Originates, acquires and manages a portfolio of loans and debt-like preferred equity secured by, or related to, commercial real estate, mostly senior floating-rate loans to experienced sponsors. It may also hold non-distressed real estate debt securities and invest in CRE credit operating companies. Assets are primarily in North America, with up to 30% in selected European and Asia-Pacific countries. Returns come from net interest income on a portfolio financed with repurchase facilities, term loans, a revolver and managed CRE CLOs. Objectives: stable monthly income, capital protection and diversification.