Originates, acquires, finances and manages primarily senior secured, floating-rate commercial real estate loans in U.S. and European markets, secured by core and core-plus multifamily, industrial, student housing, senior housing and self-storage collateral, generally up to 75% LTV with ~3-year initial terms plus extensions. May to a lesser extent invest in infrastructure loans, CMBS and CLOs (none held at 6/30/2026). Earns the spread between loan coupons (6.19% wtd. avg.) and repo financing costs (5.23%), levered to a 60–75% target.