Equipment Rece</name>
        <lei>N/A</lei>
        <title>Regents Capital Equipment Receivables 2026-1 LLC</title>
        <cusip>758976AA2</cusip>
        <identifiers>
          <isin value="US758976AA27"/>
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        <balance>1677570.360000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1668506.450000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Toorak Mortgage Corp.</name>
        <lei>254900ZRJRVK75Z6JJ57</lei>
        <title>Toorak Mortgage Trust 2024-2</title>
        <cusip>89055KAB8</cusip>
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          <isin value="US89055KAB89"/>
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        <balance>3000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3010860.000000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>8.647000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Ares Direct Lending CLO LLC</name>
        <lei>N/A</lei>
        <title>Ares Direct Lending CLO 5 LLC</title>
        <cusip>04020UAA9</cusip>
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          <isin value="US04020UAA97"/>
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        <balance>5000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4999265.000000000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.109210000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Audax Senior Debt CLO, LLC</name>
        <lei>2549005IHTL4E8HMCV03</lei>
        <title>Audax Senior Debt Clo 7 LLC</title>
        <cusip>050921AX3</cusip>
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          <isin value="US050921AX36"/>
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        <balance>8000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8019096.000000000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.329210000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>BENCHMARK Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Benchmark 2023-V3 Mortgage Trust</title>
        <cusip>08163VAL1</cusip>
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          <isin value="US08163VAL18"/>
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        <balance>1881000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1702513.230000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>4.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Brightwood Capital MM CLO 2019</name>
        <lei>254900KA4G802DSTDW29</lei>
        <title>Brightwood Capital MM CLO 2023-1 Ltd</title>
        <cusip>108928AQ5</cusip>
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          <isin value="US108928AQ59"/>
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        <balance>4700000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4694844.100000000000</valUSD>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.202920000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>ACHV ABS TRUST</name>
        <lei>N/A</lei>
        <title>ACHV ABS Trust 2024-3AL</title>
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          <isin value="US00092KAD63"/>
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        <balance>1776415.190000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-12-26</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Antares CLO</name>
        <lei>254900DYOG75KCVU0279</lei>
        <title>Antares CLO 2021-1 Ltd</title>
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          <isin value="US03666BAW46"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BSPDF Issuer Ltd</name>
        <lei>N/A</lei>
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        <balance>4750000.000000000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2042-12-15</maturityDt>
          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2024-R03</title>
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          <isin value="US207941AB18"/>
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        <assetCat>ABS-MBS</assetCat>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-HE2</title>
        <cusip>31684KAA1</cusip>
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        <balance>1504482.060000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2026-EXP2</title>
        <cusip>31685CAC4</cusip>
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          <isin value="US31685CAC47"/>
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        <balance>2000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1995631.200000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.233000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>GS Mortgage-Backed Securities</name>
        <lei>254900PITL81FWQQA654</lei>
        <title>GS Mortgage-Backed Securities Trust 2026-AH1</title>
        <cusip>362974AQ0</cusip>
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          <isin value="US362974AQ06"/>
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        <balance>2518237.460000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2530326.260000000000</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>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust Series 2026-NQX1</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Ivy Hill Middle Market Credit</name>
        <lei>N/A</lei>
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        <invCountry>JE</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2019-6</title>
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          <isin value="US46651BBA70"/>
          <ticker value="JPMMT"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Selection Trust</title>
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          <isin value="US69545UAC45"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2026-2</title>
        <cusip>69549QAA3</cusip>
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          <isin value="US69549QAA31"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust 2025-1</title>
        <cusip>73072DAA9</cusip>
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          <isin value="US73072DAA90"/>
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        <balance>6132693.870000000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Prosper Credit Card Issuer LLC</name>
        <lei>N/A</lei>
        <title>Prosper Credit Card 2026-1 Issuer LLC</title>
        <cusip>74359CAE5</cusip>
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          <isin value="US74359CAE57"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Research-Driven Pagaya Motor A</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust 2026-R1</title>
        <cusip>76089TAB6</cusip>
        <identifiers>
          <isin value="US76089TAB61"/>
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        <balance>1960338.340000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1960381.470000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2034-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2025-NPL2</title>
