Dear Investor,
DLP Capital shares that as interest rates fall, private credit returns are normalizing, putting a spotlight on how deals are structured and not just what they invest in. This environment rewards disciplined underwriting, smart use of fixed and floating rates, and a strong focus on downside protection.
By way of disclosure, we have an advertising relationship with DLP Capital, meaning we get paid for making this introduction and sharing this content. As always with these types of deals, consider this an introduction and not a recommendation. Every deal is unique and the responsibility to vet any and every deal you invest in still lies with you. This opportunity is for accredited investors only.
Benchmark interest rates are now at their lowest levels in more than three years, following multiple Federal Reserve rate cuts since late 2024,1 with futures markets continuing to signal the potential for additional cuts ahead.2
Returns across the private asset class have started to moderate as interest rates fall, placing greater emphasis on how deals are structured, not just where capital is deployed.
DLP Capital's fund platform, including the DLP Lending Fund and DLP Preferred Credit Fund are intentionally structured for this phase of the cycle. We focus on:
- Fixed-rate lending to help preserve yield as rates fall
- Floating-rate back leverage, allowing borrowing costs to reset lower more quickly
- Conservative underwriting, with loans backed by tangible real estate collateral and disciplined loan-to-value ratios
This structure is designed to support spreads with more resilient yield while prioritizing capital preservation—particularly important as return dispersion across private credit continues to widen.
In a market where headline returns are compressing, structure, discipline, and asset quality matter more than ever. DLP's approach is built to navigate changing rate environments while staying focused on downside protection and long-term performance.
Falling rates expose weak structures quickly. Proactive investors who understand which loans are secured, which borrowers are sound, and which strategies are structured to preserve both principal and return.
Learn more about investing with DLP Capital and how our private credit strategy is positioned for today's market.
For those interested in a deeper look at the market dynamics behind this shift, you can read the full article by DLP Capital's Director of Family Office & RIA Investor Relations, Shawn Groves, here.
The table is set, the conversation is ready, all we're missing is you.
As DLP Capital heads into its 20th anniversary year, we're cooking up new ways to connect. We've noticed that some of you have wanted to join us for dinner, but we haven't been to your area yet.
So we asked ourselves: how can we give you access?
On January 22nd at 6:30 PM, we're treating you to our first Virtual Dinner. Grab your favorite takeout, settle into your most comfortable spot, and join us from wherever you are.
How It Works
- Each registered attendee receives one DoorDash voucher emailed the day of the webinar
- Must be 18+ and accredited to attend
- Multiple adults in a household? Each person must register individually to receive a voucher
- To receive a DoorDash voucher, registration and accreditation verification must be completed by the day before the event.
Save your seat before reservations close. We'll see you at the table.
The DLP Living Fully Community Fund
DLP Capital is proud to introduce The DLP Living Fully Community Fund, our first new sponsored fund in four years and our first non-evergreen fund in more than six.
The Fund pairs attainable housing with lifestyle-driven, hospitality-focused, Thriving Communities to target strong returns for investors—advancing DLP's mission to deliver long-term value while helping address America's housing challenges.
It is anchored by the DLP's LivingFully Resorts, thoughtfully curated destinations that blend premium RV sites, vacation cottages, flexible event spaces, and resort-style amenities designed for anyone from family vacations and group retreats to weddings, reunions, and other celebrations.
Previously limited to existing investors, the Fund opened to all investors on January 1, 2026, with a $100,000 minimum investment, offering a streamlined way to participate in DLP's growing portfolio of lifestyle-focused communities that blend wellness, hospitality, and long-term investment value.
[DOWNLOAD FUND UPDATES FACT SHEET]
DLP Capital is a private real estate investment firm headquartered in St. Augustine, FL that has been named to the prestigious Inc. 5000 as one of America's Fastest-Growing Companies for 13 consecutive years. DLP Capital-sponsored funds target long-term capital appreciation, high current income, and tax-advantaged wealth for accredited investors.
The Funds make impact investments focused on the financing, asset management, and development of attainable rental housing for working families in Sun Belt markets with strong fundamentals.
Learn more about DLP Capital today
Thank you for your time, and as always, your feedback is welcome and appreciated.
Jim and Brett
James M. Dahle, MD, FACEP
Founder, The White Coat Investor
Brett Stevens, MBA
COO, The White Coat Investor
1How Declining Interest Rates Could Impact Private Credit. DLP Capital. January 2025.
2FedWatch. CME Group. October 2025.
3As of June 30, 2025. AUM is the value of the assets DLP Capital manages, which includes real estate and real-estate-backed loans.
THIS DOES NOT CONSTITUTE AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS IN ANY DLP CAPITAL-SPONSORED FUND. ANY OFFERING OF SECURITIES OR SOLICITATION IN CONNECTION WITH THE SALE OF SECURITIES WILL BE MADE PURSUANT TO OFFERING DOCUMENTS. INVESTING IN PRIVATE REAL ESTATE FUNDS AND NOTES SECURED BY REAL ESTATE HAS CERTAIN INHERENT RISKS, WHICH COULD RESULT IN THE LOSS OF SOME OR ALL OF YOUR PRINCIPAL INVESTMENT. PAST PERFORMANCE STATED HEREIN IS NOT AN INDICATOR OF FUTURE RESULTS AND DLP CAPITAL CAN IN NO WAY GUARANTEE OR WARRANT YOUR SUCCESS. CONSULT YOUR TAX ADVISOR OR FINANCIAL ADVISOR BEFORE INVESTING. PLEASE SEE EACH FUND'S OFFERING DOCUMENTS FOR FULL DETAILS AND DISCLOSURES.
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