The Form 10-K states the REIT originates, acquires and manages commercial real estate loans in North America, primarily senior secured, floating-rate loans and, to a lesser extent, B Notes and mezzanine loans, on stabilized but transitional properties needing moderate further investment. It targets about 90% real estate debt and 10% real estate-related securities. Stated objectives are monthly income, preservation of invested capital, and diversification. At June 30, 2026 the loan book was $2.09 billion at fair value, 63% multifamily, financed with three repurchase facilities and a $924 million CLO.