The full specialty credit and diversified investment spectrum, under one platform.
Total committed capital of $66.283B is deployed across 31 fund vehicles spanning two vintages. The 2026 vintage ($38.990B, 16 funds) covers the specialty real estate lending spectrum. The 2028 vintage ($27.293B, 15 funds) extends the platform into diversified real estate investment — Core, Core-Plus, Value-Add, Growth, Opportunistic, and Special Situations strategies. Combined structure: 23 investment funds ($43.084B), 4 Operations Funds ($6.628B), and 4 Reserve Funds ($16.571B). Each fund is a Delaware LP with its own general partner entity.
Specialty Real Estate Lending — 12 Investment Funds
Bridge and Construction Lending
First-mortgage bridge loans on transitional and near-stabilization commercial assets, plus construction loans for ground-up development with full recourse, interest reserves, completion bonds, and independently verified draw controls.
Mezzanine Debt and Preferred Equity
Financing filling the gap between senior debt and sponsor equity across transitional, value-add, conversion, and development projects — with protective covenants, subordination agreements, and equity participation features.
CMBS Conduit Lending
Commercial mortgage loans underwritten to CMBS credit and structure standards, then securitized through conduit CMBS trust transactions. Revenue from origination fees, gain-on-sale, and special servicing fees on retained interests.
Small Balance Commercial Real Estate Loans
$1M–$15M balance sheet loans on multifamily, mixed-use, retail strip, and small office properties systematically underserved by large CMBS conduits and regional banks — commanding 100–200 bps spread premiums.
SBA Guaranteed Lending
Government-guaranteed small business loans secured by owner-occupied commercial real estate and business assets, capturing premium income in the secondary market and ongoing servicing revenue under the SBA Preferred Lenders Program.
Warehouse Lending and Repo Financing
Warehouse facilities and repurchase agreement financing to mortgage bankers, non-bank lenders, and specialty finance companies — with advance rates against eligible collateral, strict eligibility, and rapid take-out requirements.
Non-QM and Fix-and-Flip Residential Lending
Non-qualified mortgage loans for self-employed professionals, foreign national investors, and real estate investors, plus revolving credit facilities for active residential fix-and-flip investors running professional renovation programs.
Specialty Commercial Banking Platform
A specialty commercial banking and deposit platform serving real estate private equity firms, family offices, and high-net-worth real estate investors with private banking, operating, escrow, and trust services.
Insurance Premium Finance
Premium finance loans to commercial and high-net-worth insurance policyholders — earning net interest margin and origination fees on short-duration, self-liquidating loans secured by the unearned premium refund value of financed policies.
Equipment Finance and Tenant Improvement Lending
Equipment finance and tenant improvement loans to commercial real estate tenants and owner-operators — structured with equipment liens, landlord waivers, and lease assignment collateral aligning repayment with operating performance.
Distressed CRE Loan Acquisitions and Workout
Acquires non-performing and sub-performing CRE loan portfolios from banks, life insurance companies, and CMBS special servicers at discount-to-par — resolving through workout, modification, deed-in-lieu, and foreclosure.
Tax Credit Investments and Syndication
LIHTC, Historic Tax Credits, New Markets Tax Credits, and Opportunity Zone equity — matching allocations with institutional and corporate tax credit investors requiring tax-efficient equity returns.
Dedicated capital for platform infrastructure, liquidity, and capital preservation.
Two Operations Funds ($3.899B) support lending platform operations, human capital, technology, credit infrastructure, and regulatory compliance across the platform. Two Reserve Funds ($9.748B) hold credit loss and regulatory capital reserves alongside LP liquidity and co-investment capacity.
Lending Platform Operations and Human Capital
Funds firm-wide lending platform operations and human capital — origination, underwriting, servicing, portfolio management, and the personnel required to run a nationwide specialty credit franchise at institutional scale.
Technology, Credit Infrastructure and Regulatory Compliance
Capitalizes technology, credit infrastructure, and regulatory compliance — loan-origination systems, servicing platforms, data and risk analytics, cybersecurity, and the compliance program across SEC, state, SBA, and banking regulators.
Credit Loss and Regulatory Capital Reserve
Holds credit loss reserves and regulatory capital across the lending platform — sized to absorb cyclical credit stress in the loan book while satisfying regulatory capital requirements across the SBA program, banking platform, and warehouse facilities.
LP Liquidity and Co-Investment Reserve
Provides LP liquidity capacity and dry powder for co-investment opportunities — supporting redemption windows on eligible vehicles and enabling rapid deployment alongside primary fund commitments on larger originations and structured transactions.
