The prospectus states the Fund seeks current income to pay consistent cash distributions while preserving capital. It invests at least 80% of net assets in residential and commercial real estate and real estate-related assets: private real estate equity, preferred equity, mezzanine and senior debt (largely through affiliated, unregistered vehicles), development, plus agency CMBS/RMBS and short-term investments. It uses Borrowings, including reverse repurchase agreements.