        <cusip>79589BAA6</cusip>
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          <isin value="US79589BAA61"/>
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        <balance>1133288.530000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>1121019.550000000000</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>2030-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.774000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Towd Point Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Towd Point Mortgage Trust 2019-HY2</title>
        <cusip>89177HAF9</cusip>
        <identifiers>
          <isin value="US89177HAF91"/>
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        <balance>2250000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>6.031750000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Venture CDO Ltd</name>
        <lei>549300NQLVRN86RJ6081</lei>
        <title>Venture 28A Clo Ltd</title>
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          <isin value="US92331DBJ63"/>
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        <balance>1750000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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      <invstOrSec>
        <name>BXMT Ltd</name>
        <lei>N/A</lei>
        <title>BXMT 2025-FL5 Ltd</title>
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          <isin value="US05613YAC75"/>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC 2014-USA OA LLC</title>
        <cusip>12649AAA7</cusip>
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          <isin value="US12649AAA79"/>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>COLEM 2021-HLNE Mortgage Trust</name>
        <lei>N/A</lei>
        <title>COLEM 2022-HLNE Mortgage Trust</title>
        <cusip>12659JAE7</cusip>
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          <isin value="US12659JAE73"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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        <name>Credit Suisse Mortgage Trust</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC 2021-NQM4</title>
        <cusip>12659PAA1</cusip>
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        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Carlyle Direct Lending CLO LLC</name>
        <lei>N/A</lei>
        <title>Carlyle Direct Lending CLO 2015-1R LLC</title>
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          <isin value="US14310QAN88"/>
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        <balance>3000000.000000000000</balance>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.552920000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Comvest Credit CLO</name>
        <lei>N/A</lei>
        <title>Comvest Credit 2024-2 CLO LLC</title>
        <cusip>20588BAA1</cusip>
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          <isin value="US20588BAA17"/>
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        <balance>8000000.000000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-10-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.482920000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae - CAS</name>
        <lei>N/A</lei>
        <title>Connecticut Avenue Securities Trust 2023-R04</title>
        <cusip>20754QAB4</cusip>
        <identifiers>
          <isin value="US20754QAB41"/>
        </identifiers>
        <balance>2750000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2861575.480000000000</valUSD>
        <pctVal>0.3562915486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2043-05-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.193190000000</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>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>EFMT 2024-RM2</title>
        <cusip>268431AA1</cusip>
        <identifiers>
          <isin value="US268431AA18"/>
        </identifiers>
        <balance>1160376.540000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1120712.080000000000</valUSD>
        <pctVal>0.1395386022</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2054-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.000000000000</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>Ellington Financial Mortgage T</name>
        <lei>N/A</lei>
        <title>EFMT 2026-INV2</title>
        <cusip>26846TAK5</cusip>
        <identifiers>
          <isin value="US26846TAK51"/>
        </identifiers>
        <balance>3244985.380000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3192842.680000000000</valUSD>
        <pctVal>0.3975372555</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2071-02-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.087000000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2026-HE1</title>
        <cusip>30249NAE7</cusip>
        <identifiers>
          <isin value="US30249NAE76"/>
        </identifiers>
        <balance>1299941.420000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1277123.030000000000</valUSD>
        <pctVal>0.1590131539</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.434000000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-HE3</title>
        <cusip>31684LAC5</cusip>
        <identifiers>
          <isin value="US31684LAC54"/>
        </identifiers>
        <balance>891864.110000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>889944.100000000000</valUSD>
        <pctVal>0.1108059402</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.910000000000</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>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2025-HE4</title>
        <cusip>31684PAC6</cusip>
        <identifiers>
          <isin value="US31684PAC68"/>
        </identifiers>
        <balance>1430973.160000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1423168.350000000000</valUSD>
        <pctVal>0.1771970926</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2055-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.709000000000</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>Comvest Credit CLO</name>
        <lei>N/A</lei>
        <title>South Cove 2025-3 CLO LLC</title>
        <cusip>837511AA2</cusip>
        <identifiers>
          <isin value="US837511AA21"/>
        </identifiers>
        <balance>5500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5499566.050000000000</valUSD>
        <pctVal>0.6847447911</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.252920000000</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>KORTH DIRECT MORTGAGE</name>
        <lei>N/A</lei>
        <title>Korth Direct Mortgage Inc</title>
        <cusip>50067HDD6</cusip>
        <identifiers>
          <isin value="US50067HDD61"/>
          <ticker value="KDMMTG"/>
        </identifiers>
        <balance>2000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1400000.000000000000</valUSD>
