Externally managed, non-diversified closed-end BDC that seeks current income and, to a lesser extent, long-term capital appreciation from directly originated, senior secured loans to U.S. middle-market companies. At 6/30/2026 the portfolio was $1.564 billion at fair value across 63 portfolio companies: 93% first lien, 2% second lien, 5% joint venture (SBLA Private Credit LLC, with Stifel Bank & Trust), 100% floating rate, no non-accruals, weighted average loan-to-value 44%. Funded by monthly private subscriptions at NAV and $909.5 million of secured credit facilities. Investing since 2/23/2024; Lord Abbett-advised funds owned about 84% of shares at 6/30/2026.