Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 10, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CK0001684682 | |
Entity Registrant Name | CNL STRATEGIC CAPITAL, LLC | |
Entity Central Index Key | 1,684,682 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Common Class FA [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,266,260 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 299 | |
Common Class I [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 17,948 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Assets and Liabilities - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | ||
Assets | ||||
Investments, at fair value (amortized cost $76,931,763 and $- as of March 31, 2018 and December 31, 2017, respectively) | [1],[2] | $ 77,456,212 | ||
Cash and cash equivalents | 5,633,760 | $ 199,683 | ||
Deferred offering expenses | 485,482 | 317 | ||
Total assets | 83,575,454 | 200,000 | ||
Liabilities | ||||
Due to related parties (Note 5) | 772,290 | 0 | ||
Distributions payable | 302,841 | |||
Payable for investments purchased | 181,126 | |||
Accounts payable and other accrued expenses | 115,345 | |||
Accrued directors' fees | 22,903 | |||
Total liabilities | 1,394,505 | |||
Commitments and contingencies (Note 8) | ||||
Members' Equity (Net Assets) | ||||
Preferred shares, $0.001 par value 50,000,000 shares authorized and unissued | ||||
Capital in excess of par value | 81,653,234 | 199,992 | ||
Accumulated net unrealized appreciation on investments | 524,449 | |||
Total Members' Equity | 82,180,949 | 200,000 | ||
Net assets, Class FA shares | 82,180,949 | [2],[3],[4] | 200,000 | |
Common Class A [Member] | ||||
Members' Equity (Net Assets) | ||||
Common shares | 0 | 0 | ||
Common Class FA [Member] | ||||
Members' Equity (Net Assets) | ||||
Common shares | 3,266 | 8 | ||
Common Class T [Member] | ||||
Members' Equity (Net Assets) | ||||
Common shares | 0 | 0 | ||
Common Class D [Member] | ||||
Members' Equity (Net Assets) | ||||
Common shares | 0 | 0 | ||
Common Class I [Member] | ||||
Members' Equity (Net Assets) | ||||
Common shares | $ 0 | $ 0 | ||
[1] | Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. | |||
[2] | Security may be an obligation of one or more entities affiliated with the named company. | |||
[3] | As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. | |||
[4] | Operations commenced on February 7, 2018. |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | |
Amortized cost | [1] | $ 76,931,763 | |
Preferred stock, par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized and unissued | 50,000,000 | 50,000,000 | |
Common Class A [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized and unissued | 94,660,000 | 94,660,000 | |
Common Class FA [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized and unissued | 3,400,000 | 3,400,000 | |
Common stock, shares issued | 3,266,260 | 3,266,260 | |
Common stock, shares outstanding | 8,000 | 8,000 | |
Common Class T [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized and unissued | 662,620,000 | 662,620,000 | |
Common Class D [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized and unissued | 94,660,000 | 94,660,000 | |
Common Class I [Member] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized and unissued | 94,660,000 | 94,660,000 | |
[1] | Security may be an obligation of one or more entities affiliated with the named company. |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Operations | 2 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | ||
Investment Income | ||
Interest income | $ 728,216 | |
Total investment income | 728,216 | |
Operating Expenses | ||
Organization and offering expenses | 221,564 | |
Base management fees | 88,562 | |
Professional services | 73,581 | |
Director fees and expenses | 37,070 | |
Administrative services | 32,493 | |
Custodian and accounting fees | 15,000 | |
Other | 317 | |
Total operating expenses | 468,587 | |
Expense support | (43,212) | |
Net expenses | 425,375 | |
Net investment income | 302,841 | |
Net change in unrealized appreciation on investments | 524,449 | |
Net increase in net assets resulting from operations | $ 827,290 | |
Net investment income per share | $ / shares | $ 0.09 | [1],[2],[3] |
Diluted and basic earnings per share | $ / shares | $ 0.25 | |
Weighted average number of common shares outstanding (basic and diluted) | shares | 3,266,430 | [1],[2] |
Distributions declared per share | $ / shares | $ 0.09 | [1],[2],[4] |
[1] | As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. | |
[2] | Operations commenced on February 7, 2018. | |
[3] | The per share data was derived by using the weighted average shares outstanding during the period. | |
[4] | The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Changes in Net Assets | 2 Months Ended | |
Mar. 31, 2018USD ($)shares | ||
Operations: | ||
Net investment income | $ 302,841 | |
Net change in unrealized appreciation on investments | 524,449 | |
Net increase in net assets resulting from operations | 827,290 | |
Distributions to shareholders from: | ||
Net investment income | (302,841) | |
Net decrease in net assets resulting from distributions to shareholders | (302,841) | |
Capital share transactions: | ||
Issuance of Class FA shares | 81,456,500 | |
Net increase in net assets resulting from capital share transactions | 81,456,500 | |
Total increase in net assets | 81,980,949 | |
Net assets at beginning of period | 200,000 | |
Net assets at end of period | $ 82,180,949 | [1],[2],[3] |
Capital share activity: | ||
Issuance of Class FA shares | shares | 3,258,260 | |
Net increase in shares outstanding | shares | 3,258,260 | |
[1] | As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. | |
[2] | Operations commenced on February 7, 2018. | |
[3] | Security may be an obligation of one or more entities affiliated with the named company. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Cash Flows | 2 Months Ended |
Mar. 31, 2018USD ($) | |
Operating Activities: | |
Net increase in net assets resulting from operations | $ 827,290 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |
Purchases of investments, net | (74,531,763) |
Net change in unrealized appreciation on investments | (524,449) |
Amortization of deferred offering expenses | 196,041 |
Increase in payable to related parties | 772,290 |
Increase in payable for investments purchased | 181,126 |
Increase in accrued directors' fees | 22,903 |
Increase in accounts payable and other accrued expenses | 115,345 |
Increase in deferred offering expenses | (681,206) |
Net cash used in operating activities | (73,622,423) |
Financing Activities: | |
Proceeds from issuance of common shares | 79,056,500 |
Net cash provided by financing activities | 79,056,500 |
Net increase in cash | 5,434,077 |
Cash and cash equivalents, beginning of period | 199,683 |
Cash and cash equivalents, end of period | 5,633,760 |
Amounts incurred but not paid (including amounts due to related parties): | |
Distributions payable | 302,841 |
Offering costs | 681,523 |
Non-cash contribution from Sub-Manager | 2,400,000 |
Non-cash purchase of investments | $ (2,400,000) |
Condensed Consolidated Stateme7
Condensed Consolidated Statement of Cash Flows (Parenthetical) $ in Millions | 2 Months Ended |
Mar. 31, 2018USD ($) | |
Statement of Cash Flows [Abstract] | |
Purchase price to acquire investment | $ 77 |
Condensed Consolidated Schedule
Condensed Consolidated Schedule of Investments | 2 Months Ended | |
Mar. 31, 2018USD ($) | ||
OTHER ASSETS IN EXCESS OF LIABILITIES | $ 4,724,737 | [1] |
NET ASSETS | 82,180,949 | [1],[2],[3] |
Cost | 76,931,763 | [1] |
Fair Value | 77,456,212 | [1],[4] |
Lawn Doctor [Member] | ||
Cost | $ 15,000,000 | |
Senior Secured Loan First Lien 19.1% [Member] | ||
Interest Rate | 16.00% | |
Maturity Date | Aug. 7, 2023 | |
Cost | $ 15,700,000 | |
Fair Value | 15,700,000 | |
Senior Secured Loan First Lien 19.1% [Member] | Polyform [Member] | ||
Cost | $ 15,700,000 | |
Senior Secured Loan First Lien 19.1% [Member] | Polyform [Member] | Modeling Clay [Member] | ||
Interest Rate | 16.00% | [1] |
Maturity Date | Aug. 7, 2023 | [1] |
No. Shares/Principal Amount | $ 15,700,000 | [1] |
Cost | 15,700,000 | [1] |
Fair Value | $ 15,700,000 | [1] |
Senior Secured Loan Second Lien 18.3% [Member] | ||
Interest Rate | 16.00% | |
Maturity Date | Aug. 7, 2023 | |
Cost | $ 15,000,000 | |
Fair Value | $ 15,000,000 | |
Senior Secured Loan Second Lien 18.3% [Member] | Lawn Doctor [Member] | Commercial and Professional Services [Member] | ||
Interest Rate | 16.00% | [1] |
Maturity Date | Aug. 7, 2023 | [1] |
No. Shares/Principal Amount | $ 15,000,000 | [1] |
Cost | 15,000,000 | [1] |
Fair Value | 15,000,000 | [1] |
Senior Debt [Member] | ||
Cost | 30,700,000 | [1] |
Fair Value | 30,700,000 | [1],[4] |
Equity 56.9% [Member] | ||
Cost | 46,231,763 | [1] |
Fair Value | 46,756,212 | [1],[4] |
Equity 56.9% [Member] | Polyform [Member] | Modeling Clay [Member] | ||
No. Shares/Principal Amount | 10,820 | [1] |
Cost | 15,756,212 | [1] |
Fair Value | 15,756,212 | [1] |
Equity 56.9% [Member] | Lawn Doctor [Member] | Commercial and Professional Services [Member] | ||
No. Shares/Principal Amount | 7,746 | [1] |
Cost | 30,475,551 | [1] |
Fair Value | $ 31,000,000 | [1] |
[1] | Security may be an obligation of one or more entities affiliated with the named company. | |
[2] | As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. | |
[3] | Operations commenced on February 7, 2018. | |
[4] | Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. |
Condensed Consolidated Schedul9
Condensed Consolidated Schedule of Investments (Parenthetical) | Mar. 31, 2018 | |
Fair Value Percentage of Net Assets | 94.30% | [1] |
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage | 5.70% | |
NET ASSETS, Percentage | 100.00% | |
Senior Secured Loan First Lien 19.1% [Member] | ||
Fair Value Percentage of Net Assets | 19.10% | [1] |
Senior Secured Loan Second Lien 18.3% [Member] | ||
Fair Value Percentage of Net Assets | 18.30% | [1] |
Equity 56.9% [Member] | ||
Fair Value Percentage of Net Assets | 56.90% | [1] |
[1] | Security may be an obligation of one or more entities affiliated with the named company. |
Principal Business and Organiza