Diversified Real Estate Investment — 11 Investment Funds
The 2028 vintage extends the platform beyond specialty lending into diversified real estate investment strategies — Core, Core-Plus, Value-Add, Growth, Opportunistic, and Special Situations — supported by dedicated Operations and Reserve Funds sized for the vintage.
Stabilized Income-Producing Assets
Core real estate: stabilized, income-producing assets with low leverage. Institutional-quality properties in primary markets underwritten to durable cash flow with conservative debt structures and long-hold horizons.
Stabilized Income-Producing Assets
Second core vehicle allocating to stabilized, income-producing assets with low leverage — diversifying vintage exposure and providing capacity for larger institutional LP allocations to the core mandate.
Stabilized Income-Producing Assets
Third core vehicle continuing the stabilized, low-leverage income mandate. Enables LP capacity and geographic diversification across the core strategy without concentration in a single fund vehicle.
Stabilized Assets with Light Value-Add
Stabilized assets with light value-add and modest leverage — targeting incremental yield through disciplined operational improvements and moderate capital investment on institutional properties in strong markets.
Repositioning and Operational Improvement
Repositioning, operational improvement, and moderate-risk business plans on assets requiring capital and management to unlock durable cash flow and refinancing exits at stabilization.
Repositioning and Operational Improvement
Second value-add vehicle allocating to repositioning and operational-improvement mandates — providing LP capacity and property-type diversification across the moderate-risk business-plan strategy.
Growth Equity in Scaling Operators
Growth equity into scaling real estate operators and platforms — minority and control positions in operators building durable franchises with defensible market positioning and clear paths to institutional scale.
Growth Equity in Scaling Platforms
Second growth vehicle allocating to scaling operators and platforms — continuing the platform-building thesis with expanded capacity for follow-on investments and larger control transactions.
Higher-Risk Development and Distressed
Higher-risk development, distressed acquisitions, and high-return situations — ground-up development in supply-constrained markets, discounted-basis acquisitions from motivated sellers, and complex capital structure workouts.
Higher-Risk Development and Distressed
Second opportunistic vehicle allocating to higher-risk development, distressed, and high-return situations — diversifying vintage and property-type exposure across the opportunistic mandate.
Complex, Dislocated, and Event-Driven
Complex, dislocated, and event-driven investments — rescue capital, recapitalizations, restructurings, and time-sensitive transactions requiring bespoke structuring and rapid execution across the real estate capital stack.
Vintage-dedicated infrastructure, liquidity, and capital preservation.
Two Operations Funds ($2.729B combined) support the 2028 vintage platform operations and technology infrastructure. Two Reserve Funds ($6.823B combined) hold credit-loss and regulatory-capital reserves alongside LP liquidity and co-investment capacity for the vintage.
Lending Platform Operations and Human Capital
Funds 2028-vintage platform operations and human capital — origination, underwriting, portfolio management, and the personnel required to run the diversified investment platform at institutional scale alongside the specialty lending franchise.
Technology, Credit Infrastructure and Regulatory Compliance
Capitalizes technology, credit infrastructure, and regulatory compliance for the 2028 vintage — investment management systems, data and risk analytics, cybersecurity, and the compliance program across SEC, state, and banking regulators.
Credit Loss and Regulatory Capital Reserve
Holds credit-loss reserves and regulatory capital for the 2028 vintage — sized to absorb cyclical stress across the diversified investment portfolio while satisfying regulatory capital requirements across the platform.
LP Liquidity and Co-Investment Reserve
Provides LP liquidity capacity and dry powder for co-investment opportunities within the 2028 vintage — supporting redemption windows on eligible vehicles and enabling rapid deployment alongside primary fund commitments on larger transactions.
What drives the platform's return architecture.
Collateral-First Underwriting
Across all twelve specialty lending mandates, collateral quality, LTV discipline, and independent valuation are the primary risk defense mechanisms. No loan is approved on borrower relationship alone.
Spread Premium Capture
Each fund targets segments where bank regulatory constraints, CMBS structural limitations, or specialized complexity create 100–300 bps of durable spread above comparable institutional lending rates.
Fee & Equity Return Engine
Fund XII's tax credit syndication generates institutional syndication fees, asset management income, and developer equity returns — a capital-light complement to the interest income of the lending funds.
Discuss a fund commitment.
Institutional LP investors — endowments, foundations, insurance companies, family offices, and sovereign investors — are invited to engage our investor relations team directly.