After a detailed sourcing, selection, and due diligence process, Robinland underwrites (or has a real estate PE partner to underwrite) a real estate debt or equity project and sets up an SPV (Special Purpose Vehicle) to hold the asset. Using that SPV, Robinland issues a private (e.g. Reg D) or public fund (i.e. Reg A+) fund via the so-called STO (Security Token Offering) process. After the filing (and/or approval) with the SEC (the U.S. Security and Exchange Commission), Robinland issues security tokens under the ERC-1400 protocol, a well-established token standard that uses computer code to enforce the security laws, to be pledged with DeFi lenders or to be sold to individual investors.