Externally managed, non-diversified BDC seeking attractive, consistent total returns, predominantly current income and, to a lesser extent, capital appreciation. It makes privately originated first lien senior secured loans, with revolvers, to private-equity-backed U.S. lower middle market companies (EBITDA generally under $25M); up to 30% may be opportunistic. At 6/30/2026: 287 borrowers, $4.82B fair value, 97.2% first lien, 99.9% floating rate, 39% weighted LTV; net assets $2.69B.