FS Multi-Strategy Alternatives Fund

Fund Profile

Fund profile

Tickers

FSMSX, FSMMX

Fund manager

Advisors' Inner Circle Fund III

Total assets

$8.05 bn

Liabilities

$6.05 bn

Net assets

$2.00 bn

Number of holdings

807.00

Top 200 of 807 Holdings

As of Dec 2024

Security	$Holding	Balance	% of Fund	Category	Position	Country
FANNIE MAE OR FREDDIE MAC 30YR TBA (FEBRUARY)	1.62 bn	1.65 bn principal	81.14	Debt	Long	USA
BLCKRCK CASH-TRSRY-INST MONEY MARKET	450.89 mm	450.89 mm principal	22.55	Short-term investment vehicle	Long	USA
BARCLAYS BANK PLC 144A ZERO COUPON 12/29/2025	100.37 mm	100.00 mm principal	5.02	Debt	Long	UK
GS CTA Strategy TRS GOLDMAN SACHS & CO. LLC	97.47 mm	1.02 mm contracts	4.88	Equity derivative	N/A	USA
BARCLAYS BANK PLC 144A ZERO COUPON 12/29/2025	81.85 mm	82.51 mm principal	4.09	Debt	Long	UK
BLCKRCK CASH-TRSRY-INST MONEY MARKET	64.04 mm	64.04 mm principal	3.20	Short-term investment vehicle	Long	USA
GOLDMAN SACHS COLLATERAL BALANCE FS FUNDS	41.42 mm	41.42 mm principal	2.07	Short-term investment vehicle	Long	USA
MORGAN STANLEY COLLATERAL BALANCE FS FUNDS	34.40 mm	34.40 mm principal	1.72	Short-term investment vehicle	Long	USA
S&P 500 ANNL DIV DEC26 PHYSICAL INDEX FUTURE.	31.10 mm	1.61 k contracts	1.56	Equity derivative	N/A	USA
MORGAN STANLEY COLLATERAL BALANCE FS FUNDS	21.91 mm	21.91 mm principal	1.10	Short-term investment vehicle	Long	USA
S&P Regional Banks Index TRS GOLDMAN SACHS & CO. LLC	12.51 mm	122.87 mm contracts	0.63	Equity derivative	N/A	USA
USD-SOFR 3.37% 10/05/2026 EXPIRATION: 10/05/2026	12.43 mm	100.00 mm contracts	0.62	Equity derivative	N/A	USA
CLARIOS GLOBAL LP / CLARIOS US FINANCE CO 144A 8.500000% 05/15/2027	12.17 mm	12.15 mm principal	0.61	Debt	Long	USA
NEUBERGER BERMAN LOAN ADVISERS CLO 29 LTD NEUB 2018-29A A2R	11.70 mm	11.70 mm principal	0.59	ABS-collateralized bond/debt obligation	Long	Cayman Islands
ELMWOOD CLO II LTD ELMW2 2019-2A A2RR	11.00 mm	11.00 mm principal	0.55	ABS-collateralized bond/debt obligation	Long	Cayman Islands
BOMBARDIER INC 144A 7.875000% 04/15/2027	10.83 mm	10.81 mm principal	0.54	Debt	Long	Canada
STAR 2024-SFR4 TRUST STAR 2024-SFR4 A	10.04 mm	10.00 mm principal	0.50	ABS-mortgage backed security	Long	USA
GENERATE CLO 6 LTD GNRT 6A AR2	10.02 mm	10.00 mm principal	0.50	ABS-collateralized bond/debt obligation	Long	Cayman Islands
NORTHWOODS CAPITAL XII-B LTD WOODS 2018-12BA BR	10.02 mm	10.00 mm principal	0.50	ABS-collateralized bond/debt obligation	Long	Cayman Islands
FONTAINEBLEAU MIAMI BEACH MORTGAGE TRUST 2024-FBLU FMBT 2024-FBLU A	10.02 mm	10.00 mm principal	0.50	ABS-mortgage backed security	Long	USA
BSPRT 2024-FL11 ISSUER LLC BSPRT 2024-FL11 A	10.00 mm	10.00 mm principal	0.50	ABS-collateralized bond/debt obligation	Long	USA
