Seeks attractive risk-adjusted total returns through income and capital appreciation by investing across structured credit and securitized debt, including residential and commercial MBS, consumer ABS, CLOs, and privately originated secured debt in U.S. and European markets. Returns are driven primarily by contractual income, with opportunistic appreciation through security selection across the capital structure. Uses bottom-up underwriting and derivatives to hedge non-credit risks. May hold meaningful below-investment-grade or unrated credit. Has no fixed maturity, with liquidity provided through quarterly repurchase offers rather than daily redemptions.