Seeks attractive risk-adjusted returns and current income. Invests at least 80% of Managed Assets in public and private real estate-related debt, with a majority in residential and residential-related investments: short-term residential transitional loans (typically 12 to 36 months) held through a wholly owned subsidiary, homebuilder land banking loans or joint ventures, residential mezzanine loans, and agency and non-agency RMBS, CMBS and credit risk transfer securities. Most holdings are below investment grade or unrated. Uses leverage, mainly reverse repurchase agreements, within the 1940 Act 33 1/3% limit, and may use derivatives.