VERUS SECURITIZATION TRUST 2024-7 VERUS 2024-7 A1	9.70 mm	9.77 mm principal	0.49	ABS-mortgage backed security	Long	USA
BRAVO RESIDENTIAL FUNDING TRUST 2024-CES2 BRAVO 2024-CES2 A1A	9.69 mm	9.70 mm principal	0.48	ABS-mortgage backed security	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-78 DI	9.55 mm	41.90 mm principal	0.48	Debt	Long	USA
ACHM TRUST 2024-HE2 ACHM 2024-HE2 A	9.47 mm	9.59 mm principal	0.47	ABS-mortgage backed security	Long	USA
FIGRE TRUST 2023-HE2 FIGRE 2024-HE4 A	9.33 mm	9.50 mm principal	0.47	ABS-mortgage backed security	Long	USA
MF1 2022-FL8 LTD MF1 2022-FL8 A	9.17 mm	9.20 mm principal	0.46	ABS-collateralized bond/debt obligation	Long	Cayman Islands
BANK OF AMERICA COLLATERAL BALANCE FS FUNDS	9.12 mm	9.12 mm principal	0.46	Short-term investment vehicle	Long	USA
RENEW 2024-2 RENEW 2024-2A A	8.34 mm	8.91 mm principal	0.42	ABS-mortgage backed security	Long	USA
AQUA FINANCE TRUST 2024-A AQFIT 2024-A A	8.31 mm	8.42 mm principal	0.42	ABS-mortgage backed security	Long	USA
OBX 2024-NQM3 TRUST OBX 2024-NQM3 A1	8.04 mm	7.98 mm principal	0.40	ABS-mortgage backed security	Long	USA
BDS 2024-FL13 LLC BDS 2024-FL13 A	8.02 mm	8.00 mm principal	0.40	ABS-collateralized bond/debt obligation	Long	USA
MOHEGAN TRIBAL GAMING AUTHORITY 144A 8.000000% 02/01/2026	8.01 mm	8.05 mm principal	0.40	Debt	Long	USA
KSL COMMERCIAL MORTGAGE TRUST 2024-HT2 KSL 2024-HT2 A	7.99 mm	8.00 mm principal	0.40	ABS-mortgage backed security	Long	USA
CSMC 2021-BHAR CSMC 2021-BHAR A	7.92 mm	7.95 mm principal	0.40	ABS-mortgage backed security	Long	USA
SE Sea Limited	7.92 mm	6.26 mm principal	0.40	Debt	Long	Singapore
ARBOR REALTY COMMERCIAL REAL ESTATE NOTES 2022-FL2 ARCLO 2022-FL2 A	7.91 mm	7.90 mm principal	0.40	ABS-collateralized bond/debt obligation	Long	USA
SERVICE PROPERTIES TRUST 5.250000% 02/15/2026	7.75 mm	7.98 mm principal	0.39	Debt	Long	USA
FIP MASTER FUNDING LLC FI 2024-1A A1	7.72 mm	8.00 mm principal	0.39	ABS-mortgage backed security	Long	USA
FREDDIE MAC REMICS FHR 5420 SG	7.69 mm	233.95 mm principal	0.38	Debt	Long	USA
FOUNDATION FINANCE TRUST 2024-2 FFIN 2024-2A A	7.66 mm	7.74 mm principal	0.38	ABS-mortgage backed security	Long	USA
VISTA POINT SECURITIZATION TRUST SERIES 2024-CES2 VSTA 2024-CES2 A1	7.54 mm	7.63 mm principal	0.38	ABS-mortgage backed security	Long	USA
AFFIRM ASSET SECURITIZATION TRUST 2024-B AFFRM 2024-B A	7.46 mm	7.50 mm principal	0.37	ABS-mortgage backed security	Long	USA
CIBC COLLATERAL BALANCE FS FUNDS	7.36 mm	7.36 mm principal	0.37	Short-term investment vehicle	Long	USA
GT The Goodyear Tire & Rubber Company	7.32 mm	7.27 mm principal	0.37	Debt	Long	USA
TXNM TXNM Energy, Inc.	7.24 mm	6.25 mm principal	0.36	Debt	Long	USA
W Wayfair Inc.	7.13 mm	5.73 mm principal	0.36	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-24 HI	7.02 mm	34.05 mm principal	0.35	Debt	Long	USA
