Externally managed, non-diversified, perpetual-life BDC seeking current income and, to a lesser extent, capital appreciation. It lends mainly first lien senior secured (including unitranche) and some second lien loans to U.S. middle-market companies ($25M-$250M EBITDA). At 12/31/2025: $1.49B fair value, 76 companies, 98.9% first lien floating-rate debt, 1.1% preferred equity, all debt performing; weighted average net LTV 45.0%.