CNL Strategic Capital 10-K 29 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 24, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	000-56162
Entity Registrant Name	CNL STRATEGIC CAPITAL, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0503849
Entity Address, Address Line One	CNL Center at City Commons
Entity Address, Address Line Two	450 South Orange Avenue
Entity Address, City or Town	Orlando,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32801
City Area Code	407
Local Phone Number	650-1000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Documents Incorporated by Reference	Registrant incorporates by reference portions of the CNL Strategic Capital, LLC definitive proxy statement for the 2023 Annual Meeting of Shareholders (Items 10, 11, 12, 13 and 14 of Part III) to be filed within 120 days after December 31, 2022. Certain exhibits previously filed with the Securities and Exchange Commission are incorporated by reference into Part IV of this report.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001684682
Entity Public Float			$ 0
Class FA
Document Information [Line Items]
Title of 12(g) Security	Class FA Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		4,243,913
Class A
Document Information [Line Items]
Title of 12(g) Security	Class A Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		2,338,119
Class T
Document Information [Line Items]
Title of 12(g) Security	Class T Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		2,555,248
Class D
Document Information [Line Items]
Title of 12(g) Security	Class D Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		2,079,242
Class I
Document Information [Line Items]
Title of 12(g) Security	Class I Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		9,395,066
Class S
Document Information [Line Items]
Title of 12(g) Security	Class S Shares of Limited Liability Company Interests, $0.001 par value per share
Entity Common Stock, Shares Outstanding		1,765,257

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Orlando, Florida

CONSOLIDATED STATEMENTS OF ASSE

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands		Dec. 31, 2022		Dec. 31, 2021
Assets
Total investments at fair value	[1],[2]	$ 695,079		$ 455,997
Cash		36,837		58,704
Prepaid expenses and other assets		627		143
Total assets		732,543		514,844
Liabilities
Due to related parties (Note 5)		15,609		9,922
Payable for shares repurchased		2,368		509
Deferred tax liabilities, net		4,247		1,877
Accounts payable and other accrued expenses		1,220		661
Distributions payable		0		1,566
Total liabilities		23,444		14,535
Commitments and contingencies (Note 11)
Members’ Equity (Net Assets)
Preferred shares, $0.001 par value, 50,000 shares authorized and unissued		0		0
Capital in excess of par value		615,383		442,752
Distributable earnings		93,695		57,541
Total Members’ Equity		709,099		500,309
Net assets, Total Members’ Equity	[1],[2]	709,099		500,309
Class FA
Members’ Equity (Net Assets)
Common shares		4		5
Net assets, Total Members’ Equity		148,111		148,717
Class A
Members’ Equity (Net Assets)
Common shares		2		1
Net assets, Total Members’ Equity		71,242		44,958
Class T
Members’ Equity (Net Assets)
Common shares		2		2
Net assets, Total Members’ Equity		76,048		49,328
Class D
Members’ Equity (Net Assets)
Common shares		2		1
Net assets, Total Members’ Equity		62,844		30,607
Class I
Members’ Equity (Net Assets)
Common shares		9		5
Net assets, Total Members’ Equity		288,387		168,704
Class S
Members’ Equity (Net Assets)
Common shares		2		2
Net assets, Total Members’ Equity		62,467		57,995
Total Portfolio Company Investments – 83.0%
Assets
Total investments at fair value		588,837	[1],[2]	455,997
U.S. Treasury Bills
Assets
Total investments at fair value		$ 106,242		$ 0
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

CONSOLIDATED STATEMENTS OF AS_2

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) $ in Thousands		Dec. 31, 2022		Dec. 31, 2021
Investment at amortized cost	[1],[2]	$ 583,117		$ 387,754
Preferred stock, par value (in dollars per share)		$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)		50,000,000		50,000,000
Class FA
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		7,400,000		7,400,000
Common stock, shares issued (in shares)		4,844,000		4,844,000
Common stock, shares outstanding (in shares)		4,244,000		4,559,000
Class A
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		94,660,000		94,660,000
Common stock, shares issued (in shares)		2,245,000		1,486,000
Common stock, shares outstanding (in shares)		2,195,000		1,461,000
Class T
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		558,620,000		558,620,000
Common stock, shares issued (in shares)		2,458,000		1,654,000
Common stock, shares outstanding (in shares)		2,343,000		1,609,000
Class D
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		94,660,000		94,660,000
Common stock, shares issued (in shares)		1,999,000		1,020,000
Common stock, shares outstanding (in shares)		1,957,000		1,009,000
Class I
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		94,660,000		94,660,000
Common stock, shares issued (in shares)		9,131,000		5,519,000
Common stock, shares outstanding (in shares)		8,772,000		5,410,000
Class S
Common stock, par value (in dollars per share)		$ 0.001		$ 0.001
Common stock, shares authorized (in shares)		100,000,000		100,000,000
Common stock, shares issued (in shares)		1,770,000		1,770,000
Common stock, shares outstanding (in shares)		1,765,000		1,766,000
Total Portfolio Company Investments – 83.0%
Investment at amortized cost		$ 476,901	[1],[2]	$ 387,754
U.S. Treasury Bills
Investment at amortized cost		$ 106,216		$ 0
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment Income
Interest income	$ 26,083	$ 17,190
Dividend income	19,983	14,172
Interest income	890	109
Total investment income	46,956	31,471
Operating Expenses
Total return incentive fees	11,456	7,283
Base management fees	8,941	4,845
Offering expenses	2,814	2,552
Professional services	1,881	1,344
Pursuit costs	764	651
Distribution and shareholder servicing fees	789	397
Custodian and accounting fees	335	235
General and administrative expenses	298	174
Insurance expense	227	233
Director fees and expenses	205	203
Total operating expenses	27,710	17,917
Reimbursement of expense support	2,449	1,831
Net operating expenses	30,159	19,748
Net investment income before taxes	16,797	11,723
Income tax expense	(81)	(1,630)
Net investment income	16,716	10,093
Net change in unrealized appreciation on investments:
Portfolio company investments	41,349	32,893
Provision for deferred taxes on investments	(2,370)	(1,610)
Net increase in net assets resulting from operations	$ 58,065	$ 42,986
Common shares information:
Net investment income per share (usd per share)	$ 0.92	$ 0.79
Net increase in net assets resulting from operations per share (usd per share)	$ 3.21	$ 3.39
Weighted average number of common shares outstanding (in shares)	18,072	12,696
Total Portfolio Company Investments – 83.0%
Net change in unrealized appreciation on investments:
Portfolio company investments	$ 43,693	$ 34,503
U.S. Treasury Bills
Net change in unrealized appreciation on investments:
Portfolio company investments	$ 26	$ 0

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS - USD ($)		12 Months Ended
		Dec. 31, 2022		Dec. 31, 2021
Investment Company, Net Assets [Roll Forward]
Beginning balance		$ 500,309,000	[1],[2]	$ 308,962,000
Net investment income		16,716,000		10,093,000
Net change in unrealized appreciation on investments		41,349,000		32,893,000
Distributions to shareholders		(21,911,000)		(15,489,000)
Issuance of common shares through the Offerings		184,890,000		162,966,000
Issuance of common shares through distribution reinvestment plan		$ 8,293,000		$ 4,175,000
Repurchase of common shares pursuant to share repurchase program (in shares)		(631,000)		(107,000)
Repurchase of common shares pursuant to share repurchase program		$ (20,547,000)		$ (3,291,000)
Ending balance	[1],[2]	$ 709,099,000		$ 500,309,000
Common Shares
Investment Company, Net Assets [Roll Forward]
Beginning balance (in shares)		15,814,000		10,458,000
Beginning balance		$ 16,000		$ 10,000
Issuance of common shares through the Offerings (in shares)		5,833,000		5,325,000
Issuance of common shares through the Offerings		$ 6,000		$ 5,000
Distribution reinvested shares (in shares)		260,000		138,000
Issuance of common shares through distribution reinvestment plan		$ 0		$ 1,000
Repurchase of common shares pursuant to share repurchase program (in shares)		(631,000)		(107,000)
Repurchase of common shares pursuant to share repurchase program		$ (1,000)		$ 0
Ending balance (in shares)		21,276,000		15,814,000
Ending balance		$ 21,000		$ 16,000
Capital in Excess of Par Value
Investment Company, Net Assets [Roll Forward]
Beginning balance		442,752,000		278,908,000
Issuance of common shares through the Offerings		184,884,000		162,961,000
Issuance of common shares through distribution reinvestment plan		8,293,000		4,174,000
Repurchase of common shares pursuant to share repurchase program		(20,546,000)		(3,291,000)
Ending balance		615,383,000		442,752,000
Distributable Earnings
Investment Company, Net Assets [Roll Forward]
Beginning balance		57,541,000		30,044,000
Net investment income		16,716,000		10,093,000
Net change in unrealized appreciation on investments		41,349,000		32,893,000
Distributions to shareholders		(21,911,000)		(15,489,000)
Ending balance		$ 93,695,000		$ 57,541,000
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net increase in net assets resulting from operations	$ 58,065	$ 42,986
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of portfolio company investments	(89,384)	(192,759)
Proceeds from return of capital on portfolio company investments	237	2,463
Purchases of investments in U.S. treasury bills	(399,988)	0
Proceeds from redemptions/sales of U.S. treasury bills	294,606	0
Net change in unrealized appreciation on investments, excluding taxes	(43,719)	(34,503)
Accretion of discounts	(834)	0
Increase in net due to related parties	5,687	8,445
Increase in accounts payable and other accrued expenses	559	276
Increase in deferred tax liabilities, net	2,370	1,610
Increase in prepaid expenses and other assets	(416)	(33)
Other operating activities	133	102
Net cash used in operating activities	(172,684)	(171,413)
Financing Activities:
Proceeds from issuance of common shares	184,890	162,966
Payment on repurchases of common shares	(18,688)	(4,751)
Distributions paid, net of distributions reinvested	(15,184)	(10,766)
Deferred financing costs	(201)	(20)
Net cash provided by financing activities	150,817	147,429
Net decrease in cash	(21,867)	(23,984)
Cash, beginning of period	58,704	82,688
Cash, end of period	36,837	58,704
Supplemental disclosure of cash flow information:
Cash paid for income taxes	606	1,530
Supplemental disclosure of non-cash financing activities:
Distributions reinvested	8,293	4,175
Amounts incurred but not paid (including amounts due to related parties):
Distributions payable	0	1,566
Offering costs	331	176
Payable for shares repurchased	$ 2,368	$ 509

CONSOLIDATED SCHEDULE OF INVEST

CONSOLIDATED SCHEDULE OF INVESTMENTS		12 Months Ended
		Dec. 31, 2022 USD ($)		Dec. 31, 2021 USD ($)
Amortized Cost	[1],[2]	$ 583,117,000		$ 387,754,000
Fair Value	[1],[2]	695,079,000		455,997,000
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.0%	[1],[2]	14,020,000		44,312,000
NET ASSETS – 100.0%	[1],[2]	$ 709,099,000		$ 500,309,000
Fair Value Percentage of Net Assets	[1],[2]	98%		91.20%
First lien
Amortized Cost	[1],[2]	$ 101,600,000		$ 116,600,000
Fair Value	[1],[2]	$ 101,600,000		$ 116,600,000
Fair Value Percentage of Net Assets	[1],[2]	14.30%		23.30%
First lien | ATA Holding Company, LLC
Interest Rate	[1],[2]	0.150		0.150
First lien | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares	[1],[2]	$ 37,000,000		$ 37,000,000
Amortized Cost	[1],[2]	37,000,000		37,000,000
Fair Value	[1],[2]	$ 37,000,000		$ 37,000,000
First lien | Auriemma U.S. Roundtables
Interest Rate	[1],[2]	0.080		0.080
First lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares	[1],[2]	$ 2,000,000		$ 2,000,000
Amortized Cost	[1],[2]	2,000,000		2,000,000
Fair Value	[1],[2]	$ 2,000,000		$ 2,000,000
First lien | Clarion Safety Systems, LLC
Interest Rate	[1],[2]	0.150		0.150
First lien | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares	[1],[2]	$ 22,500,000		$ 22,500,000
Amortized Cost	[1],[2]	22,500,000		22,500,000
Fair Value	[1],[2]	$ 22,500,000		$ 22,500,000
First lien | Healthcare Safety Holdings, LLC
Interest Rate	[1],[2]	0.150		0.150
First lien | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares	[1],[2]	$ 24,400,000		$ 24,400,000
Amortized Cost	[1],[2]	24,400,000		24,400,000
Fair Value	[1],[2]	$ 24,400,000		$ 24,400,000
First lien | Polyform Products, Co.
Interest Rate	[1],[2]	0.160		0.160
First lien | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares	[1],[2]	$ 15,700,000		$ 15,700,000
Amortized Cost	[1],[2]	15,700,000		15,700,000
Fair Value	[1],[2]	15,700,000		$ 15,700,000
First lien | Douglas Machines Corp.
Interest Rate	[1],[2]			0.160
First lien | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares	[1],[2]			$ 15,000,000
Amortized Cost	[1],[2]			15,000,000
Fair Value	[1],[2]			15,000,000
Second lien
Amortized Cost	[1],[2]	75,342,000		35,942,000
Fair Value	[1],[2]	$ 75,342,000		$ 35,942,000
Fair Value Percentage of Net Assets	[1],[2]	10.60%		7.20%
Second lien | Auriemma U.S. Roundtables
Interest Rate	[1],[2]	0.160		0.160
Second lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares	[1],[2]	$ 12,114,000		$ 12,114,000
Amortized Cost	[1],[2]	12,114,000		12,114,000
Fair Value	[1],[2]	$ 12,114,000		$ 12,114,000
Second lien | Blue Ridge ESOP Associates
Interest Rate	[1],[2]	0.150		0.150
Second lien | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares	[1],[2]	$ 2,641,000		$ 2,641,000
Amortized Cost	[1],[2]	2,641,000		2,641,000
Fair Value	[1],[2]	$ 2,641,000		$ 2,641,000
Second lien | Douglas Machines Corp.
Interest Rate	[1],[2]	0.160
Second lien | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares	[1],[2]	$ 15,000,000
Amortized Cost	[1],[2]	15,000,000
Fair Value	[1],[2]	$ 15,000,000
Second lien | Lawn Doctor, Inc.
Interest Rate	[1],[2]	0.160		0.160
Second lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares	[1],[2]	$ 15,000,000		$ 15,000,000
Amortized Cost	[1],[2]	15,000,000		15,000,000
Fair Value	[1],[2]	$ 15,000,000		$ 15,000,000
Second lien | Milton Industries Inc.
Interest Rate	[1],[2]	0.150		0.150
Second lien | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares	[1],[2]	$ 3,353,000		$ 3,353,000
Amortized Cost	[1],[2]	3,353,000		3,353,000
Fair Value	[1],[2]	$ 3,353,000		$ 3,353,000
Second lien | Resolution Economics, LLC
Interest Rate	[1],[2]	0.150		0.150
Second lien | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares	[1],[2]	$ 2,834,000		$ 2,834,000
Amortized Cost	[1],[2]	2,834,000		2,834,000
Fair Value	[1],[2]	$ 2,834,000		2,834,000
Second lien | Vektek Holdings, LLC
Interest Rate	[1],[2]	0.150
Second lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares	[1],[2]	$ 24,400,000
Amortized Cost	[1],[2]	24,400,000
Fair Value	[1],[2]	24,400,000
Total Senior Secured Notes
Amortized Cost	[1],[2]	176,942,000		152,542,000
Fair Value	[1],[2]	176,942,000		152,542,000
Equity
Amortized Cost	[1],[2]	299,959,000		235,212,000
Fair Value	[1],[2]	$ 411,895,000		$ 303,455,000
Fair Value Percentage of Net Assets	[1],[2]	58.10%		60.70%
Equity | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares	[1],[2],[3]	$ 37,985		$ 36,980
Amortized Cost	[1],[2],[3]	37,125,000		36,000,000
Fair Value	[1],[2],[3]	38,406,000		41,612,000
Equity | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares	[1],[2],[3]	32,386		32,386
Amortized Cost	[1],[2],[3]	32,386,000		32,386,000
Fair Value	[1],[2],[3]	46,187,000		40,902,000
Equity | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares	[1],[2],[3]	50,562		46,759
Amortized Cost	[1],[2],[3]	50,756,000		46,759,000
Fair Value	[1],[2],[3]	51,609,000		46,760,000
Equity | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares	[1],[2],[3]	17,320		17,320
Amortized Cost	[1],[2],[3]	17,320,000		17,320,000
Fair Value	[1],[2],[3]	33,865,000		24,117,000
Equity | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares	[1],[2],[3]	10,820		10,820
Amortized Cost	[1],[2],[3]	15,599,000		15,599,000
Fair Value	[1],[2],[3]	25,105,000		24,116,000
Equity | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares	[1],[2]	11,489		9,859
Amortized Cost	[1],[2]	12,793,000		9,859,000
Fair Value	[1],[2]	20,334,000		12,731,000
Equity | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares	[1],[2],[3]	35,500		35,500
Amortized Cost	[1],[2],[3]	35,500,000		35,500,000
Fair Value	[1],[2],[3]	37,338,000		35,500,000
Equity | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares	[1],[2],[3]	7,746		7,746
Amortized Cost	[1],[2],[3]	27,776,000		28,013,000
Fair Value	[1],[2],[3]	66,028,000		56,806,000
Equity | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares	[1],[2]	6,647		6,647
Amortized Cost	[1],[2]	6,647,000		6,647,000
Fair Value	[1],[2]	15,203,000		9,286,000
Equity | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares	[1],[2]	7,166		7,166
Amortized Cost	[1],[2]	7,129,000		7,129,000
Fair Value	[1],[2]	13,793,000		11,625,000
Equity | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares	[1],[2],[3]	56,928
Amortized Cost	[1],[2],[3]	56,928,000
Fair Value	[1],[2],[3]	64,027,000
Total Portfolio Company Investments – 83.0%
Amortized Cost		476,901,000	[1],[2]	387,754,000
Fair Value		$ 588,837,000	[1],[2]	$ 455,997,000
Fair Value Percentage of Net Assets	[1],[2]	83%
Other Investments
Amortized Cost	[1],[2]	$ 106,216,000
Fair Value	[1],[2]	$ 106,242,000
Fair Value Percentage of Net Assets	[1],[2]	15%
Other Investments | US Treasury Bills Maturing January 03rd 2023
Principal Amount / No. Shares	[1],[2]	$ 88,235,000
Amortized Cost	[1],[2]	88,210,000
Fair Value	[1],[2]	88,235,000
Other Investments | US Treasury Bills Maturing January 24th 2023
Principal Amount / No. Shares	[1],[2]	18,047,000
Amortized Cost	[1],[2]	18,006,000
Fair Value	[1],[2]	$ 18,007,000
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.[3]As of December 31, 2022, the Company owned a controlling interest in this portfolio company.