SRPT Sarepta Therapeutics, Inc.	6.86 mm	6.25 mm principal	0.34	Debt	Long	USA
USD-SOFR 3.6% 04/04/2025 EXPIRATION: 04/04/2025	6.83 mm	2.00 bn contracts	0.34	Equity derivative	N/A	USA
PCG PG&E Corporation	6.82 mm	6.29 mm principal	0.34	Debt	Long	USA
GTLS Chart Industries, Inc.	6.75 mm	95.72 k shares	0.34	Preferred equity	Long	USA
CONVEXITY BASKET CALL OPTION 03/14/25 LONG	6.73 mm	500.00 k contracts	0.34	Equity derivative	N/A	USA
JD JD.com, Inc.	6.69 mm	6.30 mm principal	0.33	Debt	Long	China
WEC WEC Energy Group, Inc.	6.66 mm	6.19 mm principal	0.33	Debt	Long	USA
CITGO PETROLEUM CORP 144A 7.000000% 06/15/2025	6.58 mm	6.57 mm principal	0.33	Debt	Long	USA
SO The Southern Company	6.53 mm	6.28 mm principal	0.33	Debt	Long	USA
FANNIE MAE REMICS FNR 2020-57 IB	6.46 mm	29.47 mm principal	0.32	Debt	Long	USA
NCL CORP LTD 1.125000% 02/15/2027	6.44 mm	6.22 mm principal	0.32	Debt	Long	USA
DUK Duke Energy Corporation	6.41 mm	6.25 mm principal	0.32	Debt	Long	USA
GETTY IMAGES INC 144A 9.750000% 03/01/2027	6.38 mm	6.40 mm principal	0.32	Debt	Long	USA
FREDDIE MAC STRIPS FHS 406 S44	6.30 mm	77.96 mm principal	0.32	Debt	Long	USA
HERA FINANCING 2024-1 DAC HRFIN 2024-1A A	6.27 mm	5.00 mm principal	0.31	ABS-mortgage backed security	Long	UK
Cleveland Electric Illuminating Co	6.26 mm	6.24 mm principal	0.31	Debt	Long	USA
NOMURA COLLATERAL BALANCE FS FUNDS	6.06 mm	6.06 mm principal	0.30	Short-term investment vehicle	Long	USA
F Ford Motor Company	6.04 mm	6.25 mm principal	0.30	Debt	Long	USA
FANNIE MAE REMICS FNR 2023-11 HS	5.89 mm	114.07 mm principal	0.29	Debt	Long	USA
LENDBUZZ SECURITIZATION TRUST 2024-3 LBZZ 2024-3A A2	5.75 mm	5.75 mm principal	0.29	ABS-mortgage backed security	Long	USA
T-MOBILE USA INC 4.950000% 03/15/2028	5.73 mm	5.72 mm principal	0.29	Debt	Long	USA
ACCELERATED 2024-1 LLC AALLC 2024-1A A	5.71 mm	5.84 mm principal	0.29	ABS-mortgage backed security	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2018-21 PI	5.59 mm	23.65 mm principal	0.28	Debt	Long	USA
EXAS Exact Sciences Corporation	5.53 mm	6.28 mm principal	0.28	Debt	Long	USA
MAXIM CRANE WORKS HOLDINGS CAPITAL LLC 144A 11.500000% 09/01/2028	5.49 mm	5.20 mm principal	0.27	Debt	Long	USA
RRX Regal Rexnord Corporation	5.29 mm	5.20 mm principal	0.26	Debt	Long	USA
FANNIE MAE REMICS FNR 2021-27 EI	5.28 mm	22.83 mm principal	0.26	Debt	Long	USA
DraftKings, Inc.	5.25 mm	6.18 mm principal	0.26	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-78 IC	5.21 mm	27.28 mm principal	0.26	Debt	Long	USA
ETSY Etsy, Inc.	5.20 mm	5.39 mm principal	0.26	Debt	Long	USA
EQUIFY ABS 2024-1 LLC EQFY 2024-1A A	5.15 mm	5.15 mm principal	0.26	ABS-mortgage backed security	Long	USA
FANNIE MAE REMICS FNR 2024-90 SB	5.08 mm	91.54 mm principal	0.25	Debt	Long	USA
