Note 11 - Subsequent Events

9 Months Ended

Sep. 30, 2026

Notes to Financial Statements

Subsequent Events [Text Block]

11. Subsequent Events

Distributions

In October 2026, the Company's board of directors declared a monthly cash distribution on the outstanding shares of all outstanding Class E and Class FA shares of common stock of record as of October 26, 2026 of $0.166667 per share for both Class E shares and Class FA shares.

Offerings

In October 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 October 30, 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:

		*Class FA*				*Class A*				*Class T*				*Class I*
Effective October 30, 2026:
Offering Price, Per Share		$	23.88			$	26.10			$	25.07			$	23.88
Selling Commissions, Per Share			—				1.57				0.75				—
Dealer Manager Fees, Per Share			—				0.65				0.44				—

Capital Transactions

During the period October 1, 2026 through October 30, 2026, the Company received additional net proceeds from the Private Offering and distribution reinvestment plan of the following:

		Proceeds from Private Offering																Distribution Reinvestment Plan								Total
														Net								Net								Net				Average
														Proceeds								Proceeds								Proceeds				Net
						*Gross*				*Sales*				to								to								to				*Proceeds*
Share Class		*Shares*				*Proceeds*				*Load*				*Company*				*Shares*				*Company*				*Shares*				*Company*				*per Share*
Class E			9,740			$	240,000			$	—			$	240,000				—			$	—				9,740			$	240,000			$	24.64
Class FA			30,946				739,000				—				739,000				2,055				49,069				33,001				788,069				23.88
Class A			192				5,000				(350	)			4,650				—				—				192				4,650				24.22
Class T			199				5,000				(200	)			4,800				—				—				199				4,800				24.12
			41,077			$	989,000			$	(550	)		$	988,450				2,055			$	49,069				43,132			$	1,037,519			$	24.05

Investments

In October and November 2026, the Company purchased $45,921,671 in residential mortgage whole loans.

Repurchase Agreement

In October and November 2026, Craftsman drew an additional $20,813,819 on the Repurchase Agreement to purchase additional securities. In October and November 2026, Craftsman received proceeds of $17,168,105 for securities under the Repurchase Agreement.

Distributions on MSR Investments

In October 2026, the Company received an additional $1,000,000 of distributions on MSR investments. The distributions were received from borrowings by Bungalow Group in connection with MSR investments, with a portion of the borrowings guaranteed by the Company.

Interest rate futures

In October and November 2026, the Company entered into 6 additional interest rate futures with a total liability value of $ (237,002) and a total short exposure of $43,175,000.

Treasury futures

The Company hedges a portion of its interest rate risk before an actual securitization transaction occurs, with the goal of more predictable borrowing costs or returns. A treasury future is a customized, cash-settled agreement between an issuer (often a corporation or government entity) and a counterparty to secure a specific interest rate on U.S. government issued securities for a defined period of time, typically one week to 12 months. In October and November 2026, the Company entered into 416 treasury future contracts and exited 81 for a net total of 335 contracts with a total asset value of $648,835 and a total outstanding short exposure of $27,800,000 and a total outstanding long exposure of $12,100,000. The exited contracts resulted in a realized loss of $105,266.