9.         Commitments and Contingencies

The Company routinely enters into forward flow agreements with sellers, representing commitments to purchase qualifying accounts monthly within specified ranges and for an agreed minimum time period and price (as a percentage of face value). As of  September 30, 2026, the Company had approximately $73,474,952 in commitments with US counterparties to purchase US mortgage loans.

The Company provided a partial guarantee related to a loan held by Bungalow Group. Bungalow Group must maintain certain covenants, including a minimum ratio of asset value to debt outstanding, adjusted equity and liquidity, at all times. If Bungalow Group breaches any covenant for any reason, the Company is required to fund up to 25% of the maximum loan amount ($3,500,000 was outstanding as of  September 30, 2026) to Bungalow Group to bring it into compliance and/or repay Bungalow Group’s lender. As of  September 30, 2026, there was a $3,500,000 debt balance outstanding at Bungalow Group linked to this guarantee, so the guarantee is for $875,000.

See Note 7, Related Party Arrangements for information on contingent amounts due to the Advisor and Sub-Advisor for the reimbursement of organization and offering costs with respect to the Private Offering.

As of  September 30, 2026, the Company is not subject to any material litigation nor is the Company aware of any material litigation threatened against it.