CNL Strategic Capital 10-Q 14 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 09, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
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
Class FA
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,266,260
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,647
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,387
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		61,599
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		37,236

Condensed Consolidated Statemen

Condensed Consolidated Statements of Assets and Liabilities - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Assets
Investments at fair value (amortized cost of $76,774,339 and $— as of June 30, 2018 and December 31, 2017 respectively)	$ 78,227,212	$ 0
Cash and cash equivalents	6,440,516	199,683
Deferred offering expenses	186,359	317
Prepaid expenses and other assets	160,398	0
Total assets	85,014,485	200,000
Liabilities
Due to related parties (Note 5)	205,195	0
Distributions payable	317,225	0
Accounts payable and other accrued expenses	297,265	0
Accrued directors’ fees and expenses	9,075	0
Total liabilities	828,760	0
Commitments and contingencies (Note 8)
Members’ Equity (Net Assets)
Preferred shares, $0.001 par value 50,000,000 shares authorized and unissued	0	0
Capital in excess of par value	82,751,660	199,992
Distributions in excess of net investment income	(22,118)	0
Accumulated net unrealized appreciation on investments	1,452,873	0
Total Members’ Equity	84,185,725	200,000
Net assets, Total Members’ Equity	84,185,725	200,000
Class FA
Members’ Equity (Net Assets)
Common shares	3,266	8
Net assets, Total Members’ Equity	83,076,581	200,000
Class A
Members’ Equity (Net Assets)
Common shares	2	0
Net assets, Total Members’ Equity	61,052	0
Class T
Members’ Equity (Net Assets)
Common shares	2	0
Net assets, Total Members’ Equity	43,307	0
Class D
Members’ Equity (Net Assets)
Common shares	7	0
Net assets, Total Members’ Equity	171,018	0
Class I
Members’ Equity (Net Assets)
Common shares	33	0
Net assets, Total Members’ Equity	$ 833,767	$ 0

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Amortized cost	$ 76,774,339	$ 0
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	50,000,000
Preferred stock, shares issued	50,000,000
Class FA
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	3,400,000	3,400,000
Common stock, shares issued	3,266,260	8,000
Common stock, shares outstanding	3,266,260	8,000
Class A
Common stock, par value	$ 0.001
Common stock, shares authorized	94,660,000
Common stock, shares issued	2,406
Common stock, shares outstanding	2,406
Class T
Common stock, par value	$ 0.001
Common stock, shares authorized	662,620,000
Common stock, shares issued	1,704
Common stock, shares outstanding	1,704
Class D
Common stock, par value	$ 0.001
Common stock, shares authorized	94,660,000
Common stock, shares issued	6,730
Common stock, shares outstanding	6,730
Class I
Common stock, par value	$ 0.001
Common stock, shares authorized	94,660,000
Common stock, shares issued	32,821
Common stock, shares outstanding	32,821

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Investment Income
Interest income	$ 1,263,063	$ 1,991,279
Dividend income	760,923	760,923
Total investment income	2,023,986	2,752,202
Operating Expenses
Organization and offering expenses	317,230	538,794
Base management fees	194,974	283,536
Total return incentive fees	308,735	308,735
Professional services	169,742	233,410
Director fees and expenses	45,210	82,280
General and administrative expenses	60,120	92,613
Custodian and accounting fees	39,520	64,433
Insurance expenses	28,077	28,077
Annual distribution and shareholder servicing fees	52	52
Other	0	317
Total operating expenses	1,163,660	1,632,247
Expense support	(144,146)	(187,358)
Net expenses	1,019,514	1,444,889
Net investment income	1,004,472	1,307,313
Net change in unrealized appreciation on investments	928,424	1,452,873
Net increase in net assets resulting from operations	$ 1,932,896	$ 2,760,186
Common stock per share information:
Net investment income per share (usd per share)	$ 0.31	$ 0.40
Basic and diluted earnings per share (usd per share)	$ 0.59	$ 0.84
Weighted average number of common shares outstanding (basic and diluted) (in shares)	3,285,912	3,278,742
Distributions declared per share (usd per share)	$ 0.32	$ 0.41

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Net Assets	5 Months Ended
	Jun. 30, 2018USD ($)
Operations:
Net investment income	$ 1,307,313
Net change in unrealized appreciation on investments	1,452,873
Net increase in net assets resulting from operations	2,760,186
Distributions to shareholders from:
Net investment income	(1,307,313)
Distributions in excess of net investment income (see Note 6)	(22,118)
Net decrease in net assets resulting from distributions to shareholders	(1,329,431)
Capital share transactions:
Issuance of shares of common stock through Private Placement and Public Offering	82,540,112
Issuance of shares of common stock through distribution reinvestment plan	14,858
Net increase in net assets resulting from capital share transactions	82,554,970
Total increase in net assets	83,985,725
Net assets at beginning of period	200,000
Net assets at end of period	$ 84,185,725

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Cash Flows - USD ($)	5 Months Ended
	Jun. 30, 2018
Operating Activities:
Net increase in net assets resulting from operations	$ 2,760,186
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments, net	(74,374,339)
Net change in unrealized appreciation on investments	(1,452,873)
Amortization of deferred offering expenses	496,922
Increase in due to related parties	205,195
Increase in accrued directors’ fees and expenses	9,075
Increase in accounts payable and other accrued expenses	297,265
Increase in deferred offering expenses	(682,964)
Increase in other assets	(160,398)
Net cash used in operating activities	(72,901,931)
Financing Activities:
Proceeds from issuance of common shares	80,140,112
Distributions paid, net of distributions reinvested	(997,348)
Net cash provided by financing activities	79,142,764
Net increase in cash	6,240,833
Cash and cash equivalents, beginning of period	199,683
Cash and cash equivalents, end of period	6,440,516
Supplemental disclosure of cash flow information and non-cash financing activities:
Distributions reinvested	14,858
Amounts incurred but not paid (including amounts due to related parties):
Distributions payable	317,225
Offering costs	5,175
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)	5 Months Ended
	Jun. 30, 2018USD ($)
Statement of Cash Flows [Abstract]
TOTAL INVESTMENTS–92.9%	$ 76,774,339
Non-cash contribution from Sub-Manager	$ (2,400,000)

Condensed Consolidated Schedule

Condensed Consolidated Schedule of Investments	5 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Cost	$ 76,774,339	$ 76,774,339
TOTAL INVESTMENTS–92.9%	76,774,339
Fair Value	78,227,212	78,227,212
OTHER ASSETS IN EXCESS OF LIABILITIES–7.1%	5,958,513	5,958,513
NET ASSETS–100.0%	84,185,725	84,185,725
Polyform Products, Co.
Cost	15,600,000	15,600,000
Lawn Doctor
Cost	30,500,000	30,500,000
Total Senior Secured Loans
Cost	30,700,000	30,700,000
Fair Value	$ 30,700,000	$ 30,700,000
Senior Secured Loan – First Lien–18.6%
Interest rate	16.00%	16.00%
Cost	$ 15,700,000	$ 15,700,000
Fair Value	15,700,000	15,700,000
Senior Secured Loan – First Lien–18.6% | Polyform Products, Co. | Hobby Goods and Supplies
No. Shares/ Principal Amount	15,700,000	15,700,000
Cost	15,700,000	15,700,000
Fair Value	$ 15,700,000	15,700,000
Senior Secured Loan – Second Lien–17.8%
Interest rate	16.00%
Cost	$ 15,000,000	15,000,000
Fair Value	15,000,000	15,000,000
Senior Secured Loan – Second Lien–17.8% | Lawn Doctor | Commercial and Professional Services
No. Shares/ Principal Amount	15,000,000	15,000,000
Cost	15,000,000	15,000,000
Fair Value	15,000,000	15,000,000
Equity–56.5%
Cost	46,074,339	46,074,339
Fair Value	47,527,212	47,527,212
Equity–56.5% | Polyform Products, Co. | Hobby Goods and Supplies
No. Shares/ Principal Amount	10,820	10,820
Cost	15,598,788	15,598,788
Fair Value	15,756,212	15,756,212
Equity–56.5% | Lawn Doctor | Commercial and Professional Services
No. Shares/ Principal Amount	7,746	7,746
Cost	30,475,551	30,475,551
Fair Value	$ 31,771,000	$ 31,771,000

Condensed Consolidated Schedul9

Condensed Consolidated Schedule of Investments (Parenthetical)	Jun. 30, 2018
Fair Value Percentage of Net Assets	92.90%
OTHER ASSETS IN EXCESS OF LIABILITIES, Percentage	7.10%
NET ASSETS, Percentage	100.00%
Senior secured debt - first lien
Fair Value Percentage of Net Assets	18.60%
Senior Secured Loan – Second Lien–17.8%
Fair Value Percentage of Net Assets	17.80%
Equity–56.5%
Fair Value Percentage of Net Assets	56.50%

