v3.26.1
Consolidated Statement of Cash Flows (Unaudited)
 6 Months Ended
Jun. 30, 2026
USD ($)
Operating Activities:  
Net income $ 1,206,436
Adjustments to reconcile net income to net cash used in operating activities:  
Net amortization of discounts on residential mortgage loans (81,751)
Net realized gain on residential mortgage loans (26,383)
Net unrealized gain on residential mortgage loans, mortgage servicing rights investments and derivative contracts (636,794)
Amortization of deferred financing costs 130,355
Net change in:  
Increase in receivables (571,453)
Increase in prepaid and other assets (54,225)
Increase in due from related parties (1,122,131)
Increase in accounts payable and accrued liabilities 184,654
Net cash used in operating activities (971,292)
Investing Activities:  
Purchases of residential mortgage loans (29,945,586)
Proceeds from residential mortgage loans 351,075
Purchases of mortgage servicing rights investments (9,223,645)
Net cash used in investing activities (38,818,156)
Financing Activities:  
Private offering, net 26,959,450
Distributions paid, net of distributions reinvested (827,779)
Principal payments on repurchase agreement (283,005)
Borrowings under line of credit 6,700,000
Repayments of line of credit (6,700,000)
Proceeds from investments sold under agreement to repurchase 22,573,948
Deferred financing costs (533,426)
Offering costs paid in connection with issuance of common stock (19,701)
Net cash provided by financing activities 47,869,487
Net increase in cash 8,080,039
Cash, beginning of period 203,272
Cash, end of period 8,283,311
Supplemental disclosure of cash flow information and non-cash investing activities:  
Cash paid for interest 561,786
Investing in securities using a repurchase agreement 15,452,816
Amounts incurred but not paid (including amounts due to related parties):  
Accrued but unpaid offering costs $ (12,968)