CNL Strategic Capital 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 07, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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 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
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001684682
Current Fiscal Year End Date	--12-31
Class FA
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,202,311
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,787,793
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,619,293
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,539,717
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		11,816,006
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,750,599

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Assets
Investments at fair value	$ 829,043	[1],[2]	$ 695,079	[3],[4]
Cash and cash equivalents	119,143		36,837
Prepaid expenses and other assets	578		627
Total assets	948,764		732,543
Liabilities
Due to related parties, net (Note 5)	10,845		15,609
Payable for shares repurchased	6,767		2,368
Deferred tax liabilities, net	8,489		4,247
Accounts payable and other accrued expenses	1,383		1,220
Total liabilities	27,484		23,444
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	807,370		615,383
Distributable earnings	113,884		93,695
Total Members’ Equity	921,280		709,099
Class FA
Members’ Equity (Net Assets)
Common shares	$ 4		$ 4
Net asset value per share at end of period (usd per share)	$ 36.03		$ 34.90
Class A
Members’ Equity (Net Assets)
Common shares	$ 4		$ 2
Net asset value per share at end of period (usd per share)	$ 33.13		$ 32.45
Class T
Members’ Equity (Net Assets)
Common shares	$ 3		$ 2
Net asset value per share at end of period (usd per share)	$ 33.18		$ 32.46
Class D
Members’ Equity (Net Assets)
Common shares	$ 1		$ 2
Net asset value per share at end of period (usd per share)	$ 32.86		$ 32.11
Class I
Members’ Equity (Net Assets)
Common shares	$ 12		$ 9
Net asset value per share at end of period (usd per share)	$ 33.60		$ 32.88
Class S
Members’ Equity (Net Assets)
Common shares	$ 2		$ 2
Net asset value per share at end of period (usd per share)	$ 36.62		$ 35.39
Affiliated Investments
Assets
Investments at fair value	$ 779,025	[1],[2]	$ 588,837	[3],[4]
U.S. Treasury bills
Assets
Investments at fair value	$ 50,018		$ 106,242
[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]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Amortized Cost	$ 688,266	[1],[2]	$ 583,117	[3],[4]
Preferred stock, par value (in usd per share)	$ 0.001		$ 0.001
Preferred stock, shares authorized (in shares)	50,000		50,000
Class FA
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	7,400		7,400
Common stock, shares issued (in shares)	4,844		4,844
Common stock, shares outstanding (in shares)	4,202		4,244
Class A
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	94,660		94,660
Common stock, shares issued (in shares)	4,594		2,245
Common stock, shares outstanding (in shares)	4,489		2,195
Class T
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	558,620		558,620
Common stock, shares issued (in shares)	3,066		2,458
Common stock, shares outstanding (in shares)	2,594		2,343
Class D
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	94,660		94,660
Common stock, shares issued (in shares)	2,553		1,999
Common stock, shares outstanding (in shares)	2,481		1,957
Class I
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	94,660		94,660
Common stock, shares issued (in shares)	12,216		9,131
Common stock, shares outstanding (in shares)	11,590		8,772
Class S
Common stock, par value (in usd per share)	$ 0.001		$ 0.001
Common stock, shares authorized (in shares)	100,000		100,000
Common stock, shares issued (in shares)	1,770		1,770
Common stock, shares outstanding (in shares)	1,751		1,765
Affiliated Investments
Amortized Cost	$ 638,253	[1],[2]	$ 476,901	[3],[4]
U.S. Treasury bills
Amortized Cost	$ 50,013		$ 106,216
[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]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment income
Total investment income	$ 15,921	$ 12,213	$ 43,745	$ 34,063
Operating expenses
Total return incentive fees	3,743	3,090	8,710	7,723