Principal Business and Organiza

Principal Business and Organization	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principal Business and Organization	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”), a registered investment advisor, under a sub-management agreement (the “Sub-Management Agreement”) pursuant to which the Sub-Manager is responsible for the day-to-day management of the Company’s assets. The Sub-Manager is an affiliate of Levine Leichtman Capital Partners, Inc. 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 with other funds managed by affiliates of the Sub-Manager. The Company expects that these positions will comprise a minority of its total assets. 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 shares). On February 7, 2018, the Company met the minimum offering requirement of $80 million in Class FA shares under the Private Placement, at which point the Company commenced operations, and it 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. In October 2016, the Company confidentially submitted a registration statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the proposed offering of shares of its limited liability company interests (the “Public Offering” and together with the Private Placement, the “Offerings”). The Registration Statement for the Public Offering was declared effective by the SEC on March 7, 2018. Through its Public Offering, the Company is offering, in any combination, four classes of shares: Class A shares, Class T shares, Class D shares and Class I shares (collectively, the “non-founder shares” and together with the Founder Shares, the “Shares”). See Note 7. “Capital Transactions” for additional information related to the Offerings.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“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 which provide services to the Company in its condensed consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. All intercompany account balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash consists of demand deposits at commercial banks. 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 – Quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is defined as a market in which transactions for the asset or liability occur with sufficient pricing information on an ongoing basis. Publicly listed equity and debt securities and listed derivatives that are traded on major securities exchanges and publicly traded equity options are generally valued using Level 1 inputs. If a price for a Level 1 asset cannot be determined based upon this established process, it shall then be valued as a Level 2 or Level 3 asset. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following: (i) quoted prices for similar assets in active markets; (ii) quoted prices for identical or similar assets in markets that are not active; (iii) inputs that are derived principally from or corroborated by observable market data by correlation or other means; and (iv) inputs other than quoted prices that are observable for the assets. Fixed income and derivative assets, where there is an observable secondary trading market and through which pricing inputs are available through pricing services or broker quotes, are generally valued using Level 2 inputs. If a price for a Level 2 asset cannot be determined based upon this established process, it shall then be valued as a Level 3 asset. Level 3 – Unobservable inputs for the asset or liability being valued. Unobservable inputs will be used to measure fair value to the extent that observable inputs are not available and such inputs will be based on the best information available in the circumstances, which under certain circumstances might include the Manager’s or the Sub-Manager’s own data. Level 3 inputs may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain assets may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. Debt and equity investments in private companies or assets valued using the market or income approach are generally valued using Level 3 inputs. 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 factors, the input of the Manager, the Sub-Manager, its audit committee, and the independent third-party valuation firm. The determination of the fair value of the Company’s assets requires judgment, especially with respect to assets for which market prices are not available. For most of the Company’s assets, market prices will not be available. Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a readily available market value existed for such assets, and the differences could be material. Because the calculation of the Company’s net asset value is based, in part, on the fair value of its assets, the Company’s calculation of net asset value is subjective and could be adversely affected if the determinations regarding the fair value of its assets were materially higher than the values that the Company ultimately realizes upon the disposal of such assets. Furthermore, through the valuation process, the Company’s board of directors may determine that the fair value of the Company’s assets differs materially from the values that were provided by the independent valuation firm. 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 – Interest income is recorded on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans and debt securities for accounting purposes if it has reason to doubt its ability to collect such interest. The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that the Company will collect principal or interest. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due principal and interest amounts are paid and, in management’s judgment, are likely to remain current. Dividend Income – Dividend income is recorded on the record date for privately issued securities, but excludes any portion of dividends that are treated as a return of capital. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment. Paid in Capital – The Company records the proceeds from the sale of its common shares on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding upfront selling commissions and dealer manager fees. Organization and Offering Expenses Organization expenses are expensed on the Company’s statements 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. Annual Distribution and Shareholder Servicing Fees Under the Public Offering, the Company pays annual distribution and shareholder servicing fees with respect to its Class T and Class D shares, as described further below in Note 5. "Related Party Transactions." The Company records the annual distribution and shareholder servicing fees, which accrue daily, in its statements of operations as they are incurred. Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, organization and offering expenses, annual distribution and shareholder servicing fees, expense support and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such fees are attributable to the particular share classes, as determined by the Company's board of directors, the Company's governing agreements and, in certain cases, expenses which are specifically identifiable to a specific share class. Income and expenses which are not class-specific are allocated monthly pro rata among the share classes based on shares outstanding as of the end of the month. Earnings per Share and Net Investment Income per Share Earnings per share and net investment income per share are 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	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Investments	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 amended merger agreement and an exchange agreement between the Company and the Leichtman-Levine Living Trust, an affiliate of the Sub-Manager (the “Exchange Agreement”), the Company acquired an approximately 63.9% equity interest in Lawn Doctor from an affiliate of the Sub-Manager, through an investment consisting of common equity and a debt investment in the form of a secured second lien loan to Lawn Doctor. After the closing of the merger, the consummation of the equity contribution pursuant to the Exchange Agreement and subsequent purchases of common equity in Lawn Doctor by certain members of Lawn Doctor’s senior management team, the Company owns approximately 62.9% of the outstanding equity in Lawn Doctor. As of June 30, 2018 , the cost basis of the Company’s investments in Lawn Doctor was approximately $30.5 million of common equity and $15.0 million of a debt investment. 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, through an investment consisting of common equity and a debt investment in the form of a first lien secured term loan to Polyform. As of June 30, 2018 , the cost basis of the Company’s investments in Polyform, after purchase price adjustments, was approximately $15.6 million of common equity and $15.7 million of a debt investment. 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 June 30, 2018 , the Company’s investment portfolio is summarized as follows: As of June 30, 2018 Asset Category Cost Fair Value Fair Value Percentage of Investment Portfolio Fair Value Percentage of Net Assets Senior debt Senior secured debt - first lien $ 15,700,000 $ 15,700,000 20.0 % 18.6 % Senior secured debt - second lien 15,000,000 15,000,000 19.2 17.8 Total senior debt 30,700,000 30,700,000 39.2 36.4 Equity 46,074,339 47,527,212 60.8 56.5 Total investments $ 76,774,339 $ 78,227,212 100.0 % 92.9 % As of June 30, 2018 , none of the Company’s debt investments were on non-accrual status. 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 June 30, 2018 were as follows: Industry As of June 30, 2018 Hobby Goods and Supplies 40.2 % Commercial and Professional Services 59.8 % Total 100.0 % Geographic Dispersion (1) As of June 30, 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 investment positions held at June 30, 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 three months ended June 30, 2018 and for the period from February 7, 2018 (the date the Company acquired the initial businesses) to June 30, 2018 , and unaudited summarized balance sheet data as of June 30, 2018 : Lawn Doctor Summarized Operating Data (Unaudited) Three Months Ended June 30, 2018 Period February 7, 2018 (1) through June 30, 2018 Revenues $ 5,020,688 $ 8,139,436 Expenses (4,258,181 ) (7,522,670 ) Income before taxes 762,507 616,766 Income tax expense (57,200 ) (46,267 ) Net income including non-controlling interest 705,307 570,499 Net loss attributable to non-controlling interest 22,438 22,438 Net income $ 727,745 $ 592,937 Summarized Balance Sheet Data (Unaudited) As of June 30, 2018 Current assets $ 6,225,728 Non-current assets $ 90,652,372 Current liabilities $ 3,056,871 Non-current liabilities $ 49,306,284 Non-controlling interest $ 7,562 Stockholders' equity $ 44,507,383 Polyform Summarized Operating Data (Unaudited) Three Months Ended June 30, 2018 Period February 7, 2018 (1) through June 30, 2018 Revenues $ 4,064,855 $ 6,482,448 Expenses (4,315,901 ) (7,310,524 ) Net loss before taxes (251,046 ) (828,076 ) Income tax benefit (72,000 ) (146,000 ) Net loss $ (179,046 ) $ (682,076 ) Summarized Balance Sheet Data (Unaudited) As of June 30, 2018 Current assets $ 5,740,579 Non-current assets $ 30,688,165 Current liabilities $ 1,013,149 Non-current liabilities $ 18,543,625 Stockholders’ equity $ 16,871,970 (1) February 7, 2018 is the date the Company acquired the portfolio companies.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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 June 30, 2018 : As of June 30, 2018 Description Level 1 Level 2 Level 3 Total Senior debt $ — $ — $ 30,700,000 $ 30,700,000 Equity — — 47,527,212 47,527,212 Total investments $ — $ — $ 78,227,212 $ 78,227,212 There were no transfers between Level 1, Level 2 or Level 3 during the period from February 7, 2018 (commencement of operations) through June 30, 2018 . The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of June 30, 2018 were as follows: June 30, 2018 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 30,700,000 Discounted Cash Flow Discount Rate 10.5% - 13.5% (11.5%) 7.5x – 12.0x (10.5x) 8.0x – 12.0x (10.7x) Decrease Equity 47,527,212 Discounted Cash Flow Discount Rate 10.5% - 13.5% (11.5%) 7.5x – 12.0x (10.5x) 8.0x – 12.0x (10.7x) Decrease Total $ 78,227,212 (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Weighted average amounts are based on the estimated fair values. (2) 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 table represents the significant unobservable inputs as they relate to the Company’s determination of fair values for its investments categorized within Level 3 as of June 30, 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 of investments for which Level 3 inputs were used in determining fair value for the three months ended June 30, 2018 and for the period from February 7, 2018 (commencement of operations) through June 30, 2018 : Three Months Ended June 30, 2018 Senior Debt Equity Total Fair value balance as of April 1, 2018 $ 30,700,000 $ 46,756,212 $ 77,456,212 Additions/(reductions), net (1) — (157,424 ) (157,424 ) Net change in unrealized appreciation (2) — 928,424 928,424 Fair value balance as of June 30, 2018 30,700,000 47,527,212 78,227,212 Change in net unrealized appreciation in investments held as of June 30, 2018 (2) — 928,424 928,424 Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Senior Debt Equity Total Fair value balance as of February 7, 2018 $ — $ — $ — Additions/(reductions), net (1) 30,700,000 46,074,339 76,774,339 Net change in unrealized appreciation (2) $ — $ 1,452,873 $ 1,452,873 Fair value balance as of June 30, 2018 $ 30,700,000 $ 47,527,212 $ 78,227,212 Change in net unrealized appreciation in investments held as of June 30, 2018 (2) — 1,452,873 1,452,873 (1) During the three months ended June 30, 2018 and the period from February 7, 2018 through June 30, 2018 , the Company recorded a reduction in the cost basis of its equity investment in Polyform as a result of a purchase price true-up adjustment described in Note 3. "Investments." (2) Included in net change in unrealized appreciation on investments in the consolidated statements of operations. All realized and unrealized gains and losses are included in earnings and are reported as separate line items within the Company’s statements of operations.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	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, for an aggregate purchase price of $0.2 million (total of 8,000 Class FA shares). No selling commissions or placement agent fees were paid in connection with the issuances. On February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80.0 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 consideration in the form of equity interests in Lawn Doctor received from an affiliate of the Sub-Manager pursuant to the Exchange Agreement. The $81.7 million in gross proceeds also included a cash capital contribution of approximately $0.4 million in exchange for 15,000 Class FA shares, from other individuals affiliated with the Manager. Individuals and entities affiliated with the Manager and Sub-Manager received distributions from the Company of approximately $0.2 million during the three months ended June 30, 2018 and during the period from February 7, 2018 (commencement of operations) to June 30, 2018 . The Manager and Sub-Manager, along with certain affiliates of the Manager or Sub-Manager, will receive fees and compensation in connection with the Private Placement and Public Offering as well as the acquisition, management and sale of the assets of the Company, as follows: Placement Agent/Dealer Manager Commissions — Under the Private Placement, there was no selling commission for the sale of Class FA shares. Under the Public Offering, the Company will pay CNL Securities Corp. (the “Managing Dealer” in connection with the Public Offering and the “Placement Agent” in connection with the Private Placement), an affiliate of the Manager, a selling commission up to 6.00% of the sale price for each Class A share and 3.00% of the sale price for each Class T share sold in the Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The Managing Dealer may reallow all or a portion of the selling commissions to participating broker-dealers. Placement Agent/Dealer Manager Fee — Under the Private Placement, there was no placement agent fee for the sale of Class FA shares. Under the Public Offering, the Company will pay the Managing Dealer a dealer manager fee of 2.50% of the price of each Class A share and 1.75% of the price of each Class T share sold in the Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The Managing Dealer may reallow all or a portion of such dealer manager fees to participating broker-dealers. Annual Distribution and Shareholder Servicing Fee — Under the Public Offering, beginning in May 2018, the Company began paying the Managing Dealer an annual distribution and