Credit-focused diversified mortgage REIT that invests in the senior parts of the capital structure. Originates and acquires primarily senior secured, floating-rate commercial real estate loans (multifamily, hospitality, industrial, retail, senior housing), complemented by residential real estate-related assets such as tax liens, mortgage servicing rights and residential bridge loans. Seeks current income through regular monthly distributions, preservation of capital through conservative loan-to-value lending, and a diversified credit allocation, using repurchase-facility and revolving-credit leverage.