0002066337 2026-01-01 2026-06-30 0002066337 cnls:CommonClassEMember 2026-08-12 0002066337 cnls:CommonClassFaMember 2026-08-12 0002066337 2026-06-30 0002066337 2025-12-31 0002066337 cnls:CommonClassEMember 2026-06-30 0002066337 cnls:CommonClassEMember 2025-12-31 0002066337 cnls:CommonClassFaMember 2026-06-30 0002066337 cnls:CommonClassFaMember 2025-12-31 0002066337 us-gaap:CommonClassAMember 2026-06-30 0002066337 us-gaap:CommonClassAMember 2025-12-31 0002066337 cnls:CommonClassTMember 2026-06-30 0002066337 cnls:CommonClassTMember 2025-12-31 0002066337 cnls:CommonClassDMember 2026-06-30 0002066337 cnls:CommonClassDMember 2025-12-31 0002066337 cnls:CommonClassIMember 2026-06-30 0002066337 cnls:CommonClassIMember 2025-12-31 0002066337 2026-04-01 2026-06-30 0002066337 cnls:CommonClassEMember 2026-04-01 2026-06-30 0002066337 cnls:CommonClassEMember 2026-01-01 2026-06-30 0002066337 cnls:CommonClassFaMember 2026-04-01 2026-06-30 0002066337 cnls:CommonClassFaMember 2026-01-01 2026-06-30 0002066337 us-gaap:CommonStockMember 2026-03-31 0002066337 us-gaap:AdditionalPaidInCapitalMember 2026-03-31 0002066337 us-gaap:RetainedEarningsMember 2026-03-31 0002066337 2026-03-31 0002066337 us-gaap:CommonStockMember 2026-04-01 2026-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2026-04-01 2026-06-30 0002066337 us-gaap:RetainedEarningsMember 2026-04-01 2026-06-30 0002066337 us-gaap:CommonStockMember 2026-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2026-06-30 0002066337 us-gaap:RetainedEarningsMember 2026-06-30 0002066337 us-gaap:CommonStockMember 2025-03-31 0002066337 us-gaap:AdditionalPaidInCapitalMember 2025-03-31 0002066337 us-gaap:RetainedEarningsMember 2025-03-31 0002066337 2025-03-31 0002066337 us-gaap:CommonStockMember 2025-04-01 2025-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0002066337 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0002066337 2025-04-01 2025-06-30 0002066337 us-gaap:CommonStockMember 2025-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2025-06-30 0002066337 us-gaap:RetainedEarningsMember 2025-06-30 0002066337 2025-06-30 0002066337 us-gaap:CommonStockMember 2025-12-31 0002066337 us-gaap:AdditionalPaidInCapitalMember 2025-12-31 0002066337 us-gaap:RetainedEarningsMember 2025-12-31 0002066337 us-gaap:CommonStockMember 2026-01-01 2026-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2026-01-01 2026-06-30 0002066337 us-gaap:RetainedEarningsMember 2026-01-01 2026-06-30 0002066337 us-gaap:CommonStockMember 2024-12-31 0002066337 us-gaap:AdditionalPaidInCapitalMember 2024-12-31 0002066337 us-gaap:RetainedEarningsMember 2024-12-31 0002066337 2024-12-31 0002066337 us-gaap:CommonStockMember 2025-01-01 2025-06-30 0002066337 us-gaap:AdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0002066337 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0002066337 2025-01-01 2025-06-30 0002066337 cnls:AdvisorMember 2025-03-26 2025-03-26 0002066337 cnls:SubadvisorMember 2025-03-26 2025-03-26 0002066337 cnls:PrivateOfferingMember 2026-01-29 2026-06-30 0002066337 2026-01-29 2026-06-30 0002066337 cnls:AdvisorMember 2025-01-01 2025-06-30 0002066337 cnls:SubadvisorMember 2025-01-01 2025-06-30 0002066337 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2026-01-01 2026-06-30 0002066337 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2026-06-30 0002066337 cnls:BungalowMember 2026-01-01 2026-06-30 0002066337 cnls:RcredNesMember 2026-01-01 2026-06-30 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember 2025-12-31 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember 2026-05-22 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember 2025-12-31 2025-12-31 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember cnls:CommitmentFeeMember 2025-12-31 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember cnls:DeferredCostsMember 2025-12-31 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember cnls:DeferredCostsMember 2026-06-30 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember 2026-01-01 2026-06-30 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember 2026-06-30 0002066337 us-gaap:RevolvingCreditFacilityMember cnls:LoanAgreementMember cnls:ValleyNationalBankMember us-gaap:AssetPledgedAsCollateralMember 2026-06-30 0002066337 srt:MaximumMember cnls:RepurchaseAgreementMember 2026-01-30 0002066337 cnls:RepurchaseAgreementMember 2026-01-30 0002066337 cnls:RepurchaseAgreementMember us-gaap:SubsequentEventMember 2026-07-30 0002066337 cnls:RepurchaseAgreementMember 2026-06-30 0002066337 srt:MinimumMember cnls:RepurchaseAgreementMember 2026-01-01 2026-06-30 0002066337 srt:MaximumMember cnls:RepurchaseAgreementMember 2026-01-01 2026-06-30 0002066337 cnls:ResidentialMortgageLoansMember us-gaap:AssetPledgedAsCollateralMember us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2026-06-30 0002066337 cnls:ResidentialMortgageLoansMember us-gaap:AssetPledgedAsCollateralMember us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2026-01-01 2026-06-30 0002066337 cnls:MortgageLoansUnpaidPrincipalBalanceMember us-gaap:AssetPledgedAsCollateralMember us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2026-06-30 0002066337 us-gaap:InterestRateContractMember 2026-06-30 0002066337 us-gaap:InterestRateContractMember us-gaap:LongMember 2026-06-30 0002066337 us-gaap:InterestRateContractMember us-gaap:ShortMember 2026-06-30 0002066337 us-gaap:InterestRateContractMember 2026-01-01 2026-06-30 0002066337 us-gaap:FairValueInputsLevel1Member 2026-06-30 0002066337 us-gaap:FairValueInputsLevel2Member 2026-06-30 0002066337 us-gaap:FairValueInputsLevel3Member 2026-06-30 0002066337 us-gaap:LoansReceivableMember 2025-12-31 0002066337 cnls:MortgageServicingRightsMember 2025-12-31 0002066337 us-gaap:LoansReceivableMember 2026-01-01 2026-06-30 0002066337 cnls:MortgageServicingRightsMember 2026-01-01 2026-06-30 0002066337 us-gaap:LoansReceivableMember 2026-06-30 0002066337 cnls:MortgageServicingRightsMember 2026-06-30 0002066337 us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDiscountRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputExpectedTermMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputPrepaymentRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MinimumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDefaultRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:MaximumMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDefaultRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 srt:WeightedAverageMember us-gaap:FairValueInputsLevel3Member us-gaap:MeasurementInputDefaultRateMember us-gaap:ValuationTechniqueDiscountedCashFlowMember 2026-06-30 0002066337 cnls:BalbecCapitalHoldingsLpMember 2025-03-26 2025-03-26 0002066337 cnls:AdvisorAndSubadvisorMember 2026-01-29 2026-01-29 0002066337 cnls:WaivingOfFeesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-01-31 0002066337 cnls:AdvisorAndSubadvisorMember 2026-06-30 0002066337 cnls:AdvisorMember 2026-01-01 2026-06-30 0002066337 cnls:SubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember 2025-03-26 0002066337 cnls:AdvisorMember 2026-01-01 2026-06-30 0002066337 cnls:SubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember us-gaap:CommonClassAMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassIMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassDMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassTMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassFaMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember 2026-06-30 0002066337 srt:MaximumMember cnls:AdvisorAndSubadvisorMember cnls:NonfounderSharesMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:NonfounderSharesMember 2026-06-30 0002066337 srt:MaximumMember cnls:AdvisorAndSubadvisorMember cnls:FounderSharesMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:FounderSharesMember 2026-06-30 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassFaMember 2026-12-31 0002066337 cnls:AdvisorAndSubadvisorMember us-gaap:CommonClassAMember 2026-12-31 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassTMember 2026-12-31 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassDMember 2026-12-31 0002066337 cnls:AdvisorAndSubadvisorMember cnls:CommonClassIMember 2026-12-31 0002066337 cnls:AdministrativeServicesFeesMember cnls:AdvisorMember 2026-01-01 2026-06-30 0002066337 cnls:MasterServicingFeesMember cnls:PrpAdvisorsLlcMember 2026-01-01 2026-06-30 0002066337 cnls:OrganizationReimbursementMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:OrganizationReimbursementMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:OfferingReimbursementMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:OfferingReimbursementMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:BaseManagementFeesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:BaseManagementFeesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:TotalReturnIncentiveFeesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:TotalReturnIncentiveFeesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:ExpenseSupportMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:ExpenseSupportMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:AdministrativeServicesFeesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:AdministrativeServicesFeesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:OperatingAdministrativeAndComplianceServicesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:OperatingAdministrativeAndComplianceServicesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:MasterServicingFeesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:MasterServicingFeesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:OperatingServicesMember cnls:AdvisorAndSubadvisorMember 2026-04-01 2026-06-30 0002066337 cnls:OperatingServicesMember cnls:AdvisorAndSubadvisorMember 2026-01-01 2026-06-30 0002066337 cnls:ExpenseSupportMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:DueFromAffiliateMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:DueFromAdvisorMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:TotalReturnIncentiveFeesMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:BaseManagementFeesMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:OrganizationAndOfferingExpensesMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:AdministrativeServicesFeesMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:MasterServicingFeesMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 cnls:DueToAdvisorMember us-gaap:RelatedPartyMember 2026-06-30 0002066337 us-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2026-06-30 0002066337 cnls:ResidentialMortgageLoansMember 2026-06-30 0002066337 cnls:BarclaysBankPlcMember cnls:ResidentialMortgageLoansMember 2026-06-30 0002066337 cnls:GuaranteeToBungalowGroupMember 2026-06-30 0002066337 cnls:BungalowGroupLoanMember 2026-06-30 0002066337 2025-01-21 0002066337 stpr:CA cnls:MortgageLoansUnpaidPrincipalBalanceMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-06-30 0002066337 stpr:FL cnls:MortgageLoansUnpaidPrincipalBalanceMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-06-30 0002066337 stpr:CA cnls:MortgageServicingRightsInvestmentMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-06-30 0002066337 stpr:KS cnls:MortgageServicingRightsInvestmentMember us-gaap:GeographicConcentrationRiskMember 2026-01-01 2026-06-30 0002066337 cnls:CommonClassFaMember us-gaap:SubsequentEventMember 2026-07-31 0002066337 us-gaap:CommonClassAMember us-gaap:SubsequentEventMember 2026-07-31 0002066337 cnls:CommonClassTMember us-gaap:SubsequentEventMember 2026-07-31 0002066337 cnls:CommonClassIMember us-gaap:SubsequentEventMember 2026-07-31 0002066337 cnls:CommonClassEMember us-gaap:SubsequentEventMember cnls:PrivateOfferingMember 2026-07-01 2026-08-12 0002066337 cnls:CommonClassEMember us-gaap:SubsequentEventMember 2026-07-01 2026-08-12 0002066337 cnls:CommonClassEMember us-gaap:SubsequentEventMember 2026-08-12 0002066337 cnls:CommonClassFaMember us-gaap:SubsequentEventMember cnls:PrivateOfferingMember 2026-07-01 2026-08-12 0002066337 cnls:CommonClassFaMember us-gaap:SubsequentEventMember 2026-07-01 2026-08-12 0002066337 cnls:CommonClassFaMember us-gaap:SubsequentEventMember 2026-08-12 0002066337 us-gaap:SubsequentEventMember cnls:PrivateOfferingMember 2026-07-01 2026-08-12 0002066337 us-gaap:SubsequentEventMember 2026-07-01 2026-08-12 0002066337 us-gaap:SubsequentEventMember 2026-08-12 0002066337 us-gaap:SubsequentEventMember 2026-07-01 2026-08-31 0002066337 us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember 2026-06-30 iso4217:USD iso4217:USD shares pure 0002066337 CNL Strategic Residential Credit, Inc. false --12-31 Q2 2026