shareholder servicing fee, subject to certain limits, with respect to its Class T and Class D shares (excluding Class T Shares and Class D shares sold through the distribution reinvestment plan and those received as share distributions) in an annual amount equal to 1.00% and 0.50% , respectively, of its current net asset value per share, as disclosed in its periodic or current reports, payable on a monthly basis. The annual distribution and shareholder servicing fee will accrue daily and be paid monthly in arrears. The Managing Dealer may reallow all or a portion of the annual distribution and shareholder servicing fee to the broker-dealer who sold the Class T or Class D shares or, if applicable, to a servicing broker-dealer of the Class T or Class D shares or a fund supermarket platform featuring Class D shares, so long as the broker-dealer or financial intermediary has entered into a contractual agreement with the Managing Dealer that provides for such reallowance. The annual distribution and shareholder servicing fees is an ongoing fee that will be allocated among all Class T and Class D shares, respectively, and will not be paid at the time of purchase. Manager and/or Sub-Manager Organization and Offering Costs — Under each of the Private Placement and Public Offering, the Company will reimburse the Manager and its Sub-Manager, along with their respective affiliates, for the organization and offering costs (other than selling commissions and placement agent fees) they have incurred on the Company’s behalf only to the extent that such expenses do not exceed (A) 1.0% of the cumulative gross proceeds from the Private Placement and (B) 1.5% of the cumulative gross proceeds from the Public Offering. As of June 30, 2018 , the Company had incurred an obligation to reimburse the Manager and Sub-Manager for approximately $0.7 million in organization and offering costs based on actual amounts raised through its Offerings, of which $0.01 million was payable as of June 30, 2018 . The Manager and the Sub-Manager have incurred additional organization and offering costs of approximately $3.6 million on behalf of the Company in connection with the Public Offering (exceeding the 1.5% limitation) as of June 30, 2018 . These costs will be recognized by the Company in future periods as the Company receives future offering proceeds from its Public Offering to the extent such costs are within the 1.5% limitation. Base Management Fee to Manager and Sub-Manager — The Company will pay each of the Manager and the Sub-Manager 50% of the total base management fee for their services under the Management Agreement and the Sub-Management Agreement, subject to any reduction or deferral of any such fees pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement described below. The base management fee will be calculated for each share class at an annual rate of (i) for the non-founder shares of a particular class, 2% of the product of (x) the Company’s average gross assets and (y) the ratio of non-founder share Average Adjusted Capital (as defined below), for a particular class to total Average Adjusted Capital and (ii) for the founder shares, 1% of the product of (x) the Company’s average gross assets and (y) the ratio of outstanding founder share Average Adjusted Capital to total Average Adjusted Capital, in each case excluding cash, and will be payable monthly in arrears. The management fee for a certain month is calculated based on the average value of the Company’s gross assets at the end of that month and the immediately preceding calendar month. The determination of gross assets will reflect changes in the fair market value of the Company’s assets, which will not necessarily equal their notional value, reflecting both realized and unrealized capital appreciation or depreciation. Average Adjusted Capital of an applicable class is computed on the daily Adjusted Capital for such class for the actual number of days in such applicable month. The base management fee may be reduced or deferred by the Manager and the Sub-Manager under the Management Agreement and the Expense Support and Conditional Reimbursement Agreement described below. For purposes of this calculation, “Average Adjusted Capital” for an applicable class is computed on the daily Adjusted Capital for such class for the actual number of days in such applicable quarter. “Adjusted Capital” is defined as cumulative proceeds generated from sales of our shares of a particular share class (including proceeds from the sale of shares pursuant to the distribution reinvestment plan, if any), net of sales load (upfront selling commissions and dealer manager fees), if any, reduced for the full amounts paid for share repurchases pursuant to any share repurchase program, if any, for such class. Total Return Incentive Fee on Income to the Manager and Sub-Manager — The Company will also pay each of the Manager and the Sub-Manager 50% of the total return incentive fee for their services under the Management Agreement and the Sub-Management Agreement. The total return incentive fee will be based on the Total Return to Shareholders (as defined below) for each share class in any calendar year, payable annually in arrears. The Company will accrue (but not pay) the total return incentive fee on a quarterly basis, to the extent that it is earned, and will perform a final reconciliation and make required payments at completion of each calendar year. The total return incentive fee may be reduced or deferred by the Manager and the Sub-Manager under the Management Agreement and the Expense Support and Conditional Reimbursement Agreement described below. For purposes of this calculation, “Total Return to Shareholders” for any calendar quarter is calculated for each share class as the change in the net asset value for such share class plus total distributions for such share class calculated based on the Average Adjusted Capital for such class as of such calendar quarter end. The terms “Total Return to Non-founder Shareholders” and “Total Return to Founder Shareholders” means the Total Return to Shareholders specifically attributable to each particular share class of non-founder shares or founder shares, as applicable. 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 shares, all of the Total Return to Shareholders with respect to each particular share class of non-founder shares, if any, that exceeds the annual preferred return, but is less than or equal to 8.75% , or the “non-founder breakpoint,” in any calendar year, will be payable to the Manager (“Non-founder Catch Up”). The Non-Founder Catch Up is intended to provide an incentive fee of 20% of the Total Return to Non-founder Shareholders of a particular share class once the Total Return to Non-founder Shareholders of a particular class exceeds 8.75% in any calendar year. • 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 shares, 20% of the Total Return to Non-founder Shareholders of a particular class, and for founder shares, 10% of the Total Return to Founder Shareholders, in each case because the annual preferred and relevant catch ups will have been achieved. • 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 net asset value, for each share class of the Company since inception, adjusted for any special distributions resulting from the sale of the Company’s assets, provided such adjustment is approved by the Company’s board of directors. If, as of each calendar year end, the Company’s net asset value for the applicable share class is (A) above the High Water Mark, then, for such calendar year, the Total Return to Shareholders calculation will include the increase in the Company’s net asset value for such share class in excess of the High Water Mark, and (B) if the Company’s net asset value for the applicable share class is below the High Water Mark, for such calendar year, (i) any increase in the Company’s per share net asset value will be disregarded in the calculation of Total Return to Shareholders for such share class while (ii) any decrease in the Company’s per share net asset value will be included the calculation of Total Return to Shareholders for such share class. For the year ending December 31, 2018, the High Water Mark will be $24.75 . For purposes of this calculation, “Average Adjusted Capital” for an applicable class is computed on the daily Adjusted Capital for such class for the actual number of days in such applicable quarter. The annual preferred return of 7% and the relevant breakpoints of 8.75% and 7.777% , respectively, are also adjusted for the actual number of days in each calendar year, measured as of each calendar quarter end. The Company incurred total return incentive fees of approximately $0.3 million during three months ended June 30, 2018 and the period from February 7, 2018 (commencement of operations) to June 30, 2018 , all of which was payable as of June 30, 2018 . The total return incentive fee is payable annually in arrears subject to a final calculation at the completion of each calendar year. Reimbursement to Manager and Sub-Manager for Operating Expenses — The Company will reimburse the Manager and the Sub-Manager and their respective affiliates for certain operating costs and expenses of third parties incurred in connection with their provision of services to the Company, including fees, costs, expenses, liabilities and obligations relating to the Company’s activities, acquisitions, dispositions, financings and business, subject to the terms of the Company’s limited liability company agreement, the Management Agreement, the Sub-Management Agreement and the Expense Support and Conditional Reimbursement Agreement (as defined below). The Company will not reimburse the Manager and Sub-Manager for administrative services performed by the Manager or Sub-Manager for the benefit of the Company. Expense Support and Conditional Reimbursement Agreement — The Company entered into an expense support and conditional reimbursement agreement with the Manager and the Sub-Manager (the “Expense Support and Conditional Reimbursement Agreement”), which became effective on February 7, 2018, pursuant to which each of the Manager and the Sub-Manager agrees to reduce the payment of base management fees, total return incentive fees and the reimbursements of reimbursable expenses due to the Manager and the Sub-Manager under the Management Agreement and the Sub-Management Agreement, as applicable, to the extent that the Company’s annual regular cash distributions exceed its annual net income (with certain adjustments). The amount of such expense support is equal to the annual (calendar year) excess, if any, of (a) the distributions (as defined in the Expense Support and Conditional Reimbursement Agreement) declared and paid (net of the Company’s distribution reinvestment plan) to shareholders minus (b) the available operating funds, as defined in the Expense Support and Conditional Reimbursement Agreement (the “Expense Support”). The Expense Support amount will be borne equally by the Manager and the Sub-Manager and will be calculated as of the last business day of the calendar year. Beginning on February 7, 2018 and continuing until the Expense Support and Conditional Reimbursement Agreement is terminated, the Manager and Sub-Manager shall equally conditionally reduce the payment of fees and reimbursements of reimbursable expenses in an amount equal to the conditional waiver amount (as defined in and subject to limitations described in the Expense Support and Conditional Reimbursement Agreement). The term of the Expense Support and Conditional Reimbursement Agreement has the same initial term and renewal terms as the Management Agreement or the Sub-Management Agreement, as applicable, to the Manager or the Sub-Manager. If, on the last business day of the calendar year, the annual (calendar year) year-to-date available operating funds exceeds the sum of the annual (calendar year) year-to-date distributions paid per share class (the “Excess Operating Funds”), the Company will use such Excess Operating Funds to pay the Manager and the Sub-Manager all or a portion of the outstanding unreimbursed Expense Support amounts for each share class, as applicable, subject to certain conditions (the “Conditional Reimbursements”) as described further in the Expense Support and Conditional Reimbursement Agreement. The Company’s obligation to make Conditional Reimbursements shall automatically terminate and be of no further effect three years following the date which the Expense Support amount was provided and to which such Conditional Reimbursement relates, as described further in the Expense Support and Conditional Reimbursement Agreement. Related party fees and expenses incurred during the three months ended June 30, 2018 and the period from February 7, 2018 (commencement of operations) through June 30, 2018 are summarized below: Related Party Source Agreement & Description Three Months Ended Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Organization and offering reimbursement (1) $ 18,107 $ 725,153 Base management fees (1) 194,974 283,536 Total return incentive fees (1) 308,735 308,735 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense support (144,146 ) (187,358 ) Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 23,657 43,551 Managing Dealer Managing Dealer Agreement: Annual distribution and shareholder servicing fees 52 52 Commissions 4,350 4,350 Dealer Manager Fees 2,038 2,038 (1) Expenses subject to Expense Support. The following table presents amounts due from (to) related parties as of June 30, 2018 : Due from related parties: Expense Support $ 187,358 Total due from related parties 187,358 Due to related parties: Organization and offering expenses (5,175 ) Base management fees (64,812 ) Total return incentive fee (308,735 ) Reimbursement of third-party operating expenses (13,784 ) Annual distribution and shareholder servicing fees (47 ) Total due to related parties (392,553 ) Net due to related parties $ (205,195 ) There were no amounts due from (to) related parties as of December 31, 2017 because the Company had not raised the minimum amount to commence operations. 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	6 Months Ended
	Jun. 30, 2018
Distributions Made to Members or Limited Partners [Abstract]
Distributions	Distributions The total and the sources of declared distributions on a GAAP basis for the period from February 7, 2018 (commencement of operations) to June 30, 2018 are presented in the tables below. For the Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Class FA Per Share Amount Allocation Total Declared Distributions $ 0.40 $ 1,323,527 100.0 % From net investment income (including expense support of $177,308) 0.39 1,302,870 98.4 Distributions in excess of net investment income 0.01 20,657 1.6 Class A Per Share Amount Allocation Total Declared Distributions $ 0.05 $ 126 100.0 % From net investment income (including expense support of $978) 0.02 44 34.9 Distributions in excess of net investment income 0.03 82 65.1 Class T Per Share Amount Allocation Total Declared Distributions $ 0.08 $ 149 100.0 % From net investment income (including expense support of $486) 0.06 108 72.5 Distributions in excess of net investment income 0.02 41 27.5 Class D Per Share Amount Allocation Total Declared Distributions $ 0.02 $ 146 100.0 % Distributions in excess of net investment income (including expense support of $783) 0.02 146 100.0 Class I Per Share Amount Allocation Total Declared Distributions $ 0.16 $ 5,483 100.0 % From net investment income (including expense support of $7,803) 0.13 4,291 78.3 Distributions in excess of net investment income 0.03 1,192 21.7 The following table reflects the total distributions declared during the period from February 7, 2018 (commencement of operations) through June 30, 2018 : Distribution Period (1) Cash Distributions Declared Distributions Reinvested Cash Distributions Net of Distributions Reinvested First Quarter 2018 (4 record dates) $ 302,841 $ 2,299 $ 300,542 Second Quarter 2018 (13 record dates) (2) 1,026,590 19,767 1,006,823 $ 1,329,431 $ 22,066 $ 1,307,365 (1) Declared distributions per share for each share class were: Record Date Period Class FA Class A Class T Class D Class I March 7, 2018 $ 0.020604 $ 0.020604 $ 0.016484 $ 0.018544 $ 0.020604 March 13, 2018 - June 26, 2018 0.024038 0.024038 0.019231 0.021635 0.024038 (2) Distributions declared for the four record dates in June 2018 were paid in July 2018. In June 2018, the Company's board of directors declared cash distributions on the outstanding shares of all classes of common shares based on weekly record dates for the time period beginning July 3, 2018 through and including September 28, 2018, of $0.024038 per share for Class FA shares, $0.024038 per share for Class A shares, $0.019231 per share for Class T shares, $0.021635 per share for Class D shares and $0.024038 per share for Class I shares.