CONSOLIDATED SCHEDULE OF INVE_2

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical)		Dec. 31, 2022	Dec. 31, 2021
Fair value percentage of Net Assets	[1],[2]	98%	91.20%
Other Assets in Excess of Liabilities, Percent	[1],[2]	2%	8.80%
Net Assets, Percent	[1],[2]	100%	100%
First lien
Fair value percentage of Net Assets	[1],[2]	14.30%	23.30%
Second lien
Fair value percentage of Net Assets	[1],[2]	10.60%	7.20%
Equity
Fair value percentage of Net Assets	[1],[2]	58.10%	60.70%
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Principal Business and Organiza

Principal Business and Organization	12 Months Ended
	Dec. 31, 2022
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 U.S. businesses. The Company is externally managed by CNL Strategic Capital Management, LLC (the “Manager”) and sub-managed by Levine Leichtman Strategic Capital, LLC (the “Sub-Manager”). The Manager is responsible for the overall management of the Company’s activities and the Sub-Manager is responsible for the day-to-day management of the Company’s assets. The Manager and the Sub-Manager are each registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Company conducts and intends to continue its operations so that the Company and each of its subsidiaries do not fall within, or are excluded from, the definition of an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company intends to target businesses that are highly cash flow generative, with annual revenues primarily between $15 million and $250 million and whose management teams seek an ownership stake in the company. The Company’s business strategy is to acquire controlling equity interests in combination with debt positions and in doing so, provide long-term capital appreciation and current income while protecting invested capital. The Company seeks to structure its investments with limited, if any, third-party senior leverage. The Company intends for a significant majority of its total assets to be comprised of long-term controlling equity interests and debt positions in the businesses it acquires. In addition and to a lesser extent, the Company may acquire other debt and minority equity positions, which may include acquiring debt in the secondary market and minority equity interests in combination with other funds managed by the Sub-Manager from co-investments with other partnerships managed by the Sub-Manager or their affiliates. The Company expects that these positions will comprise a minority of its total assets. During the period from commencement of operations on February 7, 2018 to December 31, 2020, the Company offered Class FA (“Class FA”) and Class S (“Class S”) limited liability company interests (collectively, the “Founder shares”) through a combination of four private offerings (the “Private Offerings”). All of the Private Offerings were terminated on or before December 31, 2020. The Company commenced its initial public offering of up to $1.1 billion of its limited liability company interests (“shares”) on March 7, 2018 (the “Initial Public Offering”), which included up to $100.0 million of shares being offered through its distribution reinvestment plan, pursuant to a registration statement on Form S-1, as amended (the “Initial Registration Statement”). On November 1, 2021, the Company commenced a follow-on public offering of up to $1.1 billion of shares (the “Follow-On Public Offering” and together with the Initial Public Offering, the “Public Offerings”), which included up to $100.0 million of shares being offered through its distribution reinvestment plan, pursuant to a registration statement on Form S-1 (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”). Upon commencement of the Follow-On Public Offering, the Initial Registration Statement was deemed terminated. Through the Follow-On 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”). There are differing selling fees and commissions and dealer manager fees for each share class. The Company also pays distribution and shareholder servicing fees, subject to certain limits, on the Class T and Class D shares sold in the Follow-On Public Offering (excluding sales pursuant to its distribution reinvestment plan). See Note 7. “Capital Transactions” Note 13. “Subsequent Events”

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
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. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and necessary for the fair presentation of financial results as of and for the periods presented. 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, “Financial Services—Investment Companies” (“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 U.S. 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 the Company is precluded from consolidating any entity other than an 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 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. Risks and Uncertainties The Company's portfolio companies and the success of its investment activities are affected by global and national economic, political and market conditions generally and also by the local economic conditions where the portfolio companies are located and operate. Certain external events such as public health crises, including the novel coronavirus (“COVID-19”) and its variants, natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, have recently led to increased financial and credit market volatility and disruptions, leading to record inflationary pressure, rising interest rates, supply chain issues, labor shortages and recessionary concerns. In response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases. The full impact of such external events on the financial and credit markets and consequently on the Company’s financial conditions and results of operations is uncertain and cannot be fully predicted. The Company will continue to monitor these events and will adjust its operations as necessary. Cash Cash consists of demand deposits at commercial banks. Demand deposits are carried at cost plus accrued interest, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. 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 statements in conformity with GAAP. The uncertainty of future events may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and actual results could differ from those estimates. Valuation of Investments ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) clarifies that 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 an 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 an 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. U.S. Treasury securities are classified as Level 1 assets and are recorded at fair value based on the average of the bid and ask quotes for identical instruments. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s Level 2 and Level 3 investments in accordance with the Company’s 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 Level 2 and Level 3 assets requires judgment, which include 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 Level 2 and Level 3 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 of its Level 2 and Level 3 assets. 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 amortized cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on investments 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 from loans and debt securities 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. Since inception, the Company has not experienced any past due payments on any of its loan investments. Original issue discounts (“OID”) on U.S. Treasury securities are reflected in the initial cost basis and the Company accretes such amounts as interest income over the term of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts. Dividend Income – Dividend income is recorded on the record date for privately issued securities, but excludes any portion of distributions 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 are 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 shares at par value and (ii) paid in capital in excess of par value, excluding upfront selling commissions and dealer manager fees. Share Repurchases Under the Company’s share repurchase program (the “Share Repurchase Program”), shares are redeemed as of the repurchase date, which will generally be the last business day of the month of a calendar quarter. Shares redeemed are retired and not available for reissue. See Note 7. “Capital Transactions” Offering Expenses Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Public Offerings, are capitalized on the Company’s consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s consolidated 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. Distribution and Shareholder Servicing Fees The Company pays 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.” Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 8. “Borrowings” Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, organization and offering expenses, distribution and shareholder servicing fees, Expense Support (reimbursement) and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such expenses 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 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. Net Investment Income per Share and Net Increase in Net Assets Resulting From Operations per Share Net investment income per share and net increase in net assets resulting from operations 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 The Company’s board of directors has declared and intends to continue to declare distributions based on monthly record dates. Distributions declared prior to December 2022 were paid monthly in arrears. Distributions are paid in the month they are declared beginning with distributions declared in December 2022. Distributions are made on all classes of the Company’s shares at the same time. The Company has adopted a distribution reinvestment plan that provides for reinvestment of distributions on behalf of shareholders. Non-founder shareholders participating in the distribution reinvestment plan will have their cash distribution automatically reinvested in additional shares having the same class designation as the class of shares to which such distributions are attributable at a price per share equivalent to the then current public offering price, net of up-front selling commissions and dealer manager fees. Cash distributions paid on Class FA shares participating in the distribution reinvestment plan are reinvested in additional Class A shares. Class S shares do not participate in the distribution reinvestment plan. Reclassifications Certain reclassifications have been made to the consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2021 to conform with the current year presentation. There was no impact on the Company’s consolidated net income, net change in net assets resulting from operations, net cash used in operations or net cash provided by financing activities as a result of the reclassifications. Income Taxes Under GAAP, the Company is subject to the provisions of ASC 740, “Income Taxes.” The Company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time. If applicable, the Company will recognize interest and penalties related to unrecognized tax benefits as income tax expense in the Company’s consolidated statements of operations. The Company has operated and expects to continue to 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”). As a partnership, the individual shareholders are responsible for their proportionate share of the Company’s taxable income. Note 9. “Income Taxes”

Investments

Investments	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments During the year ended December 31, 2022, the Company invested approximately $81.3 million in one new portfolio company, Vektek Holdings, LLC (“Vektek”), through a combination of debt and equity investments, and additional equity investments in ATA National Title Group, LLC (“ATA”), Clarion Safety Systems, LLC (“Clarion”) and Blue Ridge ESOP Associates (“Blue Ridge”) totaling approximately $8.1 million. In March 2023, the Company invested approximately $106.0 million in an additional portfolio company, as described further in Note 13. “Subsequent Events.” Additionally, during the year ended December 31, 2022, the Company began investing in short-term U.S. Treasury Bills. As of December 31, 2022, the U.S. Treasury Bills held by the Company were scheduled to mature within 30 days. During the year ended December 31, 2021, the Company invested approximately $192.8 million in aggregate in three portfolio companies, ATA, Douglas Machines, Inc. (“Douglas”) and Clarion, through a combination of debt and equity investments. The Company’s investment portfolio is summarized as follows as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 101,600 $ 101,600 14.6 % 14.3 % Second lien 75,342 75,342 10.8 10.6 Total senior secured debt 176,942 176,942 25.4 24.9 Equity 299,959 411,895 59.3 58.1 U.S. Treasury Bills 106,216 106,242 15.3 15.0 Total investments $ 583,117 $ 695,079 100.0 % 98.0 % As of December 31, 2021 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 116,600 $ 116,600 25.6 % 23.3 % Second lien 35,942 35,942 7.9 7.2 Total senior secured debt 152,542 152,542 33.5 30.5 Equity 235,212 303,455 66.5 60.7 Total investments $ 387,754 $ 455,997 100.0 % 91.2 % Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 15.2% and have weighted average remaining years to maturity of 4.7 years as of December 31, 2022. The note purchase agreements contain customary covenants and events of default. As of December 31, 2022, all of the Company’s portfolio companies were in compliance with their respective debt covenants. As of December 31, 2022 and 2021, none of the Company’s debt investments were on non-accrual status. The Company’s investments in U.S. Treasury Bills do not accrue interest. The Company purchases U.S. Treasury Bills at a discount and accretes such amounts as interest income over the term of the respective security using the effective interest method. The effective yield on the Company’s investments in U.S. Treasury Bills during the year ended December 31, 2022 ranged from 2.1% to 3.9%. The industry dispersion of the Company’s portfolio company investments, based on fair value, as of December 31, 2022 and 2021 were as follows: As of December 31, Industry 2022 2021 Engineered Products 18.2 % 2.8 % Commercial and Professional Services 13.8 15.8 Real Estate Services 12.8 17.2 Visual Safety Solutions 12.6 15.2 Information Services and Advisory Solutions 10.2 12.1 Healthcare Supplies 9.9 10.6 Sanitation Products 8.9 11.1 Hobby Goods and Supplies 6.9 8.7 Business Services 6.7 6.5 Total 100.0 % 100.0 % All investment positions held as of December 31, 2022 and 2021 were denominated in U.S. dollars and located in the United States based on their country of domicile. Summarized Portfolio Company Financial Information The following tables present audited summarized operating data for the years ended December 31, 2022 and 2021, and summarized balance sheet data as of December 31, 2022 and December 31, 2021 for the Company’s portfolio companies (in thousands): Summarized Operating Data Year Ended December 31, 2022 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Vektek (1) Milton Other (2) Revenues $ 38,613 $ 23,106 $ 15,403 $ 36,413 $ 60,573 $ 27,402 $ 13,132 $ 26,190 $ 69,588 $ 93,492 Expenses (34,818) (21,141) (14,458) (32,905) (60,178) (26,781) (12,171) (26,513) (76,035) (88,961) Income (loss) before taxes 3,795 1,965 945 3,508 395 621 961 (323) (6,447) 4,531 Income tax (expense) benefit (1,407) (536) (109) (982) — (74) (278) (90) 1,046 290 Consolidated net income (loss) 2,388 1,429 836 2,526 395 547 683 (413) (5,401) 4,821 Net loss attributable to non-controlling interests 213 — — — — — — — — — Net income (loss) $ 2,601 $ 1,429 $ 836 $ 2,526 $ 395 $ 547 $ 683 $ (413) $ (5,401) $ 4,821 Year Ended December 31, 2021 Lawn Doctor Polyform Round-tables HSH ATA (3) Douglas (4) Clarion (5) Milton Other (2) Revenues $ 35,018 $ 22,297 $ 13,128 $ 32,918 $ 59,021 $ 6,099 $ 676 $ 47,444 $ 70,812 Expenses (31,749) (20,097) (13,276) (30,769) (52,494) (7,027) (1,857) (54,579) (73,411) Income (loss) before taxes 3,269 2,200 (148) 2,149 6,527 (928) (1,181) (7,135) (2,599) Income tax (expense) benefit (832) (574) (469) (456) — — 341 (573) 1,448 Consolidated net income (loss) 2,437 1,626 (617) 1,693 6,527 (928) (840) (7,708) (1,151) Net loss attributable to non-controlling interests 107 — — — — — — — — Net income (loss) $ 2,544 $ 1,626 $ (617) $ 1,693 $ 6,527 $ (928) $ (840) $ (7,708) $ (1,151) Summarized Balance Sheet Data As of December 31, 2022 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Vektek Milton Other (2) Current assets $ 12,412 $ 9,532 $ 2,455 $ 11,780 $ 7,219 $ 11,650 $ 3,399 $ 14,832 $ 28,894 $ 60,887 Non-current assets 91,900 27,263 59,865 36,414 88,340 47,614 69,685 101,917 81,520 300,986 Current liabilities 8,476 1,463 2,461 4,160 6,834 5,431 457 2,536 6,614 36,853 Non-current liabilities 63,013 21,484 21,714 27,783 43,915 15,939 22,500 48,654 74,434 164,579 Non-controlling interest 512 — — — — — — — — — Stockholders’ equity 32,311 13,848 38,145 16,251 44,810 37,894 50,127 65,559 29,366 160,441 Ownership Percentage (6) 61% 87% 81% 75% 75% 90% 98% 84% 13% (7) As of December 31, 2021 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Milton Other (2) Current assets $ 13,926 $ 9,940 $ 2,043 $ 14,260 $ 10,029 $ 10,640 $ 3,084 $ 19,911 $ 44,881 Non-current assets 92,309 28,948 61,955 39,653 90,510 45,880 66,182 71,140 251,257 Current liabilities 7,961 2,290 4,738 7,341 9,002 1,818 420 4,571 37,210 Non-current liabilities 63,576 21,557 19,771 28,536 43,458 16,280 22,500 51,940 116,786 Non-controlling interest (500) — — — — — — — — Stockholders’ equity 35,198 15,041 39,489 18,036 48,079 38,422 46,346 34,540 142,142 Ownership Percentage (6) 61% 87% 81% 75% 75% 90% 99% 13% (7) FOOTNOTES: (1) Summarized operating data presented for Vektek is for the period from May 6, 2022 (the date the Company acquired its investments in Vektek) to December 31, 2022. (2) Includes aggregate summarized financial information for the Company’s co-investments (Resolution Economics and Blue Ridge) in which the Company owns a minority equity interest and which were individually less than 10% significance for the periods presented. Summarized financial information for Resolution Economics is reported on a one-month lag. (3) Summarized operating data presented for ATA is for the period from April 1, 2021 (the date the Company acquired its investments in ATA) to December 31, 2021. (4) Summarized operating data presented for Douglas is for the period from October 7, 2021 (the date the Company acquired its investments in Douglas) to December 31, 2021. (5) Summarized operating data presented for Clarion is for the period from December 9, 2021 (the date the Company acquired its investments in Clarion) to December 31, 2021. (6) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
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 of December 31, 2022 As of December 31, 2021 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 176,942 $ 176,942 $ — $ — $ 152,542 $ 152,542 Equity — — 411,895 411,895 — — 303,455 303,455 U.S. Treasury Bills 106,242 — — 106,242 — — — — Total investments $ 106,242 $ — $ 588,837 $ 695,079 $ — $ — $ 455,997 $ 455,997 The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2022 and 2021 were as follows (in thousands): As of December 31, 2022 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 176,942 Discounted Cash Flow Discount Rate 9.8% – 13.8% (11.6%) 6.5x – 13.2x (9.8x) 6.5x – 13.0x (10.8x) Decrease Equity 411,895 Discounted Cash Flow Discount Rate 9.8% – 13.8% (11.6%) 6.5x – 13.2x (9.8x) 6.5x – 13.0x (10.8x) Decrease Total $ 588,837 As of December 31, 2021 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 130,042 Discounted Cash Flow Discount Rate 8.5% – 13.0% (11.4%) 4.1x – 15.2x (8.9x) 6.0x – 12.5x (9.6x) Decrease 22,500 Transaction Precedent Transaction Price N/A N/A Equity 256,695 Discounted Cash Flow Discount Rate 8.5% – 13.0% (11.4%) 4.1x – 15.2x (8.9x) 6.0x – 12.5x (9.6x) Decrease 46,760 Transaction Precedent Transaction Price N/A N/A Total $ 455,997 FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (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 tables include the significant unobservable inputs as they relate to the Company’s determination of fair values for its investments categorized within Level 3 as of December 31, 2022 and 2021. In addition to the techniques and inputs noted in the tables 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 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 present value amount range. 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 a reconciliation of investments for which Level 3 inputs were used in determining fair value for the years ended December 31, 2022 and 2021 (in thousands): Year Ended December 31, 2022 Senior Debt Equity Total Fair value balance as of January 1, 2022 $ 152,542 $ 303,455 $ 455,997 Additions 24,400 64,984 89,384 Return of capital (1) — (237) (237) Net change in unrealized appreciation (2) — 43,693 43,693 Fair value balance as of December 31, 2022 $ 176,942 $ 411,895 $ 588,837 Change in net unrealized appreciation on investments held as of December 31, 2022 (2) $ — $ 43,693 $ 43,693 Year Ended December 31, 2021 Senior Debt Equity Total Fair value balance as of January 1, 2021 $ 78,042 $ 153,155 $ 231,197 Additions 74,500 118,260 192,760 Return of capital (1) — (2,463) (2,463) Net change in unrealized appreciation (2) — 34,503 34,503 Fair value balance as of December 31, 2021 $ 152,542 $ 303,455 $ 455,997 Change in net unrealized appreciation on investments held as of December 31, 2021 (2) $ — $ 34,503 $ 34,503 FOOTNOTES: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies. (2) Included in net change in unrealized appreciation

