The Los Angeles mortgage REIT has so far invested, or committed to invest $189 million, or 69% of what it had initially raised. In a regulatory filing, it said it thought “there are abundant opportunities among our target assets that currently present attractive risk-return profiles.” And with its initial kitty nearly depleted, it figured it would try to raise additional cash.

The REIT’s shares were priced at $20 at their initial public offering in September. They were trading at $20.82 today. The company also had declared a 7 cents/share dividend for the fourth quarter.

In declaring the dividend, Richard Saltzman, chief executive and president of Colony Financial, said, “We are enthusiastic about our initial investment activity and the pace and quality of the deals we’re seeing.”

There will always be distressed sellers who are forced into liquidation. Events can unfold rather quickly thereafter, as sellers rush to unload ahead of the rush.

“Without scale you are wasting your time,” said Zell, who just returned from a trip to Morocco.

Zell appeared soured on China, citing uncertainty over corporate governance and treatment of foreign investors

“There’s’ no question that China is going to grow and there’s no question there is going to be demand,” he said. “Whether or not an outsider can benefit from that is becoming more questionable everyday.”