The filings state the REIT seeks current income through regular cash distributions, preservation of invested capital, and reduced downside risk through conservative loan-to-value ratios. Its primary strategy is to originate, acquire, finance and manage U.S. real estate loans, mainly floating-rate senior bridge loans and subordinate or mezzanine interests secured by multifamily and seniors housing, and to a lesser extent liquid real estate debt, CLOs and cash equivalents. After ramp-up it targets leverage of about 60% to 80% of gross asset value. Distributions are at the board's discretion and may be paid from sources other than operations.