0.001

100000000

0.001

50000000

966038

8000

0.001

100000000

121068

0.001

200000000

0.001

200000000

0.001

200000000

0.001

250000000

6700000

0.0551

0.0165

0.019

296084

5.5 7.7 0.0125 0.0125 0.0125 24.75 24.75 24.75 24.75 false false false false

356856

10-Q true 2026-06-30 false 000-56755 MD 33-3001463 450 South Orange Avenue, Ste 1400 Orlando FL 32801 407 650-1000 Yes Yes Non-accelerated Filer true true false false 977638 243800

44917370

9177251

8283311

203272

867602

46402

68487

679421

1109163 0

65080520

271825

37386903

185029

68675

37571932

68675

966

121

27135569

199992

371932

3150

27508588

203150

65080520

271825

788828

1014388

565075

726771

223753

287617

698452 636794

317600

558160

26383

1042435

1221337

223024

770318

142113

284370

49250

175245

46605

83762

6635

14872

8216 9008

5298

7134

5518 6966

1908

5478

488567

1357153

163079 1055318 325488 301835

940700

1207119

683

940017

1206436

0.9

1.39

1.21

2.13

966038

817833

54753

33901

997967

998

24940188

-58508

24882678

940017

88743

2213411

2213500

-0

509577

396

9875

-0

27905

-0

27905

1087106

1087

27135569

371932

27508588

8000

199992

200000

8000

199992

200000

8000

199992

3150

203150

1206436

1078710

1079

26958371

26959450

-0

837654

396

9875

-0

32669

-0

32669

1087106

1087

27135569

371932

27508588

8000

199992

200000

8000

199992

200000

1206436

-81751

26383

636794

130355

571453

54225

1122131

184654

-971292

29945586

351075

9223645

-38818156

26959450

827779

283005

6700000

22573948

533426

19701

47869487

8080039

203272

8283311

561786

15452816 -12968

<a class="rdg-anchor" href="#"></a><a class="rdg-anchor" href="#" id="notes"></a>1. Organization CNL Strategic Residential Credit, Inc. (the “Company”) is a Maryland corporation formed on January 21, 2025. The Company and its subsidiaries are externally managed by CNL Residential Credit Manager, LLC (the “Advisor”), an affiliate of CNL Financial Group, LLC, and by Balbec Capital Management, L.P. (the “Sub-Advisor” and together with the Advisor, the “Advisors”), an affiliate of Balbec Capital, L.P. The Advisors are registered as investment advisers under the Investment Advisers Act of 1940, as amended. The Company has entered into an advisory agreement (as the same may be amended or restated from time to time, the “Advisory Agreement”) with the Advisor, pursuant to which the Advisor is responsible for the overall management of the Company’s activities. The Company has also entered into an administrative services agreement (as the same may be amended or restated from time to time, the “Administrative Services Agreement”) with the Advisor, pursuant to which the Advisor will provide administrative services to the Company. The Company and the Advisor have entered into a sub-advisory agreement (as the same may be amended or restated from time to time, the “Sub-Advisory Agreement”) with the Sub-Advisor, pursuant to which the Sub-Advisor is responsible for the day-to-day management of the Company’s assets. The Company’s investment strategy is to acquire, finance and manage a diversified portfolio of primarily U.S. performing and re-performing whole loan mortgages, mortgage servicing rights (“MSRs”) and residential mortgage-backed securities (“RMBS”). The Company has structured some of its investments in MSRs through other entities for which the returns are based on underlying MSR cash flows. On March 26, 2025 (date of capitalization), the Company was capitalized with investments of $100,000 by the Advisor and $100,000 by an affiliate of the Sub-Advisor. In September 2025, the Company commenced a private offering of its shares of common stock in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), to investors who are accredited investors (as defined in Regulation D under the Securities Act) (the “Private Offering”). On January 29, 2026, the Company held an initial closing for Class E shares and Class FA shares in the Private Offering. As of June 30, 2026, the Company has raised aggregate gross proceeds from the Private Offering of $26,969,325, including $9,875 received through our distribution reinvestment plan.

