Externally managed, non-diversified BDC seeking attractive risk-adjusted returns, predominantly current income, with a focus on downside protection. It invests at least 80% in private credit: first lien, unitranche and second lien loans to large companies (EBITDA of $75M or more) in North America and Europe, with a liquid-credit sleeve for repurchases. At 6/30/2026: 144 borrowers, $3.10B fair value, 90.8% first lien, 97% floating rate, 45.1% weighted LTV; net assets $1.64B at 0.93x debt-to-equity.