Originates, acquires and manages a portfolio of senior floating-rate loans secured by U.S. commercial real estate, focused on first-mortgage bridge loans on transitional properties being renovated or repositioned. May also hold subordinated and mezzanine loans, B-notes, participations and CMBS. Earns net interest income from loan spreads over SOFR, financed largely through matched-term CLOs, repurchase facilities and credit facilities; sub-adviser Rialto originates and recommends investments.