Past Performance Is Not Indicative of Future Results, So, We Underwrite the Future, Not Assume It
The familiar sentence appears across every corner of the investment world. Beneath tables, beside charts, inside offering documents.
Past performance is not indicative of future results.
We have seen this play out in countless ways across credit cycles: liquidity that expands and contracts, models that work until they don’t, and markets that reward stability one year and challenge it the next. Nothing continues forever only because it has before.
The disclaimer exists for a reason.
It reminds us that returns are not momentum-based, and stability cannot be inherited. The future is not secured through memory; it is shaped by discipline in real time.
And while yesterday cannot guarantee tomorrow,
The behaviours that produced stability still matter.
A Track Record Informs. It Does Not Entitle
We are proud of the consistency our strategy has delivered, including more than a decade without a rolling 12-month negative period. We do not present that history as a promise. We share it because it reflects how decisions have been made over time and how risk is managed inside our portfolio.
However, this track record is virtually meaningless if you do not spend time understanding what sits within the fund today. As an investor, we believe it is important that you underwrite our current portfolio, which we believe is as strong, or stronger, than ever. Transparency into what we are doing today is vital to any investment decision.
Performance is an output.
Process is the work behind it.
Our role is not to presume that history repeats itself. Our role is to continue making decisions that protect capital across a range of conditions. That work happens every time we underwrite a loan, review a covenant, monitor a payment pattern, or consider liquidity.
If the Past Cannot Predict the Future, the Present Must Be Underwritten with Care.
We focus on what we can evaluate today.
Collateral, reporting, balance sheet strength, and operational capability.
Not expectation or narrative.
The structure of our portfolio is designed around elements we can verify.
| Foundation | Why We Apply It |
| Senior secured, first lien lending | Provides priority access to pledged assets where enforcement is required |
| Tangible collateral | Offers real recovery pathways when conditions are challenged |
| Conservative advance rates | Gives borrowers room to navigate volatility and gives us protection |
| Ongoing monitoring | identifies trends early, not after the fact |
| Liquidity awareness | Supports portfolio stability through different environments |
These features do not eliminate risk. Nothing in private credit does.
They improve visibility, response time, and recoverability.
That is work we can control.
We Do Not Predict Tomorrow. We Prepare For It.
Many approaches in the market work well. Ours is one of them, grounded in underwriting, structure, and accountability.
We do not rely on past results to carry forward on their own, and we do not believe that any strategy is permanent simply because it has been consistent.
The future is not inherited from yesterday.
It is earned through ongoing discipline.
One loan at a time.