Principal Business and Organization | 2 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principal Business and Organization | 1. Principal Business and Organization CNL Strategic Capital, LLC (the “Company”) is a limited liability company that primarily seeks to acquire and grow durable, middle-market businesses. The Company is externally managed by CNL Strategic Capital Management, LLC (the “Manager”), an entity that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Manager is controlled by CNL Financial Group, LLC, a private investment management firm specializing in alternative investment products. The Company has engaged the Manager under a management agreement (the “Management Agreement”) pursuant to which the Manager is responsible for the overall management of the Company’s activities. The Manager has engaged Levine Leichtman Strategic Capital, LLC (the “Sub-Manager”), sub-management “Sub-Management Sub-Manager day-to-day Sub-Manager The Company targets, for acquisition, businesses that are highly cash flow generative with annual revenues of primarily between $25 million and $500 million. The Company’s business strategy is to acquire controlling equity stakes in combination with loan positions in middle-market businesses. The Company’s business strategy seeks to provide long-term capital appreciation and current income, while protecting invested capital. In addition, and to a lesser extent, the Company intends to acquire other debt and minority equity positions, which may include acquiring debt in the secondary market as well as minority equity stakes and loan positions via co-investments Sub-Manager. The Company was formed as a Delaware limited liability company on August 9, 2016 and intends to operate its business in a manner that will permit it to avoid registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company did not commence operations until February 7, 2018, as described below. The Company offered through a private placement (the “Private Placement”) up to $85 million of Class FA limited liability company interests (the “Class FA” shares, or the “founder shares”) and up to $115 million of Class A limited liability company interests (the “Class A” shares) (one of the classes of shares that constitute non-founder In October 2016, the Company confidentially submitted a registration statement on Form S-1 “non-founder |
Significant Accounting Policies
Significant Accounting Policies | 2 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The Company’s financial statements are prepared in accordance with principles generally accepted in the United States (“GAAP”) as contained in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification” or “ASC”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Although the Company is organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act, its financial statements are prepared using the specialized accounting principles of ASC Topic 946 to utilize investment company accounting. The Company obtains funds through the issuance of equity interests to multiple unrelated investors, and provides such investors with investment management services. Further, the Company’s business strategy is to acquire interests in middle-market businesses to provide current income and long term capital appreciation, while protecting invested capital. Overall, the Company believes that the use of investment company accounting on a fair value basis is consistent with the management of its assets on a fair value basis, and makes the Company’s financial statements more useful to investors and other financial statement users in facilitating the evaluation of an investment in the Company as compared to other investment products in the marketplace. Principles of Consolidation Under ASC Topic 946, “Financial Services—Investment Companies” (“ASC Topic 946”) the Company is precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit the Company. In accordance therewith, the Company has consolidated the results of its wholly owned subsidiaries in its condensed consolidated financial statements. All intercompany account balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash consists of demand deposits at commercial banks with original maturities of three months or less from the date of purchase. Use of Estimates Management makes estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare the financial statement in conformity with generally accepted accounting principles. Actual results could differ from those estimates. Valuation of Investments ASC Topic 820 clarifies that the fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. ASC Topic 820 provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. In addition, ASC Topic 820 provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of valuation hierarchy established by ASC Topic 820 are defined as follows: Level 1 Level 2 Level 3 Sub-Manager’s non-binding In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each asset. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s investments in accordance with the valuation policy and procedures approved by the board of directors, based on, among other things, the input of the Manager, the Sub-Manager, The Company may also look to private merger and acquisition statistics, public trading multiples adjusted for illiquidity and other factors, valuations implied by third-party investments in the businesses or industry practices in determining fair value. The Company may also consider the size and scope of a business and its specific strengths and weaknesses, as well as any other factors it deems relevant in assessing the value. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company will measure realized gains or losses as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in asset values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Income Recognition Interest Income The Company places loans on non-accrual non-accrual. non-accrual Non-accrual Dividend Income – ex-dividend Paid in Capital – Organization and Offering Expenses Organization expenses are expensed on the Company’s statement of operations as incurred. Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Offerings, are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months; however, the end of the deferral period will not exceed 12 months from the date the offering expense is incurred by the Manager and the Sub-Manager. Earnings per Share Earnings per share is calculated for each share class of common shares based upon the weighted average number of common shares outstanding during the reporting period. Distributions In March 2018, the Company’s board of directors began to declare cash distributions to shareholders based on weekly record dates and such distributions are expected to be paid on a monthly basis. Distributions are made on all classes of the Company’s shares at the same time. U.S. Federal Income Taxes The Company expects that it will operate so that it will qualify to be treated for U.S. federal income tax purposes as a partnership, and not as an association or a publicly traded partnership taxable as a corporation. Generally, the Company will not be taxable as a corporation if 90% or more of its gross income for each taxable year consists of “qualifying income” (generally, interest (other than interest generated from a financial business), dividends, real property rents, gain from the sale of assets that produce qualifying income and certain other items) and the Company is not required to register under the Investment Company Act (the “qualifying income exception”). |
Investments
Investments | 2 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 3. Investments In October 2017, the Company entered into a merger agreement with LD Merger Sub, Inc., a wholly owned subsidiary of the Company, and LD Parent, Inc., the parent company of Lawn Doctor, Inc. (“Lawn Doctor”). The merger agreement was amended on February 6, 2018. On February 7, 2018, pursuant to the terms of the merger agreement and an exchange agreement between the Company and the Leichtman-Levine Living Trust, an affiliate of the Sub-Manager Sub-Manager, true-up In October 2017, the Company entered into a merger agreement with PFHI Merger Sub, Inc., a wholly owned subsidiary of the Company, and Polyform Holdings, Inc. (“Polyform”). The merger agreement was amended on February 6, 2018. On February 7, 2018, pursuant to the terms of the merger agreement, the Company acquired an approximately 87.1% equity interest in Polyform from an affiliate of the Sub-Manager, true-up The debt investments in the form of a secured second lien loan to Lawn Doctor and in the form of a first lien secured term loan to Polyform, as described above, accrue interest at a per annum rate of 16%. Each loan will mature in August 2023. The note purchase agreements contain customary covenants and events of default. As of March 31, 2018, the Company’s investment portfolio consisted of four distinct positions, summarized as follows: As of March 31, 2018 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 15,700,000 $ 15,700,000 20.3 % 19.1 % Senior secured debt - second lien 15,000,000 15,000,000 19.4 18.3 Total senior debt $ 30,700,000 $ 30,700,000 39.7 37.4 Equity 46,231,763 46,756,212 60.3 56.9 Total investments $ 76,931,763 $ 77,456,212 100.0 % 94.3 % As of March 31, 2018, none of the Company’s debt investments were on non-accrual The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of March 31, 2018 were as follows: Industry As of March 31, 2018 Modeling Clay 40.6 % Commercial and Professional Services 59.4 Total 100.0 % Geographic Dispersion (1) As of March 31, 2018 United States 100.0 % Total 100.0 % (1) The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer. All portfolio companies held at March 31, 2018 were denominated in U.S. dollars. Summarized Operating Data The following tables present unaudited summarized operating data for Lawn Doctor and Polyform (the “initial businesses”) for the period February 7, 2018 (the date we acquired the initial businesses) through March 31, 2018 and unaudited summarized balance sheet data as of March 31, 2018: Lawn Doctor Summarized Operating Data (Unaudited) Period February 7, (1) Revenues $ 3,118,748 Expenses (3,087,288 ) Income before taxes 31,460 Income tax expense (7,825 ) Net Income $ 23,635 Summarized Balance Sheet Data (Unaudited) As of March 31, 2018 Current assets $ 7,016,164 Non-current $ 28,927,037 Current liabilities $ 4,081,423 Non-current $ 38,785,943 Stockholders’ Equity $ (6,924,165 ) Polyform Summarized Operating Data (Unaudited) Period February 7, (1) Revenues $ 2,417,593 Expenses (2,897,329 ) Net loss before taxes (479,736 ) Income tax benefit 48,000 Net loss $ (431,736 ) Summarized Balance Sheet Data (Unaudited) As of March 31, 2018 Current assets $ 5,771,064 Non-current $ 22,436,533 Current liabilities $ 1,167,304 Non-current $ 20,567,473 Stockholders’ Equity $ 6,472,820 (1) February 7, 2018 is the date the Company acquired the portfolio companies. