The prospectus states the Fund seeks to maximize current income and preserve investor capital, with a secondary focus on long-term capital appreciation. It concentrates in the real estate industry, investing opportunistically in commercial multifamily real estate-related loans and other debt, real estate-related equity securities (including preferred equity) and structured or securitized investments such as Freddie Mac B-Piece certificates and CRE CLOs, with broad adviser discretion and no stated allocation limits. At least 80% of net assets go to real estate and related debt. The Fund uses leverage, mainly reverse repurchase agreements.