100000

26969325

9875

Basis of Presentation and Consolidation The accompanying financial statements have been prepared in accordance with principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company. In the opinion of management, all normal and recurring adjustments necessary to present fairly the financial condition of the Company at June 30, 2026 and results of operations for all periods presented have been made. The consolidated statement of operations and consolidated statement of cash flows are not comparative due to minimal activity prior to the initial closing for Class E and Class FA shares on January 29, 2026. There was no activity for the quarter and six months ended June 30, 2025 in the consolidated statement of operations. The only activity for the six months ended June 30, 2025 in the consolidated statement of cash flows was the financing cash inflow relating to the initial capitalization of the Company of $100,000 by the Advisor and $100,000 by an affiliate of the Sub-Advisor. The consolidated financial statements of the Company include the direct wholly owned subsidiaries that were formed to facilitate the Company’s investment strategy. All intercompany accounts and transactions have been eliminated. In addition, the Company consolidates entities established to facilitate transactions related to the acquisition and securitization of residential whole loans. The Company consolidates all entities in which it has a controlling financial interest through majority ownership or voting rights and variable interest entities for which it is the primary beneficiary. In determining whether the Company has a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, it considers whether the entity is a variable interest entity (“VIE”) and whether the Company is the primary beneficiary. The Company is the primary beneficiary of a VIE when it has (i) the power to direct the most significant activities impacting the economic performance of the VIE and (ii) the obligation to absorb losses or receive benefits significant to the VIE. Entities that do not qualify as VIEs are generally considered voting interest entities (“VOEs”) and are evaluated for consolidation under the voting interest model. VOEs are consolidated when the Company controls the entity through a majority voting interest or other means. As of June 30, 2026, the Company has consolidated one VIE of which the Company is the primary beneficiary, see Note 8, Variable Interest Entity.

100000

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities.

Cash Cash consists of cash on deposit with financial institutions. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.

Fair Value Measurements The Company reports various investments at fair value in accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurement. A fair value measurement represents the price at which an orderly transaction would occur between willing market participants at the measurement date. This definition of fair value focuses on exit price and prioritizes the use of market‑based inputs over entity‑specific inputs when determining fair value. In addition, the framework for measuring fair value establishes a three‑level hierarchy for fair value measurements based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. See Note 6, Fair Value Measurements, for further discussion on fair value measurements. The Company accounts for any purchases or sales of investments on a trade date basis. At the time of disposition, realized gains or losses on sales of investments are determined based on a specific identification basis and will be recorded as a component of “Realized gain on residential mortgage loans” in the consolidated statements of operations. Residential Mortgage Loans and Mortgage Servicing Rights Investments at Fair Value The Company’s investments in residential mortgage loans and mortgage servicing rights investments are recorded using the fair value option in ASC Topic 825 - Financial Instruments and therefore recorded at fair value in the consolidated balance sheets. Changes in fair value are reported in “Unrealized gain on residential mortgage loans, mortgage servicing rights investments and derivatives” in the consolidated statements of operations. See Note 7, Related Party Arrangements, for additional information on the mortgage servicing rights investments. The residential mortgage loans are actively managed and monitored and, as appropriate, certain interest rate risks of the loans may be mitigated through the use of derivatives and mortgage servicing rights investments. The Company has elected not to designate the derivatives as qualifying accounting hedges, and therefore, they are carried at fair value. The changes in fair value of the loans are largely offset by changes in the fair value of the derivatives and mortgage servicing rights investments. The fair value option allows the Company to reduce the accounting volatility that would otherwise result from the asymmetry created by accounting for the financial instruments at the lower of cost or fair value and the derivatives at fair value. Derivative Financial Instruments, at Fair Value The Company uses interest rate futures derivative instruments to economically hedge a portion of its exposure to market risks, including interest rate risk. Derivatives are accounted for in accordance with ASC 815, Derivatives and Hedging, which requires recognition of all derivatives as either assets or liabilities at fair value on the consolidated balance sheets. These derivative financial instrument contracts are not designated as hedges for GAAP purposes; therefore, all changes in fair value are reported in “Unrealized loss on residential mortgage loans, mortgage servicing rights investments and derivatives” in the consolidated statements of operations. See Note 5, Derivative Financial Instruments, for further information. Unrealized Gain (Loss) The following table summarizes components of unrealized gain on residential mortgage loans, mortgage servicing rights investments and derivatives for the six months ended June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">Six Months Ended</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:83%;">Unrealized gain on residential mortgage loans</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:14%;">57,992</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Unrealized loss on mortgage servicing rights investments</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:14%;">(46,394</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Unrealized gain on interest rate futures</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:14%;">625,196</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total unrealized gain on residential mortgage loans, mortgage servicing rights investments and derivatives, net</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:14%;">636,794</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

57992

-46394

625196

636794

Revenue Recognition Income from Residential Mortgage Loans Interest income on residential mortgage loans is recognized using the effective interest method over the life of the loans. Interest income recognition is suspended when residential mortgage loans are placed on non-accrual status. Generally, residential mortgage loans and commercial mortgage loans are placed on non-accrual status when delinquent for more than ninety (90) days or when determined not to be probable of full collection. Interest accrued, but not collected, at the date residential mortgage loans are placed on non-accrual status is reversed against interest income and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. Interest received after the loan becomes past due or impaired is applied to outstanding interest receivable, if applicable, and subsequently recognized as interest income as received. Income from Mortgage Servicing Rights Investments Income from mortgage servicing rights investments is recognized monthly based on the available cash in the special-purpose entities, which is based on cash receipts for certain MSR participation interests. Distributions that represent returns of capital in excess of profits and losses are credited to the investment cost rather than income. See Note 7, Related Party Arrangements, for further information. Interest income on Cash Interest income on money market and Insured Cash Sweep accounts is recognized on an accrual basis to the extent that the Company earns interest on cash deposited.

Accounts Receivable The following table summarizes components of accounts receivable at June 30, 2026 and December 31, 2025: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:15%;">June 30,</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;width:15%;">December 31,</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:15%;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:15%;">2025</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;">Interest receivable</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">502,149</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;">Principal receivable</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">296,084</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;">Other receivables</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">69,369</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">66</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:66%;">Total accounts receivable</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">867,602</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);border-top:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:14%;">66</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td></tr> </tbody></table>

502149

296084 0

69369

867602

Organization and Offering Expenses The Advisor and Sub-Advisor have agreed to advance organization and offering expenses associated with one or more of the Company’s offerings, including its Private Offering (including legal, accounting, and other expenses attributable to the organization, but excluding upfront selling commissions, dealer manager fees and shareholder servicing fees). Organization and offering expenses are recorded to the accompanying balance sheets only to the extent the Company receives gross proceeds and they do not exceed 1.5% of the cumulative gross proceeds from its offerings unless otherwise waived by the Advisor. When recorded by the Company, organizational expenses are expensed as incurred, and offering expenses are charged to shareholders’ equity as incurred. Recognized amounts due to the Advisor but not paid are recognized as a liability on the balance sheet. See Note 7, Related Party Arrangements for further information.

Repurchase Agreements At times, the Company finances purchases of residential mortgage loans through the use of a repurchase agreement. The repurchase agreements are treated as collateralized financing transactions, which expire within approximately two years or less and are carried at their contractual amounts. Interest paid and accrued in accordance with repurchase agreements is recorded as interest expense.

Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 4, Financing Arrangements) are deferred and amortized over the life of the related financing arrangement using the effective yield method. The amortization of deferred financing costs is included in interest expense in the Company’s consolidated statements of operations.

Earnings Per Share Earnings per common share is determined by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Distributions The Company’s board of directors has declared and intends to continue to declare distributions based on monthly record dates. The Company’s distributions are paid in the same month as the declared record date. Distributions are made on all classes of the Company’s shares at the same time. The Company has adopted a distribution reinvestment plan that provides for reinvestment of distributions on behalf of stockholders at the stockholders’ election for all share classes except for Class E.

