Devonshire Fund, LLC is a boutique Commercial Real Estate Opportunity Fund. Shares are not offered through Broker/Dealers or any other commission based distribution channel. There is no internal investment management fee. The Fund purchases properties or property portfolios that generate free cash flow after debt service (CFADS) based on existing net operating income (NOI). There are no plans for speculative development or the purchase of individual properties with little or no cash flow. Properties are typically Retail Shopping Centers, but in the course of business, the Fund may acquire properties representing other categories (e.g. as a small part of a multi-property portfolio). A competitive quarterly dividend distribution (currently 6%) is offered, and unlike many Commercial Real Estate Funds, is 100% covered by Funds From Operations (FFO). The Fund is for Accredited Investors only.