Fund
Development
Equity
506(c)
12–16%
$200,000
Evergreen
Florida
Texas
Tennessee
South Carolina
Build-to-Rent
Construction
Development
Hospitality
Mobile Home Parks
Accredited
Family Office
Institutional
DLP Capital is a private real estate investment firm driven to solve the affordable housing crisis through non-concessionary impact investments that target a greater ROI for purpose-driven investors: success with significance. Founded by Don Wenner in 2006, the company has evolved from a small real estate operation into a vertically integrated private real estate investment firm with over $5.5 billion in assets under management (AUM*) and a mission to create 5,000 thriving communities—positively impacting 10 million lives.
Through DLP Capital’s majority evergreen sponsored private credit and private equity real estate investment funds, DLP Capital develops, manages, and provides financing for attainable housing projects throughout the U.S., leveraging its experience as a multifamily developer and operator to vet investment opportunities that they believe have the greatest potential to drive strong returns for investors while contributing to meaningful social outcomes.
DLP’s rapid growth is fueled by its Elite Execution System (EES)—a proprietary business framework emphasizing operational excellence, disciplined growth, and high accountability. This model has earned DLP recognition on the Inc. 5000 list of America’s Fastest-Growing Companies for 14 consecutive years, positioning it as a top performer in the private real estate investment space.
DLP emphasizes the importance of acting as a good steward of investor capital, never losing sight of the trust thousands of impact-driven accredited investors have placed in DLP across the country.
*As of 12/31/2025. AUM is the value of the assets DLP Capital manages, which include real estate and real estate-backed loans.
I've been invested in the DLP lending fund for 2 years now and I've been pleased with their communications, performance, and transparency. I also 'tested' the redemption and I got $s back promptly. I also appreciate their values and their 'platform' I would recommend to other investors.
The DLP Lending Fund is an evergreen private REIT that originates first-position bridge loans secured by senior first-lien mortgages on workforce housing. Loan durations are 6–24 months. The fund targets 9–10% net annual returns with a 9% preferred return and an 80/20 split. Founded in 2014, $2B target AUM, $200K minimum, audited by CohnReznick. I've been in this fund for three years and have consistently received over 10% annualized yield. Monthly distributions, on time. I've tested redemption twice and gotten my capital back within six weeks both times — the stated terms are 90 days' notice, but in practice it's been faster. It's a REIT structure (1099-DIV, not K-1), which simplifies taxes and qualifies for the 199A QBI deduction. Management fees are subordinated to investor distributions. First-position only, backed by real estate and personal guarantees. That said, I have two growing concerns. First, DLP has increasingly been lending to their own portfolio. I believe somewhere between 20–30% of the fund's loans are now to DLP-affiliated entities. That's a conflict of interest worth watching. When the lender and the borrower are the same organization, the underwriting discipline can shift — even if unintentionally. Second, the fund's construction loan exposure has grown significantly. When I first invested, construction loans were around 18% of the portfolio. That number has grown to over 42% and seems to keep climbing. After my experience with the Pelorus Cannabis Fund, I now understand the difference between a bridge loan on a stabilized asset and a construction loan on a project that's mid-build. They are fundamentally different risk profiles. A first-position construction loan is still riskier than a first-position bridge loan on a cash-flowing property. If the construction loan concentration continues to grow, it will likely cause me to reduce a significant portion of my exposure in this fund. For now, the track record speaks for itself — but I'm watching these trends closely. Lesson for other LPs: Even in a fund you love, monitor the portfolio composition over time. The fund you invested in two years ago may not be the same fund today. Ask for the loan tape. Track the mix between stabilized bridge loans and construction loans. Track affiliated-party lending. The returns can stay consistent while the underlying risk profile quietly shifts.
I've been invested with DLP for over 2 years in the Preferred Lending Fund and have been to a couple o their educational events. I have been extremely happy with the returns they have been as projected. I have been even more impressed with their leadership and feel confident that they are vertically Integrated that if challenges come they will be able to navigate them better then others. I also appreciate the positive philanthropy and impact they make with their investor, employees, and the communities they serve. I can confidently recommend all their funds including the lending and the housing funds to others
Don Wenner and the team at DLP Capital are true stewards of investor capital. The onboarding process was easy, the communication is 2nd to none, the returns have been fantastic, and the overall vision and moral conduct of the group are amazing. I would highly suggest investors to consider investing with DLP Capital.