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Manager and Sub-Manager, along with certain affiliates of the Manager or Sub-Manager, receive fees and compensation in connection with the Public Offerings, as well as the acquisition, management and sale of the assets of the Company, as follows: Managing Dealer Commissions — The Company pays CNL Securities Corp. (the “Managing Dealer”), 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 Offerings (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. Dealer Manager Fee — The Company pays the Managing Dealer a dealer manager fee of up to 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 Offerings (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. Distribution and Shareholder Servicing Fee — The Company pays the Managing Dealer a distribution and shareholder servicing fee, subject to certain limits, with respect to its Class T and Class D shares sold in the Public Offerings (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 distribution and shareholder servicing fee accrues daily and is paid monthly in arrears. The Managing Dealer may reallow all or a portion of the 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 distribution and shareholder servicing fee is an ongoing fee, subject to certain limits, that is allocated among all Class T and Class D shares, respectively, and is not paid at the time of purchase. Manager and/or Sub-Manager Organization and Offering Costs — The Company reimburses the Manager and the Sub-Manager, along with their respective affiliates, for the organization and offering costs (other than selling commissions and dealer manager fees) they have incurred on the Company’s behalf only to the extent that such expenses do not exceed 1.5% of the cumulative gross proceeds from the Public Offerings. The Company incurred an obligation to reimburse the Manager and Sub-Manager for approximately $2.8 million and $2.5 million in organization and offering costs based on actual amounts raised through the Public Offerings during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the Manager and the Sub-Manager had incurred additional organization and offering costs of approximately $2.4 million on behalf of the Company in connection with the Public Offerings in excess of the reimbursement limitation. These costs will be recognized by the Company in future periods as the Company receives future offering proceeds from the Follow-On Public Offering to the extent such costs are within the 1.5% limitation. Base Management Fee to Manager and Sub-Manager — The Company pays 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 Company incurred base management fees of approximately $8.9 million and $4.8 million during the years ended December 31, 2022 and 2021, respectively. The base management fee is 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 shares Average Adjusted Capital (as defined below), for a particular class to total Average Adjusted Capital and (ii) for the Founder shares of a particular class, 1% of the product of (x) the Company’s average gross assets and (y) the ratio of outstanding Founder shares Average Adjusted Capital for a particular class to total Average Adjusted Capital, in each case excluding cash, and is 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 reflects changes in the fair market value of the Company’s assets, which does not necessarily equal their notional value, reflecting both realized and unrealized capital appreciation or depreciation. 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 month. “Adjusted Capital” is defined as cumulative proceeds generated from sales of the Company’s shares of a particular share class (including proceeds from the sale of shares pursuant to the distribution reinvestment plan, if any), net of upfront selling commissions and dealer manager fees (“sales load”), if any, reduced for the full amounts paid for share repurchases pursuant to any share repurchase program, if any, and adjusted for share conversions, if any, for such class. Total Return Incentive Fee on Income to the Manager and Sub-Manager — The Company also pays 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 Company recorded total return incentive fees of approximately $11.5 million and $7.3 million during the years ended December 31, 2022 and 2021, respectively. The total return incentive fee is based on the Total Return to Shareholders (as defined below) for each share class in any calendar year, payable annually in arrears. The Company accrues (but does not pay) the total return incentive fee on a quarterly basis, to the extent that it is earned, and performs a final reconciliation and makes 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 is 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 with respect to each particular share class of Founder shares, 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 of a particular share class once the Total Return to Founder Shareholders of a particular class 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 of a particular class, 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 in the calculation of Total Return to Shareholders for such share class. For the years ended December 31, 2022 and 2021, the High Water Marks were as follows: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2022 $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 December 31, 2021 29.97 28.76 28.67 28.24 29.06 30.08 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. Reimbursement to Manager and Sub-Manager for Operating Expenses and Pursuit Costs — The Company reimburses the Manager and the Sub-Manager and their respective affiliates for certain third party operating expenses and pursuit costs 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 does 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, as amended, (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 is borne equally by the Manager and the Sub-Manager and is calculated as of the last business day of the calendar year. 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 uses 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. Since inception, the Company has received cumulative Expense Support from the Manager and Sub-Manager of approximately $5.1 million. During the years ended December 31, 2022 and 2021, the Company accrued reimbursement of Expense Support due to the Manager and Sub-Manager of approximately $2.4 million and $1.8 million, respectively. Expense support (reimbursement) is paid by (to) the Manager and Sub-Manager annually in arrears. The following table summarizes annual Expense Support received, Expense Support reimbursed, and the remaining Expense Support that may become reimbursable, subject to the conditions of reimbursement defined in the Expense Support and Conditional Reimbursement Agreement, as of December 31, 2022 (in thousands): For the Year Ended Amount of Expense Support Received Expense Support Reimbursed (1) Unreimbursed Expense Support Subject to Reimbursement (2) Reimbursement Eligibility Expiration December 31, 2018 $ 390 $ (353) $ — (3) December 31, 2019 1,372 (1,339) — (3) December 31, 2020 3,301 (2,588) 713 March 31, 2024 $ 5,063 $ (4,280) $ 713 FOOTNOTES: (1) Includes approximately $2,449 and $1,831 accrued as of December 31, 2022 and 2021, respectively, which were paid to the Manager and Sub-Manager in January 2023 and 2022, respectively. Expense support reimbursement is calculated by share class and subject to limitations as defined in the Expense Support and Conditional Reimbursement Agreement described above. (2) Management believes that additional reimbursement by the Company to the Manager and Sub-Manager related to the year ended December 31, 2020 is not probable under the terms of the Expense Support and Conditional Reimbursement Agreement as of December 31, 2022. (3) Unreimbursed amounts of $37 and $33 related to the years ended December 31, 2018 and 2019, respectively, will not be reimbursed in future periods. Distributions Individuals and entities affiliated with the Manager and Sub-Manager owned approximately 0.4 million shares as of December 31, 2022 and 2021. These individuals and entities received distributions from the Company of approximately $0.5 million and $0.7 million during the years ended December 31, 2022 and 2021, respectively. Summary of Related Party Fees and Expenses Related party fees and expenses incurred for the years ended December 31, 2022 and 2021 are summarized below (in thousands): Years Ended December 31, Related Party Source Agreement & Description 2022 2021 Managing Dealer Managing Dealer Agreements: Commissions $ 1,799 $ 1,524 Dealer manager fees 933 821 Distribution and shareholder servicing fees 789 397 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 2,814 2,490 Base management fees (1) 8,941 4,845 Total return incentive fees (1) 11,456 7,283 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Reimbursement of Expense Support 2,449 1,831 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 84 104 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 764 651 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. There was no Expense Support recorded for the years ended December 31, 2022 and 2021. (2) Offering expense reimbursements are capitalized on the Company’s consolidated 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. (3) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews. The following table presents amounts due to related parties as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Total return incentive fees $ 11,456 $ 7,283 Reimbursement of expense support 2,449 1,831 Base management fees 864 578 Offering expenses 331 176 Distribution and shareholder servicing fees 84 53 Reimbursement of third-party operating expenses and pursuit costs 425 1 Total due to related parties $ 15,609 $ 9,922

Distributions

Distributions	12 Months Ended
	Dec. 31, 2022
Distributions Made to Members or Limited Partners [Abstract]
Distributions	Distributions The Company’s board of directors declared distributions on a monthly basis in each of the years ended December 31, 2022 and 2021. Distributions declared prior to December 2022 were paid monthly in arrears. Distributions are paid in the month they are declared beginning with distributions declared in December 2022. The following table reflects the total distributions declared during the years ended December 31, 2022 and 2021 (in thousands except per share data): Distribution Period Distributions Declared (1) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested Year ended December 31, 2022 $ 21,911 $ 7,794 $ 14,117 Year ended December 31, 2021 15,489 4,429 11,060 FOOTNOTES: (1) The Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “ ” Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2022 - December 31, 2022 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2021 - December 31, 2021 0.104167 0.104167 0.083333 0.093750 0.104167 0.104167 (2) Amounts based on distribution record date. The sources of declared distributions on a GAAP basis were as follows (in thousands): Years Ended December 31, 2022 2021 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 16,716 76.3 % $ 10,093 65.2 % Distributions in excess of net investment income (2) 5,195 23.7 5,396 34.8 Total distributions declared $ 21,911 100.0 % $ 15,489 100.0 % FOOTNOTES: (1) Net investment income includes reimbursement of Expense Support of $2,449 and $1,831 for the years ended December 31, 2022 and 2021, respectively. See Note 5. “Related Party Transactions” (2) Consists of distributions made from offering proceeds for the periods presented. In December 2022, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on January 26, 2023 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.

Capital Transactions

Capital Transactions	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Capital Transactions	Capital Transactions Public Offerings Under the Public Offerings, the Company has offered and continues to offer up to $1.0 billion of shares, on a best efforts basis, which means that CNL Securities Corp., as the Managing Dealer of the Public Offerings, uses its best effort but is not required to sell any specific amount of shares. The Company is offering, in any combination, four classes of shares in the Follow-On 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. There are differing selling fees and commissions for each share class. The Company also pays distribution and shareholder servicing fees, subject to certain limits, on the Class T and Class D shares sold in the Public Offerings (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 December 31, 2022, the public offering price was $35.08 per Class A share, $33.71 per Class T share, $31.77 per Class D share and $32.59 per Class I share. The Company is also offering, in any combination, up to $100.0 million of Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan. See Note 13. “Subsequent Events” The following tables summarize the total shares issued and proceeds received by share class in connection with the Public Offerings, excluding shares repurchased through the Share Repurchase Program and share conversions described further below, for the years ended December 31, 2022 and 2021 (in thousands except per share data): Year Ended December 31, 2022 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 641 $ 21,727 $ (1,572) $ 20,155 58 $ 1,842 699 $ 21,997 $ 31.46 Class T 763 25,194 (1,160) 24,034 41 1,281 804 25,315 31.49 Class D 949 29,600 — 29,600 29 940 978 30,540 31.19 Class I 3,480 111,101 — 111,101 132 4,230 3,612 115,331 31.92 5,833 $ 187,622 $ (2,732) $ 184,890 260 $ 8,293 6,093 $ 193,183 $ 31.70 Year Ended December 31, 2021 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 403 $ 13,196 $ (959) $ 12,237 44 $ 1,323 $ 447 $ 13,560 30.33 Class T 954 30,411 (1,386) 29,025 19 585 973 29,610 30.41 Class D 549 16,473 — 16,473 14 410 563 16,883 30.06 Class I 3,419 105,231 — 105,231 61 1,857 3,480 107,088 30.78 5,325 $ 165,311 $ (2,345) $ 162,966 138 $ 4,175 5,463 $ 167,141 $ 30.60 FOOTNOTES: (1) Amounts are based on distribution reinvestment date. Distributions declared prior to December 2022 were reinvested monthly in arrears. Distributions are reinvested in the month they are declared beginning with distributions declared in December 2022. (2) The Company incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Public Offerings. See Note 5. “Related Party Transactions” Share Repurchase Program In accordance with the Share Repurchase Program the total amount of aggregate repurchases of Class FA, Class A, Class T, Class D, Class I and Class S shares is limited to up to 2.5% of the aggregate net asset value per calendar quarter (based on the aggregate net asset value as of the last date of the month immediately prior to the repurchase date) and up to 10% of the aggregate net asset value per year (based on the average aggregate net asset value as of the end of each of the Company’s trailing four quarters). Notwithstanding the foregoing, at the sole discretion of the Company’s board of directors, the Company may also use other sources, including, but not limited to, offering proceeds and borrowings to repurchase shares. During the year ended December 31, 2022, the Company received requests for the repurchase of approximately $20.5 million of the Company’s common shares, which exceeded amounts available for repurchase under the Share Repurchase Program by approximately $13.6 million. The Company’s board of directors approved the excess repurchase requests received for the year ended December 31, 2022. During the year ended December 31, 2021, the Company received requests for the repurchase of approximately $3.3 million of the Company’s common shares, which did not exceed amounts available for repurchase under the Share Repurchase Program . The following table summarizes the shares repurchased during the years ended December 31, 2022 and 2021 (in thousands except per share data): Years Ended December 31, 2022 2021 Share Class Number of Shares Total Consideration Average Price Paid per Share Number of Shares Total Consideration Average Price Paid per Share Class FA 315 $ 10,493 $ 33.31 20 $ 631 $ 32.11 Class A 24 738 31.36 21 627 30.04 Class T 11 338 31.28 19 574 29.97 Class D 30 952 31.35 7 198 29.58 Class I 250 7,998 31.95 36 1,119 30.78 Class S 1 28 33.74 4 142 32.85 Total 631 $ 20,547 $ 32.57 107 $ 3,291 $ 30.74 As of December 31, 2022 and 2021, the Company had a payable for shares repurchased of approximately $2.4 million and $0.5 million, respectively. Share Conversions Class T and Class D shares are converted into Class A shares once the maximum amount of distribution and shareholder servicing fees for those particular shares has been met. The shares to be converted are multiplied by the applicable conversion rate, the numerator of which is the net asset value per share of the share class being converted and the denominator of which is the net asset value per Class A share. During the year ended December 31, 2022, approximately 59,000 Class T shares were converted to approximately 59,000 Class A shares at an average conversion rate of 1.0. There were no share conversions during the year ended December 31, 2021.