Capital Transactions

Capital Transactions	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Capital Transactions	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, for an aggregate purchase price of $200,000 (total of 8,000 Class FA shares). No selling commissions or placement agent fees were paid in connection with the issuances. On February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80.0 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 and their affiliates. Private Placement The Company offered through the Private Placement up to $85.0 million of Class FA shares and up to $115.0 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 $80.0 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). The Public Offering price, selling commissions and dealer manager fees per share class are determined monthly as approved by the Company's board of directors. As of June 30, 2018 , the Public Offering price was $27.41 per Class A share, $26.43 per Class T share, $25.26 per Class D share and $25.23 per Class I share. 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 had 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 $80.0 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 by share class in connection with the Offerings for the period ended June 30, 2018 : For the Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Proceeds from Offering Distributions Reinvested Total Shares Issued Gross Proceeds Up-front Selling Commiss-ions and Dealer Manager Fees (1) Net Proceeds to Company Shares Proc-eeds to Comp-any Shares Net Proceeds to Company Average Net Proceeds per Share Class FA shares 3,258,260 $ 81,456,500 $ — $ 81,456,500 — $ — 3,258,260 $ 81,456,500 $ 25.00 Class A shares 1,824 50,000 (4,250 ) 45,750 582 14,620 2,406 60,370 25.09 Class T shares 1,704 45,000 (2,138 ) 42,862 — — 1,704 42,862 25.15 Class D shares 6,730 170,000 — 170,000 — — 6,730 170,000 25.26 Class I shares 32,812 825,000 — 825,000 9 238 32,821 825,238 25.14 3,301,330 $ 82,546,500 $ (6,388 ) $ 82,540,112 591 $ 14,858 3,301,921 $ 82,554,970 $ 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. The Company incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through its Public Offering. See Note 5. "Related Party Transactions" for additional information regarding up-front selling commissions and dealer manager fees.

Commitment & Contingences

Commitment & Contingences	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitment & Contingences	Commitment & Contingencies See Note 5. “Related Party Transactions” for information on contingent amounts due to the Manager and Sub-Manager for the reimbursement of organization and offering costs under the Public Offering.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2018
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following is a schedule of financial highlights of the Company attributed to each class of shares for the period from February 7, 2018 (commencement of operations) through June 30, 2018 . Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Class FA Shares Class A Shares Class T Shares Class D Shares Class I Shares OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period (1) $ 25.00 $ 25.00 $ 25.16 $ 25.26 $ 25.00 Net investment income (loss), before expense support (2) 0.34 (0.39 ) (0.22 ) (0.12 ) (0.11 ) Expense support (2) 0.05 0.41 0.28 0.12 0.24 Net investment income (2) 0.39 0.02 0.06 — 0.13 Net realized and unrealized gains (2) 0.44 0.18 0.28 0.17 0.26 Net increase resulting from investment operations 0.83 0.20 0.34 0.17 0.39 Distributions to shareholders (3) (0.40 ) (0.05 ) (0.08 ) (0.02 ) (0.16 ) Net decrease resulting from distributions to shareholders (0.40 ) (0.05 ) (0.08 ) (0.02 ) (0.16 ) Other (4) — 0.22 — — 0.17 Net Asset Value, End of Period $ 25.43 $ 25.37 $ 25.42 $ 25.41 $ 25.40 Net assets, end of period $ 83,076,581 $ 61,052 $ 43,307 $ 171,018 $ 833,767 Average net assets (5) $ 82,088,518 $ 10,152 $ 40,449 $ 170,204 $ 517,198 Shares outstanding, end of period 3,266,260 2,406 1,704 6,730 32,821 Total investment return based on net asset value before total return incentive fee (6) 3.73 % 2.70 % 1.75 % 0.86 % 2.52 % Total investment return based on net asset value after total return incentive fee (6) 3.36 % 2.37 % 1.41 % 0.68 % 2.10 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee and expense support 1.58 % 16.17 % 2.61 % 1.70 % 3.35 % Total operating expenses before expense support 1.96 % 18.14 % 2.98 % 1.87 % 4.03 % Total operating expenses after expense support 1.74 % 8.50 % 1.78 % 1.41 % 2.52 % Net investment income before total return incentive fee (8) 1.74 % 0.43 % 0.27 % (0.01 )% 0.83 % Net investment income 1.59 % 0.43 % 0.27 % (0.01 )% 0.83 % Portfolio turnover rate — % — % — % — % — % (1) The net asset value as of the beginning of the period is based on the price of shares sold, net of any sales load, to the initial investor of each respective share class. All Class FA shares were sold at the same per share amount. The first investors for Class A, Class T, Class D and Class I shares purchased their shares in April 2018, May 2018, June 2018 and April 2018, respectively. (2) The per share amounts presented are based on shares outstanding from the later of (1) February 7, 2018 (commencement of operations) or (2) the date of the first investor for the respective share class, through the period presented. (3) See Note 6. "Distributions" for further information on the sources of distributions. (4) Represents the impact of shares sold at a price other than the net asset value. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class plus total distributions for such share class calculated based on the Average Adjusted Capital for such class for the period presented. The Average Adjusted Capital for an applicable class is computed on the daily Adjusted Capital for such class for the actual number of days in such applicable period. 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. (7) Actual results may not be indicative of future results. Additionally, an individual investor's ratios may vary from the ratios presented for a share class a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the period February 7, 2018 through June 30, 2018 , all of the total return incentive fees for the Class A, Class T, Class D and Class I shares were covered by expense support and approximately 58.2% of the total return incentive fees for Class FA shares were covered by expense support.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In July 2018 , the Company’s board of directors approved new per share public offering prices for each share class in the Public Offering. The new public offering prices became effective on July 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 $ 27.73 $ 26.69 $ 25.41 $ 25.40 Selling Commissions, Per Share $ 1.67 $ 0.81 $ — $ — Dealer Manager Fees, Per Share $ 0.69 $ 0.46 $ — $ — During the period July 1, 2018 through August 9, 2018 , the Company received additional net proceeds from its Public Offering and its distribution reinvestment plan of: Public Offering Distribution Reinvestment Plan Shares Gross Proceeds Shares Gross Proceeds Class A shares — $ — 241 $ 6,109 Class T shares 4,683 125,000 — — Class D shares 30,500 775,000 6 146 Class I shares 28,740 730,000 38 953 63,923 $ 1,630,000 285 $ 7,208