US TREASURY N/B 4.625000% 06/15/2027	5.04 mm	5.00 mm principal	0.25	Structured note	Long	USA
WELLS FARGO COMMERCIAL MORTGAGE TRUST 2024-MGP WFCM 2024-MGP A11	5.02 mm	5.00 mm principal	0.25	ABS-mortgage backed security	Long	USA
VISTA POINT SECURITIZATION TRUST 2024-CES3 VSTA 2024-CES3 A1	5.01 mm	5.00 mm principal	0.25	ABS-mortgage backed security	Long	USA
FANNIE MAE REMICS FNR 2021-87 GI	5.01 mm	26.00 mm principal	0.25	Debt	Long	USA
FREDDIE MAC REMICS FHR 5038 HI	4.98 mm	23.07 mm principal	0.25	Debt	Long	USA
PEAC SOLUTIONS RECEIVABLES 2024-2 LLC PEAC 2024-2A A3	4.94 mm	5.00 mm principal	0.25	ABS-mortgage backed security	Long	USA
BFH Bread Financial Holdings, Inc.	4.93 mm	4.59 mm principal	0.25	Debt	Long	USA
CORZ Core Scientific, Inc.	4.90 mm	5.00 mm principal	0.25	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-148 IP	4.89 mm	20.51 mm principal	0.24	Debt	Long	USA
HOMES 2024-AFC1 TRUST HOMES 2024-AFC1 A1	4.86 mm	4.90 mm principal	0.24	ABS-mortgage backed security	Long	USA
SHOP Shopify Inc.	4.82 mm	4.74 mm principal	0.24	Debt	Long	Canada
UBS COLLATERAL BALANCE FS FUNDS	4.82 mm	4.82 mm principal	0.24	Short-term investment vehicle	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-4 SG	4.82 mm	76.64 mm principal	0.24	Debt	Long	USA
22V Growth Basket TRS GOLDMAN SACHS & CO. LLC	4.79 mm	73.53 mm contracts	0.24	Equity derivative	N/A	USA
RCKT MORTGAGE TRUST 2024-CES7 RCKT 2024-CES7 A1A	4.77 mm	4.81 mm principal	0.24	ABS-mortgage backed security	Long	USA
DEEPHAVEN RESIDENTIAL MORTGAGE TRUST 2024-1 DRMT 2024-1 A1	4.77 mm	4.77 mm principal	0.24	ABS-mortgage backed security	Long	USA
MFA 2024-NQM2 TRUST MFRA 2024-NQM2 A1	4.76 mm	4.81 mm principal	0.24	ABS-mortgage backed security	Long	USA
FORD MOTOR CREDIT CO LLC 5.125000% 06/16/2025	4.72 mm	4.72 mm principal	0.24	Debt	Long	USA
DEUTSCHE BANK COLLATERAL BALANCE FS FUNDS	4.70 mm	4.70 mm principal	0.23	Short-term investment vehicle	Long	USA
FREDDIE MAC REMICS FHR 4973 BI	4.68 mm	19.96 mm principal	0.23	Debt	Long	USA
FREDDIE MAC REMICS FHR 5134 BI	4.55 mm	19.89 mm principal	0.23	Debt	Long	USA
FIGRE TRUST 2024-HE6 FIGRE 2024-HE6 A	4.50 mm	4.50 mm principal	0.23	ABS-mortgage backed security	Long	USA
ORCL Oracle Corporation	4.47 mm	4.52 mm principal	0.22	Debt	Long	USA
FREDDIE MAC REMICS FHR 5019 MI	4.46 mm	20.71 mm principal	0.22	Debt	Long	USA
FANNIE MAE REMICS FNR 2022-90 CI	4.46 mm	21.32 mm principal	0.22	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-123 MS	4.32 mm	75.11 mm principal	0.22	Debt	Long	USA
FANNIE MAE REMICS FNR 2020-89 KI	4.24 mm	22.17 mm principal	0.21	Debt	Long	USA
HPQ HP Inc.	4.23 mm	4.23 mm principal	0.21	Debt	Long	USA
FANNIE MAE REMICS FNR 2021-25 IT	4.21 mm	19.76 mm principal	0.21	Debt	Long	USA
DELL INTERNATIONAL LLC / EMC CORP 5.300000% 10/01/2029	4.16 mm	4.12 mm principal	0.21	Debt	Long	USA
