Open-ended real estate credit fund that earns the spread between its lending yield and its cost of funds. It originates and acquires primarily floating-rate first mortgage, bridge and mezzanine loans and debt-like preferred equity ($5M–$50M, 12–60 month terms) on transitional commercial real estate, chiefly affordable and workforce multifamily. Part of the book targets Community Reinvestment Act consideration, passed through to bank holders of its Preferred CRA Interests. Targets a 10%–12% net return to Common holders.