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DLP Capital Website
DLP Capital Overview
DLP Capital is a private real estate investment firm dedicated to addressing the affordable housing crisis through impact-driven investments that align purpose with prosperity. Founded by Don Wenner in 2006, the company has evolved from a small real estate operation into a vertically integrated investment platform with over $5 billion in assets under management (AUM) and a mission to create 5,000 thriving communities—positively impacting 10 million lives.
Through its private credit and private equity real estate funds, DLP Capital provides financing for residential development and workforce housing projects, enabling investors to achieve strong returns while contributing to meaningful social outcomes. The firm’s flagship funds, including the DLP Lending Fund, Income & Growth Fund, and Preferred Credit Fund, are structured to generate consistent income, long-term appreciation, and measurable community impact.
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 13 consecutive years and positioned it as a top performer in the private real estate investment space.
At the heart of DLP’s culture are its 10 core values, including integrity, grit, servant leadership, stewardship, and community, which shape both its business practices and relationships with investors, residents, and team members. Under Wenner’s leadership, DLP continues to expand its reach—now encompassing DLP Bank, real estate lending, and philanthropic initiatives—while maintaining its founding principle: “Success with significance.”
Address
St Augustine,
Florida
Year Founded
2006
Operates In
Florida
Asset Classes
Multifamily
RV Parks
Single Family
Accepted Investors
Accredited
Pascal W.
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"10%+ Yield, 3 Years, 1st Position Only"
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.
David H.
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"First Debt Fund I Invested in"
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
Randy S.
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"Excellent Partner and Investor Experience"
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.