        <pctVal>0.1743124274</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2031-02-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.750000000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MFRA Trust</name>
        <lei>N/A</lei>
        <title>MFA 2023-NQM3 Trust</title>
        <cusip>55286MAB6</cusip>
        <identifiers>
          <isin value="US55286MAB63"/>
        </identifiers>
        <balance>1245643.940000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1246433.930000000000</valUSD>
        <pctVal>0.1551920885</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2068-07-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.022000000000</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>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2025-5</title>
        <cusip>69548WAC7</cusip>
        <identifiers>
          <isin value="US69548WAC73"/>
        </identifiers>
        <balance>5349793.290000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5344080.250000000000</valUSD>
        <pctVal>0.6653854288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.440000000000</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>Angel Oak Mortgage Trust</name>
        <lei>N/A</lei>
        <title>Angel Oak Mortgage Trust 2021-3</title>
        <cusip>03465EAD3</cusip>
        <identifiers>
          <isin value="US03465EAD31"/>
        </identifiers>
        <balance>620000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>467114.080000000000</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>2066-05-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>2.479000000000</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>BCC Middle Market CLO</name>
        <lei>N/A</lei>
        <title>BCC Middle Market CLO 2024-1 LLC</title>
        <cusip>05555GAA0</cusip>
        <identifiers>
          <isin value="US05555GAA04"/>
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        <balance>4000000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4005350.800000000000</valUSD>
        <pctVal>0.4987017288</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-07-17</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.499520000000</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>BWAY Mortgage Trust</name>
        <lei>N/A</lei>
        <title>BWAY 2013-1515 Mortgage Trust</title>
        <cusip>05604FAC9</cusip>
        <identifiers>
          <isin value="US05604FAC95"/>
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        <balance>6444366.930000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6206253.370000000000</valUSD>
        <pctVal>0.7727336355</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2033-03-10</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.454300000000</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>BXHPP Trust</name>
        <lei>N/A</lei>
        <title>BXHPP Trust 2021-FILM</title>
        <cusip>05609JAJ1</cusip>
        <identifiers>
          <isin value="US05609JAJ16"/>
        </identifiers>
        <balance>4500000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4056967.350000000000</valUSD>
        <pctVal>0.5051284475</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2036-08-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>4.653480000000</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>BLACKROCK LTD</name>
        <lei>5493002T9B2YQM95EY13</lei>
        <title>BlackRock Maroon Bells CLO XI LLC</title>
        <cusip>09290EAC3</cusip>
        <identifiers>
          <isin value="US09290EAC30"/>
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        <balance>3727372.150000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3724595.260000000000</valUSD>
        <pctVal>0.4637451719</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-01-15</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.352920000000</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>Bombardier Capital Mortgage Se</name>
        <lei>N/A</lei>
        <title>BCMSC Trust 1999-B</title>
        <cusip>09774XBD3</cusip>
        <identifiers>
          <isin value="US09774XBD30"/>
          <ticker value="BCM"/>
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        <balance>86567.340000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3768.970000000000</valUSD>
        <pctVal>0.0004692702</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2029-12-15</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.180000000000</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>Castlelake Residential Mortgage Trust 2026-RTL1</name>
        <lei>N/A</lei>
        <title>Castlelake Residential Mortgage Trust 2026-RTL1</title>
        <cusip>14856TAB8</cusip>
        <identifiers>
          <isin value="US14856TAB89"/>
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        <balance>1250000.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1248278.750000000000</valUSD>
        <pctVal>0.1554217850</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2041-08-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>6.184000000000</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>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38373M5R7</cusip>
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          <isin value="US38373M5R72"/>
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        <curCd>USD</curCd>
        <valUSD>2.230000000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <maturityDt>2049-01-16</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>.390000000000</annualizedRt>
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        <securityLending>
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      </invstOrSec>
      <invstOrSec>
        <name>BX Trust</name>
        <lei>N/A</lei>
        <title>BX Commercial Mortgage Trust 2024-SLCT</title>
        <cusip>12433JAQ3</cusip>
        <identifiers>
          <isin value="US12433JAQ31"/>
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        <balance>5500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5515958.250000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
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          <couponKind>Floating</couponKind>
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      </invstOrSec>
      <invstOrSec>
        <name>Credit Suisse Mortgage Trust</name>
        <lei>549300818AKCJ4Q9TD76</lei>
        <title>CSMC 2021-GATE</title>
        <cusip>12662UAJ6</cusip>
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          <isin value="US12662UAJ60"/>
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        <curCd>USD</curCd>
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        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Floating</couponKind>
          <annualizedRt>8.311385000000</annualizedRt>
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      </invstOrSec>