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 2 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 4. Fair Value of Financial Instruments The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies”, as follows as of March 31, 2018: As of March 31, 2018 Description Level 1 Level 2 Level 3 Total Senior debt $ — $ — $ 30,700,000 $ 30,700,000 Equity — — 46,756,212 46,756,212 Total investments $ — $ — $ 77,456,212 $ 77,456,212 There were no transfers between Level 1 and Level 2 during the period from February 7, 2018 (commencement of operations) through March 31, 2018. The carrying value of cash is classified as Level 1 with respect to the fair value hierarchy. For the period from February 7, 2018 (commencement of operations) through March 31, 2018, the Company held four distinct investment positions classified as Level 3, representing an aggregate fair value of $77.5 million or 100.0% of the total investment portfolio. The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of March 31, 2018 were as follows: As of March 31, 2018 Asset Group Fair Value (1) Valuation Techniques Unobservable Inputs Range (Weighted Average) (2) Impact to Valuation (3) Senior Debt $ 30,700,000 Discounted Cash Flow Market Comparables Transaction Method Discount Rate EBITDA Multiple EBITDA Multiple 10.5% - 13.5% (11.5%) 7.5x – 12.1x (10.5x) 8.0x – 12.0x (10.7x) Decrease Increase Increase Equity 46,756,212 Discounted Cash Flow Market Comparables Transaction Method Discount Rate EBITDA Multiple EBITDA Multiple 10.5% - 13.5% (11.5%) 7.5x – 12.1x (10.5x) 8.0x – 12.0x (10.7x) Decrease Increase Increase Total $ 77,456,212 (1) Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. (2) Weighted average amounts are based on the estimated fair values. (3) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. The preceding tables represent the significant unobservable inputs as they relate to the Company’s determination of fair values for its investments categorized within Level 3 as of March 31, 2018. In addition to the techniques and inputs noted in the table above, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the fair value estimates for the Company’s investments. Any significant increases or decreases in the unobservable inputs would result in significant increases or decreases in the fair value of the Company’s investments. Investments that do not have a readily available market value are valued utilizing a market approach, an income approach (i.e. discounted cash flow approach), a transaction approach, or a combination of such approaches, as appropriate. The market comparables approach uses prices, including third party indicative broker quotes, and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The transaction approach uses pricing indications derived from recent precedent merger and acquisition transactions involving comparable target companies. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) that are discounted based on a required or expected discount rate to derive a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors the Company may take into account to determine the fair value of its investments include, as relevant: available current market data, including an assessment of the credit quality of the security’s issuer, relevant and applicable market trading and transaction comparables, applicable market yields and multiples, illiquidity discounts, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, data derived from merger and acquisition activities for comparable companies, and enterprise values, among other factors. The following tables provide reconciliations for the period from February 7, 2018 (commencement of operations) through March 31, 2018 of investments for which Level 3 inputs were used in determining fair value: Period from February 7, 2018 (commencement of operations) through March 31, 2018 Senior Debt Equity Total Fair value balance as of February 7, 2018 $ — $ — $ — Additions 30,700,000 46,231,763 76,931,763 Net change in unrealized appreciation (1) — 524,449 524,449 Fair value balance as of March 31, 2018 $ 30,700,000 $ 46,756,212 $ 77,456,212 Change in net unrealized appreciation in investments held as of March 31, 2018 (1) $ — $ 524,449 $ 524,449 (1) Included in net change in unrealized appreciation in the consolidated statement of operations. No securities were transferred into or out of the Level 3 hierarchy during the period from February 7, 2018 (commencement of operations) through March 31, 2018. All realized and unrealized gains and losses are included in earnings and are reported as separate line items within the Company’s statement of operations. |
Related Party Transactions
Related Party Transactions | 2 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions As of December 31, 2017, the Company had issued 4,000 shares of the Company’s Class FA shares, to each of the Manager and Sub-Manager, On February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80 million in Class FA shares under its Private Placement. The $81.7 million in gross proceeds included a cash capital contribution of $2.4 million from the Manager in exchange for 96,000 Class FA shares and a cash capital contribution of $9.5 million from CNL Strategic Capital Investment, LLC, which is indirectly controlled by James M. Seneff, Jr., the chairman of the Company, in exchange for 380,000 Class FA shares. The $81.7 million also included 96,000 Class FA shares received in exchange for $2.4 million of non-cash Sub-Manager The Manager and Sub-Manager, Sub-Manager, Placement Agent/Dealer Manager Commissions Placement Agent/Dealer Manager Fee Annual Distribution and Shareholder Servicing Fee Manager and/or Sub-Manager Organization and Offering Costs Sub-Manager, Sub-Manager, Sub-Manager Base Management Fee to Manager and Sub-Manager Sub-Manager Sub-Management non-founder non-founder Sub-Manager Total Return Incentive Fee on Income to the Manager and Sub-Manager Sub-Manager Sub-Management Sub-Manager Non-founder non-founder The total return incentive fee for each share class will be calculated as follows: • No total return incentive fee will be payable in any calendar year in which the annual Total Return to Shareholders of a particular share class does not exceed 7% (the “Annual Preferred Return”). • As it relates to the non-founder non-founder “non-founder (“Non-founder Non-Founder Non-founder Non-founder • As it relates to founder shares, all of the Total Return to Founder Shareholders, if any, that exceeds the annual preferred return, but is less than or equal to 7.777%, or the “founder breakpoint,” in any calendar year, will be payable to the Manager (“Founder Catch Up”). The Founder Catch Up is intended to provide an incentive fee of 10% of the Total Return to Founder Shareholders once the Total Return to Founder Shareholders exceeds 7.777% in any calendar year. • For any quarter in which the Total Return to Shareholders of a particular share class exceeds the relevant breakpoint, the total return incentive fee of a particular share class shall equal, for non-founder Non-founder • For purposes of calculating the Total Return to Shareholders, the change in the Company’s net asset value is subject to a High Water Mark. The “High Water Mark” is equal to the highest year-end The Company did not incur any incentive fees during the period from February 7, 2018 (commencement of operations) through March 31, 2018. Reimbursement to Manager and Sub-Manager Sub-Manager Sub-Management Sub-Manager Sub-Manager Expense Support and Conditional Reimbursement Agreement Sub-Manager Sub-Manager Sub-Manager Sub-Management Sub-Manager Sub-Manager Sub-Management Sub-Manager. If, on the last business day of the calendar year, the annual (calendar year) year-to-date year-to-date Sub-Manager Related party fees and expenses incurred during the period February 7, 2018 (commencement of operations) through March 31, 2018 are summarized below: Related Party Source Agreement & Description Period from February 7, Manager and Sub-Manager Management Agreement and Sub-Management Organization and offering reimbursement (1) Base management fees (1) $ 707,046 88,562 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support Provided (43,212 ) Manager Administrative Services Agreement: Operating, administrative and compliance services (1) 19,894 (1) Expenses subject to Expense Support. The following table presents amounts due from (to) related parties as of March 31, 2018: Due from related parties: Expense Support $ 43,212 Total due from related parties 43,212 Due to related parties: Organization and offering expenses 707,046 Base management fees 88,562 Operating, administrative and compliance expense reimbursement 19,894 Total due to related parties 815,502 Net due to related parties $ (772,290 ) There were no amounts due to related parties as of December 31, 2017. Other Related Party Transactions Prior to the Company’s acquisition of Lawn Doctor and Polyform as described in Note 3. “Investments,” Lawn Doctor and Polyform were majority owned by an affiliate of the Sub-Manager. |
Distributions
Distributions | 2 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Distributions | 6. Distributions The total and the sources of declared distributions on a GAAP basis for the period from February 7, 2018 (commencement of operations) through March 31, 2018 are presented in the tables below. Period from February 7, 2018 (commencement of operations) through March 31, 2018 Class FA Per Share Amount Allocation Total Declared Distributions $ 0.09 $ 302,841 100.0 % From net investment income $ 0.09 $ 302,841 100.0 % Net investment income includes Expense Support of $43,212 which supported distributions of $302,841 during the period from February 7, 2018 (commencement of operations) through March 31, 2018. |
Capital Transactions