Significant Accounting Polici20

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“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 which provide services to the Company in its condensed consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. 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.
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 – Quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is defined as a market in which transactions for the asset or liability occur with sufficient pricing information on an ongoing basis. Publicly listed equity and debt securities and listed derivatives that are traded on major securities exchanges and publicly traded equity options are generally valued using Level 1 inputs. If a price for a Level 1 asset cannot be determined based upon this established process, it shall then be valued as a Level 2 or Level 3 asset. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following: (i) quoted prices for similar assets in active markets; (ii) quoted prices for identical or similar assets in markets that are not active; (iii) inputs that are derived principally from or corroborated by observable market data by correlation or other means; and (iv) inputs other than quoted prices that are observable for the assets. Fixed income and derivative assets, where there is an observable secondary trading market and through which pricing inputs are available through pricing services or broker quotes, are generally valued using Level 2 inputs. If a price for a Level 2 asset cannot be determined based upon this established process, it shall then be valued as a Level 3 asset. Level 3 – Unobservable inputs for the asset or liability being valued. Unobservable inputs will be used to measure fair value to the extent that observable inputs are not available and such inputs will be based on the best information available in the circumstances, which under certain circumstances might include the Manager’s or the Sub-Manager’s own data. Level 3 inputs may include, but are not limited to, capitalization and discount rates and earnings before interest, taxes, depreciation and amortization (“EBITDA”) multiples. The information may also include pricing information or broker quotes which include a disclaimer that the broker would not be held to such a price in an actual transaction. Certain assets may be valued based upon estimated value of underlying collateral and include adjustments deemed necessary for estimates of costs to obtain control and liquidate available collateral. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimer would result in classification as Level 3 information, assuming no additional corroborating evidence. Debt and equity investments in private companies or assets valued using the market or income approach are generally valued using Level 3 inputs. 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 factors, the input of the Manager, the Sub-Manager, its audit committee, and the independent third-party valuation firm. The determination of the fair value of the Company’s assets requires judgment, especially with respect to assets for which market prices are not available. For most of the Company’s assets, market prices will not be available. Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a readily available market value existed for such assets, and the differences could be material. Because the calculation of the Company’s net asset value is based, in part, on the fair value of its assets, the Company’s calculation of net asset value is subjective and could be adversely affected if the determinations regarding the fair value of its assets were materially higher than the values that the Company ultimately realizes upon the disposal of such assets. Furthermore, through the valuation process, the Company’s board of directors may determine that the fair value of the Company’s assets differs materially from the values that were provided by the independent valuation firm. 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 – Interest income is recorded on an accrual basis to the extent that the Company expects to collect such amounts. The Company does not accrue as a receivable interest on loans and debt securities for accounting purposes if it has reason to doubt its ability to collect such interest. The Company places loans on non-accrual status when principal and interest are past due 90 days or more or when there is a reasonable doubt that the Company will collect principal or interest. Accrued interest is generally reversed when a loan is placed on non-accrual. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment. Non-accrual loans are generally restored to accrual status when past due principal and interest amounts are paid and, in management’s judgment, are likely to remain current. Dividend Income – Dividend income is recorded on the record date for privately issued securities, but excludes any portion of dividends that are treated as a return of capital. Each distribution received from an equity investment is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Company will not record distributions from equity investments as dividend income unless there is sufficient current or accumulated earnings prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.
Paid in Capital	Paid in Capital – The Company records the proceeds from the sale of its common shares on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding upfront selling commissions and dealer manager fees.
Organization and Offering Expenses	Organization and Offering Expenses Organization expenses are expensed on the Company’s statements 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 and Net Investment Income per Share	Earnings per Share and Net Investment Income per Share Earnings per share and net investment income per share are 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)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	As of June 30, 2018 , the Company’s investment portfolio is summarized as follows: As of June 30, 2018 Asset Category Cost Fair Value Fair Value Percentage of Investment Portfolio Fair Value Percentage of Net Assets Senior debt Senior secured debt - first lien $ 15,700,000 $ 15,700,000 20.0 % 18.6 % Senior secured debt - second lien 15,000,000 15,000,000 19.2 17.8 Total senior debt 30,700,000 30,700,000 39.2 36.4 Equity 46,074,339 47,527,212 60.8 56.5 Total investments $ 76,774,339 $ 78,227,212 100.0 % 92.9 %
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 June 30, 2018 were as follows: Industry As of June 30, 2018 Hobby Goods and Supplies 40.2 % Commercial and Professional Services 59.8 % Total 100.0 % Geographic Dispersion (1) As of June 30, 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 three months ended June 30, 2018 and for the period from February 7, 2018 (the date the Company acquired the initial businesses) to June 30, 2018 , and unaudited summarized balance sheet data as of June 30, 2018 : Lawn Doctor Summarized Operating Data (Unaudited) Three Months Ended June 30, 2018 Period February 7, 2018 (1) through June 30, 2018 Revenues $ 5,020,688 $ 8,139,436 Expenses (4,258,181 ) (7,522,670 ) Income before taxes 762,507 616,766 Income tax expense (57,200 ) (46,267 ) Net income including non-controlling interest 705,307 570,499 Net loss attributable to non-controlling interest 22,438 22,438 Net income $ 727,745 $ 592,937 Summarized Balance Sheet Data (Unaudited) As of June 30, 2018 Current assets $ 6,225,728 Non-current assets $ 90,652,372 Current liabilities $ 3,056,871 Non-current liabilities $ 49,306,284 Non-controlling interest $ 7,562 Stockholders' equity $ 44,507,383 Polyform Summarized Operating Data (Unaudited) Three Months Ended June 30, 2018 Period February 7, 2018 (1) through June 30, 2018 Revenues $ 4,064,855 $ 6,482,448 Expenses (4,315,901 ) (7,310,524 ) Net loss before taxes (251,046 ) (828,076 ) Income tax benefit (72,000 ) (146,000 ) Net loss $ (179,046 ) $ (682,076 ) Summarized Balance Sheet Data (Unaudited) As of June 30, 2018 Current assets $ 5,740,579 Non-current assets $ 30,688,165 Current liabilities $ 1,013,149 Non-current liabilities $ 18,543,625 Stockholders’ equity $ 16,871,970 (1) February 7, 2018 is the date the Company acquired the portfolio companies.

Fair Value of Financial Instr22

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 : As of June 30, 2018 Description Level 1 Level 2 Level 3 Total Senior debt $ — $ — $ 30,700,000 $ 30,700,000 Equity — — 47,527,212 47,527,212 Total investments $ — $ — $ 78,227,212 $ 78,227,212
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 June 30, 2018 were as follows: June 30, 2018 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 30,700,000 Discounted Cash Flow Discount Rate 10.5% - 13.5% (11.5%) 7.5x – 12.0x (10.5x) 8.0x – 12.0x (10.7x) Decrease Equity 47,527,212 Discounted Cash Flow Discount Rate 10.5% - 13.5% (11.5%) 7.5x – 12.0x (10.5x) 8.0x – 12.0x (10.7x) Decrease Total $ 78,227,212 (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Weighted average amounts are based on the estimated fair values. (2) 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 of investments for which Level 3 inputs were used in determining fair value for the three months ended June 30, 2018 and for the period from February 7, 2018 (commencement of operations) through June 30, 2018 : Three Months Ended June 30, 2018 Senior Debt Equity Total Fair value balance as of April 1, 2018 $ 30,700,000 $ 46,756,212 $ 77,456,212 Additions/(reductions), net (1) — (157,424 ) (157,424 ) Net change in unrealized appreciation (2) — 928,424 928,424 Fair value balance as of June 30, 2018 30,700,000 47,527,212 78,227,212 Change in net unrealized appreciation in investments held as of June 30, 2018 (2) — 928,424 928,424 Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Senior Debt Equity Total Fair value balance as of February 7, 2018 $ — $ — $ — Additions/(reductions), net (1) 30,700,000 46,074,339 76,774,339 Net change in unrealized appreciation (2) $ — $ 1,452,873 $ 1,452,873 Fair value balance as of June 30, 2018 $ 30,700,000 $ 47,527,212 $ 78,227,212 Change in net unrealized appreciation in investments held as of June 30, 2018 (2) — 1,452,873 1,452,873 (1) During the three months ended June 30, 2018 and the period from February 7, 2018 through June 30, 2018 , the Company recorded a reduction in the cost basis of its equity investment in Polyform as a result of a purchase price true-up adjustment described in Note 3. "Investments." (2) Included in net change in unrealized appreciation on investments in the consolidated statements of operations.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Related party fees and expenses incurred during the three months ended June 30, 2018 and the period from February 7, 2018 (commencement of operations) through June 30, 2018 are summarized below: Related Party Source Agreement & Description Three Months Ended Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Organization and offering reimbursement (1) $ 18,107 $ 725,153 Base management fees (1) 194,974 283,536 Total return incentive fees (1) 308,735 308,735 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense support (144,146 ) (187,358 ) Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 23,657 43,551 Managing Dealer Managing Dealer Agreement: Annual distribution and shareholder servicing fees 52 52 Commissions 4,350 4,350 Dealer Manager Fees 2,038 2,038 (1) Expenses subject to Expense Support. The following table presents amounts due from (to) related parties as of June 30, 2018 : Due from related parties: Expense Support $ 187,358 Total due from related parties 187,358 Due to related parties: Organization and offering expenses (5,175 ) Base management fees (64,812 ) Total return incentive fee (308,735 ) Reimbursement of third-party operating expenses (13,784 ) Annual distribution and shareholder servicing fees (47 ) Total due to related parties (392,553 ) Net due to related parties $ (205,195 )

Distributions (Tables)

Distributions (Tables)	6 Months Ended
	Jun. 30, 2018
Distributions Made to Members or Limited Partners [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) to June 30, 2018 are presented in the tables below. For the Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Class FA Per Share Amount Allocation Total Declared Distributions $ 0.40 $ 1,323,527 100.0 % From net investment income (including expense support of $177,308) 0.39 1,302,870 98.4 Distributions in excess of net investment income 0.01 20,657 1.6 Class A Per Share Amount Allocation Total Declared Distributions $ 0.05 $ 126 100.0 % From net investment income (including expense support of $978) 0.02 44 34.9 Distributions in excess of net investment income 0.03 82 65.1 Class T Per Share Amount Allocation Total Declared Distributions $ 0.08 $ 149 100.0 % From net investment income (including expense support of $486) 0.06 108 72.5 Distributions in excess of net investment income 0.02 41 27.5 Class D Per Share Amount Allocation Total Declared Distributions $ 0.02 $ 146 100.0 % Distributions in excess of net investment income (including expense support of $783) 0.02 146 100.0 Class I Per Share Amount Allocation Total Declared Distributions $ 0.16 $ 5,483 100.0 % From net investment income (including expense support of $7,803) 0.13 4,291 78.3 Distributions in excess of net investment income 0.03 1,192 21.7
Distributions Declared	The following table reflects the total distributions declared during the period from February 7, 2018 (commencement of operations) through June 30, 2018 : Distribution Period (1) Cash Distributions Declared Distributions Reinvested Cash Distributions Net of Distributions Reinvested First Quarter 2018 (4 record dates) $ 302,841 $ 2,299 $ 300,542 Second Quarter 2018 (13 record dates) (2) 1,026,590 19,767 1,006,823 $ 1,329,431 $ 22,066 $ 1,307,365 (1) Declared distributions per share for each share class were: Record Date Period Class FA Class A Class T Class D Class I March 7, 2018 $ 0.020604 $ 0.020604 $ 0.016484 $ 0.018544 $ 0.020604 March 13, 2018 - June 26, 2018 0.024038 0.024038 0.019231 0.021635 0.024038 (2) Distributions declared for the four record dates in June 2018 were paid in July 2018.

Capital Transactions (Tables)

Capital Transactions (Tables)	6 Months Ended
	Jun. 30, 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 by share class in connection with the Offerings for the period ended June 30, 2018 : For the Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Proceeds from Offering Distributions Reinvested Total Shares Issued Gross Proceeds Up-front Selling Commiss-ions and Dealer Manager Fees (1) Net Proceeds to Company Shares Proc-eeds to Comp-any Shares Net Proceeds to Company Average Net Proceeds per Share Class FA shares 3,258,260 $ 81,456,500 $ — $ 81,456,500 — $ — 3,258,260 $ 81,456,500 $ 25.00 Class A shares 1,824 50,000 (4,250 ) 45,750 582 14,620 2,406 60,370 25.09 Class T shares 1,704 45,000 (2,138 ) 42,862 — — 1,704 42,862 25.15 Class D shares 6,730 170,000 — 170,000 — — 6,730 170,000 25.26 Class I shares 32,812 825,000 — 825,000 9 238 32,821 825,238 25.14 3,301,330 $ 82,546,500 $ (6,388 ) $ 82,540,112 591 $ 14,858 3,301,921 $ 82,554,970 $ 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. The Company incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through its Public Offering. See Note 5. "Related Party Transactions" for additional information regarding up-front selling commissions and dealer manager fees.