Borrowings (Notes)

Borrowings (Notes)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Borrowings	Borrowings In September 2021, the Company entered into a second amended and restated loan agreement (the “2021 Loan Agreement”) and related promissory note with United Community Bank (d/b/a Seaside Bank and Trust) for a $25.0 million line of credit. The Company did not borrow any amounts under the 2021 Line of Credit and the Company’s ability to request draws under the 2021 Loan Agreement expired in August 2022. In August 2022, the Company entered into a new loan agreement (the “2022 Loan Agreement”) and related promissory note with First Horizon Bank for a $50.0 million revolving line of credit (the “2022 Line of Credit”). In connection with the 2022 Loan Agreement, the Company is required to pay a total commitment fee to First Horizon Bank of $0.25 million, of which $0.13 million was paid during the year ended December 31, 2022. The 2022 Line of Credit is available for advances through August 2023. The Company is required to pay a fee to First Horizon with each advance under the 2022 Line of Credit in the amount equal to 0.05% of the amount of each borrowing. The Company is also required to pay interest on the borrowed amount at a rate per year equal to the 30-day Secured Overnight Financing Rate (“SOFR”) plus 2.75%. Interest payments are due monthly in arrears. Furthermore, the Company is required to pay a quarterly unused line fee when the average outstanding balance of the 2022 Line of Credit is less than $25.0 million. Unused line fees are due quarterly in arrears. The Company may prepay, without penalty, all or any part of the borrowings under the 2022 Loan Agreement at any time and such borrowings are required to be repaid within 180 days of the borrowing date. Under the 2022 Loan Agreement, the Company is required to comply with certain covenants including the provision of financial statements on a quarterly basis, a restriction from incurring any debt, and restrictions on the transfer and sale of assets held by certain subsidiaries. Additionally, the Company has a covenant related to its fair market value of investments as a multiple of borrowings outstanding. In connection with the 2022 Loan Agreement, the Company entered into a pledge and security agreement (“Pledge Agreement”) in favor of the lender under the 2022 Line of Credit. Under the Pledge Agreement, the Company is required to contribute proceeds from the Follow-On Public Offering to pay down the outstanding debt to the extent there are any borrowings outstanding under the 2022 Loan Agreement.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company incurs income tax expense (benefit) related to its Taxable Subsidiaries. The components of income tax expense (benefit) were as follows during the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Current: Federal $ 63 $ 1,315 State 18 315 Total current tax expense 81 1,630 Deferred: Federal 2,174 1,135 State 196 475 Total deferred tax expense 2,370 1,610 Income tax expense $ 2,451 $ 3,240 Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Carryforwards for net operating loss $ 770 $ 533 Other 27 18 Valuation Allowance (60) (22) Total deferred tax assets 737 529 Deferred tax liabilities: Unrealized appreciation on investments (4,984) (2,406) Total deferred tax liabilities (4,984) (2,406) Deferred tax liabilities, net $ (4,247) $ (1,877) The table below presents a reconciliation of tax expense the Company would be subject to if it were taxed as a corporation to the Company’s actual income tax expense incurred by its Taxable Subsidiaries for the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Tax expense computed at the federal statutory rate $ 12,708 21.0 % $ 9,707 21.0 % State income tax expense net of federal benefit 214 0.4 789 1.7 Benefit of partnership structure (10,471) (17.3) (7,256) (15.7) Income tax expense $ 2,451 4.1 % $ 3,240 7.0 % The Company’s taxable subsidiary entities had net operating loss carryforwards for federal purposes of approximately $2.8 million and $0.9 million as of December 31, 2022 and 2021, respectively, to offset future taxable income. The federal net operating loss carryforwards do not expire.

Concentrations of Risk

Concentrations of Risk	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of RiskThe Company had eight portfolio companies which met at least one of the significance tests under Rule 4-08(g) of Regulation S-X (the “Significance Tests”) for at least one of the periods presented in the consolidated financial statements.The portfolio companies are required to make monthly interest payments on their debt, with the debt principal due upon maturity. Failure of any of these portfolio companies to pay contractual interest payments could have a material adverse effect on the Company’s results of operations and cash flows from operations, which would impact its ability to make distributions to shareholders.

Commitment & Contingences

Commitment & Contingences	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitment & Contingences	Commitments & Contingencies See Note 5. “Related Party Transactions” From time to time, the Company and officers or directors of the Company may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its businesses. As of December 31, 2022, the Company was not involved in any legal proceedings. In addition, in the normal course of business, the Company enters into contracts with its vendors and others that provide for general indemnifications. The Company’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company. However, based on experience, the Company expects that risk of loss to be remote.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2022
Investment Company [Abstract]
Financial Highlights	Financial Highlights The following are schedules of financial highlights of the Company attributed to each class of shares for the years ended December 31, 2022 and 2021 (in thousands except per share data): Year Ended December 31, 2022 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net investment income, before reimbursement of Expense Support (1) 1.65 0.86 0.57 0.66 0.82 1.59 Reimbursement of Expense Support (1) (0.32) (0.15) — — (0.12) — Net investment income (1) 1.33 0.71 0.57 0.66 0.70 1.59 Net realized and unrealized gains, net of taxes (1)(2) 2.20 2.21 2.23 2.23 2.25 2.21 Net increase resulting from investment operations 3.53 2.92 2.80 2.89 2.95 3.80 Distributions to shareholders (3) (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net Asset Value, End of Year $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net assets, end of period $ 148,111 $ 71,242 $ 76,048 $ 62,844 $ 288,387 $ 62,467 Average net assets (4) $ 146,773 $ 56,292 $ 59,959 $ 42,716 $ 219,256 $ 59,895 Shares outstanding, end of period 4,244 2,195 2,343 1,957 8,772 1,765 Distributions declared $ 5,475 $ 2,230 $ 1,901 $ 1,536 $ 8,562 $ 2,207 Total investment return based on net asset value before total return incentive fee (5) 12.21 % 11.76 % 11.26 % 11.51 % 11.63 % 13.13 % Total investment return based on net asset value after total return incentive fee (5) 10.79 % 9.69 % 9.29 % 9.69 % 9.66 % 11.80 % RATIOS/SUPPLEMENTAL DATA: Ratios to average net assets: (4)(6) Total operating expenses before total return incentive fee 1.34 % 3.17 % 4.19 % 4.13 % 3.34 % 1.51 % Total operating expenses before reimbursement of Expense Support 2.51 % 5.57 % 6.49 % 6.58 % 5.72 % 2.75 % Total operating expenses after reimbursement of Expense Support 3.46 % 6.07 % 6.49 % 6.58 % 6.07 % 2.75 % Net investment income before total return incentive fee 5.15 % 4.64 % 4.12 % 4.56 % 4.58 % 5.92 % Net investment income 3.97 % 2.24 % 1.83 % 2.11 % 2.20 % 4.67 % Year Ended December 31, 2021 Class FA Class A Class T Class D Shares Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 29.97 $ 28.76 $ 28.67 $ 28.24 $ 29.06 $ 30.08 Net investment income before reimbursement of Expense Support (1) 1.33 0.65 0.39 0.58 0.60 1.23 Reimbursement of Expense Support (1) (0.21) (0.19) (0.21) (0.14) (0.09) — Net investment income (1) 1.12 0.46 0.18 0.44 0.51 1.23 Net realized and unrealized gains, net of taxes (1)(2) 2.78 2.81 2.81 2.80 2.86 2.78 Net increase resulting from investment operations 3.90 3.27 2.99 3.24 3.37 4.01 Distributions to shareholders (3) (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net Asset Value, End of Year $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net assets, end of period $ 148,717 $ 44,958 $ 49,328 $ 30,607 $ 168,704 $ 57,995 Average net assets (4) $ 145,353 $ 37,354 $ 30,486 $ 20,335 $ 106,275 $ 56,575 Shares outstanding, end of period 4,559 1,461 1,609 1,009 5,410 1,766 Distributions declared $ 5,714 $ 1,531 $ 1,000 $ 760 $ 4,271 $ 2,213 Total investment return based on net asset value before total return incentive fee (5) 14.55 % 13.88 % 11.96 % 13.31 % 13.39 % 15.07 % Total investment return based on net asset value after total return incentive fee (5) 12.92 % 11.53 % 10.55 % 11.61 % 11.76 % 13.54 % RATIOS/SUPPLEMENTAL DATA: Ratios to average net assets: (4)(6) Total operating expenses before total return incentive fee 1.41 % 2.97 % 4.93 % 4.16 % 3.93 % 1.67 % Total operating expenses before reimbursement of Expense Support 2.77 % 5.52 % 6.99 % 6.45 % 6.25 % 3.07 % Total operating expenses after reimbursement of Expense Support 3.44 % 6.13 % 7.70 % 6.91 % 6.55 % 3.07 % Net investment income before total return incentive fee 4.88 % 4.06 % 2.65 % 3.77 % 3.97 % 5.26 % Net investment income 3.52 % 1.52 % 0.59 % 1.48 % 1.65 % 3.86 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding during the period. (2) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments. (3) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (4) 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. (5) Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Class FA assumes distributions are reinvested in Class A shares and all other share classes assume distributions are reinvested in the same share class, including Class S shares which do not participate in the distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.”

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Investments In March 2023, the Company acquired, through a wholly-owned subsidiary, an approximately 95.5% equity ownership interest in Tacmed Holdings, LLC (“TacMed Solutions”). The Company’s total investment of $106.0 million in TacMed Solutions is comprised of a common equity interest investment of approximately $77.0 million and a concurrent debt investment of approximately $29.0 million in the form of senior secured debt. Distributions In January, February and March 2023, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on February 24, 2023, March 27, 2023 and April 26, 2023, respectively, of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares. Offerings In January, February and March 2023, the Company’s board of directors approved new per share offering prices for each share class in the Follow-On Public Offering. The new offering prices are effective as of January 28, 2023, February 24, 2023 and March 24, 2023, respectively. The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Follow-On Public Offering: Class A Class T Class D Class I Effective January 28, 2023: Offering Price, Per Share $ 35.46 $ 34.08 $ 32.11 $ 32.88 Selling Commissions, Per Share 2.13 1.02 — — Dealer Manager Fees, Per Share 0.88 0.60 — — Effective February 24, 2023: Offering Price, Per Share $ 35.84 $ 34.41 $ 32.43 $ 33.22 Selling Commissions, Per Share 2.15 1.03 — — Dealer Manager Fees, Per Share 0.90 0.60 — — Effective March 24, 2023: Offering Price, Per Share $ 35.76 $ 34.32 $ 32.36 $ 33.16 Selling Commissions, Per Share 2.15 1.03 — — Dealer Manager Fees, Per Share 0.89 0.60 — — Capital Transactions During the period January 1, 2023 through March 24, 2023, the Company received additional net proceeds from the Follow-On Public Offering and distribution reinvestment plan of the following (in thousands except per share data): Proceeds from Follow-On Public Offering Distribution Reinvestment Plan Total Share Class Shares Gross Proceeds Sales Load Net Proceeds to Company Shares Net Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 126 $ 4,327 $ (193) $ 4,134 10 $ 332 136 $ 4,466 $ 32.68 Class T 210 7,187 (333) 6,854 8 262 218 7,116 32.59 Class D 115 3,721 — 3,721 7 216 122 3,937 32.30 Class I 596 19,707 — 19,707 27 886 623 20,593 33.06 1,047 $ 34,942 $ (526) $ 34,416 52 $ 1,696 1,099 $ 36,112 $ 32.83

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
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. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and necessary for the fair presentation of financial results as of and for the periods presented.
Principles of Consolidation	Principles of Consolidation Under ASC Topic 946 the Company is precluded from consolidating any entity other than an 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 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.
Risks and Uncertainties	Risks and UncertaintiesThe Company's portfolio companies and the success of its investment activities are affected by global and national economic, political and market conditions generally and also by the local economic conditions where the portfolio companies are located and operate. Certain external events such as public health crises, including the novel coronavirus (“COVID-19”) and its variants, natural disasters and geopolitical events, including the ongoing conflict between Russia, Belarus and Ukraine, have recently led to increased financial and credit market volatility and disruptions, leading to record inflationary pressure, rising interest rates, supply chain issues, labor shortages and recessionary concerns. In response to recent inflationary pressure, the U.S. Federal Reserve and other global central banks have raised interest rates in 2022 and have indicated likely further interest rate increases. The full impact of such external events on the financial and credit markets and consequently on the Company’s financial conditions and results of operations is uncertain and cannot be fully predicted. The Company will continue to monitor these events and will adjust its operations as necessary.
Cash	Cash Cash consists of demand deposits at commercial banks. Demand deposits are carried at cost plus accrued interest, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law.
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 statements in conformity with GAAP. The uncertainty of future events may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and actual results could differ from those estimates.
Valuation of Investments	Valuation of Investments ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) clarifies that 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 an 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 an 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. U.S. Treasury securities are classified as Level 1 assets and are recorded at fair value based on the average of the bid and ask quotes for identical instruments. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s Level 2 and Level 3 investments in accordance with the Company’s 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 Level 2 and Level 3 assets requires judgment, which include 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 Level 2 and Level 3 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 of its Level 2 and Level 3 assets. 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 amortized cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on investments 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 from loans and debt securities 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. Since inception, the Company has not experienced any past due payments on any of its loan investments. Original issue discounts (“OID”) on U.S. Treasury securities are reflected in the initial cost basis and the Company accretes such amounts as interest income over the term of the respective security using the effective interest method. The amortized cost of investments represents the original cost adjusted for the accretion of discounts. Dividend Income –
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 shares at par value and (ii) paid in capital in excess of par value, excluding upfront selling commissions and dealer manager fees.
Share Repurchases	Share RepurchasesUnder the Company’s share repurchase program (the “Share Repurchase Program”), shares are redeemed as of the repurchase date, which will generally be the last business day of the month of a calendar quarter. Shares redeemed are retired and not available for reissue. See Note 7. “Capital Transactions”
Offering Expenses	Offering Expenses Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Public Offerings, are capitalized on the Company’s consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s consolidated 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.
Distribution and Shareholder Servicing Fees	Distribution and Shareholder Servicing FeesThe Company pays 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.”
Deferred Financing Costs	Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 8. “Borrowings”
Allocation of Profit and Loss	Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, organization and offering expenses, distribution and shareholder servicing fees, Expense Support (reimbursement) and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such expenses 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 share class.
Net Investment Income per Share and Net Increase in Net Assets Resulting From Operations per Share	Net Investment Income per Share and Net Increase in Net Assets Resulting From Operations per Share Net investment income per share and net increase in net assets resulting from operations 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 The Company’s board of directors has declared and intends to continue to declare distributions based on monthly record dates. Distributions declared prior to December 2022 were paid monthly in arrears. Distributions are paid in the month they are declared beginning with distributions declared in December 2022. Distributions are made on all classes of the Company’s shares at the same time.
Reclassifications	Reclassifications Certain reclassifications have been made to the consolidated statement of operations and consolidated statement of cash flows for the year ended December 31, 2021 to conform with the current year presentation. There was no impact on the Company’s consolidated net income, net change in net assets resulting from operations, net cash used in operations or net cash provided by financing activities as a result of the reclassifications.
Income Taxes	Income Taxes Under GAAP, the Company is subject to the provisions of ASC 740, “Income Taxes.” The Company follows the authoritative guidance on accounting for uncertainty in income taxes and concluded it has no material uncertain tax positions to be recognized at this time. If applicable, the Company will recognize interest and penalties related to unrecognized tax benefits as income tax expense in the Company’s consolidated statements of operations. The Company has operated and expects to continue to 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”). As a partnership, the individual shareholders are responsible for their proportionate share of the Company’s taxable income. Note 9. “Income Taxes”

