Allocating $250,000 (3.8% of portfolio) to Blackstone Private Credit Fund (BCRED) provides the Marin household with high-quality floating-rate income exposure from the world's largest non-traded BDC. The position complements their existing 60/40 base with low correlation to public equities and meaningful yield enhancement (~9% distribution yield) in the current rate environment. Quarterly liquidity at NAV preserves flexibility within the household's stated needs.