FREDDIE MAC REMICS FHR 5077 LI	4.14 mm	25.07 mm principal	0.21	Debt	Long	USA
FANNIE MAE INTEREST STRIP FNS 431 C35	4.11 mm	60.00 mm principal	0.21	Debt	Long	USA
FANNIE MAE REMICS FNR 2024-22 SA	4.10 mm	70.27 mm principal	0.21	Debt	Long	USA
GE HEALTHCARE TECHNOLOGIES INC 5.650000% 11/15/2027	4.07 mm	3.97 mm principal	0.20	Debt	Long	USA
FI Fiserv, Inc.	4.01 mm	3.95 mm principal	0.20	Debt	Long	USA
FANNIE MAE REMICS FNR 2023-11 SA	3.91 mm	55.01 mm principal	0.20	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2021-216 IC	3.85 mm	28.39 mm principal	0.19	Debt	Long	USA
BNP COLLATERAL BALANCE FS FUNDS	3.82 mm	3.82 mm principal	0.19	Short-term investment vehicle	Long	USA
FREDDIE MAC REMICS FHR 5416 SC	3.82 mm	41.26 mm principal	0.19	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-30 IG	3.81 mm	24.35 mm principal	0.19	Debt	Long	USA
FANNIE MAE REMICS FNR 2022-4 WI	3.80 mm	32.00 mm principal	0.19	Debt	Long	USA
FREDDIE MAC REMICS FHR 5163 JI	3.76 mm	18.77 mm principal	0.19	Debt	Long	USA
ILLUMINATE BUYER LLC / ILLUMINATE HOLDINGS IV INC 9.000000% 07/01/2028	3.75 mm	3.70 mm principal	0.19	Debt	Long	USA
FANNIE MAE REMICS FNR 2021-91 NI	3.73 mm	19.97 mm principal	0.19	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-5 NI	3.72 mm	24.41 mm principal	0.19	Debt	Long	USA
FREDDIE MAC REMICS FHR 5290 TS	3.70 mm	46.33 mm principal	0.19	Debt	Long	USA
FREDDIE MAC REMICS FHR 4998 KI	3.62 mm	16.77 mm principal	0.18	Debt	Long	USA
FREDDIE MAC REMICS FHR 5112 KI	3.61 mm	19.40 mm principal	0.18	Debt	Long	USA
DXCM DexCom, Inc.	3.60 mm	4.03 mm principal	0.18	Debt	Long	USA
FREDDIE MAC REMICS FHR 5184 IO	3.59 mm	17.50 mm principal	0.18	Debt	Long	USA
FREDDIE MAC STRIPS FHS 406 S43	3.52 mm	39.88 mm principal	0.18	Debt	Long	USA
FREDDIE MAC REMICS FHR 5296 ST	3.50 mm	45.58 mm principal	0.18	Debt	Long	USA
FANNIE MAE REMICS FNR 2020-77 HI	3.48 mm	17.00 mm principal	0.17	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2024-65 SU	3.44 mm	59.96 mm principal	0.17	Debt	Long	USA
FREDDIE MAC REMICS FHR 4986 IO	3.41 mm	15.32 mm principal	0.17	Debt	Long	USA
TRIP.COM GROUP LTD 144A 0.750000% 06/15/2029	3.41 mm	2.77 mm principal	0.17	Debt	Long	China
FREDDIE MAC STRIPS FHS 406 S5	3.40 mm	59.82 mm principal	0.17	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-137 JS	3.38 mm	48.61 mm principal	0.17	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-61 IO	3.34 mm	16.41 mm principal	0.17	Debt	Long	USA
BANK OF AMERICA COLLATERAL BALANCE FS FUNDS	3.31 mm	3.31 mm principal	0.17	Short-term investment vehicle	Long	USA
FREDDIE MAC REMICS FHR 5104 GI	3.30 mm	16.82 mm principal	0.17	Debt	Long	USA
AKAM Akamai Technologies, Inc.	3.30 mm	3.29 mm principal	0.17	Debt	Long	USA