Capital Transactions | 2 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Capital Transactions | 7. Capital Transactions As of December 31, 2017, the Company had issued 4,000 shares of the Company’s Class FA shares, to each of the Manager and Sub-Manager, On February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80 million in Class FA shares under its Private Placement and issued approximately 3.3 million shares of Class FA shares for aggregate gross proceeds of $81.7 million. The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. See Note 5. “Related Party Transactions” for additional information on shares issued to the Manager, Sub-Manager Private Placement The Company offered through the Private Placement up to $85 million of Class FA shares and up to $115 million of Class A shares on a best efforts basis, which meant that the Placement Agent, used its best efforts but was not required to sell any specific amount of shares. On February 7, 2018, the Company met the minimum offering requirement of $80 million in Class FA shares under the Private Placement and the Company issued approximately 3.3 million Class FA shares at $25.00 per Class FA share resulting in gross proceeds of approximately $81.7 million. No Class A shares were sold under the Private Placement. There was no selling commission or Placement Agent fee for the sale of Class FA shares. The Class FA shares and Class A shares in the Private Placement were offered for sale only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. Public Offering Once the Registration Statement became effective on March 7, 2018, the Company began offering up to $1,000,000,000 of Shares, on a best efforts basis, which means that CNL Securities Corp., as the Managing Dealer of the Public Offering, will use its best efforts but is not required to sell any specific amount of Shares. The Company is offering, in any combination, four classes of Shares in the Public Offering: Class A shares, Class T shares, Class D shares and Class I shares. The initial minimum permitted purchase amount is $5,000 in Shares. The initial per share Public Offering price was $27.32 per Class A share, $26.25 per Class T share, $25.00 per Class D share and $25.00 per Class I share. There are differing selling fees and commissions for each class. The Company will also pay annual distribution and shareholder servicing fees, subject to certain limits, on the Class T and Class D shares sold in the Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). See Note 10. “Subsequent Events” for information on changes to the Public Offering price, selling commissions and dealer manager fees per share class. The Company is also offering, in any combination, up to $100,000,000 of Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan. The Public Offering has a minimum offering requirement of $2 million in Shares under the Private Placement or the Public Offering. As of February 7, 2018, the Company had met the minimum offering requirement of $80 million in Class FA shares under the Private Placement. See Note 10. “Subsequent Events” for information related to the Public Offering. The following table summarizes the total shares issued and proceeds received in connection with the Private Placement for the period ended March 31, 2018. Period from February 7, 2018 Class FA Shares Amount Gross proceeds 3,258,260 $ 81,456,500 Up-front (1) — — Net proceeds to Company 3,258,260 $ 81,456,500 Average net proceeds per share $25.00 (1) The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. |
Commitment & Contingences
Commitment & Contingences | 2 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment & Contingences | 8. Commitment & Contingences See Note 5. “Related Party Transactions” for information on contingent amounts due to the Manager and Sub-Manager |
Financial Highlights
Financial Highlights | 2 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Financial Highlights | 9. Financial Highlights The following is a schedule of financial highlights of the Company attributed to Class FA shares for the period from February 7, 2018 (commencement of operations) through March 31, 2018. Period ended March 31, 2018 (1) Class FA Shares (2) OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 25.00 Net investment income, before expense support (3) 0.08 Expense support (3) 0.01 Net investment income (3) 0.09 Net realized and unrealized gains (3)(4) 0.16 Net increase resulting from investment operations 0.25 Distributions from net investment income (5) (0.09 ) Net Asset Value, End of Period $ 25.16 Net assets, end of period $ 82,180,949 Average net assets (6) $ 81,716,492 Shares outstanding, end of period 3,266,260 Weighted average shares outstanding 3,266,430 Total investment return based on net asset value (7) 1.01 % RATIOS/SUPPLEMENTAL DATA (annualized): Ratios to average net assets: (6)(8) Total operating expenses before expense support 3.95 % Total operating expenses after expense support 3.58 % Net investment income 2.55 % Portfolio turnover rate — % (1) Operations commenced on February 7, 2018. (2) As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. (3) The per share data was derived by using the weighted average shares outstanding during the period. (4) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. (5) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (6) The computation of average net assets during the period is based on the monthly value of net assets. (7) Total investment return based on asset value is a measure of the change in total value for shareholders who held the Company’s common shares at the beginning and end of the period, including distributions declared during the period. Total investment return based on net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) distributions payable relating to one share, if any, on the last day of the period. The total investment return based on net asset value calculation assumes that (i) monthly cash distributions are reinvested in accordance with the Company’s distribution reinvestment plan and (ii) the fractional shares issued pursuant to the distribution reinvestment plan are issued at the then current public offering price, net of sales load, on each monthly distribution payment date. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. (8) Annualized assuming consistent results over a full fiscal year consisting of 365 days; however, this may not be indicative of actual results over a full fiscal year. |
Subsequent Events
Subsequent Events | 2 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events The Company’s board of directors declared cash distributions on the outstanding shares of all classes of the Company’s common shares based on weekly record dates for the time period beginning on April 3, 2018 through and including May 29, 2018, as set forth below: Distribution Record Date Distribution Payment Date Declared Distribution Per Share for Each Share Class Class FA Class A Class T Class D Class I April 3, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 10, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 17, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 24, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 1, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 8, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 15, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 22, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 29, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 In April 2018, the Company’s board of directors also approved new per share public offering prices for each share class in the Public Offering. The new public offering prices became effective on April 27, 2018. The following table provides the new public offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Public Offering: Class A Class T Class D Class I Public Offering Price, Per Share $ 27.46 $ 26.38 $ 25.13 $ 25.13 Selling Commissions, Per Share $ 1.65 $ 0.79 $ — $ — Dealer Manager Fees, Per Share $ 0.68 $ 0.46 $ — $ — During the period April 1, 2018 through May 10, 2018, the Company received additional net proceeds of $450,000 from the sale of 17,948 Class I shares from its Public Offering and net proceeds of $7,500 from the issuance of 299 Class A shares through its distribution reinvestment plan. |
Significant Accounting Polici20
Significant Accounting Policies (Policies) | 2 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements are prepared in accordance with principles generally accepted in the United States (“GAAP”) as contained in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification” or “ASC”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. Although the Company is organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act, its financial statements are prepared using the specialized accounting principles of ASC Topic 946 to utilize investment company accounting. The Company obtains funds through the issuance of equity interests to multiple unrelated investors, and provides such investors with investment management services. Further, the Company’s business strategy is to acquire interests in middle-market businesses to provide current income and long term capital appreciation, while protecting invested capital. Overall, the Company believes that the use of investment company accounting on a fair value basis is consistent with the management of its assets on a fair value basis, and makes the Company’s financial statements more useful to investors and other financial statement users in facilitating the evaluation of an investment in the Company as compared to other investment products in the marketplace. |
Principles of Consolidation | Principles of Consolidation Under ASC Topic 946, “Financial Services—Investment Companies” (“ASC Topic 946”) the Company is precluded from consolidating any entity other than another investment company or an operating company which provides substantially all of its services to benefit the Company. In accordance therewith, the Company has consolidated the results of its wholly owned subsidiaries in its condensed consolidated financial statements. All intercompany account balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consists of demand deposits at commercial banks with original maturities of three months or less from the date of purchase. |
Use of Estimates | Use of Estimates Management makes estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare the financial statement in conformity with generally accepted accounting principles. Actual results could differ from those estimates. |
Valuation of Investments | Valuation of Investments ASC Topic 820 clarifies that the fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. ASC Topic 820 provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. In addition, ASC Topic 820 provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of valuation hierarchy established by ASC Topic 820 are defined as follows: Level 1 Level 2 Level 3 Sub-Manager’s non-binding In all cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls will be determined based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to each asset. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s investments in accordance with the valuation policy and procedures approved by the board of directors, based on, among other things, the input of the Manager, the Sub-Manager, The Company may also look to private merger and acquisition statistics, public trading multiples adjusted for illiquidity and other factors, valuations implied by third-party investments in the businesses or industry practices in determining fair value. The Company may also consider the size and scope of a business and its specific strengths and weaknesses, as well as any other factors it deems relevant in assessing the value. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company will measure realized gains or losses as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation will reflect the change in asset values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. |