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The Company’s investment portfolio is summarized as follows as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 101,600 $ 101,600 14.6 % 14.3 % Second lien 75,342 75,342 10.8 10.6 Total senior secured debt 176,942 176,942 25.4 24.9 Equity 299,959 411,895 59.3 58.1 U.S. Treasury Bills 106,216 106,242 15.3 15.0 Total investments $ 583,117 $ 695,079 100.0 % 98.0 % As of December 31, 2021 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 116,600 $ 116,600 25.6 % 23.3 % Second lien 35,942 35,942 7.9 7.2 Total senior secured debt 152,542 152,542 33.5 30.5 Equity 235,212 303,455 66.5 60.7 Total investments $ 387,754 $ 455,997 100.0 % 91.2 %
Industry Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments	The industry dispersion of the Company’s portfolio company investments, based on fair value, as of December 31, 2022 and 2021 were as follows: As of December 31, Industry 2022 2021 Engineered Products 18.2 % 2.8 % Commercial and Professional Services 13.8 15.8 Real Estate Services 12.8 17.2 Visual Safety Solutions 12.6 15.2 Information Services and Advisory Solutions 10.2 12.1 Healthcare Supplies 9.9 10.6 Sanitation Products 8.9 11.1 Hobby Goods and Supplies 6.9 8.7 Business Services 6.7 6.5 Total 100.0 % 100.0 %
Summary of Operating and Balance Sheet Data	The following tables present audited summarized operating data for the years ended December 31, 2022 and 2021, and summarized balance sheet data as of December 31, 2022 and December 31, 2021 for the Company’s portfolio companies (in thousands): Summarized Operating Data Year Ended December 31, 2022 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Vektek (1) Milton Other (2) Revenues $ 38,613 $ 23,106 $ 15,403 $ 36,413 $ 60,573 $ 27,402 $ 13,132 $ 26,190 $ 69,588 $ 93,492 Expenses (34,818) (21,141) (14,458) (32,905) (60,178) (26,781) (12,171) (26,513) (76,035) (88,961) Income (loss) before taxes 3,795 1,965 945 3,508 395 621 961 (323) (6,447) 4,531 Income tax (expense) benefit (1,407) (536) (109) (982) — (74) (278) (90) 1,046 290 Consolidated net income (loss) 2,388 1,429 836 2,526 395 547 683 (413) (5,401) 4,821 Net loss attributable to non-controlling interests 213 — — — — — — — — — Net income (loss) $ 2,601 $ 1,429 $ 836 $ 2,526 $ 395 $ 547 $ 683 $ (413) $ (5,401) $ 4,821 Year Ended December 31, 2021 Lawn Doctor Polyform Round-tables HSH ATA (3) Douglas (4) Clarion (5) Milton Other (2) Revenues $ 35,018 $ 22,297 $ 13,128 $ 32,918 $ 59,021 $ 6,099 $ 676 $ 47,444 $ 70,812 Expenses (31,749) (20,097) (13,276) (30,769) (52,494) (7,027) (1,857) (54,579) (73,411) Income (loss) before taxes 3,269 2,200 (148) 2,149 6,527 (928) (1,181) (7,135) (2,599) Income tax (expense) benefit (832) (574) (469) (456) — — 341 (573) 1,448 Consolidated net income (loss) 2,437 1,626 (617) 1,693 6,527 (928) (840) (7,708) (1,151) Net loss attributable to non-controlling interests 107 — — — — — — — — Net income (loss) $ 2,544 $ 1,626 $ (617) $ 1,693 $ 6,527 $ (928) $ (840) $ (7,708) $ (1,151) Summarized Balance Sheet Data As of December 31, 2022 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Vektek Milton Other (2) Current assets $ 12,412 $ 9,532 $ 2,455 $ 11,780 $ 7,219 $ 11,650 $ 3,399 $ 14,832 $ 28,894 $ 60,887 Non-current assets 91,900 27,263 59,865 36,414 88,340 47,614 69,685 101,917 81,520 300,986 Current liabilities 8,476 1,463 2,461 4,160 6,834 5,431 457 2,536 6,614 36,853 Non-current liabilities 63,013 21,484 21,714 27,783 43,915 15,939 22,500 48,654 74,434 164,579 Non-controlling interest 512 — — — — — — — — — Stockholders’ equity 32,311 13,848 38,145 16,251 44,810 37,894 50,127 65,559 29,366 160,441 Ownership Percentage (6) 61% 87% 81% 75% 75% 90% 98% 84% 13% (7) As of December 31, 2021 Lawn Doctor Polyform Round-tables HSH ATA Douglas Clarion Milton Other (2) Current assets $ 13,926 $ 9,940 $ 2,043 $ 14,260 $ 10,029 $ 10,640 $ 3,084 $ 19,911 $ 44,881 Non-current assets 92,309 28,948 61,955 39,653 90,510 45,880 66,182 71,140 251,257 Current liabilities 7,961 2,290 4,738 7,341 9,002 1,818 420 4,571 37,210 Non-current liabilities 63,576 21,557 19,771 28,536 43,458 16,280 22,500 51,940 116,786 Non-controlling interest (500) — — — — — — — — Stockholders’ equity 35,198 15,041 39,489 18,036 48,079 38,422 46,346 34,540 142,142 Ownership Percentage (6) 61% 87% 81% 75% 75% 90% 99% 13% (7) FOOTNOTES: (1) Summarized operating data presented for Vektek is for the period from May 6, 2022 (the date the Company acquired its investments in Vektek) to December 31, 2022. (2) Includes aggregate summarized financial information for the Company’s co-investments (Resolution Economics and Blue Ridge) in which the Company owns a minority equity interest and which were individually less than 10% significance for the periods presented. Summarized financial information for Resolution Economics is reported on a one-month lag. (3) Summarized operating data presented for ATA is for the period from April 1, 2021 (the date the Company acquired its investments in ATA) to December 31, 2021. (4) Summarized operating data presented for Douglas is for the period from October 7, 2021 (the date the Company acquired its investments in Douglas) to December 31, 2021. (5) Summarized operating data presented for Clarion is for the period from December 9, 2021 (the date the Company acquired its investments in Clarion) to December 31, 2021. (6) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
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 of December 31, 2022 As of December 31, 2021 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 176,942 $ 176,942 $ — $ — $ 152,542 $ 152,542 Equity — — 411,895 411,895 — — 303,455 303,455 U.S. Treasury Bills 106,242 — — 106,242 — — — — Total investments $ 106,242 $ — $ 588,837 $ 695,079 $ — $ — $ 455,997 $ 455,997
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 December 31, 2022 and 2021 were as follows (in thousands): As of December 31, 2022 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 176,942 Discounted Cash Flow Discount Rate 9.8% – 13.8% (11.6%) 6.5x – 13.2x (9.8x) 6.5x – 13.0x (10.8x) Decrease Equity 411,895 Discounted Cash Flow Discount Rate 9.8% – 13.8% (11.6%) 6.5x – 13.2x (9.8x) 6.5x – 13.0x (10.8x) Decrease Total $ 588,837 As of December 31, 2021 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 130,042 Discounted Cash Flow Discount Rate 8.5% – 13.0% (11.4%) 4.1x – 15.2x (8.9x) 6.0x – 12.5x (9.6x) Decrease 22,500 Transaction Precedent Transaction Price N/A N/A Equity 256,695 Discounted Cash Flow Discount Rate 8.5% – 13.0% (11.4%) 4.1x – 15.2x (8.9x) 6.0x – 12.5x (9.6x) Decrease 46,760 Transaction Precedent Transaction Price N/A N/A Total $ 455,997 FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (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 a reconciliation of investments for which Level 3 inputs were used in determining fair value for the years ended December 31, 2022 and 2021 (in thousands): Year Ended December 31, 2022 Senior Debt Equity Total Fair value balance as of January 1, 2022 $ 152,542 $ 303,455 $ 455,997 Additions 24,400 64,984 89,384 Return of capital (1) — (237) (237) Net change in unrealized appreciation (2) — 43,693 43,693 Fair value balance as of December 31, 2022 $ 176,942 $ 411,895 $ 588,837 Change in net unrealized appreciation on investments held as of December 31, 2022 (2) $ — $ 43,693 $ 43,693 Year Ended December 31, 2021 Senior Debt Equity Total Fair value balance as of January 1, 2021 $ 78,042 $ 153,155 $ 231,197 Additions 74,500 118,260 192,760 Return of capital (1) — (2,463) (2,463) Net change in unrealized appreciation (2) — 34,503 34,503 Fair value balance as of December 31, 2021 $ 152,542 $ 303,455 $ 455,997 Change in net unrealized appreciation on investments held as of December 31, 2021 (2) $ — $ 34,503 $ 34,503 FOOTNOTES: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies. (2) Included in net change in unrealized appreciation

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
High Water Marks	For the years ended December 31, 2022 and 2021, the High Water Marks were as follows: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2022 $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 December 31, 2021 29.97 28.76 28.67 28.24 29.06 30.08 Related party fees and expenses incurred for the years ended December 31, 2022 and 2021 are summarized below (in thousands): Years Ended December 31, Related Party Source Agreement & Description 2022 2021 Managing Dealer Managing Dealer Agreements: Commissions $ 1,799 $ 1,524 Dealer manager fees 933 821 Distribution and shareholder servicing fees 789 397 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 2,814 2,490 Base management fees (1) 8,941 4,845 Total return incentive fees (1) 11,456 7,283 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Reimbursement of Expense Support 2,449 1,831 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 84 104 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 764 651 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. There was no Expense Support recorded for the years ended December 31, 2022 and 2021. (2) Offering expense reimbursements are capitalized on the Company’s consolidated 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. (3) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews. The following table presents amounts due to related parties as of December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 Total return incentive fees $ 11,456 $ 7,283 Reimbursement of expense support 2,449 1,831 Base management fees 864 578 Offering expenses 331 176 Distribution and shareholder servicing fees 84 53 Reimbursement of third-party operating expenses and pursuit costs 425 1 Total due to related parties $ 15,609 $ 9,922
Schedule of Expense Support	The following table summarizes annual Expense Support received, Expense Support reimbursed, and the remaining Expense Support that may become reimbursable, subject to the conditions of reimbursement defined in the Expense Support and Conditional Reimbursement Agreement, as of December 31, 2022 (in thousands): For the Year Ended Amount of Expense Support Received Expense Support Reimbursed (1) Unreimbursed Expense Support Subject to Reimbursement (2) Reimbursement Eligibility Expiration December 31, 2018 $ 390 $ (353) $ — (3) December 31, 2019 1,372 (1,339) — (3) December 31, 2020 3,301 (2,588) 713 March 31, 2024 $ 5,063 $ (4,280) $ 713 FOOTNOTES: (1) Includes approximately $2,449 and $1,831 accrued as of December 31, 2022 and 2021, respectively, which were paid to the Manager and Sub-Manager in January 2023 and 2022, respectively. Expense support reimbursement is calculated by share class and subject to limitations as defined in the Expense Support and Conditional Reimbursement Agreement described above. (2) Management believes that additional reimbursement by the Company to the Manager and Sub-Manager related to the year ended December 31, 2020 is not probable under the terms of the Expense Support and Conditional Reimbursement Agreement as of December 31, 2022.

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Dec. 31, 2022
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	The following table reflects the total distributions declared during the years ended December 31, 2022 and 2021 (in thousands except per share data): Distribution Period Distributions Declared (1) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested Year ended December 31, 2022 $ 21,911 $ 7,794 $ 14,117 Year ended December 31, 2021 15,489 4,429 11,060 FOOTNOTES: (1) The Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “ ” Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2022 - December 31, 2022 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2021 - December 31, 2021 0.104167 0.104167 0.083333 0.093750 0.104167 0.104167 (2) Amounts based on distribution record date. The sources of declared distributions on a GAAP basis were as follows (in thousands): Years Ended December 31, 2022 2021 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 16,716 76.3 % $ 10,093 65.2 % Distributions in excess of net investment income (2) 5,195 23.7 5,396 34.8 Total distributions declared $ 21,911 100.0 % $ 15,489 100.0 % FOOTNOTES: (1) Net investment income includes reimbursement of Expense Support of $2,449 and $1,831 for the years ended December 31, 2022 and 2021, respectively. See Note 5. “Related Party Transactions”

Capital Transactions (Tables)

Capital Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of Shares Issued and Proceeds Received in Connection with Private Placement	The following tables summarize the total shares issued and proceeds received by share class in connection with the Public Offerings, excluding shares repurchased through the Share Repurchase Program and share conversions described further below, for the years ended December 31, 2022 and 2021 (in thousands except per share data): Year Ended December 31, 2022 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 641 $ 21,727 $ (1,572) $ 20,155 58 $ 1,842 699 $ 21,997 $ 31.46 Class T 763 25,194 (1,160) 24,034 41 1,281 804 25,315 31.49 Class D 949 29,600 — 29,600 29 940 978 30,540 31.19 Class I 3,480 111,101 — 111,101 132 4,230 3,612 115,331 31.92 5,833 $ 187,622 $ (2,732) $ 184,890 260 $ 8,293 6,093 $ 193,183 $ 31.70 Year Ended December 31, 2021 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 403 $ 13,196 $ (959) $ 12,237 44 $ 1,323 $ 447 $ 13,560 30.33 Class T 954 30,411 (1,386) 29,025 19 585 973 29,610 30.41 Class D 549 16,473 — 16,473 14 410 563 16,883 30.06 Class I 3,419 105,231 — 105,231 61 1,857 3,480 107,088 30.78 5,325 $ 165,311 $ (2,345) $ 162,966 138 $ 4,175 5,463 $ 167,141 $ 30.60 FOOTNOTES: (1) Amounts are based on distribution reinvestment date. Distributions declared prior to December 2022 were reinvested monthly in arrears. Distributions are reinvested in the month they are declared beginning with distributions declared in December 2022. Note 5. “Related Party Transactions”
Summary of Shares Repurchased	The following table summarizes the shares repurchased during the years ended December 31, 2022 and 2021 (in thousands except per share data): Years Ended December 31, 2022 2021 Share Class Number of Shares Total Consideration Average Price Paid per Share Number of Shares Total Consideration Average Price Paid per Share Class FA 315 $ 10,493 $ 33.31 20 $ 631 $ 32.11 Class A 24 738 31.36 21 627 30.04 Class T 11 338 31.28 19 574 29.97 Class D 30 952 31.35 7 198 29.58 Class I 250 7,998 31.95 36 1,119 30.78 Class S 1 28 33.74 4 142 32.85 Total 631 $ 20,547 $ 32.57 107 $ 3,291 $ 30.74

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense and Deferred Taxes	The components of income tax expense (benefit) were as follows during the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Current: Federal $ 63 $ 1,315 State 18 315 Total current tax expense 81 1,630 Deferred: Federal 2,174 1,135 State 196 475 Total deferred tax expense 2,370 1,610 Income tax expense $ 2,451 $ 3,240
Significant Components of Deferred Tax Assets	Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows (in thousands): December 31, 2022 2021 Deferred tax assets: Carryforwards for net operating loss $ 770 $ 533 Other 27 18 Valuation Allowance (60) (22) Total deferred tax assets 737 529 Deferred tax liabilities: Unrealized appreciation on investments (4,984) (2,406) Total deferred tax liabilities (4,984) (2,406) Deferred tax liabilities, net $ (4,247) $ (1,877)
Reconciliation of Income Tax Expense to Statutory Rate	The table below presents a reconciliation of tax expense the Company would be subject to if it were taxed as a corporation to the Company’s actual income tax expense incurred by its Taxable Subsidiaries for the years ended December 31, 2022 and 2021 (in thousands): Years Ended December 31, 2022 2021 Tax expense computed at the federal statutory rate $ 12,708 21.0 % $ 9,707 21.0 % State income tax expense net of federal benefit 214 0.4 789 1.7 Benefit of partnership structure (10,471) (17.3) (7,256) (15.7) Income tax expense $ 2,451 4.1 % $ 3,240 7.0 %

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2022
Investment Company [Abstract]
Schedule of Financial Highlights	The following are schedules of financial highlights of the Company attributed to each class of shares for the years ended December 31, 2022 and 2021 (in thousands except per share data): Year Ended December 31, 2022 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net investment income, before reimbursement of Expense Support (1) 1.65 0.86 0.57 0.66 0.82 1.59 Reimbursement of Expense Support (1) (0.32) (0.15) — — (0.12) — Net investment income (1) 1.33 0.71 0.57 0.66 0.70 1.59 Net realized and unrealized gains, net of taxes (1)(2) 2.20 2.21 2.23 2.23 2.25 2.21 Net increase resulting from investment operations 3.53 2.92 2.80 2.89 2.95 3.80 Distributions to shareholders (3) (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net Asset Value, End of Year $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net assets, end of period $ 148,111 $ 71,242 $ 76,048 $ 62,844 $ 288,387 $ 62,467 Average net assets (4) $ 146,773 $ 56,292 $ 59,959 $ 42,716 $ 219,256 $ 59,895 Shares outstanding, end of period 4,244 2,195 2,343 1,957 8,772 1,765 Distributions declared $ 5,475 $ 2,230 $ 1,901 $ 1,536 $ 8,562 $ 2,207 Total investment return based on net asset value before total return incentive fee (5) 12.21 % 11.76 % 11.26 % 11.51 % 11.63 % 13.13 % Total investment return based on net asset value after total return incentive fee (5) 10.79 % 9.69 % 9.29 % 9.69 % 9.66 % 11.80 % RATIOS/SUPPLEMENTAL DATA: Ratios to average net assets: (4)(6) Total operating expenses before total return incentive fee 1.34 % 3.17 % 4.19 % 4.13 % 3.34 % 1.51 % Total operating expenses before reimbursement of Expense Support 2.51 % 5.57 % 6.49 % 6.58 % 5.72 % 2.75 % Total operating expenses after reimbursement of Expense Support 3.46 % 6.07 % 6.49 % 6.58 % 6.07 % 2.75 % Net investment income before total return incentive fee 5.15 % 4.64 % 4.12 % 4.56 % 4.58 % 5.92 % Net investment income 3.97 % 2.24 % 1.83 % 2.11 % 2.20 % 4.67 % Year Ended December 31, 2021 Class FA Class A Class T Class D Shares Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 29.97 $ 28.76 $ 28.67 $ 28.24 $ 29.06 $ 30.08 Net investment income before reimbursement of Expense Support (1) 1.33 0.65 0.39 0.58 0.60 1.23 Reimbursement of Expense Support (1) (0.21) (0.19) (0.21) (0.14) (0.09) — Net investment income (1) 1.12 0.46 0.18 0.44 0.51 1.23 Net realized and unrealized gains, net of taxes (1)(2) 2.78 2.81 2.81 2.80 2.86 2.78 Net increase resulting from investment operations 3.90 3.27 2.99 3.24 3.37 4.01 Distributions to shareholders (3) (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.25) Net Asset Value, End of Year $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net assets, end of period $ 148,717 $ 44,958 $ 49,328 $ 30,607 $ 168,704 $ 57,995 Average net assets (4) $ 145,353 $ 37,354 $ 30,486 $ 20,335 $ 106,275 $ 56,575 Shares outstanding, end of period 4,559 1,461 1,609 1,009 5,410 1,766 Distributions declared $ 5,714 $ 1,531 $ 1,000 $ 760 $ 4,271 $ 2,213 Total investment return based on net asset value before total return incentive fee (5) 14.55 % 13.88 % 11.96 % 13.31 % 13.39 % 15.07 % Total investment return based on net asset value after total return incentive fee (5) 12.92 % 11.53 % 10.55 % 11.61 % 11.76 % 13.54 % RATIOS/SUPPLEMENTAL DATA: Ratios to average net assets: (4)(6) Total operating expenses before total return incentive fee 1.41 % 2.97 % 4.93 % 4.16 % 3.93 % 1.67 % Total operating expenses before reimbursement of Expense Support 2.77 % 5.52 % 6.99 % 6.45 % 6.25 % 3.07 % Total operating expenses after reimbursement of Expense Support 3.44 % 6.13 % 7.70 % 6.91 % 6.55 % 3.07 % Net investment income before total return incentive fee 4.88 % 4.06 % 2.65 % 3.77 % 3.97 % 5.26 % Net investment income 3.52 % 1.52 % 0.59 % 1.48 % 1.65 % 3.86 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding during the period. (2) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments. (3) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (4) 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. (5) Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Class FA assumes distributions are reinvested in Class A shares and all other share classes assume distributions are reinvested in the same share class, including Class S shares which do not participate in the distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.”

