Management attributes performance to a highly differentiated strategy focusing on the underserved U.S. cannabis industry and lower middle markets, which provides uncorrelated credit opportunities. The portfolio is intentionally insulated from broader private credit pressures, with only 3% exposure to the software industry and zero exposure to recent high-profile fraud in syndicated facilities. Yield superiority is driven by limited lending competition in niche sectors, resulting in a 15.8% weighted-av ...