Delaware private fund investing exclusively in debt or debt-like positions secured by commercial real estate that qualify as REIT real estate assets, chiefly bridge and construction loans: first and second mortgages (including B-notes) and mezzanine loans, originated or acquired. Targets hospitality, land and homebuilder development and construction lending. Targets 11-13% net returns with 2-5 year asset holds. Uses leverage at fund and deal level, with no contractual debt limit. Sponsor affiliates originate, service and manage assets.