Income Recognition | Income Recognition Interest Income The Company places loans on non-accrual non-accrual. non-accrual Non-accrual Dividend Income – ex-dividend |
Paid in Capital | Paid in Capital – |
Organization and Offering Expenses | Organization and Offering Expenses Organization expenses are expensed on the Company’s statement of operations as incurred. Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Offerings, are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months; however, the end of the deferral period will not exceed 12 months from the date the offering expense is incurred by the Manager and the Sub-Manager. |
Earnings per Share | Earnings per Share Earnings per share is calculated for each share class of common shares based upon the weighted average number of common shares outstanding during the reporting period. |
Distributions | Distributions In March 2018, the Company’s board of directors began to declare cash distributions to shareholders based on weekly record dates and such distributions are expected to be paid on a monthly basis. Distributions are made on all classes of the Company’s shares at the same time. |
U.S. Federal Income Taxes | U.S. Federal Income Taxes The Company expects that it will operate so that it will qualify to be treated for U.S. federal income tax purposes as a partnership, and not as an association or a publicly traded partnership taxable as a corporation. Generally, the Company will not be taxable as a corporation if 90% or more of its gross income for each taxable year consists of “qualifying income” (generally, interest (other than interest generated from a financial business), dividends, real property rents, gain from the sale of assets that produce qualifying income and certain other items) and the Company is not required to register under the Investment Company Act (the “qualifying income exception”). |
Investments (Tables)
Investments (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Portfolio | As of March 31, 2018, the Company’s investment portfolio consisted of four distinct positions, summarized as follows: As of March 31, 2018 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 15,700,000 $ 15,700,000 20.3 % 19.1 % Senior secured debt - second lien 15,000,000 15,000,000 19.4 18.3 Total senior debt $ 30,700,000 $ 30,700,000 39.7 37.4 Equity 46,231,763 46,756,212 60.3 56.9 Total investments $ 76,931,763 $ 77,456,212 100.0 % 94.3 % |
Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments | The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of March 31, 2018 were as follows: Industry As of March 31, 2018 Modeling Clay 40.6 % Commercial and Professional Services 59.4 Total 100.0 % Geographic Dispersion (1) As of March 31, 2018 United States 100.0 % Total 100.0 % (1) The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer. |
Summary of Operating and Balance Sheet Data | The following tables present unaudited summarized operating data for Lawn Doctor and Polyform (the “initial businesses”) for the period February 7, 2018 (the date we acquired the initial businesses) through March 31, 2018 and unaudited summarized balance sheet data as of March 31, 2018: Lawn Doctor Summarized Operating Data (Unaudited) Period February 7, (1) Revenues $ 3,118,748 Expenses (3,087,288 ) Income before taxes 31,460 Income tax expense (7,825 ) Net Income $ 23,635 Summarized Balance Sheet Data (Unaudited) As of March 31, 2018 Current assets $ 7,016,164 Non-current $ 28,927,037 Current liabilities $ 4,081,423 Non-current $ 38,785,943 Stockholders’ Equity $ (6,924,165 ) Polyform Summarized Operating Data (Unaudited) Period February 7, (1) Revenues $ 2,417,593 Expenses (2,897,329 ) Net loss before taxes (479,736 ) Income tax benefit 48,000 Net loss $ (431,736 ) Summarized Balance Sheet Data (Unaudited) As of March 31, 2018 Current assets $ 5,771,064 Non-current $ 22,436,533 Current liabilities $ 1,167,304 Non-current $ 20,567,473 Stockholders’ Equity $ 6,472,820 (1) February 7, 2018 is the date the Company acquired the portfolio companies. |
Fair Value of Financial Instr22
Fair Value of Financial Instruments (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Investments Categorization in Fair Value Hierarchy | The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies”, as follows as of March 31, 2018: As of March 31, 2018 Description Level 1 Level 2 Level 3 Total Senior debt $ — $ — $ 30,700,000 $ 30,700,000 Equity — — 46,756,212 46,756,212 Total investments $ — $ — $ 77,456,212 $ 77,456,212 |
Unobservable Inputs Used in Fair Value Measurement of Investments | The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of March 31, 2018 were as follows: As of March 31, 2018 Asset Group Fair Value (1) Valuation Techniques Unobservable Inputs Range (Weighted Average) (2) Impact to Valuation (3) Senior Debt $ 30,700,000 Discounted Cash Flow Market Comparables Transaction Method Discount Rate EBITDA Multiple EBITDA Multiple 10.5% - 13.5% (11.5%) 7.5x – 12.1x (10.5x) 8.0x – 12.0x (10.7x) Decrease Increase Increase Equity 46,756,212 Discounted Cash Flow Market Comparables Transaction Method Discount Rate EBITDA Multiple EBITDA Multiple 10.5% - 13.5% (11.5%) 7.5x – 12.1x (10.5x) 8.0x – 12.0x (10.7x) Decrease Increase Increase Total $ 77,456,212 (1) Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. (2) Weighted average amounts are based on the estimated fair values. (3) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Reconciliations of Investments of Level 3 Inputs | The following tables provide reconciliations for the period from February 7, 2018 (commencement of operations) through March 31, 2018 of investments for which Level 3 inputs were used in determining fair value: Period from February 7, 2018 (commencement of operations) through March 31, 2018 Senior Debt Equity Total Fair value balance as of February 7, 2018 $ — $ — $ — Additions 30,700,000 46,231,763 76,931,763 Net change in unrealized appreciation (1) — 524,449 524,449 Fair value balance as of March 31, 2018 $ 30,700,000 $ 46,756,212 $ 77,456,212 Change in net unrealized appreciation in investments held as of March 31, 2018 (1) $ — $ 524,449 $ 524,449 (1) Included in net change in unrealized appreciation in the consolidated statement of operations. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Related party fees and expenses incurred during the period February 7, 2018 (commencement of operations) through March 31, 2018 are summarized below: Related Party Source Agreement & Description Period from February 7, Manager and Sub-Manager Management Agreement and Sub-Management Organization and offering reimbursement (1) Base management fees (1) $ 707,046 88,562 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support Provided (43,212 ) Manager Administrative Services Agreement: Operating, administrative and compliance services (1) 19,894 (1) Expenses subject to Expense Support. The following table presents amounts due from (to) related parties as of March 31, 2018: Due from related parties: Expense Support $ 43,212 Total due from related parties 43,212 Due to related parties: Organization and offering expenses 707,046 Base management fees 88,562 Operating, administrative and compliance expense reimbursement 19,894 Total due to related parties 815,502 Net due to related parties $ (772,290 ) |
Distributions (Tables)
Distributions (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Distributions Declared on GAAP Basis | The total and the sources of declared distributions on a GAAP basis for the period from February 7, 2018 (commencement of operations) through March 31, 2018 are presented in the tables below. Period from February 7, 2018 (commencement of operations) through March 31, 2018 Class FA Per Share Amount Allocation Total Declared Distributions $ 0.09 $ 302,841 100.0 % From net investment income $ 0.09 $ 302,841 100.0 % |
Capital Transactions (Tables)
Capital Transactions (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Summary of Shares Issued and Proceeds Received in Connection with Private Placement | The following table summarizes the total shares issued and proceeds received in connection with the Private Placement for the period ended March 31, 2018. Period from February 7, 2018 Class FA Shares Amount Gross proceeds 3,258,260 $ 81,456,500 Up-front (1) — — Net proceeds to Company 3,258,260 $ 81,456,500 Average net proceeds per share $25.00 (1) The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Text Block [Abstract] | |