CVS CVS Health Corporation	3.24 mm	3.35 mm principal	0.16	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-4 IO	3.23 mm	16.10 mm principal	0.16	Debt	Long	USA
FANNIE MAE REMICS FNR 2024-92 SB	3.16 mm	86.99 mm principal	0.16	Debt	Long	USA
FREDDIE MAC REMICS FHR 5015 BI	3.16 mm	15.04 mm principal	0.16	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-34 IT	3.14 mm	15.17 mm principal	0.16	Debt	Long	USA
FANNIE MAE REMICS FNR 2024-24 SB	3.13 mm	42.85 mm principal	0.16	Debt	Long	USA
TRIVIUM PACKAGING FINANCE BV 144A 5.500000% 08/15/2026	3.06 mm	3.11 mm principal	0.15	Debt	Long	Netherlands
FREDDIE MAC REMICS FHR 5344 SA	3.06 mm	60.26 mm principal	0.15	Debt	Long	USA
UPGRADE RECEIVABLES TRUST 2024-1 UPGR 2024-1A E	3.06 mm	3.04 mm principal	0.15	ABS-mortgage backed security	Long	USA
AMERITEX HOLDCO INTERMEDIATE LLC 144A 10.250000% 10/15/2028	3.05 mm	2.86 mm principal	0.15	Debt	Long	USA
CELANESE US HOLDINGS LLC 6.800000% 11/15/2030	3.04 mm	2.93 mm principal	0.15	Debt	Long	USA
BERRY GLOBAL INC 144A 5.625000% 07/15/2027	3.01 mm	3.03 mm principal	0.15	Debt	Long	USA
KEHE DISTRIBUTORS LLC / KEHE FINANCE CORP / NEXTWA 9.000000% 02/15/2029	2.98 mm	2.87 mm principal	0.15	Debt	Long	USA
SCULPTOR CLO XXVII LTD SCUL 27A E	2.98 mm	3.00 mm principal	0.15	ABS-collateralized bond/debt obligation	Long	Cayman Islands
REPUBLIC FINANCE ISSUANCE TRUST 2024-B REPS 2024-B D	2.97 mm	2.97 mm principal	0.15	ABS-mortgage backed security	Long	USA
FANNIE MAE REMICS FNR 2022-16 QI	2.97 mm	25.40 mm principal	0.15	Debt	Long	USA
FANNIE MAE REMICS FNR 2020-76 MI	2.96 mm	11.58 mm principal	0.15	Debt	Long	USA
LEVEL 3 FINANCING INC 144A 10.750000% 12/15/2030	2.96 mm	2.65 mm principal	0.15	Debt	Long	USA
TKC HOLDINGS INC 144A 6.875000% 05/15/2028	2.96 mm	2.99 mm principal	0.15	Debt	Long	USA
CHARTER COMMUNICATIONS OPERATING LLC / CHARTER COM 6.100000% 06/01/2029	2.92 mm	2.87 mm principal	0.15	Debt	Long	USA
FREDDIE MAC REMICS FHR 5251 MS	2.92 mm	57.82 mm principal	0.15	Debt	Long	USA
TOWD POINT ASSET TRUST 2021-SL1 TPAT 2021-SL1 D	2.92 mm	3.13 mm principal	0.15	ABS-mortgage backed security	Long	USA
FREDDIE MAC REMICS FHR 5354 SL	2.92 mm	37.85 mm principal	0.15	Debt	Long	USA
SFA ISSUER LLC 144A 11.000000% 12/15/2029	2.89 mm	3.00 mm principal	0.14	Debt	Long	USA
FREDDIE MAC REMICS FHR 5336 SA	2.85 mm	59.32 mm principal	0.14	Debt	Long	USA
LNTH Lantheus Holdings, Inc.	2.82 mm	31.56 k shares	0.14	Common equity	Long	USA
HAYFIN EMERALD CLO V DAC HAYEM 5A ER	2.82 mm	2.76 mm principal	0.14	ABS-collateralized bond/debt obligation	Long	Ireland
FANNIE MAE REMICS FNR 2021-4 IV	2.82 mm	12.28 mm principal	0.14	Debt	Long	USA
Select Medical Corp	2.81 mm	2.92 mm principal	0.14	Debt	Long	USA
GSMS TRUST 2024-FAIR GSMS 2024-FAIR D	2.80 mm	2.75 mm principal	0.14	ABS-mortgage backed security	Long	USA
