In short: Half of the 20% "dry powder" — instead of cash: "very carefully managed… very high quality, top of the capital structure, duration of two, but it yields basically 6%. So it's a lot better than buying a T-bill."
Despite the scary name, this isn't a bet on office buildings. It owns the safest, first-in-line slices of commercial-property loan bonds, with a short "duration" of about two years (so rising rates barely dent its price), and yields around 6%. Gundlach uses it instead of cash: "a lot better than buying a T-bill" for money he's keeping ready to deploy.
12:48But I don't just buy cash. I don't like cash. I think you can get a spread above cash. So we have two funds that we're splitting that between, 10% each. DCRE, which is a commercial real estate ETF, before everybody says he breaks out into hives when he recommends something like that. It's very carefully managed. It's also very high quality, top of the capital structure, duration of two — but it yields basically 6%.
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