Schedule of Financial Highlights | The following is a schedule of financial highlights of the Company attributed to Class FA shares for the period from February 7, 2018 (commencement of operations) through March 31, 2018. Period ended March 31, 2018 (1) Class FA Shares (2) OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 25.00 Net investment income, before expense support (3) 0.08 Expense support (3) 0.01 Net investment income (3) 0.09 Net realized and unrealized gains (3)(4) 0.16 Net increase resulting from investment operations 0.25 Distributions from net investment income (5) (0.09 ) Net Asset Value, End of Period $ 25.16 Net assets, end of period $ 82,180,949 Average net assets (6) $ 81,716,492 Shares outstanding, end of period 3,266,260 Weighted average shares outstanding 3,266,430 Total investment return based on net asset value (7) 1.01 % RATIOS/SUPPLEMENTAL DATA (annualized): Ratios to average net assets: (6)(8) Total operating expenses before expense support 3.95 % Total operating expenses after expense support 3.58 % Net investment income 2.55 % Portfolio turnover rate — % (1) Operations commenced on February 7, 2018. (2) As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. (3) The per share data was derived by using the weighted average shares outstanding during the period. (4) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s shares in relation to fluctuating market values for the portfolio. (5) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (6) The computation of average net assets during the period is based on the monthly value of net assets. (7) Total investment return based on asset value is a measure of the change in total value for shareholders who held the Company’s common shares at the beginning and end of the period, including distributions declared during the period. Total investment return based on net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) distributions payable relating to one share, if any, on the last day of the period. The total investment return based on net asset value calculation assumes that (i) monthly cash distributions are reinvested in accordance with the Company’s distribution reinvestment plan and (ii) the fractional shares issued pursuant to the distribution reinvestment plan are issued at the then current public offering price, net of sales load, on each monthly distribution payment date. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. (8) Annualized assuming consistent results over a full fiscal year consisting of 365 days; however, this may not be indicative of actual results over a full fiscal year. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 2 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Schedule of Dividend Payable Information | The Company’s board of directors declared cash distributions on the outstanding shares of all classes of the Company’s common shares based on weekly record dates for the time period beginning on April 3, 2018 through and including May 29, 2018, as set forth below: Distribution Record Date Distribution Payment Date Declared Distribution Per Share for Each Share Class Class FA Class A Class T Class D Class I April 3, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 10, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 17, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 April 24, 2018 May 10, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 1, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 8, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 15, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 22, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 May 29, 2018 June 11, 2018 $ 0.024038 $ 0.024038 $ 0.019231 $ 0.021635 $ 0.024038 |
Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees | The following table provides the new public offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Public Offering: Class A Class T Class D Class I Public Offering Price, Per Share $ 27.46 $ 26.38 $ 25.13 $ 25.13 Selling Commissions, Per Share $ 1.65 $ 0.79 $ — $ — Dealer Manager Fees, Per Share $ 0.68 $ 0.46 $ — $ — |
Principal Business and Organi28
Principal Business and Organization - Additional Information (Detail) - USD ($) | Feb. 07, 2018 | Mar. 31, 2018 |
Organization And Business Activities [Line Items] | ||
Number of shares sold | 3,258,260 | |
Common Class FA [Member] | ||
Organization And Business Activities [Line Items] | ||
Number of shares offered in private placement | 85,000,000 | |
Minimum offering requirement | $ 80,000,000 | |
Share price | $ 25 | |
Common Class FA [Member] | Private Placement [Member] | ||
Organization And Business Activities [Line Items] | ||
Number of shares sold | 3,258,260 | 3,258,260 |
Gross proceeds from issuance of shares | $ 81,700,000 | $ 81,456,500 |
Common Class A [Member] | ||
Organization And Business Activities [Line Items] | ||
Number of shares offered in private placement | 115,000,000 | |
Number of shares sold | 0 | |
Minimum [Member] | ||
Organization And Business Activities [Line Items] | ||
Targeted business annual revenues for acquisition | $ 25,000,000 | |
Maximum [Member] | ||
Organization And Business Activities [Line Items] | ||
Targeted business annual revenues for acquisition | $ 500,000,000 |
Investments - Additional Inform
Investments - Additional Information (Detail) | 2 Months Ended | ||
Mar. 31, 2018USD ($)Investment | Feb. 07, 2018 | ||
Investment amount in merger | [1] | $ 76,931,763 | |
Number of debt investments on non accrual status | Investment | 0 | ||
Senior Secured Loan Second Lien 18.3% [Member] | |||
Investment amount in merger | $ 15,000,000 | ||
Interest Rate | 16.00% | ||
Maturity Date | Aug. 7, 2023 | ||
Senior Secured Loan First Lien 19.1% [Member] | |||
Investment amount in merger | $ 15,700,000 | ||
Interest Rate | 16.00% | ||
Maturity Date | Aug. 7, 2023 | ||
Lawn Doctor [Member] | |||
Percentage of equity interest acquired | 63.90% | ||
Investment amount in merger | $ 15,000,000 | ||
Ownership of outstanding equity | 62.90% | ||
Lawn Doctor [Member] | Common Equity [Member] | |||
Investment amount in merger | 30,500,000 | ||
Polyform [Member] | |||
Percentage of equity interest acquired | 87.10% | ||
Polyform [Member] | Common Equity [Member] | |||
Investment amount in merger | 15,800,000 | ||
Polyform [Member] | Senior Secured Loan First Lien 19.1% [Member] | |||
Investment amount in merger | $ 15,700,000 | ||
[1] | Security may be an obligation of one or more entities affiliated with the named company. |
Investments - Summary of Invest
Investments - Summary of Investment Portfolio (Detail) | Mar. 31, 2018USD ($) | |
Investment Holdings [Line Items] | ||
Cost | $ 76,931,763 | [1] |
Fair Value | $ 77,456,212 | [1],[2] |
Fair Value Percentage of Investment Portfolio | 100.00% | |
Fair Value Percentage of Net Assets | 94.30% | [1] |
Senior Secured Loan First Lien 19.1% [Member] | ||
Investment Holdings [Line Items] | ||
Cost | $ 15,700,000 | |
Fair Value | $ 15,700,000 | |
Fair Value Percentage of Investment Portfolio | 20.30% | |
Fair Value Percentage of Net Assets | 19.10% | [1] |
Senior Secured Loan Second Lien 18.3% [Member] | ||
Investment Holdings [Line Items] | ||
Cost | $ 15,000,000 | |
Fair Value | $ 15,000,000 | |
Fair Value Percentage of Investment Portfolio | 19.40% | |
Fair Value Percentage of Net Assets | 18.30% | [1] |
Senior Debt [Member] | ||
Investment Holdings [Line Items] | ||
Cost | $ 30,700,000 | [1] |
Fair Value | $ 30,700,000 | [1],[2] |
Fair Value Percentage of Investment Portfolio | 39.70% | |
Fair Value Percentage of Net Assets | 37.40% | |
Equity 56.9% [Member] | ||
Investment Holdings [Line Items] | ||
Cost | $ 46,231,763 | [1] |
Fair Value | $ 46,756,212 | [1],[2] |
Fair Value Percentage of Investment Portfolio | 60.30% | |
Fair Value Percentage of Net Assets | 56.90% | [1] |
[1] | Security may be an obligation of one or more entities affiliated with the named company. | |
[2] | Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. |
Investments - Industry and Geog
Investments - Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments (Detail) | Mar. 31, 2018 | |
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 100.00% | |
Modeling Clay [Member] | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 40.60% | |
Commercial and Professional Services [Member] | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 59.40% | |
United States | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 100.00% | [1] |
[1] | The geographic dispersion is determined by the portfolio company's country of domicile or the jurisdiction of the security's issuer. |
Investments - Summary of Operat
Investments - Summary of Operating and Balance Sheet Data (Detail) | 2 Months Ended | |
Mar. 31, 2018USD ($) | ||
Investment Company, Financial Highlights [Line Items] | ||
Expenses | $ (468,587) | |
Lawn Doctor [Member] | ||
Investment Company, Financial Highlights [Line Items] | ||
Revenues | 3,118,748 | [1] |
Expenses | (3,087,288) | [1] |
Income before taxes | 31,460 | [1] |
Income tax (expense) benefit | (7,825) | [1] |
Net Income | 23,635 | [1] |
Current assets | 7,016,164 | |
Non-current assets | 28,927,037 | |
Current liabilities | 4,081,423 | |
Non-current liabilities | 38,785,943 | |
Stockholders' Equity | (6,924,165) | |
Polyform [Member] | ||
Investment Company, Financial Highlights [Line Items] | ||
Revenues | 2,417,593 | [1] |
Expenses | (2,897,329) | [1] |
Income before taxes | (479,736) | [1] |
Income tax (expense) benefit | 48,000 | [1] |
Net Income | (431,736) | [1] |
Current assets | 5,771,064 | |
Non-current assets | 22,436,533 | |
Current liabilities | 1,167,304 | |
Non-current liabilities | 20,567,473 | |
Stockholders' Equity | $ 6,472,820 | |
[1] | February 7, 2018 is the date the Company acquired the portfolio companies. |
Fair Value of Financial Instr33
Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) | Mar. 31, 2018USD ($) | |
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | $ 77,456,212 | [1],[2] |
Senior Debt [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | 30,700,000 | [1],[2] |
Equity 56.9% [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | 46,756,212 | [1],[2] |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | 77,456,212 | |
Fair Value, Inputs, Level 3 [Member] | Senior Debt [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | 30,700,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity 56.9% [Member] | ||
Fair Value Of Assets And Liabilities Measured On Recurring Basis [Line Items] | ||
Investments, at Fair Value | $ 46,756,212 | |
[1] | Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. | |
[2] | Security may be an obligation of one or more entities affiliated with the named company. |
Fair Value of Financial Instr34
Fair Value of Financial Instruments - Additional Information (Detail) | 2 Months Ended |
Mar. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Transfers between level 1 to level 2 | $ 0 |
Transfers between level 2 to level 1 | 0 |
Investment classified as Level 3 | $ 77,500,000 |
Level 3 investment as percentage of total investment portfolio | 100.00% |
Transfer into level 3 | $ 0 |
Transfer out of level 3 | $ 0 |
Fair Value of Financial Instr35
Fair Value of Financial Instruments - Unobservable Inputs Used in Fair Value Measurement of Investments (Detail) | 2 Months Ended | |
Mar. 31, 2018USD ($) | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investments, at Fair Value | $ 77,456,212 | [1],[2] |
Senior Debt [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investments, at Fair Value | $ 30,700,000 | [1],[2] |
Senior Debt [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Decrease | [3] |
Senior Debt [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Increase | [3] |
Senior Debt [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Increase | [3] |
Senior Debt [Member] | Minimum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 10.50% | |
Senior Debt [Member] | Minimum [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 7.50 | |
Senior Debt [Member] | Minimum [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 8 | |