CITIGROUP COMMERCIAL MORTGAGE TRUST 2014-GC23 CGCMT 2014-GC23 C	2.80 mm	2.88 mm principal	0.14	ABS-mortgage backed security	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2023-5 SC	2.79 mm	56.43 mm principal	0.14	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2020-127 IY	2.78 mm	13.80 mm principal	0.14	Debt	Long	USA
FREDDIE MAC REMICS FHR 4989 EI	2.78 mm	13.60 mm principal	0.14	Debt	Long	USA
BRUNDAGE-BONE CONCRETE PUMPING HOLDINGS INC 144A 6.000000% 02/01/2026	2.77 mm	2.77 mm principal	0.14	Debt	Long	USA
FORTRESS CREDIT BSL VII LTD FCBSL 2019-1A ER	2.76 mm	2.75 mm principal	0.14	ABS-collateralized bond/debt obligation	Long	Cayman Islands
VERUS SECURITIZATION TRUST 2023-8 VERUS 2023-8 B1	2.74 mm	2.69 mm principal	0.14	ABS-mortgage backed security	Long	USA
FREDDIE MAC REMICS FHR 5250 SA	2.72 mm	41.96 mm principal	0.14	Debt	Long	USA
PRIME SECURITY SERVICES BORROWER LLC / PRIME FINAN 5.750000% 04/15/2026	2.72 mm	2.72 mm principal	0.14	Debt	Long	USA
FREDDIE MAC REMICS FHR 5036 IB	2.71 mm	11.32 mm principal	0.14	Debt	Long	USA
FREDDIE MAC REMICS FHR 5182 IO	2.69 mm	12.53 mm principal	0.13	Debt	Long	USA
BATRA The Liberty Braves Group	2.66 mm	1.98 mm principal	0.13	Debt	Long	USA
MSTR MicroStrategy Incorporated	2.66 mm	3.33 mm principal	0.13	Debt	Long	USA
LADDER CAPITAL FINANCE HOLDINGS LLLP / LADDER CAPI 4.250000% 02/01/2027	2.66 mm	2.76 mm principal	0.13	Debt	Long	USA
FREDDIE MAC REMICS FHR 5152 YI	2.65 mm	12.70 mm principal	0.13	Debt	Long	USA
FREDDIE MAC STRIPS FHS 357 IO	2.62 mm	12.72 mm principal	0.13	Debt	Long	USA
FREDDIE MAC REMICS FHR 5339 AS	2.60 mm	42.95 mm principal	0.13	Debt	Long	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2017-179 TI	2.60 mm	11.48 mm principal	0.13	Debt	Long	USA
REGIONAL MANAGEMENT ISSUANCE TRUST 2024-1 RMIT 2024-1 D	2.59 mm	2.50 mm principal	0.13	ABS-mortgage backed security	Long	USA
FEDERAL REALTY OP LP 144A 3.250000% 01/15/2029	2.57 mm	2.53 mm principal	0.13	Debt	Long	USA
ACHV ABS TRUST 2024-2PL ACHV 2024-2PL D	2.55 mm	2.55 mm principal	0.13	ABS-mortgage backed security	Long	USA
(New) SG Vol Roll on Rates TRS SOCIETE GENERALE	2.52 mm	28.61 k contracts	0.13	Equity derivative	N/A	USA
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION GNR 2022-188 IE	2.51 mm	13.37 mm principal	0.13	Debt	Long	USA
Wilshire Equity Multi-Factor (Short) TRS BNP Paribas	2.49 mm	102.66 mm contracts	0.12	Equity derivative	N/A	USA
CD&R SMOKEY BUYER INC / RADIO SYSTEMS CORP 144A 9.500000% 10/15/2029	2.48 mm	2.52 mm principal	0.12	Debt	Long	USA
FREDDIE MAC REMICS FHR 5412 MI	2.47 mm	15.26 mm principal	0.12	Debt	Long	USA
FANNIE MAE REMICS FNR 2024-11 IK	2.46 mm	11.59 mm principal	0.12	Debt	Long	USA
FRONTIER COMMUNICATIONS HOLDINGS LLC 144A 5.875000% 10/15/2027	2.44 mm	2.45 mm principal	0.12	Debt	Long	USA