Income Taxes Prior to January 1, 2026, the Company was subject to U.S. federal and state income taxes as a taxable corporation. The Company intends to elect to be taxed as a REIT under the Internal Revenue Code commencing with its taxable year ending December 31, 2026 and generally will not be subject to U.S. federal corporate income taxes on its taxable income to the extent it annually distributes its net taxable income to its stockholders and maintains its qualification as a REIT. In connection with that election, RCRED TRS Holding, Inc. ("TRS"), a wholly owned corporate subsidiary organized in 2025, elected taxable REIT subsidiary status effective January 1, 2026. TRS is subject to U.S. federal, state and local income taxes. Accordingly, beginning in 2026, the Company’s income tax provision will primarily relate to taxes incurred by TRS and certain state and local taxes. The Company has not yet filed its initial tax return.

Risks and Uncertainties The Company’s investment activities expose it to various types of risks that are associated with the financial instruments in which it invests. The significant types of financial risks to which the Company is exposed include, but are not limited to, credit risk, interest rate risk, liquidity risk and prepayment risk. Certain aspects of those risks are addressed below. Credit Risk Investment portfolios with debt instruments are subject to credit risk. Financial strength and solvency of a debtor influence credit risk. In addition, lack or inadequacy of collateral or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument. Interest Rate Risk The Company is subject to interest rate risk, and typically the value of interest bearing securities (e.g., residential mortgage loans) will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease and vice versa. Subject to maintaining its qualification as a REIT and maintaining its exclusion from regulation as an investment company under the Investment Company Act of 1940, as amended (the “Investment Company Act”), the Company may utilize various derivative instruments and other hedging instruments to mitigate interest rate risk. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities or contingent liabilities. Among other things, liquidity could be impaired by an inability to access secured and unsecured sources of financing or to sell assets. The Company has a financing facility that is structured as a repurchase agreement with a financial institution to finance the residential whole loans which are pledged as collateral. Amounts available to be borrowed under the repurchase agreement are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the bank, mortgage finance and real estate industries. If the fair value of the pledged securities declines, lenders will typically require the Partnership to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements (“margin calls”). If the fair value of the pledged securities increases, lenders may release collateral back to the Company. The repurchase agreement includes various financial and liquidity covenants for which the failure to comply would constitute an event of default. As of June 30, 2026, the Company was in compliance with all covenants. Prepayment Risk The frequency at which prepayments occur on residential mortgage loans will be affected by a variety of factors including the prevailing level of interest rates as well as economic, demographic, tax, social, legal, and other factors. Generally, mortgage obligors tend to prepay their mortgages when prevailing mortgage rates fall below the interest rates on their mortgage loans. The adverse effects of prepayments may impact the Company in two ways. First, particular investments may experience outright losses, as in the case of an interest‑only security in an environment of faster actual or anticipated prepayments. Second, particular investments may underperform relative to the financial instruments that the Company may have constructed to reduce specific financial risks for these investments, resulting in a loss to the Company.

Segment Reporting An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Company’s CODM is its Chief Financial Officer. The Company has determined it currently operates in a single operating segment and has one reportable segment, which is to acquire, invest in, and finance mortgage-related assets. The CODM reviews net income on the Company's portfolio of residential mortgage loans, residential mortgage loans in securitization trusts, RMBS, and other assets as presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. Net income as used by the CODM in this context is consistent with that presented within the Company’s consolidated financial statements. Segment assets are reflected on the accompanying Balance Sheet as “total assets” and significant segment expenses are consistent with the accompanying statement of operations.

Recently Issued Accounting Standards Updates In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (or “ASU 2024-03”). The amendments in ASU 2024-03 primarily require entities to disclose additional details regarding certain expenses on both an annual and interim basis. ASU 2024-03 is effective for public business entities for fiscal years beginning after December 15, 2026. Early adoption is permitted. The Company has not completed an analysis of the impact of ASU 2024-03 but does not expect that the adoption of ASU 2024-03 will have a significant impact on its consolidated financial statement disclosures.

3. Residential Mortgage Loans and Mortgage Servicing Rights Investments - at Fair Value Residential Mortgage Loans - at Fair Value Residential mortgage loans are measured at fair value. The Company’s residential mortgage loans are primarily acquired loans on one-to-four family residential properties that are not considered to meet the definition of a “Qualified Mortgage” in accordance with guidelines adopted by the Consumer Financial Protection Bureau (“Non-QM loans”), a portion of which are performing or re-performing scratch and dent (S&D) mortgage loans. S&D mortgage loans are loans that contain imperfections, such as underwriting errors, incomplete documentation, or minor compliance issues identified after the loan was closed and funded. These flaws do not necessarily mean the borrower is in default; many S&D loans are still performing, meaning payments are being made on time. The following table sets forth the cost, unpaid principal balance, net discount on mortgage loans purchased, fair value, weighted average interest rate and weighted average remaining contractual maturity of the Company’s residential mortgage loan portfolio as of June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:85%;">Acquisition cost</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0px;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0px;width:12%;">44,751,243</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Unpaid principal balance</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">47,122,776</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Net discount on mortgage loans purchased</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(2,263,398</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Change in fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">57,992</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Fair Value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Weighted average interest rate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">5.86</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">%</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Weighted average remaining contractual maturity (years)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">27.5</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> </tbody></table> The following table sets forth data regarding the number of residential mortgage loans secured by residential real property which are 90 or more days past due and the recorded investment and unpaid principal balance of such loans as of June 30, 2026. <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">June 30,</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td></tr> <tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">2026</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:85%;">Number of mortgage loans 90 or more days past due</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">2</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Recorded investment in mortgage loans 90 or more days past due</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">465,633</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Unpaid principal balance of loans 90 or more days past due</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:12%;">505,228</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> </tbody></table> No residential mortgage loans as of June 30, 2026 are in foreclosure proceedings. Mortgage Servicing Rights Investments - at Fair Value During 2026, the Company invested $6,749,861 in two special-purpose entities managed by Bungalow Residential, LLC or Bungalow Funding, LLC that acquire MSR participation interests for Federal Home Loan Mortgage Corporation mortgage loans for specified Servicing Concentration Risk (“SCR”) pools in exchange for an upfront cash payment. During 2026, RCRED NES acquired $2,473,784 in MSR participation interests for Federal Home Loan Mortgage Corporation mortgage loans for specified SCR pools in exchange for an upfront cash payment. Bungalow Residential, LLC and Bungalow Funding, LLC are affiliates of Balbec.