Senior Debt [Member] | Maximum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 13.50% | |
Senior Debt [Member] | Maximum [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 12.10 | |
Senior Debt [Member] | Maximum [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 12 | |
Senior Debt [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 11.50% | [4] |
Senior Debt [Member] | Weighted Average [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 10.50 | [4] |
Senior Debt [Member] | Weighted Average [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 10.7 | [4] |
Equity 56.9% [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Investments, at Fair Value | $ 46,756,212 | [1],[2] |
Equity 56.9% [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Decrease | [3] |
Equity 56.9% [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Increase | [3] |
Equity 56.9% [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Impact to Valuation from an Increase in Input | Increase | [3] |
Equity 56.9% [Member] | Minimum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 10.50% | |
Equity 56.9% [Member] | Minimum [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 7.5 | |
Equity 56.9% [Member] | Minimum [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 8 | |
Equity 56.9% [Member] | Maximum [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 13.50% | |
Equity 56.9% [Member] | Maximum [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 12.1 | |
Equity 56.9% [Member] | Maximum [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 12 | |
Equity 56.9% [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Discount Rate | 11.50% | [4] |
Equity 56.9% [Member] | Weighted Average [Member] | Market Comparables [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 10.5 | [4] |
Equity 56.9% [Member] | Weighted Average [Member] | Transaction Method [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
EBITDA Multiple | 10.7 | [4] |
[1] | Certain investments may be valued at cost for a period of time after an acquisition as the best indicator of fair value. | |
[2] | Security may be an obligation of one or more entities affiliated with the named company. | |
[3] | This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. | |
[4] | Weighted average amounts are based on the estimated fair values. |
Fair Value of Financial Instr36
Fair Value of Financial Instruments - Reconciliations of Investments of Level 3 Inputs (Detail) | 2 Months Ended | |
Mar. 31, 2018USD ($) | ||
Fair Value Assets And Liablities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value balance as of March 31, 2018 | $ 77,500,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liablities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Additions | 76,931,763 | |
Net change in unrealized appreciation | 524,449 | [1] |
Fair value balance as of March 31, 2018 | 77,456,212 | |
Fair Value, Inputs, Level 3 [Member] | Senior Debt [Member] | ||
Fair Value Assets And Liablities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Additions | 30,700,000 | |
Fair value balance as of March 31, 2018 | 30,700,000 | |
Fair Value, Inputs, Level 3 [Member] | Equity 56.9% [Member] | ||
Fair Value Assets And Liablities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Additions | 46,231,763 | |
Net change in unrealized appreciation | 524,449 | [1] |
Fair value balance as of March 31, 2018 | $ 46,756,212 | |
[1] | Included in net change in unrealized appreciation in the consolidated statement of operations. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 07, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Number of shares issued | 3,258,260 | ||||
Purchase price of shares issued | $ (81,456,500) | ||||
Incentive fees | 0 | ||||
Amounts due to related parties | $ 0 | $ 772,290 | |||
Annual Preference Return Less Than 7% [Member] | Manager Sub Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of return incentive fees payable | 0.00% | ||||
Annual Preference Return Less than or Equal to 8.75% or the Non-founder breakpoint [Member] | Manager Sub Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of return incentive fees payable | 20.00% | ||||
Annual Preference Return Less Than 7.777% or Founder breakpoint [Member] | Manager Sub Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Percentage of return incentive fees payable | 10.00% | ||||
Scenario, Forecast [Member] | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 24.75 | ||||
Manager and Sub-Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs incurred | $ 3,600,000 | ||||
Reimbursement obligation for organization and offering cost incurred | $ 700,000 | ||||
Percentage of base management fees payable | 50.00% | ||||
Base management fees multiplier for non founder shares | 2.00% | ||||
Base management fees multiplier for founder shares | 1.00% | ||||
Annual preference return relates to founder shares | 7.777% | ||||
Annual preference return relates to non-founder shares | 8.75% | ||||
Percentage of return incentive fees payable | 50.00% | ||||
Manager and Sub-Manager [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual preference return | 7.00% | ||||
Manager and Sub-Manager [Member] | Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Maximum percentage of reimbursement from private placement | 1.00% | ||||
Manager and Sub-Manager [Member] | Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Maximum percentage of reimbursement from private placement | 1.50% | ||||
Common Class FA [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling commission or dealer manager fees | $ 0 | ||||
Common Class FA [Member] | Lawn Doctor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Share received in exchange of non cash consideration | 96,000 | ||||
Non-cash consideration in form of equity | $ 2,400,000 | ||||
Common Class FA [Member] | Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 3,258,260 | 3,258,260 | |||
Selling commission or dealer manager fees | [1] | $ 0 | |||
Minimum offering requirement amount | $ 80,000,000 | ||||
Gross proceeds from issuance of shares | 81,700,000 | 81,456,500 | |||
Selling commission | $ 0 | ||||
Common Class FA [Member] | Manager and Sub-Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 8,000 | ||||
Purchase price of shares issued | $ 200,000 | ||||
Common Class FA [Member] | Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 4,000 | ||||
Proceed from cash capital contribution | $ 2,400,000 | ||||
Share issued | 96,000 | ||||
Common Class FA [Member] | Sub Manager [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 4,000 | ||||
Common Class FA [Member] | Board of Directors Chairman [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceed from cash capital contribution | $ 9,500,000 | ||||
Share issued | 380,000 | ||||
Common Class FA [Member] | Other Individuals [Member] | |||||
Related Party Transaction [Line Items] | |||||
Proceed from cash capital contribution | $ 400,000 | ||||
Share issued | 15,000 | ||||
Common Class A [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of shares issued | 0 | ||||
Common Class A [Member] | Private Placement [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling commission | 6.00% | ||||
Common Class A [Member] | Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Dealer manager Fee | 2.50% | ||||
Common Class T [Member] | |||||
Related Party Transaction [Line Items] | |||||
Annual distribution and fee, percentage | 1.00% | ||||
Common Class T [Member] | Private Placement [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling commission | 3.00% | ||||
Common Class T [Member] | Public Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Dealer manager Fee | 1.75% | ||||
Common Class D [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shareholders servicing fee, percentage | 0.50% | ||||
[1] | The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) | 2 Months Ended | |
Mar. 31, 2018USD ($) | ||
Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Related party fees and expenses | $ 19,894 | [1] |
Organization and Offering Reimbursement Manager and Sub Manager Agreement [Member] | Manager and Sub-Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Related party fees and expenses | 707,046 | [1] |
Base Management Fee Manager and Sub Manager Agreement [Member] | Manager and Sub-Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Related party fees and expenses | 88,562 | [1] |
Expense Support Provided Expense Support and Conditional Reimbursement Agreement [Member] | Manager and Sub-Manager [Member] | ||
Related Party Transaction [Line Items] | ||
Related party fees and expenses | $ (43,212) | |
[1] | Expenses subject to Expense Support. |
Related Party Transactions - Am
Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 43,212 | |
Due to related parties | 772,290 | $ 0 |
Net due to related parties | (772,290) | |
Expense Support [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 43,212 | |
Organization and Offering Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 707,046 | |
Base Management Fee [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 88,562 | |
Payables to Related Parties [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 815,502 |
Distributions - Distributions D
Distributions - Distributions Declared on GAAP Basis (Detail) | 2 Months Ended |
Mar. 31, 2018USD ($)$ / shares | |
Investment Company, Distribution to Shareholders [Line Items] | |
Total Declared Distributions | $ 302,841 |
Common Class FA [Member] | |
Investment Company, Distribution to Shareholders [Line Items] | |
Total Declared Distributions, Per Share | $ / shares | $ 0.09 |
From net investment income, Per Share | $ / shares | $ 0.09 |
Total Declared Distributions | $ 302,841 |
Total Declared Distributions, Allocation | 100.00% |
From net investment income, Allocation | 100.00% |
Common Class FA [Member] | Net Investment Income [Member] | |
Investment Company, Distribution to Shareholders [Line Items] | |
Total Declared Distributions | $ 302,841 |
Distributions - Additional Info
Distributions - Additional Information (Detail) | 2 Months Ended |
Mar. 31, 2018USD ($) | |
Investment Company, Distribution to Shareholders [Line Items] | |
Expense support | $ 43,212 |
Supported distributions | 302,841 |
Net Investment Income [Member] | |
Investment Company, Distribution to Shareholders [Line Items] | |
Expense support | $ 43,212 |
Capital Transactions -Additiona
Capital Transactions -Additional Information (Detail) - USD ($) | Mar. 07, 2018 | Feb. 07, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 3,258,260 | ||||
Purchase price of shares issued | $ (81,456,500) | ||||
Shares offered | 1,000,000,000 | ||||