      <invstOrSec>
        <name>Cherry Securitization Trust</name>
        <lei>N/A</lei>
        <title>Cherry Securitization Trust 2025-1</title>
        <cusip>16473RAC8</cusip>
        <identifiers>
          <isin value="US16473RAC88"/>
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        <balance>2686000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2739521.770000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.340000000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Cherry Securitization Trust</name>
        <lei>N/A</lei>
        <title>Cherry Securitization Trust 2025-1</title>
        <cusip>16473RAD6</cusip>
        <identifiers>
          <isin value="US16473RAD61"/>
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        <balance>6350000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6519059.230000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>12.690000000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Churchill Middle Market CLO</name>
        <lei>5493004CDRTHE6R7HG15</lei>
        <title>Churchill NCDLC CLO-I LLC</title>
        <cusip>17151JAQ2</cusip>
        <identifiers>
          <isin value="US17151JAQ22"/>
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        <balance>7000000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>6969186.000000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2038-04-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.109210000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>FIGRE Trust</name>
        <lei>N/A</lei>
        <title>FIGRE Trust 2026-HF7</title>
        <cusip>31685QAD1</cusip>
        <identifiers>
          <isin value="US31685QAD16"/>
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        <balance>2050000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2060241.190000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.793190000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>GS Mortgage Securities Trust</name>
        <lei>5493005BBCF84ICNQ550</lei>
        <title>GS Mortgage Securities Corp II</title>
        <cusip>36269JAL2</cusip>
        <identifiers>
          <isin value="US36269JAL26"/>
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        <balance>2500000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2548740.250000000000</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>2041-03-10</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>9.263358000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38375QR27</cusip>
        <identifiers>
          <isin value="US38375QR275"/>
          <ticker value="GNR"/>
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        <balance>3651.440000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3642.870000000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2037-06-20</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.658610000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38381USE3</cusip>
        <identifiers>
          <isin value="US38381USE37"/>
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        <balance>910341.680000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>907791.080000000000</valUSD>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385LBA5</cusip>
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          <isin value="US38385LBA52"/>
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        <balance>4779589.960000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-01-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.500000000000</annualizedRt>
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      <invstOrSec>
        <name>Government National Mortgage A</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>38385XCD2</cusip>
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          <isin value="US38385XCD21"/>
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        <balance>3738729.310000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3703996.890000000000</valUSD>
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        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Fixed</couponKind>
          <annualizedRt>6.000000000000</annualizedRt>
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        <securityLending>
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      <invstOrSec>
        <name>Greensky Home Improvement Issu</name>
        <lei>N/A</lei>
        <title>GreenSky Home Improvement Trust 2024-1</title>
        <cusip>39571MAE8</cusip>
        <identifiers>
          <isin value="US39571MAE84"/>
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        <balance>3253001.220000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>3388534.260000000000</valUSD>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2059-06-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.000000000000</annualizedRt>
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      <invstOrSec>
        <name>harvest commercial capital loa</name>
        <lei>N/A</lei>
        <title>Harvest Commercial Capital Loan Trust 2024-1</title>
        <cusip>417927AD2</cusip>
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          <isin value="US417927AD27"/>
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        <balance>1499103.980000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2056-10-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.546800000000</annualizedRt>
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        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>5299007DSRZLE19EYU93</lei>
        <title>JP Morgan Mortgage Trust 2023-HE3</title>
        <cusip>465985AA7</cusip>
        <identifiers>
          <isin value="US465985AA77"/>
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        <balance>461276.050000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>460525.090000000000</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>2054-05-20</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>5.238840000000</annualizedRt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>JP Morgan Mortgage Trust</name>
        <lei>N/A</lei>
        <title>JP Morgan Mortgage Trust 2018-7FRB</title>
        <cusip>46650AAM5</cusip>
        <identifiers>
          <isin value="US46650AAM53"/>
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        <balance>1873894.860000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2046-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>5.100890000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Morgan Stanley Mortgage Capita</name>
        <lei>N/A</lei>
        <title>MSSG Trust 2017-237P</title>
        <cusip>55375KAE6</cusip>
        <identifiers>
          <isin value="US55375KAE64"/>
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        <balance>7350000.000000000000</balance>
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        <curCd>USD</curCd>
