Originates, acquires and manages commercial real estate debt - primarily floating-rate first mortgage bridge loans, with authority for subordinate and mezzanine loans, CMBS, REIT senior unsecured debt and net-lease equity. Earns the spread between loan yields and repo/participation financing costs. Now closed to new capital: management is working out foreclosed REO, resumed originations in 2026, and says it is positioning for a possible strategic transaction.