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2018
Investment Company [Abstract]
Schedule of Financial Highlights	The following is a schedule of financial highlights of the Company attributed to each class of shares for the period from February 7, 2018 (commencement of operations) through June 30, 2018 . Period from February 7, 2018 (Commencement of Operations) to June 30, 2018 Class FA Shares Class A Shares Class T Shares Class D Shares Class I Shares OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period (1) $ 25.00 $ 25.00 $ 25.16 $ 25.26 $ 25.00 Net investment income (loss), before expense support (2) 0.34 (0.39 ) (0.22 ) (0.12 ) (0.11 ) Expense support (2) 0.05 0.41 0.28 0.12 0.24 Net investment income (2) 0.39 0.02 0.06 — 0.13 Net realized and unrealized gains (2) 0.44 0.18 0.28 0.17 0.26 Net increase resulting from investment operations 0.83 0.20 0.34 0.17 0.39 Distributions to shareholders (3) (0.40 ) (0.05 ) (0.08 ) (0.02 ) (0.16 ) Net decrease resulting from distributions to shareholders (0.40 ) (0.05 ) (0.08 ) (0.02 ) (0.16 ) Other (4) — 0.22 — — 0.17 Net Asset Value, End of Period $ 25.43 $ 25.37 $ 25.42 $ 25.41 $ 25.40 Net assets, end of period $ 83,076,581 $ 61,052 $ 43,307 $ 171,018 $ 833,767 Average net assets (5) $ 82,088,518 $ 10,152 $ 40,449 $ 170,204 $ 517,198 Shares outstanding, end of period 3,266,260 2,406 1,704 6,730 32,821 Total investment return based on net asset value before total return incentive fee (6) 3.73 % 2.70 % 1.75 % 0.86 % 2.52 % Total investment return based on net asset value after total return incentive fee (6) 3.36 % 2.37 % 1.41 % 0.68 % 2.10 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee and expense support 1.58 % 16.17 % 2.61 % 1.70 % 3.35 % Total operating expenses before expense support 1.96 % 18.14 % 2.98 % 1.87 % 4.03 % Total operating expenses after expense support 1.74 % 8.50 % 1.78 % 1.41 % 2.52 % Net investment income before total return incentive fee (8) 1.74 % 0.43 % 0.27 % (0.01 )% 0.83 % Net investment income 1.59 % 0.43 % 0.27 % (0.01 )% 0.83 % Portfolio turnover rate — % — % — % — % — % (1) The net asset value as of the beginning of the period is based on the price of shares sold, net of any sales load, to the initial investor of each respective share class. All Class FA shares were sold at the same per share amount. The first investors for Class A, Class T, Class D and Class I shares purchased their shares in April 2018, May 2018, June 2018 and April 2018, respectively. (2) The per share amounts presented are based on shares outstanding from the later of (1) February 7, 2018 (commencement of operations) or (2) the date of the first investor for the respective share class, through the period presented. (3) See Note 6. "Distributions" for further information on the sources of distributions. (4) Represents the impact of shares sold at a price other than the net asset value. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class plus total distributions for such share class calculated based on the Average Adjusted Capital for such class for the period presented. The Average Adjusted Capital for an applicable class is computed on the daily Adjusted Capital for such class for the actual number of days in such applicable period. 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. (7) Actual results may not be indicative of future results. Additionally, an individual investor's ratios may vary from the ratios presented for a share class a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the period February 7, 2018 through June 30, 2018 , all of the total return incentive fees for the Class A, Class T, Class D and Class I shares were covered by expense support and approximately 58.2% of the total return incentive fees for Class FA shares were covered by expense support.

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
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 $ 27.73 $ 26.69 $ 25.41 $ 25.40 Selling Commissions, Per Share $ 1.67 $ 0.81 $ — $ — Dealer Manager Fees, Per Share $ 0.69 $ 0.46 $ — $ —
Schedule of Gross Proceeds	During the period July 1, 2018 through August 9, 2018 , the Company received additional net proceeds from its Public Offering and its distribution reinvestment plan of: Public Offering Distribution Reinvestment Plan Shares Gross Proceeds Shares Gross Proceeds Class A shares — $ — 241 $ 6,109 Class T shares 4,683 125,000 — — Class D shares 30,500 775,000 6 146 Class I shares 28,740 730,000 38 953 63,923 $ 1,630,000 285 $ 7,208

Principal Business and Organi28

Principal Business and Organization - Additional Information (Detail) - USD ($)	Feb. 07, 2018	Jun. 30, 2018
Class FA | Private Placement
Organization And Business Activities [Line Items]
Number of shares offered in private placement		85,000,000
Minimum offering requirement	$ 80,000,000
Shares Issued	3,300,000	3,258,260
Share price (usd per share)	$ 25
Gross proceeds from issuance of shares	$ 81,700,000	$ 81,456,500
Class A
Organization And Business Activities [Line Items]
Shares Issued		0
Class A | Private Placement
Organization And Business Activities [Line Items]
Number of shares offered in private placement		115,000,000
Minimum
Organization And Business Activities [Line Items]
Targeted business annual revenues for acquisition		$ 25,000,000
Maximum
Organization And Business Activities [Line Items]
Targeted business annual revenues for acquisition		$ 500,000,000

Investments - Additional Inform

Investments - Additional Information (Detail)	5 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)Investment	Jun. 30, 2018USD ($)	Feb. 07, 2018	Dec. 31, 2017USD ($)
Schedule of Investments [Line Items]
Investment amount in merger	$ 76,774,339	$ 76,774,339		$ 0
Number of debt investments on non accrual status | Investment	0
Lawn Doctor
Schedule of Investments [Line Items]
Percentage of equity interest acquired			63.90%
Ownership of outstanding equity			62.90%
Investment amount in merger	$ 30,500,000	30,500,000
Polyform Products, Co.
Schedule of Investments [Line Items]
Percentage of equity interest acquired			87.10%
Investment amount in merger	15,600,000	15,600,000
Senior secured debt - second lien
Schedule of Investments [Line Items]
Investment amount in merger	$ 15,000,000	15,000,000
Interest rate	16.00%
Senior secured debt - first lien
Schedule of Investments [Line Items]
Investment amount in merger	$ 15,700,000	$ 15,700,000
Interest rate	16.00%	16.00%

Investments - Summary of Invest

Investments - Summary of Investment Portfolio (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Investment Holdings [Line Items]
Cost	$ 76,774,339	$ 0
Fair Value	$ 78,227,212	$ 0
Fair Value Percentage of Investment Portfolio	100.00%
Fair Value Percentage of Net Assets	92.90%
Total Senior Secured Loans
Investment Holdings [Line Items]
Cost	$ 30,700,000
Fair Value	$ 30,700,000
Fair Value Percentage of Investment Portfolio	39.20%
Fair Value Percentage of Net Assets	36.40%
Senior secured debt - first lien
Investment Holdings [Line Items]
Cost	$ 15,700,000
Fair Value	$ 15,700,000
Fair Value Percentage of Investment Portfolio	20.00%
Fair Value Percentage of Net Assets	18.60%
Senior secured debt - second lien
Investment Holdings [Line Items]
Cost	$ 15,000,000
Fair Value	$ 15,000,000
Fair Value Percentage of Investment Portfolio	19.20%
Fair Value Percentage of Net Assets	17.80%
Equity
Investment Holdings [Line Items]
Cost	$ 46,074,339
Fair Value	$ 47,527,212
Fair Value Percentage of Investment Portfolio	60.80%
Fair Value Percentage of Net Assets	56.50%

Investments - Industry and Geog

Investments - Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments (Detail)	Jun. 30, 2018
Investment Holdings [Line Items]
Percentage of total fair value of investment	100.00%
Hobby Goods and Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	40.20%
Commercial and Professional Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	59.80%
United States
Investment Holdings [Line Items]
Percentage of total fair value of investment	100.00%

Investments - Summary of Operat

Investments - Summary of Operating and Balance Sheet Data (Detail)	3 Months Ended	5 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Investment Company, Financial Highlights [Line Items]
Expenses	$ (1,163,660)	$ (1,632,247)
Lawn Doctor
Investment Company, Financial Highlights [Line Items]
Revenues	5,020,688	8,139,436
Expenses	(4,258,181)	(7,522,670)
Income before taxes	762,507	616,766
Income tax (expense) benefit	(57,200)	(46,267)
Net income including non-controlling interest	705,307	570,499
Net loss attributable to non-controlling interest	22,438	22,438
Net Income	727,745	592,937
Current assets	6,225,728	6,225,728
Non-current assets	90,652,372	90,652,372
Current liabilities	3,056,871	3,056,871
Non-current liabilities	49,306,284	49,306,284
Non-controlling interest	7,562	7,562
Stockholders' Equity	44,507,383	44,507,383
Polyform Products, Co.
Investment Company, Financial Highlights [Line Items]
Revenues	4,064,855	6,482,448
Expenses	(4,315,901)	(7,310,524)
Income before taxes	(251,046)	(828,076)
Income tax (expense) benefit	72,000	146,000
Net Income	(179,046)	(682,076)
Current assets	5,740,579	5,740,579
Non-current assets	30,688,165	30,688,165
Current liabilities	1,013,149	1,013,149
Non-current liabilities	18,543,625	18,543,625
Stockholders' Equity	$ 16,871,970	$ 16,871,970

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 78,227,212	$ 0
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	78,227,212
Total Senior Secured Loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	30,700,000
Total Senior Secured Loans | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Total Senior Secured Loans | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Total Senior Secured Loans | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	30,700,000
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	47,527,212
Equity | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Equity | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	0
Equity | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 47,527,212

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Investments, at fair value	$ 78,227,212	$ 0

Fair Value of Financial Instr35

Fair Value of Financial Instruments - Unobservable Inputs Used in Fair Value Measurement of Investments (Detail)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	$ 78,227,212	$ 0
Total Senior Secured Loans | Discount Rate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	0.105
Total Senior Secured Loans | Discount Rate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	0.135
Total Senior Secured Loans | Discount Rate | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	0.115
Total Senior Secured Loans | EBITDA Multiple | Minimum | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	7.5
Total Senior Secured Loans | EBITDA Multiple | Minimum | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	8
Total Senior Secured Loans | EBITDA Multiple | Maximum | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	12
Total Senior Secured Loans | EBITDA Multiple | Maximum | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	12
Total Senior Secured Loans | EBITDA Multiple | Weighted Average | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	10.5
Total Senior Secured Loans | EBITDA Multiple | Weighted Average | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	10.7
Equity | Discount Rate | Minimum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Equity Securities	0.105
Equity | Discount Rate | Maximum | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Equity Securities	0.135
Equity | Discount Rate | Weighted Average | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Equity Securities	0.115
Equity | EBITDA Multiple | Minimum | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	7.5
Equity | EBITDA Multiple | Minimum | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	8
Equity | EBITDA Multiple | Maximum | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	12
Equity | EBITDA Multiple | Maximum | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	12
Equity | EBITDA Multiple | Weighted Average | Market comparables
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	10.5
Equity | EBITDA Multiple | Weighted Average | Transaction method
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, Debt securities	10.7

