For debt deals, we target a net Annual Percentage Rate to investors of 7-12%. For preferred equity, we target a net current preferred return to investors of 7-12%, and net total preferred return (including any backend accrual) in the low to mid teens. For equity deals, we target a net cash-on-cash return of 6-12% to investors (though will accept lower in certain major markets), and net IRR to investors in the mid-teens. In all cases, we must determine that deals offer attractive risk-adjusted returns to our investors in order to accept a deal, considering factors including (but not limited to) market fundamentals, quality of the underlying asset, and track record of the originating real estate firm.