Base management fees	3,505	2,425	9,342	6,417
Offering expenses	1,071	756	3,022	2,002
Professional services	490	383	1,501	1,261
Pursuit costs	682	147	1,228	486
Distribution and shareholder servicing fees	310	210	873	549
Custodian and accounting fees	142	66	420	272
Insurance expense	51	56	157	172
Director fees and expenses	50	52	151	154
General and administrative expenses	115	108	423	208
Total operating expenses	10,159	7,293	25,827	19,244
Reimbursement of expense support	0	183	644	2,535
Net operating expenses	10,159	7,476	26,471	21,779
Net investment income before taxes	5,762	4,737	17,274	12,284
Income tax expense	0	(128)	0	(244)
Net investment income	5,762	4,609	17,274	12,040
Realized and unrealized gain (loss) on investments
Total net realized gain on investments	0	0	4	0
Net change in unrealized appreciation on investments:
(Provision) benefit for deferred taxes on investments	(2,088)	357	(4,242)	(226)
Total net change in unrealized appreciation on investments	11,966	10,864	24,572	27,565
Net increase in net assets resulting from operations	17,728	15,473	41,850	39,605
Affiliated Investments
Investment income
Interest income	9,436	6,895	24,277	19,189
Dividend income	5,017	5,167	15,624	14,710
Net change in unrealized appreciation on investments:
Total net change in unrealized appreciation on investments	14,069	10,499	28,836	27,783
U.S. Treasury bills
Investment income
Interest and dividend income	1,468	151	3,844	164
Net change in unrealized appreciation on investments:
Total net change in unrealized appreciation on investments	(15)	8	(22)	8
Class FA
Operating expenses
Total return incentive fees	390	449	961	1,217
Base management fees	267	289	792	874
Offering expenses	$ 0	$ 0	$ 0	$ 0
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.83	$ 0.92	$ 2.07	$ 2.47
Weighted average shares outstanding (in shares)	4,219	4,277	4,230	4,417
Class A
Operating expenses
Total return incentive fees	$ 614	$ 374	$ 1,232	$ 896
Base management fees	587	287	1,338	747
Offering expenses	$ 463	$ 116	$ 1,008	$ 255
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.65	$ 0.79	$ 1.62	$ 2.08
Weighted average shares outstanding (in shares)	3,794	1,865	2,972	1,688
Class T
Operating expenses
Total return incentive fees	$ 389	$ 367	$ 961	$ 934
Base management fees	414	319	1,174	826
Offering expenses	$ 73	$ 94	$ 293	$ 261
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.57	$ 0.73	$ 1.47	$ 2.02
Weighted average shares outstanding (in shares)	2,712	2,005	2,605	1,803
Class D
Operating expenses
Total return incentive fees	$ 373	$ 282	$ 884	$ 679
Base management fees	366	228	990	564
Offering expenses	$ 87	$ 134	$ 253	$ 300
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.63	$ 0.78	$ 1.59	$ 2.08
Weighted average shares outstanding (in shares)	2,388	1,452	2,197	1,246
Class I
Operating expenses
Total return incentive fees	$ 1,816	$ 1,428	$ 4,247	$ 3,455
Base management fees	1,743	1,165	4,670	3,011
Offering expenses	$ 448	$ 412	$ 1,468	$ 1,186
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.65	$ 0.80	$ 1.66	$ 2.11
Weighted average shares outstanding (in shares)	11,107	7,198	10,124	6,452
Class S
Operating expenses
Total return incentive fees	$ 161	$ 190	$ 425	$ 542
Base management fees	128	137	378	395
Offering expenses	$ 0	$ 0	$ 0	$ 0
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.82	$ 0.96	$ 2.17	$ 2.76
Weighted average shares outstanding (in shares)	1,763	1,765	1,764	1,766

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023		Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022
Total Net Assets
Beginning balance	$ 844,504		$ 583,444	$ 709,099	[1],[2]	$ 500,309
Net investment income	5,762		4,609	17,274		12,040
Net realized loss on investments	0		0	4		0
Net change in unrealized appreciation on investments	11,966		10,864	24,572		27,565
Distributions to shareholders	(7,865)		(5,627)	(21,661)		(15,814)
Issuance of common shares through the Public Offerings	70,279		49,550	198,606		131,476
Issuance of common shares through distribution reinvestment plan	3,401		1,955	$ 8,967		$ 5,271
Repurchase of common shares pursuant to share repurchase program (in shares)				(465)		(559)