44751243

47122776

-2263398

57992

44917370

0.0586 P27Y6M

465633

505228

6749861

2473784

4. Financing Arrangements Line of Credit On December 31, 2025, the Company and Valley National Bank, a Tennessee banking corporation, (referred to as “Valley National Bank”) entered into a loan and security agreement (the “Loan Agreement”) for a revolving line of credit (the “Line of Credit”) for up to $15,000,000, subject to the Company’s available borrowing base. On May 22, 2026, the Loan Agreement was amended to permit the extension of credit of up to $5,000,000 to be used to satisfy Company liquidity covenants under existing repurchase agreement facilities (the “Amendment”). The available borrowing base will be equal to 100% of the amount held with the Company’s escrow agent, UMB Bank, N.A. The Company is required to pay interest on any borrowed amounts under the Line of Credit at a rate per year equal to the term secured overnight financing rate plus 2.75%. Advances under the Line of Credit shall be repaid upon the earlier of the following: (i) 90 days from the date such advance was made or (ii) the Line of Credit maturity date. Unless extended, the Line of Credit has a maturity date of December 31, 2026. In connection with the Line of Credit, the Company paid a commitment fee to Valley National Bank of $37,500 plus the payment of Valley National Bank’s expenses associated with the Line of Credit of $31,175 in January 2026. In connection with the Amendment, the Company paid Valley National Bank’s expenses associated with the Amendment of $14,588 in June 2026. The unamortized commitment fee and deferred costs are included in “Deferred financing cost” in the Company’s consolidated balance sheets as of June 30, 2026. The Company may prepay, without penalty, all or any part of the borrowings under the Loan Agreement at any time. Under the Loan Agreement, the Company is required to comply with certain covenants including the requirement to provide certain financial and compliance reports to Valley National Bank. As described in the Loan Agreement, the Company is required to maintain cash accounts with Valley National Bank, including to repay outstanding borrowings with proceeds from the Company’s offering as they are swept at the end of the month, as a pledge of collateral to pay down the outstanding debt to the extent there are any borrowings outstanding under the Loan Agreement. The Company had borrowed and repaid $6,700,000 under the Line of Credit for the period ended June 30, 2026. No amounts under the Line of Credit were outstanding as of June 30, 2026. No cash collateral was pledged as of June 30, 2026. Repurchase Agreement On January 30, 2026, RCRED Craftsman Administrator, LLC (“Craftsman”), an indirect, wholly-owned special-purpose financing subsidiary of the Company, entered into the master repurchase agreement (together with the related transaction documents, the “Repurchase Agreement”), with Goldman Sachs Bank USA (“Goldman Sachs”), to finance the acquisition by Craftsman of eligible loans as more particularly described in the Repurchase Agreement. The Repurchase Agreement provides for asset purchases by Goldman Sachs for a maximum amount of up to $400 million. Advances under the Repurchase Agreement accrue interest at a per annum rate equal to the Term SOFR (as defined in the Repurchase Agreement) plus a price differential margin as agreed upon by Goldman Sachs and Craftsman for each transaction. The maturity date of the facility is January 30, 2028, unless extended or earlier terminated in accordance with the terms of the Repurchase Agreement. In connection with the Repurchase Agreement, the Company provided a Guaranty (the “Guaranty”), which may become full recourse to the Company upon the occurrence of certain events as described in the Guaranty. The Repurchase Agreement and the Guaranty contain representations, warranties, covenants, events of default and indemnities that are customary for agreements of their type. The Guaranty requires that the Company’s cash liquidity shall not at any time fall below (i) for the six months following January 30, 2026, $5,000,000 and (ii) thereafter, $10,000,000. On July 16, 2026, the Company and Goldman Sachs entered into an Amended and Restated Guaranty Agreement (“Guaranty Amendment”) which amends the Guaranty Agreement (the “Guaranty Agreement”) previously entered into by such parties to provide a guaranty to the Repurchase Agreement. The Guaranty Amendment extends the period during which the Company is required to maintain a lower cash liquidity covenant under the Guaranty Agreement to eleven months following January 30, 2026. In connection with the Repurchase Agreement, the Company incurred legal fees of $450,538. The unamortized commitment fee and deferred costs are included in “Repurchase agreement, net of deferred financing costs” in the Company’s consolidated balance sheets as of June 30, 2026. Amounts available to be borrowed under the Repurchase Agreement are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the bank, mortgage finance and real estate industries. If the fair value of the pledged securities declines, lenders will typically require the Company to post additional collateral or pay down borrowings to re-establish agreed upon collateral requirements. If the fair value of the pledged securities increases, lenders may release collateral back to the Company. As of June 30, 2026, the Company was in compliance with all covenants. The following table summarizes certain characteristics of the Repurchase Agreement as of June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="7" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Asset Based Financing</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="12" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:44%;">Portfolio Pledged as Collateral</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Weighted</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Weighted</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Average</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Average</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Interest</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">Maturity</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Collateral</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Interest</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Principal</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Rate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">Date</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Type</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Principal</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Fair Value</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">Rate</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:21%;">Repurchase agreement</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">37,743,759</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">5.51% (SOFR + 1.65% - 1.90%)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">1/30/2028</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">Residential mortgage loans</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">47,122,776</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:8%;">5.86</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:21%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:8%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">Principal receivable</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:8%;">296,084</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:8%;">296,084</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:8%;">n/a</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> </tbody></table>

15000000

5000000 1

0.0275

37500

31175

14588

6700000

400000000

5000000 10000000

450538

37743759

47122776

44917370

0.0586

625196

45174000

625196

6. Fair Value Measurement Definition and Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable or unobservable: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:54pt;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="padding:0;vertical-align:top;width:18pt;">•</td><td class="ck-editor__editable ck-editor__nested-editable" style="padding:0;vertical-align:top;">Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:54pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;">•</td><td style="padding:0;vertical-align:top;">Unobservable inputs are inputs that reflect the reporting entity’s own assumptions.</td></tr> </tbody></table> A fair value hierarchy for inputs is implemented in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are used when available. The availability of valuation techniques and the ability to attain observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is newly issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. The fair value hierarchy is categorized into three broad levels based on the inputs as follows: Level 1 - Valuations based on unadjusted, quoted prices in active markets for identical assets and liabilities. Level 2 - Valuations based on quoted prices in an inactive market, or on models whose inputs are observable either directly or indirectly for substantially the full term of the assets and liabilities. Level 2 inputs include (i) quoted prices for similar assets in active markets; (ii) quoted prices for identical or similar assets in markets that are not active; (iii) inputs that are derived principally from or corroborated by observable market data by correlation or other means; and (iv) inputs other than quoted prices that are observable for the assets. Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level of input that is significant to the fair value measurement. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. The availability of observable inputs is affected by a variety of factors. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each asset. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s Level 3 investments in accordance with the Company’s valuation policy and procedures approved by the board of directors, based on, among other factors, the input of the Advisor, the Sub-Advisor, the Company’s audit committee, and independent third-party valuation firms. The determination of the fair value of the Company’s Level 3 assets for which market prices are not available, requires judgment. For most of the Company’s assets, market prices will not be available. Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a readily available market value existed for such assets, and the differences could be material. Furthermore, through the valuation process, the Company’s board of directors may determine that the fair value of the Company’s Level 3 assets differs materially from the values that were provided by independent valuation firms. For financial reporting purposes, the Company follows a fair value hierarchy established under GAAP that is used to determine the fair value of financial instruments. This hierarchy prioritizes relevant market inputs in order to determine an “exit price” at the measurement date, or the price at which an asset could be sold or a liability could be transferred in an orderly process that is not a forced liquidation or distressed sale. Level 1 inputs are observable inputs that reflect quoted prices for identical assets or liabilities in active markets. Level 2 inputs are observable inputs other than quoted prices for an asset or liability that are obtained through corroboration with observable market data. Level 3 inputs are unobservable inputs (e.g., the Company’s own data or assumptions) that are used when there is little, if any, relevant market activity for the asset or liability required to be measured at fair value. In certain cases, inputs used to measure fair value fall into different levels of the fair value hierarchy. In such cases, the level at which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input requires judgment and considers factors specific to the asset or liability being measured. Valuation Techniques and Inputs Following are descriptions of the valuation methodologies used to measure the Company’s assets and liabilities measured at fair value: Residential Mortgage Loans - The Company recognizes residential mortgage loans at fair value. Residential mortgage loans are categorized as Level 3 in the fair value hierarchy and valued using a Discounted Cash Flow ("DCF") approach in which the expected future cash flows (principal, interest, prepayments) are discounted to present value using a market participant discount rate. Mortgage Servicing Rights Investments - Mortgage servicing rights investments' values are based on an evaluation of the net assets of the special-purpose entity holding the MSR participation interests, whereby the entity assets are valued by the present value of future cash flows from servicing certain loans, adjusted for prepayment, default risk, and servicing costs. Mortgage servicing rights investments are categorized as Level 3 in the fair value hierarchy. Futures Contracts - Futures contracts that are traded on an exchange are valued at their last reported sales price as of the valuation date. Listed futures contracts are categorized in Level 1 of the fair value hierarchy. The following table sets forth information about the Company’s financial assets and liabilities measured at fair value as of June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">As of June 30, 2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Level 1</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Level 2</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Level 3</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Total</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:52%;">Assets, at fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Residential mortgage loans, at fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Mortgage servicing rights investments, at fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">9,177,251</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">9,177,251</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Other assets, at fair value (1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">625,196</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">625,196</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total assets, at fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">625,196</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">54,094,621</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:9%;">54,719,817</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> <hr style="background-color:rgb(0, 0, 0);border-color:currentcolor;border-image:none;border-style:none;border-width:medium;color:rgb(0, 0, 0);height:1px;margin:3pt auto 3pt 0px;text-align:left;width:10%;"/> FOOTNOTES: <table style="border-collapse:collapse;height:auto;width:100%;"><tbody><tr><td style="padding:0;vertical-align:top;width:18pt;"> (1)</td><td style="padding:0;vertical-align:top;">Represents unrealized gain on interest futures contracts.</td></tr> </tbody></table> The following table provides a reconciliation of investments for which Level 3 inputs were used in determining fair value for the six months ended June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="10" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Six Months Ended June 30, 2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">Residential</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">Mortgage</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">Mortgage</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">Servicing Rights</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Loans</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Investments</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">Total</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:55%;">Fair value balance as of January 1, 2026</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Additions</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">45,398,402</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">9,223,645</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">54,622,047</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;">Principal repayment</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">(194,194</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;">)</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">(194,194</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Discount amortization, net</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">81,751</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">81,751</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Disposals</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(426,581</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(426,581</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Net change in fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">57,992</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(46,394</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">11,598</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Fair value balance as of June 30, 2026</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">9,177,251</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">54,094,621</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of June 30, 2026, were as follows: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" colspan="12" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:100%;">As of June 30, 2026</td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:2%;"></td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Principal</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">Fair</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:2%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Valuation</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Unobservable</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:1%;"></td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;">Investment</td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">Value</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:2%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Technique</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Inputs</td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">Range</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">Average</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 1px;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;">Residential mortgage loans, at fair value</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">44,917,370</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:2%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">DCF</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Discount Rate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">6.50% - 7.50%</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">7.00</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:2%;"></td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Expected Life (years)</td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">4.5 - 6.5 years</td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">5.5 years</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;">Mortgage servicing rights investments, at fair value</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">9,177,251</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:2%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">DCF</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Discount Rate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">9.01% - 9.02%</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">9.01</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:2%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Expected Life (years)</td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">4.1 - 8.4 years</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:15%;">7.7 years</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:2%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Prepayment rate (CPR)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">5.21% - 7.58%</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">7.21</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">%</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px;width:2%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">Default Rate (CDR)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">0.12% - 0.13%</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">0.13</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">%</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:23%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;">54,094,621</td><td style="font-family:Times New Roman;font-size:10pt;padding:0px 0px 3px;width:2%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px 0px 3px;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0px;width:14%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0px 0px 3px;width:1%;"></td></tr> </tbody></table>