Minimum public offering requirement | 5,000 | ||||
Distribution Reinvestment Plan [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Shares offered | 100,000,000 | ||||
Public Offering and Private Placement [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Minimum public offering requirement | 2,000,000 | ||||
Common Class FA [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Selling commission or dealer manager fees | $ 0 | ||||
Common Class FA [Member] | Private Placement [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 3,258,260 | 3,258,260 | |||
Selling commission or dealer manager fees | [1] | $ 0 | |||
Minimum offering requirement amount | $ 80,000,000 | ||||
Gross proceeds from issuance of common stock | 81,700,000 | 81,456,500 | |||
Selling commissions or placement agent fees from the sale | $ 0 | 0 | |||
Value of shares of common stock offered | $ 85,000,000 | ||||
Shares issued, price per share | $ 25 | ||||
Common Class FA [Member] | Manager [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 4,000 | ||||
Common Class FA [Member] | Sub Manager [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 4,000 | ||||
Common Class FA [Member] | Manager and Sub-Manager [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 8,000 | ||||
Purchase price of shares issued | $ 200,000 | ||||
Common Class A [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Number of shares issued | 0 | ||||
Initial per share public offering price | $ 27.32 | ||||
Common Class A [Member] | Private Placement [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Value of shares of common stock offered | $ 115,000,000 | ||||
Common Class T [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Initial per share public offering price | 26.25 | ||||
Common Class D [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Initial per share public offering price | 25 | ||||
Common Class I [Member] | |||||
Investment Company, Capital Share Transactions [Line Items] | |||||
Initial per share public offering price | $ 25 | ||||
[1] | The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. |
Capital Transactions - Summary
Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Private Placement (Detail) - USD ($) | Feb. 07, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares issued | 3,258,260 | |||
Common Class FA [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Up-front selling commissions and dealer manager fees, Amount | $ 0 | |||
Common Class FA [Member] | Private Placement [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Gross proceeds from issuance of common stock | $ 81,700,000 | $ 81,456,500 | ||
Up-front selling commissions and dealer manager fees, Amount | [1] | 0 | ||
Net proceeds to Company, Amount | $ 81,456,500 | |||
Average net proceeds per share, Amount | $ 25 | |||
Shares issued | 3,258,260 | 3,258,260 | ||
[1] | The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 3.3 million Class FA shares sold under the terms of the Private Placement. |
Capital Transactions - Summar44
Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Private Placement (Parenthetical) (Detail) - USD ($) | Feb. 07, 2018 | Mar. 31, 2018 |
Investment Company, Capital Share Transactions [Line Items] | ||
Shares issued | 3,258,260 | |
Common Class FA [Member] | Private Placement [Member] | ||
Investment Company, Capital Share Transactions [Line Items] | ||
Selling commissions or placement agent fees | $ 0 | $ 0 |
Shares issued | 3,258,260 | 3,258,260 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) | 2 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | [1],[2] | |
OPERATING PERFORMANCE PER SHARE | ||
Net Asset Value, Beginning of Period | $ 25 | |
Net investment income, before expense support | 0.08 | [3] |
Expense support | 0.01 | [3] |
Net investment income | 0.09 | [3] |
Net realized and unrealized gains | 0.16 | [3],[4] |
Net increase resulting from investment operations | 0.25 | |
Distributions from net investment income | (0.09) | [5] |
Net Asset Value, End of Period | $ 25.16 | |
Net assets at end of period | $ | $ 82,180,949 | [6] |
Average net assets | $ | $ 81,716,492 | [7] |
Shares outstanding, end of period | shares | 3,266,260 | |
Weighted average shares outstanding | shares | 3,266,430 | |
Total investment return based on net asset value | 1.01% | [8] |
Ratios to average net assets: | ||
Total operating expenses before expense support | 3.95% | [7],[9] |
Total operating expenses after expense support | 3.58% | [7],[9] |
Net investment income | 2.55% | [7],[9] |
Portfolio turnover rate | 0.00% | [7],[9] |
[1] | As of March 31, 2018, the Company had not sold any Class A, Class T, Class D or Class I shares. | |
[2] | Operations commenced on February 7, 2018. | |
[3] | The per share data was derived by using the weighted average shares outstanding during the period. | |
[4] | The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company's shares in relation to fluctuating market values for the portfolio. | |
[5] | The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. | |
[6] | Security may be an obligation of one or more entities affiliated with the named company. | |
[7] | The computation of average net assets during the period is based on the monthly value of net assets. | |
[8] | Total investment return based on asset value is a measure of the change in total value for shareholders who held the Company's common shares at the beginning and end of the period, including distributions declared during the period. Total investment return based on net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, of (A) one share plus (B) any fractional shares issued in connection with the reinvestment of monthly distributions, and (iii) distributions payable relating to one share, if any, on the last day of the period. The total investment return based on net asset value calculation assumes that (i) monthly cash distributions are reinvested in accordance with the Company's distribution reinvestment plan and (ii) the fractional shares issued pursuant to the distribution reinvestment plan are issued at the then current public offering price, net of sales load, on each monthly distribution payment date. Since there is no public market for the Company's shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company's performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company's shares. | |
[9] | Annualized assuming consistent results over a full fiscal year consisting of 365 days; however, this may not be indicative of actual results over a full fiscal year. |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Dividend Payable Information (Detail) - Subsequent Event [Member] | Apr. 03, 2018$ / shares |
Record Date One [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | Apr. 3, 2018 |
Distribution Payment Date | May 10, 2018 |
Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | Apr. 10, 2018 |
Distribution Payment Date | May 10, 2018 |
Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | Apr. 17, 2018 |
Distribution Payment Date | May 10, 2018 |
Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | Apr. 24, 2018 |
Distribution Payment Date | May 10, 2018 |
Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | May 1, 2018 |
Distribution Payment Date | Jun. 11, 2018 |
Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | May 8, 2018 |
Distribution Payment Date | Jun. 11, 2018 |
Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | May 15, 2018 |
Distribution Payment Date | Jun. 11, 2018 |
Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | May 22, 2018 |
Distribution Payment Date | Jun. 11, 2018 |
Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Distribution Record Date | May 29, 2018 |
Distribution Payment Date | Jun. 11, 2018 |
Common Class FA [Member] | Record Date One [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | $ 0.024038 |
Common Class FA [Member] | Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class FA [Member] | Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date One [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class A [Member] | Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class T [Member] | Record Date One [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class T [Member] | Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.019231 |
Common Class D [Member] | Record Date One [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class D [Member] | Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.021635 |
Common Class I [Member] | Record Date One [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Two [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Three [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Four [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Five [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Six [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Seven [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Eight [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | 0.024038 |
Common Class I [Member] | Record Date Nine [Member] | |
Dividends Payable [Line Items] | |
Dividends payable amount per share | $ 0.024038 |
Subsequent Events - Summary of
Subsequent Events - Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees (Detail) - Subsequent Event [Member] | Apr. 27, 2018$ / shares |
Common Class A [Member] | |
Initial Public Offering [Line Items] | |
Public Offering Price, Per Share | $ 27.46 |
Selling Commissions, Per Share | 1.65 |
Dealer Manager Fees, Per Share | 0.68 |
Common Class T [Member] | |
Initial Public Offering [Line Items] | |
Public Offering Price, Per Share | 26.38 |
Selling Commissions, Per Share | 0.79 |
Dealer Manager Fees, Per Share | 0.46 |
Common Class D [Member] | |
Initial Public Offering [Line Items] | |
Public Offering Price, Per Share | 25.13 |
Common Class I [Member] | |
Initial Public Offering [Line Items] | |
Public Offering Price, Per Share | $ 25.13 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | 1 Months Ended | 2 Months Ended |
May 10, 2018 | Mar. 31, 2018 | |
Number of shares sold | 3,258,260 | |
Common Class A [Member] | ||
Number of shares sold | 0 | |
Subsequent Event [Member] | Common Class I [Member] | ||
Proceeds from sale of new shares | $ 450,000 | |
Subsequent Event [Member] | Common Class A [Member] | ||
Proceeds from sale of new shares | $ 7,500 | |
Subsequent Event [Member] | Distribution Reinvestment Plan [Member] | Common Class I [Member] | ||
Number of shares sold | 17,948 | |
Subsequent Event [Member] | Distribution Reinvestment Plan [Member] | Common Class A [Member] | ||
Number of shares sold | 299 |