Blind-pool U.S. residential land fund with two linked sleeves. About 60% finances entitled land and finished lots that a homebuilder has under contract: a Project Company pays 85-90% of cost, the builder pays 10-15% non-refundable, and the builder holds a 24-36 month option to buy back at cost plus a 12-15% annual premium. About 40% buys unentitled or partially entitled land, takes it through entitlement and sells to builders or developers. Finite seven-year term; 8% cumulative preferred return; no investments identified in the offering documents.