        <valUSD>7026314.090000000000</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>2039-09-13</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>3.690000000000</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>Monroe Capital MML CLO</name>
        <lei>254900CN59JSSABI7X69</lei>
        <title>MONROE CAPITAL MML CLO VIII LTD</title>
        <cusip>61034RAJ1</cusip>
        <identifiers>
          <isin value="US61034RAJ14"/>
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        <balance>1155801.800000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1158024.750000000000</valUSD>
        <pctVal>0.1441843608</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-CBDO</assetCat>
        <issuerCat>CORP</issuerCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
        <lei>N/A</lei>
        <title>Pagaya AI Debt Grantor Trust 2025-8</title>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>PNW Trust</name>
        <lei>N/A</lei>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>SILVER POINT SCF CLO LTD</name>
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          <isin value="US82809JAA79"/>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Splitero Trust 2026-1</name>
        <lei>N/A</lei>
        <title>Splitero Trust 2026-1</title>
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          <isin value="US84863CAA18"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>Thunderbolt Aircraft Lease Lim</name>
        <lei>N/A</lei>
        <title>Thunderbolt III Aircraft Lease Ltd</title>
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          <isin value="US88607AAA79"/>
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        <balance>387147.730000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <invCountry>KY</invCountry>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2039-11-15</maturityDt>
          <couponKind>Fixed</couponKind>
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      <invstOrSec>
        <name>WSTN Trust</name>
        <lei>N/A</lei>
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          <isin value="US92943AAG94"/>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Variable</couponKind>
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      <invstOrSec>
        <name>HGI Re-REMIC Trust 2026-FRR1</name>
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        <title>HGI Re-REMIC Trust 2026-FRR1</title>
        <cusip>427930AS1</cusip>
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          <isin value="US427930AS16"/>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
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          <couponKind>Variable</couponKind>
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        <name>Multifamily Connecticut Avenue</name>
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          <isin value="US62548NAC20"/>
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        <fairValLevel>2</fairValLevel>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Newtek Alternative Loan Progra</name>
        <lei>N/A</lei>
        <title>NALP Business Loan Trust 2024-1</title>
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          <isin value="US629863AA91"/>
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        <balance>2008842.840000000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
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        <fairValLevel>2</fairValLevel>
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        <name>NETCREDIT FUNDING B, LLC</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Owl Rock CLO</name>
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        <fairValLevel>2</fairValLevel>
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        <name>Oxford Finance Funding Trust</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Pagaya AI Debt Selection Trust</name>
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        <title>Pagaya AI Debt Selection Trust</title>
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        <fairValLevel>2</fairValLevel>
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          <couponKind>Fixed</couponKind>
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        <name>Point Securitization Trust</name>
        <lei>N/A</lei>
        <title>Point Securitization Trust 2026-2</title>
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        <fairValLevel>2</fairValLevel>
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          <maturityDt>2056-07-25</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.250000000000</annualizedRt>
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      <invstOrSec>
        <name>Progress Residential Trust</name>
        <lei>N/A</lei>
        <title>Progress Residential 2022-SFR3 Trust</title>
        <cusip>74331UAJ7</cusip>
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          <isin value="US74331UAJ79"/>
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        <curCd>USD</curCd>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2039-04-17</maturityDt>
          <couponKind>Fixed</couponKind>
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        <securityLending>
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      <invstOrSec>
        <name>Research-Driven Pagaya Motor A</name>
        <lei>N/A</lei>
        <title>Research-Driven Pagaya Motor Asset Trust 2026-2</title>
        <cusip>76091HAE2</cusip>
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          <isin value="US76091HAE27"/>
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        <balance>9000000.000000000000</balance>
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        <assetCat>ABS-O</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2035-02-26</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5.817000000000</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>Saluda Grade Alternative Mortg</name>
        <lei>N/A</lei>
        <title>Saluda Grade Alternative Mortgage Trust 2026-NPL1</title>
        <cusip>79581YAA4</cusip>
        <identifiers>
          <isin value="US79581YAA47"/>
        </identifiers>
        <balance>2761728.000000000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2751852.060000000000</valUSD>
        <pctVal>0.3426300088</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        
        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-25</maturityDt>
          <couponKind>Variable</couponKind>
          <annualizedRt>7.044000000000</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>2026-09-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Advisors Series Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Kevin Hayden</ncom:signature>
      <ncom:signerName>Advisors Series Trust</ncom:signerName>
      <ncom:title>Treasurer &amp; Vice President</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
