They have a cool strategy. From what I have seen they primarily originate very large first mortgages, syndicate the top piece and then hold the resulting B-piece/Mezz tranche(s). I believe they also do some traditional 1st mortgage lending and some SASB CMBS as well. They are raising their 6th fund right now.

 
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Typically debt fund pricing is highly influenced by their funding source. CLO and Life-co backed debt funds tend to run the cheapest, followed by debt funds with warehouse lines and repo facilities and then followed by balance sheet debt funds (aka hard money). 

Examples of each:

CLO: Loancore. Pricing: L+300-500 

Life Co BS: Voya. Pricing: L+275-400

Warehouse Line: Readycap. Pricing: L+450-650

Balance Sheet: 3650 REIT. Pricing 10%+

 

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