Fair Value of Financial Instr36

Fair Value of Financial Instruments - Reconciliations of Investments of Level 3 Inputs (Detail) - Level 3 - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	$ 77,456,212	$ 0
Additions/(reductions), net	(157,424)	76,774,339
Net change in unrealized appreciation	928,424	1,452,873
Fair value balance, ending	78,227,212	78,227,212
Total Senior Secured Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	30,700,000	0
Additions/(reductions), net	0	30,700,000
Net change in unrealized appreciation	0	0
Fair value balance, ending	30,700,000	30,700,000
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	46,756,212	0
Additions/(reductions), net	(157,424)	46,074,339
Net change in unrealized appreciation	928,424	1,452,873
Fair value balance, ending	$ 47,527,212	$ 47,527,212

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Feb. 07, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Purchase price of shares issued				$ 82,540,112
Distributions paid				997,348
Total return incentive fees			$ 308,735	308,735
Scenario, Forecast
Related Party Transaction [Line Items]
High water mark					$ 24.75
Manager and Sub-Manager
Related Party Transaction [Line Items]
Distributions paid			200,000
Reimbursement obligation for organization and offering cost incurred			$ 700,000	700,000
Organization and offering costs incurred				$ 3,600,000
Base management fees multiplier for non founder shares				2.00%
Base management fees multiplier for founder shares				1.00%
Percentage of return incentive fees payable				50.00%
Annual preference return relates to non-founder shares				8.75%
Annual preference return relates to founder shares				7.777%
Manager and Sub-Manager | Minimum
Related Party Transaction [Line Items]
Annual preference return				7.00%
Manager and Sub-Manager | Private Placement
Related Party Transaction [Line Items]
Maximum percentage of reimbursement from private placement				1.00%
Manager and Sub-Manager | Public Offering
Related Party Transaction [Line Items]
Maximum percentage of reimbursement from private placement				1.50%
Class FA | Lawn Doctor
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
Class FA | Private Placement
Related Party Transaction [Line Items]
Shares Issued	3,300,000			3,258,260
Gross proceeds from issuance of shares	$ 81,700,000			$ 81,456,500
Class FA | Manager and Sub-Manager
Related Party Transaction [Line Items]
Shares Issued		8,000
Purchase price of shares issued		$ 200,000
Class FA | Manager
Related Party Transaction [Line Items]
Shares Issued		4,000
Proceed from cash capital contribution	$ 2,400,000
Share issued	96,000
Class FA | Board of Directors Chairman
Related Party Transaction [Line Items]
Proceed from cash capital contribution	$ 9,500,000
Share issued	380,000
Class FA | Other Individuals
Related Party Transaction [Line Items]
Proceed from cash capital contribution	$ 400,000
Share issued	15,000
Class A
Related Party Transaction [Line Items]
Shares Issued				0
Class A | Private Placement | Maximum
Related Party Transaction [Line Items]
Selling commission	6.00%
Class A | Public Offering
Related Party Transaction [Line Items]
Shares Issued				1,824
Gross proceeds from issuance of shares				$ 50,000
Dealer manager fee	2.50%
Class T
Related Party Transaction [Line Items]
Annual distribution and fee, percentage			1.00%	1.00%
Class T | Private Placement | Maximum
Related Party Transaction [Line Items]
Selling commission	3.00%
Class T | Public Offering
Related Party Transaction [Line Items]
Shares Issued				1,704
Gross proceeds from issuance of shares				$ 45,000
Dealer manager fee	1.75%
Class D
Related Party Transaction [Line Items]
Shareholders servicing fee, percentage			0.50%	0.50%
Class D | Public Offering
Related Party Transaction [Line Items]
Shares Issued				6,730
Gross proceeds from issuance of shares				$ 170,000
Annual Preference Return Less Than 7% | Manager Sub Manager
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 | Manager Sub Manager
Related Party Transaction [Line Items]
Percentage of return incentive fees payable				20.00%
Annual Preference Return Less Than 7.777% or Founder breakpoint | Manager Sub Manager
Related Party Transaction [Line Items]
Percentage of return incentive fees payable				10.00%

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Organization and offering reimbursement | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 18,107	$ 725,153
Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	194,974	283,536
Total return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	308,735	308,735
Expense support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	(144,146)	(187,358)
Administrative Services Agreement: Reimbursement of third-party operating expenses (1) | Manager
Related Party Transaction [Line Items]
Related party fees and expenses	23,657	43,551
Annual distribution and shareholder servicing fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	52	52
Commissions | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	4,350	4,350
Dealer Manager Fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	$ 2,038	$ 2,038

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Related Party Transaction [Line Items]
Due from related parties	$ 187,358
Due to related parties	(392,553)
Net due to related parties	(205,195)	$ 0
Expense Support
Related Party Transaction [Line Items]
Due from related parties	187,358
Organization and offering expenses
Related Party Transaction [Line Items]
Due to related parties	(5,175)
Base management fees
Related Party Transaction [Line Items]
Due to related parties	(64,812)
Total return incentive fee
Related Party Transaction [Line Items]
Due to related parties	(308,735)
Reimbursement of third-party operating expenses
Related Party Transaction [Line Items]
Due to related parties	(13,784)
Annual distribution and shareholder servicing fees
Related Party Transaction [Line Items]
Due to related parties	$ (47)

Distributions - Distributions D

Distributions - Distributions Declared on GAAP Basis (Detail) - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions		$ 1,307,313
Expense support	$ 144,146	$ 187,358
Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.40
Total Declared Distributions		$ 1,323,527
Total Declared Distributions, Allocation		100.00%
Class FA | From net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.39
Total Declared Distributions		$ 1,302,870
Total Declared Distributions, Allocation		98.40%
Expense support		$ 177,308
Class FA | Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.01
Total Declared Distributions		$ 20,657
Total Declared Distributions, Allocation		1.60%
Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.05
Total Declared Distributions		$ 126
Total Declared Distributions, Allocation		100.00%
Class A | From net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.02
Total Declared Distributions		$ 44
Total Declared Distributions, Allocation		34.90%
Expense support		$ 978
Class A | Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.03
Total Declared Distributions		$ 82
Total Declared Distributions, Allocation		65.10%
Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.08
Total Declared Distributions		$ 149
Total Declared Distributions, Allocation		100.00%
Class T | From net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.06
Total Declared Distributions		$ 108
Total Declared Distributions, Allocation		72.50%
Expense support		$ 486
Class T | Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.02
Total Declared Distributions		$ 41
Total Declared Distributions, Allocation		27.50%
Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.02
Total Declared Distributions		$ 146
Total Declared Distributions, Allocation		100.00%
Class D | From net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Expense support		$ 783
Class D | Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.02
Total Declared Distributions		$ 146
Total Declared Distributions, Allocation		100.00%
Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.16
Total Declared Distributions		$ 5,483
Total Declared Distributions, Allocation		100.00%
Class I | From net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.13
Total Declared Distributions		$ 4,291
Total Declared Distributions, Allocation		78.30%
Expense support		$ 7,803
Class I | Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Declared Distributions, Per Share		$ 0.03
Total Declared Distributions		$ 1,192
Total Declared Distributions, Allocation		21.70%

Distributions - Distributions (

Distributions - Distributions (Details) - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Cash Distributions Declared		$ 1,329,431
Distributions reinvested		22,066
Cash Distributions Net of Distributions Reinvested		1,307,365
First Quarter 2018 (4 record dates)
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Cash Distributions Declared		302,841
Distributions reinvested		2,299
Cash Distributions Net of Distributions Reinvested		$ 300,542
Second Quarter 2018 (13 record dates)(2)
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Cash Distributions Declared	$ 1,026,590
Distributions reinvested	19,767
Cash Distributions Net of Distributions Reinvested	$ 1,006,823

Distributions - Distribution Pe

Distributions - Distribution Per Class (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
March 7, 2018 | Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)	$ 0.024038	$ 0.020604
March 7, 2018 | Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)	0.024038	0.020604
March 7, 2018 | Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)	0.019231	0.016484
March 7, 2018 | Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)	0.021635	0.018544
March 7, 2018 | Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)	$ 0.024038	0.020604
March 13, 2018 - June 26, 2018 | Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)		0.024038
March 13, 2018 - June 26, 2018 | Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)		0.024038
March 13, 2018 - June 26, 2018 | Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)		0.019231
March 13, 2018 - June 26, 2018 | Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)		0.021635
March 13, 2018 - June 26, 2018 | Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared Distribution Per Share for Each Share Class (usd per share)		$ 0.024038

Capital Transactions -Additiona

Capital Transactions -Additional Information (Detail) - USD ($)	Mar. 07, 2018	Feb. 07, 2018	Dec. 31, 2017	Jun. 30, 2018
Investment Company, Capital Share Transactions [Line Items]
Purchase price of shares issued				$ 82,540,112
Shares offered	$ 1,000,000,000
Minimum public offering requirement	5,000
Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Shares offered				$ 100,000,000
Public Offering and Private Placement
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				3,301,330
Gross Proceeds				$ 82,546,500
Minimum public offering requirement				2,000,000
Class FA | Private Placement
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		3,300,000		3,258,260
Minimum offering requirement		$ 80,000,000
Gross Proceeds		$ 81,700,000		$ 81,456,500
Number of shares offered in private placement				85,000,000
Share price (usd per share)		$ 25
Class A
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				0
Initial per share public offering price	$ 27.32
Class A | Private Placement
Investment Company, Capital Share Transactions [Line Items]
Number of shares offered in private placement				115,000,000
Class A | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				1,824
Gross Proceeds				$ 50,000
Share price (usd per share)				$ 27.41
Class T
Investment Company, Capital Share Transactions [Line Items]
Initial per share public offering price	26.25
Class T | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				1,704
Gross Proceeds				$ 45,000
Share price (usd per share)				$ 26.43
Class D
Investment Company, Capital Share Transactions [Line Items]
Initial per share public offering price	25
Class D | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				6,730
Gross Proceeds				$ 170,000
Share price (usd per share)				$ 25.26
Class I
Investment Company, Capital Share Transactions [Line Items]
Initial per share public offering price	$ 25
Class I | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued				32,812
Gross Proceeds				$ 825,000
Share price (usd per share)				$ 25.23
Sub Manager | Class FA
Investment Company, Capital Share Transactions [Line Items]
Shares Issued			4,000
Manager | Class FA
Investment Company, Capital Share Transactions [Line Items]
Shares Issued			4,000
Manager and Sub-Manager | Class FA
Investment Company, Capital Share Transactions [Line Items]
Shares Issued			8,000
Purchase price of shares issued			$ 200,000