44917370

9177251

625196

54094621

54719817

45398402

9223645

54622047

194194

-0

194194

81751 0 81751

426581

-0

426581

57992

-46394

11598

44917370

9177251

54094621

44917370

0.065 0.075 0.07

9177251

0.0901 0.0902 0.0901 0.0521 0.0758 0.0721 0.0012 0.0013 0.0013

54094621

7. Related Party Arrangements Equity Transactions On March 26, 2025, the Company was capitalized through the purchase by the Advisor of 4,000 Class E shares for an aggregate purchase price of $100,000 and by Balbec Capital Holdings, L.P. (“Balbec”), an affiliate of the Company’s Sub-Advisor, of 4,000 Class E shares for an aggregate purchase price of $100,000. On January 29, 2026, the Company held an initial closing for its Private Offering. The initial closing included purchases of 96,000 Class E shares for an aggregate purchase price of $2,400,000 from each of the Advisor and Balbec. When recorded by the Company, operational expenses are expensed as incurred. Any amounts due to the Advisor and Sub-Advisor but not paid are recognized as a liability on the balance sheet. Mortgage Servicing Rights Investments Purchases During 2026, the Company invested $6,749,861 in two special-purpose entities managed by Bungalow Residential, LLC or Bungalow Funding, LLC that acquire MSR participation interests for Federal Home Loan Mortgage Corporation mortgage loans for specified Servicing Concentration Risk (“SCR”) pools in exchange for an upfront cash payment. During 2026, RCRED NES acquired $2,473,784 in MSR participation interests for Federal Home Loan Mortgage Corporation mortgage loans for specified SCR pools in exchange for an upfront cash payment. Bungalow Residential, LLC and Bungalow Funding, LLC are affiliates of Balbec. Organizational and Offering Expenses Waiver In order to maximize cash available for investment during the launch of the Company, the Advisor and Sub-Advisor have provided written notice to the Company of their agreement to waive the organization and offering reimbursement related to January 2026 cumulative gross proceeds of $367,589 to which they are entitled under the Advisory Agreement and Sub-Advisory Agreement, respectively. Distributions Individuals and entities affiliated with the Advisor and Sub-Advisor owned approximately 236,000 shares as of June 30, 2026. These individuals and entities received distributions from the Company of approximately $118,000 and $196,667 during the quarter and six months ended June 30, 2026. Summary of Related Party Fees and Expenses Organization and Offering Reimbursement The Company will reimburse the Advisor and the Sub-Advisor, along with their respective affiliates, for the organization and offering costs (other than selling commissions and dealer manager fees) they have incurred on the Company’s behalf only to the extent that such expenses do not exceed 1.5% of the cumulative gross proceeds from the Private Offering. As of June 30, 2026, the Advisor has incurred organization and offering expenses on the Company’s behalf of approximately $196,249 and $1,554,010, respectively. As of June 30, 2026, the Sub-Advisor has incurred organization and offering expenses on the Company’s behalf of approximately $85,430 and $5,206, respectively. These organization and offering expenses are not recorded on the accompanying consolidated balance sheets because of the limit of 1.5% of the cumulative gross proceeds from the Private Offering. Base Management Fees The Company pays each of the Advisor and the Sub-Advisor 50% of the total base management fee for their services under the Advisory Agreement and Sub-Advisory Agreement subject to any reduction or deferral of any such fees pursuant to the expense support and conditional reimbursement agreement between the Company, the Advisor and the Sub-Advisor, as amended (the “Expense Support and Conditional Reimbursement Agreement”). The management fee shall be calculated for each share class at an annual rate of (i) 1.25% of NAV for Class A common stock (the “Class A shares”), Class I common stock (the “Class I shares”), Class D common stock (the “Class D shares”) and Class T common stock (the “Class T shares”) (collectively, the “Non-Founder Shares”), and (ii) 1.00% of NAV for the Class FA shares (collectively, the “Founder Shares”) in each case, per annum and payable monthly in arrears and before giving effect to any accruals for the management fee, stockholder servicing fees and total return incentive fee. No management fee will be payable with respect to Class E shares. Total Return Incentive Fees The Company also pays each of the Advisor and the Sub-Advisor 50% of the total return incentive fee for their services under the Advisory Agreement and the Sub-Advisory Agreement. The total return incentive fee is based on the Total Return to Stockholders (as defined below) for each share class in any calendar year, payable annually in arrears. The Company will accrue (but not pay) the total return incentive fee on a monthly basis, to the extent that it is earned on an annualized basis. The Company will perform a final reconciliation of the total return incentive fee calculation at the completion of each calendar year and the total return incentive fee shall be due and payable to the Advisor no later than ninety (90) calendar days following the end of the applicable calendar year. The total return incentive fee may be reduced or deferred by the Advisor and the Sub-Advisor under the Advisory Agreement, Sub-Advisory Agreement and the Expense Support and Conditional Reimbursement Agreement described below. For purposes of this calculation, “Total Return to Stockholders” for each annualized period is calculated for each share class as (i) the change in the net asset value for such share class over such applicable period plus (ii) total distributions for such share class over such applicable period. The terms “Total Return to Non-Founder Stockholders” and “Total Return to Founder Stockholders” mean the Total Return to Stockholders specifically attributable to each particular share class of Non-Founder Shares or Founder Shares, as applicable. The total return incentive fee for each share class is calculated as follows: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:18pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;">•</td><td style="padding:0;vertical-align:top;">No total return incentive fee will be payable in any calendar year in which the annualized Total Return to Stockholders of a particular share class does not exceed 6% (the “Annual Preferred Return”). No total return incentive fee will be payable with respect to Class E shares.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:18pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;">•</td><td style="padding:0;vertical-align:top;">As it relates to the Non-Founder Shares, all of the Total Return to Stockholders with respect to each particular share class of Non-Founder Shares, if any, that exceeds the Annual Preferred Return, but is less than or equal to 7.06%, or the “Non-Founder breakpoint,” in any calendar year, will be payable to the Advisors. 15% of the Total Return to Non-Founder Stockholders of a particular share class of Non-Founder Shares, calculated at each share class level based on the Total Return to Stockholders on Non-Founder Shares, if any, that exceeds the Non-Founder breakpoint, will be payable to the Advisors.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:18pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;">•</td><td style="padding:0;vertical-align:top;">As it relates to Founder Shares, all of the Total Return to Founder Stockholders with respect to each particular share class of Founder Shares, if any, that exceeds the Annual Preferred Return, but is less than or equal to 6.86%, or the “Founder breakpoint,” in any calendar year, will be payable to the Advisors. 12.50% of the Total Return to Founder Stockholders of Founder Shares, calculated at each share class level based on the Total Return to Stockholders on Founder Shares, if any, that exceeds the Founder breakpoint, will be payable to the Advisors.</td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:18pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;">•</td><td style="padding:0;vertical-align:top;">For purposes of calculating the Total Return to Stockholders, the change in the Company’s net asset value is subject to a High Water Mark. The “High Water Mark” is equal to the highest year-end net asset value, for each share class of the Company since inception, adjusted for any special distributions resulting from the sale of the Company’s assets, provided such adjustment is approved by the Company’s board of directors. If, as of each calendar year end, the Company’s net asset value for the applicable share class is (A) above the High Water Mark, then, for such calendar year, the Total Return to Stockholders calculation will include the increase in the Company’s net asset value for such share class in excess of the High Water Mark, and (B) if the Company’s net asset value for the applicable share class is below the High Water Mark, for such calendar year, (i) any increase in the Company’s per share net asset value will be disregarded in the calculation of Total Return to Stockholders for such share class while (ii) any decrease in the Company’s per share net asset value will be included in the calculation of Total Return to Stockholders for such share class. For the year ending December 31, 2026, the High Water Marks which will apply to the incentive fee calculation will be $24.75 for Class FA, A, T, D and I shares.