c$.$ A capital stack comprised of $15\%$ Common Equity $($JV Equity$),15\%$ Mezzanine loans, and

$70\%$ Senior loans will have a lower WACC than a capital stack comprised of $20\%$

Common Equity $($JV Equity$),10\%$ Mezzanine loans, and $70\%$ Senior loans, all else equal

and following conventional risk$/$return wisdom.