Capital Transactions - Summary

Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Private Placement (Detail) - USD ($)	Feb. 07, 2018	Jun. 30, 2018
Investment Company, Capital Share Transactions [Line Items]
Distributions reinvested, proceeds to company		$ 14,858
Public Offering and Private Placement
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		3,301,330
Gross Proceeds		$ 82,546,500
Up-front Selling Commissions and Dealer Manager Fees		(6,388)
Net Proceeds to Company		$ 82,540,112
Distributions reinvested, Shares		591
Distributions reinvested, proceeds to company		$ 14,858
Shares issued, Net of reinvestments		3,301,921
Net Proceeds to Company		$ 82,554,970
Average Net Proceeds per Share		$ 25
Class FA | Private Placement
Investment Company, Capital Share Transactions [Line Items]
Shares Issued	3,300,000	3,258,260
Gross Proceeds	$ 81,700,000	$ 81,456,500
Up-front Selling Commissions and Dealer Manager Fees		0
Net Proceeds to Company		$ 81,456,500
Distributions reinvested, Shares		0
Distributions reinvested, proceeds to company		$ 0
Shares issued, Net of reinvestments		3,258,260
Net Proceeds to Company		$ 81,456,500
Average Net Proceeds per Share		$ 25
Class A
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		0
Class A | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		1,824
Gross Proceeds		$ 50,000
Up-front Selling Commissions and Dealer Manager Fees		(4,250)
Net Proceeds to Company		$ 45,750
Distributions reinvested, Shares		582
Distributions reinvested, proceeds to company		$ 14,620
Shares issued, Net of reinvestments		2,406
Net Proceeds to Company		$ 60,370
Average Net Proceeds per Share		$ 25.09
Class T | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		1,704
Gross Proceeds		$ 45,000
Up-front Selling Commissions and Dealer Manager Fees		(2,138)
Net Proceeds to Company		$ 42,862
Distributions reinvested, Shares		0
Distributions reinvested, proceeds to company		$ 0
Shares issued, Net of reinvestments		1,704
Net Proceeds to Company		$ 42,862
Average Net Proceeds per Share		$ 25.15
Class D | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		6,730
Gross Proceeds		$ 170,000
Up-front Selling Commissions and Dealer Manager Fees		0
Net Proceeds to Company		$ 170,000
Distributions reinvested, Shares		0
Distributions reinvested, proceeds to company		$ 0
Shares issued, Net of reinvestments		6,730
Net Proceeds to Company		$ 170,000
Average Net Proceeds per Share		$ 25.26
Class I | Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued		32,812
Gross Proceeds		$ 825,000
Up-front Selling Commissions and Dealer Manager Fees		0
Net Proceeds to Company		$ 825,000
Distributions reinvested, Shares		9
Distributions reinvested, proceeds to company		$ 238
Shares issued, Net of reinvestments		32,821
Net Proceeds to Company		$ 825,238
Average Net Proceeds per Share		$ 25.14

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($)	3 Months Ended	5 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Feb. 06, 2018	Dec. 31, 2017
OPERATING PERFORMANCE PER SHARE
Net investment income (usd per share)	$ 0.31	$ 0.40
Distributions from net investment income (usd per share)	$ (0.32)	$ (0.41)
Net assets at end of period	$ 84,185,725	$ 84,185,725	$ 200,000	$ 200,000
Class FA
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (usd per shares)		$ 25
Net investment income, before expense support (usd per shares)		0.34
Expense support (usd per shares)		0.05
Net investment income (usd per share)		0.39
Net realized and unrealized gains (usd per shares)		0.44
Net increase resulting from investment operations (usd per shares)		0.83
Distributions from net investment income (usd per share)		(0.40)
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares)		(0.40)
Other (usd per shares)		0
Net Asset Value, End of Period (usd per shares)	$ 25.43	$ 25.43
Net assets at end of period	$ 83,076,581	$ 83,076,581		200,000
Average net assets	$ 82,088,518	$ 82,088,518
Shares outstanding end of period (in shares)	3,266,260	3,266,260
Total investment return based on net asset value before total return incentive fee		3.73%
Total investment return based on net asset value after total return incentive fee		3.36%
Ratios to average net assets:
Total operating expenses before total return incentive fee and expense support		1.58%
Total operating expenses before expense support		1.96%
Net investment income before total return incentive fee(8)		1.74%
Net investment income before total return incentive fee(8)		1.74%
Net investment income		1.59%
Portfolio turnover rate		0.00%
Class A
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (usd per shares)		$ 25
Net investment income, before expense support (usd per shares)		(0.39)
Expense support (usd per shares)		0.41
Net investment income (usd per share)		0.02
Net realized and unrealized gains (usd per shares)		0.18
Net increase resulting from investment operations (usd per shares)		0.20
Distributions from net investment income (usd per share)		(0.05)
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares)		(0.05)
Other (usd per shares)		0.22
Net Asset Value, End of Period (usd per shares)	$ 25.37	$ 25.37
Net assets at end of period	$ 61,052	$ 61,052		0
Average net assets	$ 10,152	$ 10,152
Shares outstanding end of period (in shares)	2,406	2,406
Total investment return based on net asset value before total return incentive fee		2.70%
Total investment return based on net asset value after total return incentive fee		2.37%
Ratios to average net assets:
Total operating expenses before total return incentive fee and expense support		16.17%
Total operating expenses before expense support		18.14%
Net investment income before total return incentive fee(8)		8.50%
Net investment income before total return incentive fee(8)		0.43%
Net investment income		0.43%
Portfolio turnover rate		0.00%
Class T
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (usd per shares)		$ 25.16
Net investment income, before expense support (usd per shares)		(0.22)
Expense support (usd per shares)		0.28
Net investment income (usd per share)		0.06
Net realized and unrealized gains (usd per shares)		0.28
Net increase resulting from investment operations (usd per shares)		0.34
Distributions from net investment income (usd per share)		(0.08)
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares)		(0.08)
Other (usd per shares)		0
Net Asset Value, End of Period (usd per shares)	$ 25.42	$ 25.42
Net assets at end of period	$ 43,307	$ 43,307		0
Average net assets	$ 40,449	$ 40,449
Shares outstanding end of period (in shares)	1,704	1,704
Total investment return based on net asset value before total return incentive fee		1.75%
Total investment return based on net asset value after total return incentive fee		1.41%
Ratios to average net assets:
Total operating expenses before total return incentive fee and expense support		2.61%
Total operating expenses before expense support		2.98%
Net investment income before total return incentive fee(8)		1.78%
Net investment income before total return incentive fee(8)		0.27%
Net investment income		0.27%
Portfolio turnover rate		0.00%
Class D
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (usd per shares)		$ 25.26
Net investment income, before expense support (usd per shares)		(0.12)
Expense support (usd per shares)		0.12
Net investment income (usd per share)		0
Net realized and unrealized gains (usd per shares)		0.17
Net increase resulting from investment operations (usd per shares)		0.17
Distributions from net investment income (usd per share)		(0.02)
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares)		(0.02)
Other (usd per shares)		0
Net Asset Value, End of Period (usd per shares)	$ 25.41	$ 25.41
Net assets at end of period	$ 171,018	$ 171,018		0
Average net assets	$ 170,204	$ 170,204
Shares outstanding end of period (in shares)	6,730	6,730
Total investment return based on net asset value before total return incentive fee		0.86%
Total investment return based on net asset value after total return incentive fee		0.68%
Ratios to average net assets:
Total operating expenses before total return incentive fee and expense support		1.70%
Total operating expenses before expense support		1.87%
Net investment income before total return incentive fee(8)		1.41%
Net investment income before total return incentive fee(8)		(0.01%)
Net investment income		(0.01%)
Portfolio turnover rate		0.00%
Class I
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (usd per shares)		$ 25
Net investment income, before expense support (usd per shares)		(0.11)
Expense support (usd per shares)		0.24
Net investment income (usd per share)		0.13
Net realized and unrealized gains (usd per shares)		0.26
Net increase resulting from investment operations (usd per shares)		0.39
Distributions from net investment income (usd per share)		(0.16)
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares)		(0.16)
Other (usd per shares)		0.17
Net Asset Value, End of Period (usd per shares)	$ 25.40	$ 25.40
Net assets at end of period	$ 833,767	$ 833,767		$ 0
Average net assets	$ 517,198	$ 517,198
Shares outstanding end of period (in shares)	32,821	32,821
Total investment return based on net asset value before total return incentive fee		2.52%
Total investment return based on net asset value after total return incentive fee		2.10%
Ratios to average net assets:
Total operating expenses before total return incentive fee and expense support		3.35%
Total operating expenses before expense support		4.03%
Net investment income before total return incentive fee(8)		2.52%
Net investment income before total return incentive fee(8)		0.83%
Net investment income		0.83%
Portfolio turnover rate		0.00%

Subsequent Events - Summary of

Subsequent Events - Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees (Detail) - Subsequent Event	Jul. 27, 2018$ / shares
Class A
Initial Public Offering [Line Items]
Public Offering Price, Per Share	$ 27.73
Selling Commissions, Per Share	1.67
Dealer Manager Fees, Per Share	0.69
Class T
Initial Public Offering [Line Items]
Public Offering Price, Per Share	26.69
Selling Commissions, Per Share	0.81
Dealer Manager Fees, Per Share	0.46
Class D
Initial Public Offering [Line Items]
Public Offering Price, Per Share	25.41
Class I
Initial Public Offering [Line Items]
Public Offering Price, Per Share	$ 25.4

Subsequent Events - Gross Proce

Subsequent Events - Gross Proceeds (Detail) - USD ($)	1 Months Ended	5 Months Ended
	Aug. 09, 2018	Jun. 30, 2018
Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	63,923
Proceeds from sale of new shares	$ 1,630,000
Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	285
Proceeds from sale of new shares	$ 7,208
Class A
Subsequent Event [Line Items]
Shares Issued		0
Class A | Public Offering
Subsequent Event [Line Items]
Shares Issued		1,824
Proceeds from sale of new shares		$ 50,000
Class A | Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	0
Proceeds from sale of new shares	$ 0
Class A | Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	241
Proceeds from sale of new shares	$ 6,109
Class I | Public Offering
Subsequent Event [Line Items]
Shares Issued		32,812
Proceeds from sale of new shares		$ 825,000
Class I | Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	28,740
Proceeds from sale of new shares	$ 730,000
Class I | Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	38
Proceeds from sale of new shares	$ 953
Class T | Public Offering
Subsequent Event [Line Items]
Shares Issued		1,704
Proceeds from sale of new shares		$ 45,000
Class T | Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	4,683
Proceeds from sale of new shares	$ 125,000
Class T | Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	0
Proceeds from sale of new shares	$ 0
Class D | Public Offering
Subsequent Event [Line Items]
Shares Issued		6,730
Proceeds from sale of new shares		$ 170,000
Class D | Public Offering | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	30,500
Proceeds from sale of new shares	$ 775,000
Class D | Distribution Reinvestment Plan | Subsequent Event
Subsequent Event [Line Items]
Shares Issued	6
Proceeds from sale of new shares	$ 146