Externally managed, non-diversified, perpetual-life BDC seeking stable current income and long-term capital appreciation. It invests at least 80% in credit, targeting about 70% private loans to medium-sized companies ($25M-$150M EBITDA), mostly sponsor-backed first lien, and up to 30% discounted public credit that doubles as a liquidity reserve. At 8/31/2026: $6.8B fair value, 152 issuers, 88.4% first lien, 94.1% floating; $4.3B NAV and 0.58x net leverage.