</td></tr> </tbody></table> Expense Support and Conditional Reimbursement The Company entered into the Expense Support and Conditional Reimbursement Agreement with the Advisor and Sub-Advisor, which became effective on May 6, 2025, pursuant to which each of the Advisor and the Sub-Advisor agrees to reduce the payment of base management fees, total return incentive fees and the reimbursements of reimbursable expenses due to the Advisor and the Sub-Advisor under the Advisory Agreement and the Sub-Advisory Agreement, as applicable, to the extent that the Company’s annual regular cash distributions exceed its annual net income (with certain adjustments). The amount of such expense support is equal to the annual (calendar year) excess, if any, of (a) the distributions (as defined in the Expense Support and Conditional Reimbursement Agreement) declared and paid (net of the Company’s distribution reinvestment plan) to shareholders minus (b) the available operating funds, as defined in the Expense Support and Conditional Reimbursement Agreement (the “Expense Support”). For the calendar year ending December 31, 2026, the Expense Support amount may be equal to any negative available operating funds. The Expense Support amount is borne equally by the Advisor and the Sub-Advisor and is calculated as of the last business day of the calendar year. Until the Expense Support and Conditional Reimbursement Agreement is terminated, the Advisor and Sub-Advisor shall equally conditionally reduce the payment of fees and reimbursements of reimbursable expenses in an amount equal to the conditional waiver amount (as defined in and subject to limitations described in the Expense Support and Conditional Reimbursement Agreement). The term of the Expense Support and Conditional Reimbursement Agreement includes an initial term of three years and will automatically renew for successive one-year terms. Expense support is paid by the Advisor and Sub-Advisor annually in arrears. If, on the last business day of the calendar year, the annual (calendar year) year-to-date available operating funds exceed the sum of the annual (calendar year) year-to-date distributions paid per share class (the “Excess Operating Funds”), the Company uses such Excess Operating Funds to pay the Advisor and the Sub-Advisor all or a portion of the outstanding unreimbursed Expense Support amounts for each share class, as applicable, subject to certain conditions (the “Conditional Reimbursements”) as described further in the Expense Support and Conditional Reimbursement Agreement. The Company’s obligation to make Conditional Reimbursements shall automatically terminate and be of no further effect three years following the date on which the Expense Support amount was provided and to which such Conditional Reimbursement relates, as described further in the Expense Support and Conditional Reimbursement Agreement. Administrative Services Fees The Company pays the Advisor administrative services fees at an annual rate of 0.25% per annum of the NAV for each share class of the Company’s common stock. Administrative services fees are payable monthly in arrears. Master Servicing Fees PRP Advisors LLC, an affiliate of Balbec, is the master servicer for the Company’s residential mortgage loans and receives a fee for its services. The Company pays the Sub-Advisor for these fees at an annual rate of 0.25% per annum, calculated monthly based on the prior month’s fair value of residential mortgage loans, paid quarterly in arrears. Related party fees and expenses incurred for the six months ended June 30, 2026, are summarized below: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">Quarter Ended</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">Six Months Ended</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Related Party</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Source Agreement & Description</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0;width:70%;">Advisory Agreement and Sub-Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor and Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Organization reimbursement(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,298</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,134</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Offering reimbursement</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">27,905</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">32,669</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Base management fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,518</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,966</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Total return incentive fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,216</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">9,008</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0;width:70%;">Amended and Restated Expense Support and Conditional Reimbursement Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor and Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Expense support</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">163,079</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,055,318</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Administrative Services Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Administrative services fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">16,668</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">32,415</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:32%;">Advisor</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:37%;">Operating, administrative and compliance services(1)</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">17,690</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">220,087</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Master Servicing Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Master servicing fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">22,690</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">28,982</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Sub-Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:32%;">Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:37%;">Operating services(1)</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">134,487</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">157,727</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> </tbody></table> FOOTNOTE: <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;height:auto;width:100%;"><tbody><tr><td style="padding:0;width:0pt;"> </td><td style="padding:0;vertical-align:top;width:18pt;"> (1)</td><td style="padding:0;vertical-align:top;">Expenses subject to Expense Support, if applicable.</td></tr> </tbody></table> The following table presents amounts due (to) from related parties net as of June 30, 2026: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;">Six Months Ended</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:85%;">Due from related parties:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Expense support</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,055,318</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from affiliate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">134,086</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">93,937</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total due from related parties</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,283,341</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due to related parties:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total return incentive fees</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(9,008</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Base management fees</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(4,896</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Organization and offering expenses</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(15,315</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Accrued administrative services fee</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(5,616</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Accrued master servicing fee</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(28,982</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due to sub-advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(110,361</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total due to related parties</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(174,178</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from related parties, net</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,109,163</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