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees	The following table provides the new offering prices and applicable upfront selling commissions and dealer manager fees for each share class available in the Follow-On Public Offering: Class A Class T Class D Class I Effective January 28, 2023: Offering Price, Per Share $ 35.46 $ 34.08 $ 32.11 $ 32.88 Selling Commissions, Per Share 2.13 1.02 — — Dealer Manager Fees, Per Share 0.88 0.60 — — Effective February 24, 2023: Offering Price, Per Share $ 35.84 $ 34.41 $ 32.43 $ 33.22 Selling Commissions, Per Share 2.15 1.03 — — Dealer Manager Fees, Per Share 0.90 0.60 — — Effective March 24, 2023: Offering Price, Per Share $ 35.76 $ 34.32 $ 32.36 $ 33.16 Selling Commissions, Per Share 2.15 1.03 — — Dealer Manager Fees, Per Share 0.89 0.60 — —
Schedule of Gross Proceeds	During the period January 1, 2023 through March 24, 2023, the Company received additional net proceeds from the Follow-On Public Offering and distribution reinvestment plan of the following (in thousands except per share data): Proceeds from Follow-On Public Offering Distribution Reinvestment Plan Total Share Class Shares Gross Proceeds Sales Load Net Proceeds to Company Shares Net Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 126 $ 4,327 $ (193) $ 4,134 10 $ 332 136 $ 4,466 $ 32.68 Class T 210 7,187 (333) 6,854 8 262 218 7,116 32.59 Class D 115 3,721 — 3,721 7 216 122 3,937 32.30 Class I 596 19,707 — 19,707 27 886 623 20,593 33.06 1,047 $ 34,942 $ (526) $ 34,416 52 $ 1,696 1,099 $ 36,112 $ 32.83

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail)			12 Months Ended	35 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Dec. 31, 2022 USD ($) portfolioCompany	Dec. 31, 2020 offering
Organization And Business Activities [Line Items]
Number classes of shares | portfolioCompany			4
Private Placement
Organization And Business Activities [Line Items]
Number of Offerings | offering				4
Initial Public Offering, Including Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares authorized for sale		$ 1,100,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares authorized for sale	$ 100,000,000	$ 100,000,000
Follow On Public Offering, Including Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares authorized for sale	$ 1,100,000,000
Minimum
Organization And Business Activities [Line Items]
Targeted business annual revenues for acquisition			$ 15,000,000
Maximum
Organization And Business Activities [Line Items]
Targeted business annual revenues for acquisition			$ 250,000,000

Investments - Additional Inform

Investments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) Investment	Dec. 31, 2021 USD ($) Investment portfolioCompany	Mar. 31, 2023 USD ($)
Schedule of Investments [Line Items]
Payments to Acquire Investments		$ 192,800,000
Purchases of investments	$ 89,384,000	$ 192,759,000
Number of portfolio companies invested in during the year | portfolioCompany		3
Number of debt investments on non accrual status | Investment	0	0
Tacmed Holdings, LLC | Subsequent Event
Schedule of Investments [Line Items]
Investment			$ 106,000,000
ATA Holding Company, LLC
Schedule of Investments [Line Items]
Payments to Acquire Investments	$ 8,100,000
Clarion Safety Systems, LLC
Schedule of Investments [Line Items]
Payments to Acquire Investments	8,100,000
Blue Ridge ESOP Associates
Schedule of Investments [Line Items]
Payments to Acquire Investments	8,100,000
Vektek Holdings, LLC
Schedule of Investments [Line Items]
Payments to Acquire Investments	$ 81,300,000
Total Senior Secured Notes
Schedule of Investments [Line Items]
Weighted average yield on debt investments (in percent)	15.20%
Weighted average years to maturity	4.7
U.S. Treasury Bills | Minimum
Schedule of Investments [Line Items]
Short-term investment, other, average yield	2.10%
U.S. Treasury Bills | Maximum
Schedule of Investments [Line Items]
Short-term investment, other, average yield	3.90%

Investments - Summary of Invest

Investments - Summary of Investment Portfolio (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Amortized Cost	[1],[2]	$ 583,117	$ 387,754
Fair Value	[1],[2]	$ 695,079	$ 455,997
Fair Value Percentage of Investment Portfolio		100%	100%
Fair Value Percentage of Net Assets	[1],[2]	98%	91.20%
First lien
Investment Holdings [Line Items]
Amortized Cost		$ 101,600	$ 116,600
Fair Value		$ 101,600	$ 116,600
Fair Value Percentage of Investment Portfolio		14.60%	25.60%
Fair Value Percentage of Net Assets		14.30%	23.30%
Second lien
Investment Holdings [Line Items]
Amortized Cost		$ 75,342	$ 35,942
Fair Value		$ 75,342	$ 35,942
Fair Value Percentage of Investment Portfolio		10.80%	7.90%
Fair Value Percentage of Net Assets		10.60%	7.20%
Total Senior Secured Notes
Investment Holdings [Line Items]
Amortized Cost		$ 176,942	$ 152,542
Fair Value		$ 176,942	$ 152,542
Fair Value Percentage of Investment Portfolio		25.40%	33.50%
Fair Value Percentage of Net Assets		24.90%	30.50%
Equity
Investment Holdings [Line Items]
Amortized Cost		$ 299,959	$ 235,212
Fair Value		$ 411,895	$ 303,455
Fair Value Percentage of Investment Portfolio		59.30%	66.50%
Fair Value Percentage of Net Assets		58.10%	60.70%
U.S. Treasury Bills
Investment Holdings [Line Items]
Amortized Cost		$ 106,216
Fair Value		$ 106,242	$ 0
Fair Value Percentage of Investment Portfolio		15.30%
Fair Value Percentage of Net Assets		15%
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Investments - Industry and Geog

Investments - Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments (Detail)	Dec. 31, 2022	Dec. 31, 2021
Investment Holdings [Line Items]
Percentage of total fair value of investment	100%	100%
Engineered Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	18.20%	2.80%
Commercial and Professional Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	13.80%	15.80%
Real Estate Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	12.80%	17.20%
Visual Safety Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	12.60%	15.20%
Information Services and Advisory Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	10.20%	12.10%
Healthcare Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	9.90%	10.60%
Sanitation Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	8.90%	11.10%
Hobby Goods and Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	6.90%	8.70%
Business Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	6.70%	6.50%

Investments - Summary of Operat

Investments - Summary of Operating and Balance Sheet Data (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment Company, Financial Highlights [Line Items]
Expenses	$ (27,710)	$ (17,917)
Income tax expense	(2,451)	(3,240)
Net increase in net assets resulting from operations	58,065	42,986
Lawn Doctor, Inc.
Investment Company, Financial Highlights [Line Items]
Revenues	38,613	35,018
Expenses	(34,818)	(31,749)
Income (loss) before taxes	3,795	3,269
Income tax expense	(1,407)	(832)
Consolidated net income (loss)	2,388	2,437
Net loss attributable to non-controlling interests	213	107
Net increase in net assets resulting from operations	2,601	2,544
Current assets	12,412	13,926
Non-current assets	91,900	92,309
Current liabilities	8,476	7,961
Non-current liabilities	63,013	63,576
Non-controlling interest	512	(500)
Stockholders’ equity	32,311	35,198
Polyform Products, Co.
Investment Company, Financial Highlights [Line Items]
Revenues	23,106	22,297
Expenses	(21,141)	(20,097)
Income (loss) before taxes	1,965	2,200
Income tax expense	(536)	(574)
Consolidated net income (loss)	1,429	1,626
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	1,429	1,626
Current assets	9,532	9,940
Non-current assets	27,263	28,948
Current liabilities	1,463	2,290
Non-current liabilities	21,484	21,557
Non-controlling interest	0	0
Stockholders’ equity	13,848	15,041
Auriemma U.S. Roundtables
Investment Company, Financial Highlights [Line Items]
Revenues	15,403	13,128
Expenses	(14,458)	(13,276)
Income (loss) before taxes	945	(148)
Income tax expense	(109)	(469)
Consolidated net income (loss)	836	(617)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	836	(617)
Current assets	2,455	2,043
Non-current assets	59,865	61,955
Current liabilities	2,461	4,738
Non-current liabilities	21,714	19,771
Non-controlling interest	0	0
Stockholders’ equity	38,145	39,489
Healthcare Safety Holdings, LLC
Investment Company, Financial Highlights [Line Items]
Revenues	36,413	32,918
Expenses	(32,905)	(30,769)
Income (loss) before taxes	3,508	2,149
Income tax expense	(982)	(456)
Consolidated net income (loss)	2,526	1,693
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	2,526	1,693
Current assets	11,780	14,260
Non-current assets	36,414	39,653
Current liabilities	4,160	7,341
Non-current liabilities	27,783	28,536
Non-controlling interest	0	0
Stockholders’ equity	16,251	18,036
ATA Holding Company, LLC
Investment Company, Financial Highlights [Line Items]
Revenues	60,573	59,021
Expenses	(60,178)	(52,494)
Income (loss) before taxes	395	6,527
Income tax expense	0	0
Consolidated net income (loss)	395	6,527
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	395	6,527
Current assets	7,219	10,029
Non-current assets	88,340	90,510
Current liabilities	6,834	9,002
Non-current liabilities	43,915	43,458
Non-controlling interest	0	0
Stockholders’ equity	44,810	48,079
Douglas Machines Corp.
Investment Company, Financial Highlights [Line Items]
Revenues	27,402	6,099
Expenses	(26,781)	(7,027)
Income (loss) before taxes	621	(928)
Income tax expense	(74)	0
Consolidated net income (loss)	547	(928)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	547	(928)
Current assets	11,650	10,640
Non-current assets	47,614	45,880
Current liabilities	5,431	1,818
Non-current liabilities	15,939	16,280
Non-controlling interest	0	0
Stockholders’ equity	37,894	38,422
Clarion Safety Systems, LLC
Investment Company, Financial Highlights [Line Items]
Revenues	13,132	676
Expenses	(12,171)	(1,857)
Income (loss) before taxes	961	(1,181)
Income tax expense	(278)	341
Consolidated net income (loss)	683	(840)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	683	(840)
Current assets	3,399	3,084
Non-current assets	69,685	66,182
Current liabilities	457	420
Non-current liabilities	22,500	22,500
Non-controlling interest	0	0
Stockholders’ equity	50,127	46,346
Vektek Holdings, LLC
Investment Company, Financial Highlights [Line Items]
Revenues	26,190
Expenses	(26,513)
Income (loss) before taxes	(323)
Income tax expense	(90)
Consolidated net income (loss)	(413)
Net loss attributable to non-controlling interests	0
Net increase in net assets resulting from operations	(413)
Current assets	14,832
Non-current assets	101,917
Current liabilities	2,536
Non-current liabilities	48,654
Non-controlling interest	0
Stockholders’ equity	65,559
Milton Industries Inc.
Investment Company, Financial Highlights [Line Items]
Revenues	69,588	47,444
Expenses	(76,035)	(54,579)
Income (loss) before taxes	(6,447)	(7,135)
Income tax expense	1,046	(573)
Consolidated net income (loss)	(5,401)	(7,708)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	(5,401)	(7,708)
Current assets	28,894	19,911
Non-current assets	81,520	71,140
Current liabilities	6,614	4,571
Non-current liabilities	74,434	51,940
Non-controlling interest	0	0
Stockholders’ equity	29,366	34,540
Coinvesments
Investment Company, Financial Highlights [Line Items]
Revenues	93,492	70,812
Expenses	(88,961)	(73,411)
Income (loss) before taxes	4,531	(2,599)
Income tax expense	290	1,448
Consolidated net income (loss)	4,821	(1,151)
Net loss attributable to non-controlling interests	0	0
Net increase in net assets resulting from operations	4,821	(1,151)
Current assets	60,887	44,881
Non-current assets	300,986	251,257
Current liabilities	36,853	37,210
Non-current liabilities	164,579	116,786
Non-controlling interest	0	0
Stockholders’ equity	$ 160,441	$ 142,142
Lawn Doctor, Inc.
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	61%	61%
Polyform Products, Co.
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	87%	87%
Auriemma U.S. Roundtables
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	81%	81%
Healthcare Safety Holdings, LLC
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	75%	75%
ATA Holding Company, LLC
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	75%	75%
Douglas Machines Corp.
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	90%	90%
Clarion Safety Systems, LLC
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	98%	99%
Vektek Holdings, LLC
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	84%
Milton Industries Inc.
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	13%	13%
Resolution Economics, LLC
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	8%	8%
Blue Ridge ESOP Associates
Investment Company, Financial Highlights [Line Items]
Ownership Percentage	16%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($) $ in Thousands		Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	[1],[2]	$ 695,079	$ 455,997
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		106,242	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		588,837	455,997
Total Senior Secured Notes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt		176,942	152,542
Fair Value		176,942	152,542
Total Senior Secured Notes | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt		0	0
Total Senior Secured Notes | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt		0	0
Total Senior Secured Notes | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt		176,942	152,542
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity		411,895	303,455
Fair Value		411,895	303,455
Equity | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity		0	0
Equity | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity		0	0
Equity | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity		411,895	303,455
U.S. Treasury Bills
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		106,242	0
U.S. Treasury Bills | Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		106,242	0
U.S. Treasury Bills | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		0	0
U.S. Treasury Bills | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value		$ 0	$ 0
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs Used in Fair Value Measurement of Investments (Detail) $ in Thousands		Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value	[1],[2]	$ 695,079	$ 455,997
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments, at fair value		588,837	455,997
Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt		176,942	130,042
Equity		$ 411,895	256,695
Transaction Precedent | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt			22,500
Equity			$ 46,760
Minimum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		0.098	0.085
Measurement input, equity securities		0.098	0.085
Minimum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		6.5	4.1
Measurement input, equity securities		6.5	4.1
Minimum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		6.5	6
Measurement input, equity securities		6.5	6
Maximum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		0.138	0.130
Measurement input, equity securities		0.138	0.130
Maximum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		13.2	15.2
Measurement input, equity securities		13.2	15.2
Maximum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		13	12.5
Measurement input, equity securities		13	12.5
Weighted Average | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		0.116	0.114
Measurement input, equity securities		0.116	0.114
Weighted Average | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		9.8	8.9
Measurement input, equity securities		9.8	8.9
Weighted Average | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities		10.8	9.6
Measurement input, equity securities		10.8	9.6
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliations of Investments of Level 3 Inputs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Portfolio company investments
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	$ 455,997	$ 231,197
Additions	89,384	192,760
Return of capital	(237)	(2,463)
Net change in unrealized appreciation	43,693	34,503
Fair value balance, ending	588,837	455,997
Change in net unrealized appreciation on investments held	43,693	34,503
Level 3 | Total Senior Secured Notes
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	152,542	78,042
Additions	24,400	74,500
Return of capital	0	0
Net change in unrealized appreciation	0	0
Fair value balance, ending	176,942	152,542
Change in net unrealized appreciation on investments held	0	0
Level 3 | Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	303,455	153,155
Additions	64,984	118,260
Return of capital	(237)	(2,463)
Net change in unrealized appreciation	43,693	34,503
Fair value balance, ending	411,895	303,455
Change in net unrealized appreciation on investments held	$ 43,693	$ 34,503

