DLP Capital

DLP Capital is a private real estate investment firm headquartered in St. Augustine, Florida, founded by CEO Don Wenner in 2006. It sponsors private funds focused on workforce and attainable housing: credit funds that make senior secured and preferred loans to housing operators, equity funds that buy and develop rental communities, and fixed-rate note offerings. The firm reports more than $5.5 billion in assets under management and about 4,000 current investors. Six offerings are open as of August 2026, all restricted to accredited investors. Minimums run from $100,000 (Living Fully Community Fund) to $200,000 (Preferred Credit Fund, Building Communities Fund, Series A notes) to $500,000 (Housing Fund and Lending Fund). Targeted net annual returns range from 9 to 10% on the Lending Fund up to 12 to 14% on the Building Communities Fund, with preferred returns of 6% to 10% paid monthly; the Series A notes pay a fixed 8% or 9% over five-year terms. DLP says no sponsored fund has missed a preferred return period through June 30, 2025, and that the Lending Fund distributed over $177 million from its 2014 launch through year-end 2024. The fee load is private-equity style: a 2% annual asset management fee on most funds (1.25% on the Preferred Credit Fund) plus a 20% performance fee on distributions above the preferred return, with rebates from $1 million invested. Liquidity is the bigger constraint: the credit funds allow redemptions with 90 days notice, the equity funds only annual windows, Series A notes lock capital for five years, and the Living Fully fund targets a 6 to 8 year hold. Exits depend on fund cash flow and manager discretion, not an SEC-mandated repurchase schedule. One structural caveat: DLP entities act as sponsor, manager, lender, and at times borrower across affiliated vehicles, so investors are underwriting the firm's internal discipline as much as any single deal. In May 2025 a critic, himself twice convicted of fraud, published leverage and related-party allegations against DLP; they remain unproven but sharpen the concentration question. Preferred returns are targets funded by portfolio cash flow, not guarantees. DLP fits accredited investors who can commit $100,000 to $500,000 for years, want monthly income from housing credit and equity, and accept concentrating that bet on one sponsor's underwriting. Skip it if you might need the money back within a year, if 2% plus 20% fees bother you, or if you want daily pricing and third-party custody; public REITs and interval funds cover those needs with far lower minimums.