4000

100000

4000

100000

96000

2400000

6749861

2473784

367589

236000

118000

196667

0.015

196249

1554010

85430

5206

0.015 0.0125 0.01 0.06 0.0706 0.15 0.0686 0.125 24.75 0.0025 0.0025

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">Quarter Ended</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">Six Months Ended</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Related Party</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Source Agreement & Description</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:13%;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0;width:70%;">Advisory Agreement and Sub-Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor and Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Organization reimbursement(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,298</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:1%;">$</td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">7,134</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Offering reimbursement</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">27,905</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">32,669</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Base management fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">5,518</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">6,966</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Total return incentive fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">8,216</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">9,008</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" colspan="3" style="font-family:Times New Roman;font-size:10pt;padding:0;width:70%;">Amended and Restated Expense Support and Conditional Reimbursement Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor and Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Expense support</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">163,079</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">1,055,318</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Administrative Services Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Administrative services fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">16,668</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">32,415</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:32%;">Advisor</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:37%;">Operating, administrative and compliance services(1)</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">17,690</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">220,087</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Master Servicing Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:37%;">Master servicing fees(1)</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">22,690</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding-bottom:0;padding-left:0px;padding-right:0;padding-top:0;width:12%;">28,982</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;padding:0;width:32%;">Sub-Advisory Agreement:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:37%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:32%;">Sub-Advisor</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:37%;">Operating services(1)</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">134,487</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="ck-editor__editable ck-editor__nested-editable" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:12%;">157,727</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;">Six Months Ended</td><td style="font-family:Times New Roman;font-size:10pt;margin:0;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;">June 30,</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;">2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:85%;">Due from related parties:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Expense support</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,055,318</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from affiliate</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">134,086</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">93,937</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total due from related parties</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,283,341</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due to related parties:</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;"> </td><td style="font-family:Times New Roman;font-size:10pt;margin-left:0pt;padding:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total return incentive fees</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(9,008</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Base management fees</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(4,896</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Organization and offering expenses</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(15,315</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Accrued administrative services fee</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(5,616</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Accrued master servicing fee</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(28,982</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due to sub-advisor</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(110,361</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">)</td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Total due to related parties</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">(174,178</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;">)</td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;">Due from related parties, net</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">1,109,163</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

5298

7134

27905

32669

5518

6966

8216

9008

163079

1055318

16668

32415

17690

220087

22690

28982

134487

157727

1055318

134086

93937

1283341

9008

4896

15315

5616

28982

110361

174178

1109163

2474905

41955

21661339

16256252

0.25

10. Equity As of January 21, 2025, the Company was authorized to issue 1,000,000,000 shares of common stock, $0.001 par value per share, currently classified as Class E shares, Class FA shares, Class A shares, Class T shares, Class D shares, and Class I shares. As of January 21, 2025, the Company was authorized to issue 100,000,000 shares of preferred stock. The Class E shares, Class FA shares, Class A shares, Class T shares, Class D shares, and Class I shares, all of which are collectively referred to herein as shares of common stock, have identical rights and privileges, including identical voting rights, but have differing fees that are payable on a class-specific basis. The per share amount of distributions on Class E shares, Class FA shares, Class A shares, Class T shares, Class D shares, and Class I shares will likely differ because of different class-specific expenses and distribution and stockholder servicing fees for each share class. The following table describes the number of shares of each class of the Company’s common stock authorized and issued and outstanding as of June 30, 2026 and December 31, 2025: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:Times New Roman;font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:58%;">As of</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:28%;">June 30, 2026</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:28%;">December 31, 2025</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Shares</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Shares Issued</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Shares</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Shares Issued</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Authorized</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">and Outstanding</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">Authorized</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:Times New Roman;font-size:10pt;padding:0;width:13%;">and Outstanding</td><td style="font-family:Times New Roman;font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class E</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">50,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">966,038</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">50,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">8,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class FA</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">100,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">121,068</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">100,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class A</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class T</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class D</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">200,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:40%;">Class I</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">250,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">250,000,000</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:12%;">—</td><td style="font-family:Times New Roman;font-size:10pt;padding:0;width:1%;"> </td></tr> </tbody></table>

1000000000

0.001

100000000

50000000

966038

50000000

8000

100000000

121068

100000000

200000000

250000000

0.194

0.137

0.307

0.165

12. Subsequent Events Offerings In July 2026, the Company’s board of directors approved new per share offering prices for each share class in the Private Offering. The new offering prices are effective as of July 31, 2026. The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Private Offering: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class FA</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class A</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class T</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class I</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">Effective July 31, 2026:</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Offering Price, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">27.31</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">26.24</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Selling Commissions, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.64</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.79</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Dealer Manager Fees, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.68</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.46</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> </tbody></table> Capital Transactions During the period July 1, 2026 through August 12, 2026, the Company received additional net proceeds from the Private Offering and distribution reinvestment plan of the following: <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds from Private Offering</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Distribution Reinvestment Plan</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="10" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Gross</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Sales</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:10%;">Share Class</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Load</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;">Class E</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">11,600</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">11,600</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">25.00</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Class FA</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">122,229</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,054,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,054,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">503</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">12,577</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">122,732</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,067,077</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">133,829</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,344,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,344,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">503</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">12,577</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">134,332</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,357,077</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table> Investments In July and August 2026, the Company purchased $36,776,971 in residential mortgage whole loans. Repurchase Agreement In July and August 2026, Craftsman drew an additional $28,940,050 on the Repurchase Agreement to purchase additional securities. On July 16, 2026, the Company and Goldman Sachs entered into a Guaranty Amendment which amends the Guaranty Agreement previously entered into by such parties to provide a guaranty to the Repurchase Agreement. The Guaranty Amendment extends the period during which the Company is required to maintain a lower cash liquidity covenant under the Guaranty Agreement to eleven months following January 30, 2026. Forward Trades In August 2026, Craftsman purchased all residential mortgage loans subject to forward trade contracts with Barclays outstanding as of June 30, 2026.

<table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class FA</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class A</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class T</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Class I</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:52%;">Effective July 31, 2026:</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"></td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"></td></tr> <tr class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Offering Price, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">27.31</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">26.24</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(204, 238, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Selling Commissions, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">1.64</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.79</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> <tr style="background-color:rgb(255, 255, 255);font-family:"Times New Roman";font-size:10pt;vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Dealer Manager Fees, Per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.68</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">0.46</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:9%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"></td></tr> </tbody></table> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="border-collapse:collapse;font-family:"Times New Roman";font-size:10pt;text-indent:0px;height:auto;width:100%;"><tbody><tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="14" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds from Private Offering</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="6" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Distribution Reinvestment Plan</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="10" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Total</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Average</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Net</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Gross</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Sales</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin-left:0pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">to</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td></tr> <tr class="finHeading" style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="border-bottom:1px solid #000000;font-family:"Times New Roman";font-size:10pt;padding:0;width:10%;">Share Class</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Proceeds</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Load</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Shares</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">Company</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" colspan="2" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;">per Share</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;">Class E</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">11,600</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">11,600</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">290,000</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;">$</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:7%;">25.00</td><td style="font-family:"Times New Roman";font-size:10pt;margin:0;padding:0;width:1%;"> </td></tr> <tr style="background-color:rgb(255, 255, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;">Class FA</td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">122,229</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,054,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,054,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">503</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">12,577</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">122,732</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,067,077</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:1px solid rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:1px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> <tr style="background-color:rgb(204, 238, 255);vertical-align:bottom;"><td style="font-family:"Times New Roman";font-size:10pt;padding:0;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">133,829</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,344,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">—</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,344,500</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">503</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">12,577</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">134,332</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">3,357,077</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td><td style="font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;"> </td><td style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:1%;">$</td><td class="GFJY4-DJN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="border-bottom:3px double rgb(0, 0, 0);font-family:"Times New Roman";font-size:10pt;padding:0;width:7%;">24.99</td><td style="font-family:"Times New Roman";font-size:10pt;padding-bottom:3px;padding-left:0;padding-right:0;padding-top:0;width:1%;"> </td></tr> </tbody></table>

24.99

27.31

26.24

24.99

0 1.64 0.79 0 0 0.68 0.46 0

11600

290000

11600

290000

122229

3054500

503

12577

122732

3067077

24.99

133829

3344500

503

12577

134332

3357077

24.99

36776971

28940050 <a class="rdg-anchor" href="#"></a><a class="rdg-anchor" href="#" id="otherinfo"></a>Item 5. Other Information None. Expenses subject to Expense Support, if applicable. Represents unrealized gain on interest futures contracts. Amounts related to the interest rate futures held by the Company are recorded at fair value and included in prepaid and other assets in the accompanying consolidated balance sheets. Distributions declared for the six months ended June 30, 2026 at $0.16667 per share of Class E common stock (the “Class E shares”) and Class FA common stock (the “Class FA shares”) on February 25, 2026, March 26, 2026, April 27, 2026, May 26, 2026 and June 23, 2026. Amounts related to the interest rate futures held by the Company are recorded at fair value and included in unrealized gain on investments, net in the accompanying consolidated statement of operations.