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended		44 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Related Party Transaction [Line Items]
Expiration period	3 years
Reimbursement of expense support	$ 2,449	$ 1,831
Distributions paid	15,184	10,766
Manager and Sub-Manager
Related Party Transaction [Line Items]
Organization and offering costs incurred	$ 2,400
Annual preference return relates to non-founder shares	8.75%
Annual preference return relates to founder shares	7.777%
Distributions paid	$ 500	700
Offering reimbursement | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 2,814	2,490
Manager Sub Manager
Related Party Transaction [Line Items]
Percentage of return incentive fees payable	50%
Base management fees multiplier for non founder shares	2%
Base management fees multiplier for founder shares	1%
Annual preference return	7%
Annual preference return relates to non-founder shares	8.75%
Annual preference return relates to founder shares	7.777%
Expense support received	$ 5,063		$ 5,100
Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	8,941	4,845
Return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 11,456	$ 7,283
Manager and Sub-Manager
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	400,000	400,000
Minimum | Manager and Sub-Manager
Related Party Transaction [Line Items]
Annual preference return	7%
Proceeds from Follow-On Public Offering | Manager and Sub-Manager
Related Party Transaction [Line Items]
Maximum percentage of reimbursement from private placement	1.50%
Class A
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	2,195,000	1,461,000
Class A | Managing Dealer
Related Party Transaction [Line Items]
Selling commission on share sold percentage	6%
Class A | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Dealer manager fee	2.50%
Class T
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	2,343,000	1,609,000
Class T | Managing Dealer
Related Party Transaction [Line Items]
Selling commission on share sold percentage	3%
Class T | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Dealer manager fee	1.75%
Annual distribution and fee, percentage	1%
Class FA
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	4,244,000	4,559,000
Class D
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	1,957,000	1,009,000
Class D | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Annual distribution and fee, percentage	0.50%
Class S
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	1,765,000	1,766,000
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%
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%

Related Party Transactions - Hi

Related Party Transactions - High Water Marks (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class FA
Related Party Transaction [Line Items]
High water mark (in dollars per share)	$ 32.62	$ 29.97
Class A
Related Party Transaction [Line Items]
High water mark (in dollars per share)	30.78	28.76
Class T
Related Party Transaction [Line Items]
High water mark (in dollars per share)	30.66	28.67
Class D
Related Party Transaction [Line Items]
High water mark (in dollars per share)	30.35	28.24
Class I
Related Party Transaction [Line Items]
High water mark (in dollars per share)	31.18	29.06
Class S
Related Party Transaction [Line Items]
High water mark (in dollars per share)	$ 32.84	$ 30.08

Related Party Transactions - Ex

Related Party Transactions - Expense Support (Details) - USD ($)	12 Months Ended				44 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2021
Schedule of Expense Support (Reimbursement) [Line Items]
Expense support reimbursed	$ (4,280,000)
Unreimbursed expense support subject reimbursement	713,000		$ 33,000	$ 37,000
2018
Schedule of Expense Support (Reimbursement) [Line Items]
Expense support reimbursed				(353,000)
Unreimbursed expense support subject reimbursement				0
2019
Schedule of Expense Support (Reimbursement) [Line Items]
Expense support reimbursed			(1,339,000)
Unreimbursed expense support subject reimbursement			0
2020
Schedule of Expense Support (Reimbursement) [Line Items]
Expense support reimbursed		$ (2,588,000)
Unreimbursed expense support subject reimbursement		713,000
Manager Sub Manager
Schedule of Expense Support (Reimbursement) [Line Items]
Amount of Expense Support Received	$ 5,063,000				$ 5,100,000
Manager Sub Manager | 2018
Schedule of Expense Support (Reimbursement) [Line Items]
Amount of Expense Support Received				$ 390,000
Manager Sub Manager | 2019
Schedule of Expense Support (Reimbursement) [Line Items]
Amount of Expense Support Received			$ 1,372,000
Manager Sub Manager | 2020
Schedule of Expense Support (Reimbursement) [Line Items]
Amount of Expense Support Received		$ 3,301,000

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($)	12 Months Ended					44 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2021
Related Party Transaction [Line Items]
Expense Support, Reimbursed and Paid	$ (4,280,000)
Unreimbursed expense support subject reimbursement	713,000			$ 33,000	$ 37,000
2019
Related Party Transaction [Line Items]
Expense Support, Reimbursed and Paid				(1,339,000)
Unreimbursed expense support subject reimbursement				0
2020
Related Party Transaction [Line Items]
Expense Support, Reimbursed and Paid			$ (2,588,000)
Unreimbursed expense support subject reimbursement			713,000
Manager Sub Manager
Related Party Transaction [Line Items]
Amount of Expense Support Received	5,063,000					$ 5,100,000
Manager Sub Manager | 2019
Related Party Transaction [Line Items]
Amount of Expense Support Received				$ 1,372,000
Manager Sub Manager | 2020
Related Party Transaction [Line Items]
Amount of Expense Support Received			$ 3,301,000
Managing Dealer | Commissions
Related Party Transaction [Line Items]
Related party fees and expenses	1,799,000	$ 1,524,000
Managing Dealer | Dealer manager fees
Related Party Transaction [Line Items]
Related party fees and expenses	933,000	821,000
Managing Dealer | Distribution and shareholder servicing fees
Related Party Transaction [Line Items]
Related party fees and expenses	789,000	397,000
Manager and Sub-Manager | Offering reimbursement
Related Party Transaction [Line Items]
Related party fees and expenses	2,814,000	2,490,000
Manager and Sub-Manager | Base management fees
Related Party Transaction [Line Items]
Related party fees and expenses	8,941,000	4,845,000
Manager and Sub-Manager | Return incentive fees
Related Party Transaction [Line Items]
Related party fees and expenses	11,456,000	7,283,000
Manager and Sub-Manager | Reimbursement of expense support
Related Party Transaction [Line Items]
Related party fees and expenses	2,449,000	1,831,000
Manager | Reimbursement of third party operating expenses
Related Party Transaction [Line Items]
Related party fees and expenses	84,000	104,000
Sub-Manager | Reimbursement of third party pursuit costs
Related Party Transaction [Line Items]
Related party fees and expenses	$ 764,000	$ 651,000

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Due to related parties	$ 15,609,000	$ 9,922,000
Total return incentive fees
Related Party Transaction [Line Items]
Due to related parties	11,456,000	7,283,000
Reimbursement of expense support
Related Party Transaction [Line Items]
Due to related parties	2,449,000	1,831,000
Base management fees
Related Party Transaction [Line Items]
Due to related parties	864,000	578,000
Offering expenses
Related Party Transaction [Line Items]
Due to related parties	331,000	176,000
Distribution and shareholder servicing fees
Related Party Transaction [Line Items]
Due to related parties	84,000	53,000
Reimbursement of third-party operating expenses and pursuit costs
Related Party Transaction [Line Items]
Due to related parties	$ 425,000	$ 1,000

Distributions - Declared (Detai

Distributions - Declared (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	$ 21,911,000	$ 15,489,000
Distributions Reinvested	7,794,000	4,429,000
Cash Distributions Net of Distributions Reinvested	$ 14,117,000	$ 11,060,000

Distributions - Distribution Pe

Distributions - Distribution Per Class (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	$ 0.104167	$ 0.104167
Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.104167	0.104167
Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.083333	0.083333
Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.093750	0.093750
Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.104167	0.104167
Class S
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	$ 0.104167	$ 0.104167

Distributions - Declared on GAA

Distributions - Declared on GAAP Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 21,911	$ 15,489
% of Distributions Declared	100%	100%
Net Investment Income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 16,716	$ 10,093
% of Distributions Declared	76.30%	65.20%
Expense support received	$ (2,449)	$ (1,831)
Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 5,195	$ 5,396
% of Distributions Declared	23.70%	34.80%

Distributions - Additional Info

Distributions - Additional Information (Detail) - $ / shares					12 Months Ended
	Apr. 28, 2023	Mar. 27, 2023	Feb. 24, 2023	Jan. 26, 2023	Dec. 31, 2022	Dec. 31, 2021
Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					$ 0.104167	$ 0.104167
Class FA | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	$ 0.104167	$ 0.104167	$ 0.104167	$ 0.104167
Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					0.104167	0.104167
Class A | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.104167	0.104167	0.104167	0.104167
Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					0.083333	0.083333
Class T | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.083333	0.083333	0.083333	0.083333
Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					0.093750	0.093750
Class D | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.093750	0.093750	0.093750	0.093750
Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					0.104167	0.104167
Class I | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	0.104167	0.104167	0.104167	0.104167
Class S
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)					$ 0.104167	$ 0.104167
Class S | Subsequent Event
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in dollars per share)	$ 0.104167	$ 0.104167	$ 0.104167	$ 0.104167

Capital Transactions -Additiona

Capital Transactions -Additional Information (Detail)		12 Months Ended
	Mar. 07, 2018 USD ($)	Dec. 31, 2022 USD ($) portfolioCompany class $ / shares shares	Dec. 31, 2021 USD ($) shares
Investment Company, Capital Share Transactions [Line Items]
Number classes of shares | portfolioCompany		4
Authorized amount per quarter (in percent)		2.50%
Authorized amount per year (in percent)		10%
Repurchase of common shares pursuant to share repurchase program		$ 20,547,000	$ 3,291,000
Amount of share requested to be repurchased in excess of proceeds received from its distribution reinvestment plan		13,600,000
Payable for shares repurchased		2,368,000	$ 509,000
Conversion of stock (in shares) | shares			0
Class A
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program		$ 738,000	$ 627,000
Conversion of stock (in shares) | shares		59,000	0
Conversion of stock		100%
Class T
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program		$ 338,000	$ 574,000
Conversion of stock (in shares) | shares		(59,000)
Class D
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program		$ 952,000	198,000
Class I
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program		$ 7,998,000	$ 1,119,000
Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares offered	$ 1,000,000,000
Number classes of shares | class		4
Sale of stock offering, minimum requirement	$ 5,000
Public Offering | Class A
Investment Company, Capital Share Transactions [Line Items]
Share price (usd per share) | $ / shares		$ 35.08
Public Offering | Class T
Investment Company, Capital Share Transactions [Line Items]
Share price (usd per share) | $ / shares		33.71
Public Offering | Class D
Investment Company, Capital Share Transactions [Line Items]
Share price (usd per share) | $ / shares		31.77
Public Offering | Class I
Investment Company, Capital Share Transactions [Line Items]
Share price (usd per share) | $ / shares		$ 32.59
Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Shares offered		$ 100,000,000

Capital Transactions - Summary

Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Private Placement (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Investment Company, Capital Share Transactions [Line Items]
Proceeds to Company	$ 8,293,000	$ 4,175,000
Shares (in shares)	6,093,000	5,463,000
Net Proceeds to Company	$ 193,183,000	$ 167,141,000
Average Net Proceeds per Share (in usd per share)	$ 31.70	$ 30.60
Proceeds from Follow-On Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued (in shares)	5,833,000	5,325,000
Gross Proceeds	$ 187,622,000	$ 165,311,000
Sales Load	(2,732,000)	(2,345,000)
Net Proceeds to Company	$ 184,890,000	$ 162,966,000
Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	260,000	138,000
Proceeds to Company	$ 8,293,000	$ 4,175,000
Class A
Investment Company, Capital Share Transactions [Line Items]
Shares (in shares)	699,000	447,000
Net Proceeds to Company	$ 21,997,000	$ 13,560,000
Average Net Proceeds per Share (in usd per share)	$ 31.46	$ 30.33
Class A | Proceeds from Follow-On Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued (in shares)	641,000	403,000
Gross Proceeds	$ 21,727,000	$ 13,196,000
Sales Load	(1,572,000)	(959,000)
Net Proceeds to Company	$ 20,155,000	$ 12,237,000
Class A | Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	58,000	44,000
Proceeds to Company	$ 1,842,000	$ 1,323,000
Class T
Investment Company, Capital Share Transactions [Line Items]
Shares (in shares)	804,000	973,000
Net Proceeds to Company	$ 25,315,000	$ 29,610,000
Average Net Proceeds per Share (in usd per share)	$ 31.49	$ 30.41
Class T | Proceeds from Follow-On Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued (in shares)	763,000	954,000
Gross Proceeds	$ 25,194,000	$ 30,411,000
Sales Load	(1,160,000)	(1,386,000)
Net Proceeds to Company	$ 24,034,000	$ 29,025,000
Class T | Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	41,000	19,000
Proceeds to Company	$ 1,281,000	$ 585,000
Class D
Investment Company, Capital Share Transactions [Line Items]
Shares (in shares)	978,000	563,000
Net Proceeds to Company	$ 30,540,000	$ 16,883,000
Average Net Proceeds per Share (in usd per share)	$ 31.19	$ 30.06
Class D | Proceeds from Follow-On Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued (in shares)	949,000	549,000
Gross Proceeds	$ 29,600,000	$ 16,473,000
Sales Load	0	0
Net Proceeds to Company	$ 29,600,000	$ 16,473,000
Class D | Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	29,000	14,000
Proceeds to Company	$ 940,000	$ 410,000
Class I
Investment Company, Capital Share Transactions [Line Items]
Shares (in shares)	3,612,000	3,480,000
Net Proceeds to Company	$ 115,331,000	$ 107,088,000
Average Net Proceeds per Share (in usd per share)	$ 31.92	$ 30.78
Class I | Proceeds from Follow-On Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares Issued (in shares)	3,480,000	3,419,000
Gross Proceeds	$ 111,101,000	$ 105,231,000
Sales Load	0	0
Net Proceeds to Company	$ 111,101,000	$ 105,231,000
Class I | Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Stock Issued During Period, Shares, Dividend Reinvestment Plan	132,000	61,000
Proceeds to Company	$ 4,230,000	$ 1,857,000

Capital Transactions Capital Tr

Capital Transactions Capital Transactions - Summary of Shares Repurchased (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	631,000	107,000
Total Consideration	$ 20,547,000	$ 3,291,000
Average Price Paid per Share (in usd per share)	$ 32.57	$ 30.74
Class FA
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	315,000	20,000
Total Consideration	$ 10,493,000	$ 631,000
Average Price Paid per Share (in usd per share)	$ 33.31	$ 32.11
Class A
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	24,000	21,000
Total Consideration	$ 738,000	$ 627,000
Average Price Paid per Share (in usd per share)	$ 31.36	$ 30.04
Class T
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	11,000	19,000
Total Consideration	$ 338,000	$ 574,000
Average Price Paid per Share (in usd per share)	$ 31.28	$ 29.97
Class D
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	30,000	7,000
Total Consideration	$ 952,000	$ 198,000
Average Price Paid per Share (in usd per share)	$ 31.35	$ 29.58
Class I
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	250,000	36,000
Total Consideration	$ 7,998,000	$ 1,119,000
Average Price Paid per Share (in usd per share)	$ 31.95	$ 30.78
Class S
Equity, Class of Treasury Stock [Line Items]
Number of Shares (in shares)	1,000	4,000
Total Consideration	$ 28,000	$ 142,000
Average Price Paid per Share (in usd per share)	$ 33.74	$ 32.85

Borrowings (Details)

Borrowings (Details) - Revolving Credit Facility - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2022	Sep. 30, 2021
United Community Bank
Line of Credit Facility [Line Items]
Line of credit amount			$ 25,000,000
First Horizon Bank | Line of Credit | 2022 Loan Agreement
Line of Credit Facility [Line Items]
Line of credit amount	$ 50,000,000
Commitment fee	250,000
Payment for line of credit commitment fee		$ 130,000
Fee required on each borrowing		0.05%
Unused line fee	$ 25,000,000
Amount borrowed		$ 0
Maximum | First Horizon Bank | Line of Credit | 2022 Loan Agreement
Line of Credit Facility [Line Items]
Debt instrument, term		180 days
LIBOR | First Horizon Bank | Line of Credit | 2022 Loan Agreement
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 63	$ 1,315
State	18	315
Total current tax expense	81	1,630
Deferred:
Federal	2,174	1,135
State	196	475
Total deferred tax expense	2,370	1,610
Income tax expense	$ 2,451	$ 3,240

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Carryforwards for net operating loss	$ 770	$ 533
Other	27	18
Valuation Allowance	(60)	(22)
Total deferred tax assets	737	529
Deferred tax liabilities:
Unrealized appreciation on investments	(4,984)	(2,406)
Total deferred tax liabilities	(4,984)	(2,406)
Deferred tax liabilities, net	$ (4,247)	$ (1,877)

Income Taxes - Reconciliation t

Income Taxes - Reconciliation to Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax expense computed at the federal statutory rate	$ 12,708	$ 9,707
Tax expense computed at federal statutory rate (in percent)	21%	21%
State income tax expense net of federal benefit	$ 214	$ 789
State income tax expense net of federal benefit (in percent)	0.40%	1.70%
Benefit of partnership structure	$ (10,471)	$ (7,256)
Benefit of partnership structure (in percent)	(17.30%)	(15.70%)
Income tax expense	$ 2,451	$ 3,240
Income tax expense (in percent)	4.10%	7%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 2.8	$ 0.9

Concentrations of Risk (Details

Concentrations of Risk (Details)	Dec. 31, 2022 portfolioCompany
Risks and Uncertainties [Abstract]
Number of portfolio companies which met at least one of the significant tests under rule 10-01(b) of regulation S-X	8

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022		Dec. 31, 2021		Dec. 31, 2020
Investment Company, Financial Highlights [Roll Forward]
Net investment income (usd per share)	$ 0.92		$ 0.79
Net assets at end of period	$ 709,099	[1],[2]	$ 500,309	[1],[2]	$ 308,962
Distributions declared	$ 21,911		$ 15,489
Class FA
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 32.62		$ 29.97
Net investment income, before expense support (usd per shares)	1.65		1.33
Reimbursements of expense support (usd per share)	(0.32)		(0.21)
Net investment income (usd per share)	1.33		1.12
Net realized and unrealized gains (usd per shares)	2.20		2.78
Net increase resulting from investment operations (usd per shares)	3.53		3.90
Distributions to shareholders (usd per share)	(1.25)		(1.25)
Net decrease resulting from distributions to shareholders (usd per shares)	(1.25)		(1.25)
Net Asset Value, End of Period (usd per shares)	$ 34.90		$ 32.62
Net assets at end of period	$ 148,111		$ 148,717
Average net assets	$ 146,773		$ 145,353
Shares outstanding end of period (in shares)	4,244,000		4,559,000
Distributions declared	$ 5,475		$ 5,714
Total investment return based on net asset value before total return incentive fee	12.21%		14.55%
Total investment return based on net asset value after total return incentive fee	10.79%		12.92%
Ratios to average net assets:
Total operating expenses before total return incentive fee	1.34%		1.41%
Total operating expenses before reimbursement of Expense Support	2.51%		2.77%
Total operating expenses after reimbursement of Expense Support	3.46%		3.44%
Net investment income before total return incentive fee	5.15%		4.88%
Net investment income	3.97%		3.52%
Class A
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 30.78		$ 28.76
Net investment income, before expense support (usd per shares)	0.86		0.65
Reimbursements of expense support (usd per share)	(0.15)		(0.19)
Net investment income (usd per share)	0.71		0.46
Net realized and unrealized gains (usd per shares)	2.21		2.81
Net increase resulting from investment operations (usd per shares)	2.92		3.27
Distributions to shareholders (usd per share)	(1.25)		(1.25)
Net decrease resulting from distributions to shareholders (usd per shares)	(1.25)		(1.25)
Net Asset Value, End of Period (usd per shares)	$ 32.45		$ 30.78
Net assets at end of period	$ 71,242		$ 44,958
Average net assets	$ 56,292		$ 37,354
Shares outstanding end of period (in shares)	2,195,000		1,461,000
Distributions declared	$ 2,230		$ 1,531
Total investment return based on net asset value before total return incentive fee	11.76%		13.88%
Total investment return based on net asset value after total return incentive fee	9.69%		11.53%
Ratios to average net assets:
Total operating expenses before total return incentive fee	3.17%		2.97%
Total operating expenses before reimbursement of Expense Support	5.57%		5.52%
Total operating expenses after reimbursement of Expense Support	6.07%		6.13%
Net investment income before total return incentive fee	4.64%		4.06%
Net investment income	2.24%		1.52%
Class T
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 30.66		$ 28.67
Net investment income, before expense support (usd per shares)	0.57		0.39
Reimbursements of expense support (usd per share)	0		(0.21)
Net investment income (usd per share)	0.57		0.18
Net realized and unrealized gains (usd per shares)	2.23		2.81
Net increase resulting from investment operations (usd per shares)	2.80		2.99
Distributions to shareholders (usd per share)	(1)		(1)
Net decrease resulting from distributions to shareholders (usd per shares)	(1)		(1)
Net Asset Value, End of Period (usd per shares)	$ 32.46		$ 30.66
Net assets at end of period	$ 76,048		$ 49,328
Average net assets	$ 59,959		$ 30,486
Shares outstanding end of period (in shares)	2,343,000		1,609,000
Distributions declared	$ 1,901		$ 1,000
Total investment return based on net asset value before total return incentive fee	11.26%		11.96%
Total investment return based on net asset value after total return incentive fee	9.29%		10.55%
Ratios to average net assets:
Total operating expenses before total return incentive fee	4.19%		4.93%
Total operating expenses before reimbursement of Expense Support	6.49%		6.99%
Total operating expenses after reimbursement of Expense Support	6.49%		7.70%
Net investment income before total return incentive fee	4.12%		2.65%
Net investment income	1.83%		0.59%
Class D
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 30.35		$ 28.24
Net investment income, before expense support (usd per shares)	0.66		0.58
Reimbursements of expense support (usd per share)	0		(0.14)
Net investment income (usd per share)	0.66		0.44
Net realized and unrealized gains (usd per shares)	2.23		2.80
Net increase resulting from investment operations (usd per shares)	2.89		3.24
Distributions to shareholders (usd per share)	(1.13)		(1.13)
Net decrease resulting from distributions to shareholders (usd per shares)	(1.13)		(1.13)
Net Asset Value, End of Period (usd per shares)	$ 32.11		$ 30.35
Net assets at end of period	$ 62,844		$ 30,607
Average net assets	$ 42,716		$ 20,335
Shares outstanding end of period (in shares)	1,957,000		1,009,000
Distributions declared	$ 1,536		$ 760
Total investment return based on net asset value before total return incentive fee	11.51%		13.31%
Total investment return based on net asset value after total return incentive fee	9.69%		11.61%
Ratios to average net assets:
Total operating expenses before total return incentive fee	4.13%		4.16%
Total operating expenses before reimbursement of Expense Support	6.58%		6.45%
Total operating expenses after reimbursement of Expense Support	6.58%		6.91%
Net investment income before total return incentive fee	4.56%		3.77%
Net investment income	2.11%		1.48%
Class I
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 31.18		$ 29.06
Net investment income, before expense support (usd per shares)	0.82		0.60
Reimbursements of expense support (usd per share)	(0.12)		(0.09)
Net investment income (usd per share)	0.70		0.51
Net realized and unrealized gains (usd per shares)	2.25		2.86
Net increase resulting from investment operations (usd per shares)	2.95		3.37
Distributions to shareholders (usd per share)	(1.25)		(1.25)
Net decrease resulting from distributions to shareholders (usd per shares)	(1.25)		(1.25)
Net Asset Value, End of Period (usd per shares)	$ 32.88		$ 31.18
Net assets at end of period	$ 288,387		$ 168,704
Average net assets	$ 219,256		$ 106,275
Shares outstanding end of period (in shares)	8,772,000		5,410,000
Distributions declared	$ 8,562		$ 4,271
Total investment return based on net asset value before total return incentive fee	11.63%		13.39%
Total investment return based on net asset value after total return incentive fee	9.66%		11.76%
Ratios to average net assets:
Total operating expenses before total return incentive fee	3.34%		3.93%
Total operating expenses before reimbursement of Expense Support	5.72%		6.25%
Total operating expenses after reimbursement of Expense Support	6.07%		6.55%
Net investment income before total return incentive fee	4.58%		3.97%
Net investment income	2.20%		1.65%
Class S
Investment Company, Financial Highlights [Roll Forward]
Net Asset Value, Beginning of Period (usd per shares)	$ 32.84		$ 30.08
Net investment income, before expense support (usd per shares)	1.59		1.23
Reimbursements of expense support (usd per share)	0		0
Net investment income (usd per share)	1.59		1.23
Net realized and unrealized gains (usd per shares)	2.21		2.78
Net increase resulting from investment operations (usd per shares)	3.80		4.01
Distributions to shareholders (usd per share)	(1.25)		(1.25)
Net decrease resulting from distributions to shareholders (usd per shares)	(1.25)		(1.25)
Net Asset Value, End of Period (usd per shares)	$ 35.39		$ 32.84
Net assets at end of period	$ 62,467		$ 57,995
Average net assets	$ 59,895		$ 56,575
Shares outstanding end of period (in shares)	1,765,000		1,766,000
Distributions declared	$ 2,207		$ 2,213
Total investment return based on net asset value before total return incentive fee	13.13%		15.07%
Total investment return based on net asset value after total return incentive fee	11.80%		13.54%
Ratios to average net assets:
Total operating expenses before total return incentive fee	1.51%		1.67%
Total operating expenses before reimbursement of Expense Support	2.75%		3.07%
Total operating expenses after reimbursement of Expense Support	2.75%		3.07%
Net investment income before total return incentive fee	5.92%		5.26%
Net investment income	4.67%		3.86%
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)						12 Months Ended
		Apr. 28, 2023	Mar. 27, 2023	Feb. 24, 2023	Jan. 26, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023
Subsequent Event [Line Items]
Investment at amortized cost	[1],[2]					$ 583,117,000	$ 387,754,000
Equity
Subsequent Event [Line Items]
Investment at amortized cost	[1],[2]					299,959,000	235,212,000
Total Senior Secured Notes
Subsequent Event [Line Items]
Investment at amortized cost	[1],[2]					$ 176,942,000	$ 152,542,000
Class FA
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						$ 0.104167	$ 0.104167
Class A
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						0.104167	0.104167
Class T
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						0.083333	0.083333
Class D
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						0.093750	0.093750
Class I
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						0.104167	0.104167
Class S
Subsequent Event [Line Items]
Declared distribution (in dollars per share)						$ 0.104167	$ 0.104167
Subsequent Event | Tacmed Holdings, LLC
Subsequent Event [Line Items]
Ownership percentage								95.50%
Investment								$ 106,000,000
Investment at amortized cost								106,000,000
Subsequent Event | Equity | Tacmed Holdings, LLC
Subsequent Event [Line Items]
Investment at amortized cost								77,000,000
Subsequent Event | Total Senior Secured Notes | Tacmed Holdings, LLC
Subsequent Event [Line Items]
Investment at amortized cost								$ 29,000,000
Subsequent Event | Class FA
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		$ 0.104167	$ 0.104167	$ 0.104167	$ 0.104167
Subsequent Event | Class A
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		0.104167	0.104167	0.104167	0.104167
Subsequent Event | Class T
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		0.083333	0.083333	0.083333	0.083333
Subsequent Event | Class D
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		0.093750	0.093750	0.093750	0.093750
Subsequent Event | Class I
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		0.104167	0.104167	0.104167	0.104167
Subsequent Event | Class S
Subsequent Event [Line Items]
Declared distribution (in dollars per share)		$ 0.104167	$ 0.104167	$ 0.104167	$ 0.104167
[1]Percentages represent fair value as a percentage of net assets for each investment category.[2]Security may be an obligation of one or more entities affiliated with the named company.

Subsequent Events - Summary of

Subsequent Events - Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees (Detail) - $ / shares	Mar. 24, 2023	Feb. 24, 2023	Jan. 26, 2023	Jan. 28, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)					$ 31.70	$ 30.60
Class A
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)					31.46	30.33
Class T
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)					31.49	30.41
Class D
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)					31.19	30.06
Class I
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)					$ 31.92	$ 30.78
Subsequent Event | Class A
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)	$ 35.76	$ 35.84		$ 35.46
Selling Commissions, Per Share (in dollars per share)	2.15	2.15	$ 2.13
Dealer Manager Fees, Per Share (in dollars per share)	0.89	0.90	0.88
Subsequent Event | Class T
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)	34.32	34.41		34.08
Selling Commissions, Per Share (in dollars per share)	1.03	1.03	1.02
Dealer Manager Fees, Per Share (in dollars per share)	0.60	0.60	0.60
Subsequent Event | Class D
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)	32.36	32.43		32.11
Selling Commissions, Per Share (in dollars per share)	0	0	0
Dealer Manager Fees, Per Share (in dollars per share)	0	0	0
Subsequent Event | Class I
Subsequent Event [Line Items]
Public Offering Price, Per Share (in dollars per share)	33.16	33.22		$ 32.88
Selling Commissions, Per Share (in dollars per share)	0	0	0
Dealer Manager Fees, Per Share (in dollars per share)	$ 0	$ 0	$ 0

Subsequent Events - Gross Proce

Subsequent Events - Gross Proceeds (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 23, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 24, 2023
Subsequent Event [Line Items]
Shares (in shares)		6,093,000	5,463,000
Net Proceeds to Company		$ 193,183,000	$ 167,141,000
Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)		5,833,000	5,325,000
Gross Proceeds		$ 187,622,000	$ 165,311,000
Sales Load		(2,732,000)	(2,345,000)
Net Proceeds to Company		$ 184,890,000	$ 162,966,000
Class A
Subsequent Event [Line Items]
Shares (in shares)		699,000	447,000
Net Proceeds to Company		$ 21,997,000	$ 13,560,000
Class A | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)		641,000	403,000
Gross Proceeds		$ 21,727,000	$ 13,196,000
Sales Load		(1,572,000)	(959,000)
Net Proceeds to Company		$ 20,155,000	$ 12,237,000
Class T
Subsequent Event [Line Items]
Shares (in shares)		804,000	973,000
Net Proceeds to Company		$ 25,315,000	$ 29,610,000
Class T | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)		763,000	954,000
Gross Proceeds		$ 25,194,000	$ 30,411,000
Sales Load		(1,160,000)	(1,386,000)
Net Proceeds to Company		$ 24,034,000	$ 29,025,000
Class D
Subsequent Event [Line Items]
Shares (in shares)		978,000	563,000
Net Proceeds to Company		$ 30,540,000	$ 16,883,000
Class D | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)		949,000	549,000
Gross Proceeds		$ 29,600,000	$ 16,473,000
Sales Load		0	0
Net Proceeds to Company		$ 29,600,000	$ 16,473,000
Class I
Subsequent Event [Line Items]
Shares (in shares)		3,612,000	3,480,000
Net Proceeds to Company		$ 115,331,000	$ 107,088,000
Class I | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)		3,480,000	3,419,000
Gross Proceeds		$ 111,101,000	$ 105,231,000
Sales Load		0	0
Net Proceeds to Company		$ 111,101,000	$ 105,231,000
Subsequent Event
Subsequent Event [Line Items]
Shares (in shares)	1,099,000
Net Proceeds to Company	$ 36,112,000
Average Net Proceeds Per Share (in dollars per share)				$ 32.83
Subsequent Event | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)	1,047,000
Gross Proceeds	$ 34,942,000
Sales Load	(526,000)
Net Proceeds to Company	$ 34,416,000
Subsequent Event | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares (in shares)	52,000
Gross Proceeds	$ 1,696,000
Subsequent Event | Class A
Subsequent Event [Line Items]
Shares (in shares)	136,000
Net Proceeds to Company	$ 4,466,000
Average Net Proceeds Per Share (in dollars per share)				32.68
Subsequent Event | Class A | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)	126,000
Gross Proceeds	$ 4,327,000
Sales Load	(193,000)
Net Proceeds to Company	$ 4,134,000
Subsequent Event | Class A | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares (in shares)	10,000
Gross Proceeds	$ 332,000
Subsequent Event | Class T
Subsequent Event [Line Items]
Shares (in shares)	218,000
Net Proceeds to Company	$ 7,116,000
Average Net Proceeds Per Share (in dollars per share)				32.59
Subsequent Event | Class T | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)	210,000
Gross Proceeds	$ 7,187,000
Sales Load	(333,000)
Net Proceeds to Company	$ 6,854,000
Subsequent Event | Class T | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares (in shares)	8,000
Gross Proceeds	$ 262,000
Subsequent Event | Class D
Subsequent Event [Line Items]
Shares (in shares)	122,000
Net Proceeds to Company	$ 3,937,000
Average Net Proceeds Per Share (in dollars per share)				32.30
Subsequent Event | Class D | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)	115,000
Gross Proceeds	$ 3,721,000
Sales Load	0
Net Proceeds to Company	$ 3,721,000
Subsequent Event | Class D | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares (in shares)	7,000
Gross Proceeds	$ 216,000
Subsequent Event | Class I
Subsequent Event [Line Items]
Shares (in shares)	623,000
Net Proceeds to Company	$ 20,593,000
Average Net Proceeds Per Share (in dollars per share)				$ 33.06
Subsequent Event | Class I | Proceeds from Follow-On Public Offering
Subsequent Event [Line Items]
Shares (in shares)	596,000
Gross Proceeds	$ 19,707,000
Sales Load	0
Net Proceeds to Company	$ 19,707,000
Subsequent Event | Class I | Distribution Reinvestment Plan
Subsequent Event [Line Items]
Shares (in shares)	27,000
Gross Proceeds	$ 886,000