Repurchase of common shares pursuant to share repurchase program	(6,767)		(2,127)	$ (15,581)		$ (18,179)
Ending balance	$ 921,280	[3],[4]	$ 642,668	$ 921,280	[3],[4]	$ 642,668
Common Stock
Total Net Assets
Beginning balance (in shares)	25,079		18,038	21,276		15,814
Beginning balance	$ 25		$ 18	$ 21		$ 16
Issuance of common shares through the Public Offerings (in shares)	2,125		1,562	6,024		4,173
Issuance of common shares through the Public Offerings	$ 1		$ 2	$ 5		$ 4
Issuance of common shares through distribution reinvestment plan (in shares)	103		62	272		168
Repurchase of common shares pursuant to share repurchase program (in shares)	(200)		(66)	(465)		(559)
Ending balance (in shares)	27,107		19,596	27,107		19,596
Ending balance	$ 26		$ 20	$ 26		$ 20
Capital in Excess of Par Value
Total Net Assets
Beginning balance	740,458		511,940	615,383		442,752
Issuance of common shares through the Public Offerings	70,278		49,548	198,601		131,472
Issuance of common shares through distribution reinvestment plan	3,401		1,955	8,967		5,271
Repurchase of common shares pursuant to share repurchase program	(6,767)		(2,127)	(15,581)		(18,179)
Ending balance	807,370		561,316	807,370		561,316
Distributable Earnings
Total Net Assets
Beginning balance	104,021		71,486	93,695		57,541
Net investment income	5,762		4,609	17,274		12,040
Net realized loss on investments				4
Net change in unrealized appreciation on investments	11,966		10,864	24,572		27,565
Distributions to shareholders	(7,865)		(5,627)	(21,661)		(15,814)
Ending balance	$ 113,884		$ 81,332	$ 113,884		$ 81,332
[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]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net increase in net assets resulting from operations	$ 41,850	$ 39,605
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Proceeds from return of capital on portfolio company investments	165	237
Proceeds from redemptions/sales of U.S. Treasury bills	813,660	45,063
Net realized gain on investments	(4)	0
Net change in unrealized appreciation on investments, excluding deferred taxes	(28,814)	(27,791)
Accretion of discounts	(2,476)	(134)
(Decrease) increase in due to related parties	(4,764)	1,450
Increase in accounts payable and other accrued expenses	163	401
Increase in deferred tax liabilities, net	4,242	226
Increase in prepaid expenses and other assets	(35)	(296)
Other operating activities	209	49
Net cash used in operating activities	(92,299)	(135,569)
Financing Activities:
Proceeds from issuance of common shares	198,606	114,434
Payment on repurchases of common shares	(11,182)	(16,561)
Distributions paid, net of distributions reinvested	(12,694)	(10,176)
Deferred financing costs	(125)	(201)
Net cash provided by financing activities	174,605	87,496
Net increase (decrease) in cash and cash equivalents	82,306	(48,073)
Cash and cash equivalents, beginning of period	36,837	58,704
Cash and cash equivalents, end of period	119,143	10,631
Supplemental disclosure of cash flow information and non-cash financing activities:
Distributions reinvested	8,967	5,271
Amounts incurred but not paid (including amounts due to related parties):
Distributions payable	0	1,933
Offering costs	230	259
Payable for shares repurchased	6,767	2,127
Affiliated Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	(161,517)	(89,383)
U.S. Treasury bills
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	$ (754,978)	$ (104,996)

CONDENSED CONSOLIDATED SCHEDULE

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)		9 Months Ended		12 Months Ended
		Sep. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Amortized Cost		$ 688,266,000	[1],[2]	$ 583,117,000	[3],[4]
Fair Value		829,043,000	[1],[2]	695,079,000	[3],[4]
OTHER ASSETS IN EXCESS OF LIABILITIES – 10.0%		92,237,000	[1],[2]	14,020,000	[3],[4]
NET ASSETS – 100.0%		921,280,000	[1],[2]	709,099,000	[3],[4]
First lien
Amortized Cost		185,027,000	[1],[2]	101,600,000	[3],[4]
Fair Value		$ 185,027,000	[1],[2]	$ 101,600,000	[3],[4]
First lien | ATA Holding Company, LLC
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
First lien | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)		$ 37,000,000	[1],[2]	$ 37,000,000	[3],[4]
Amortized Cost		37,000,000	[1],[2]	37,000,000	[3],[4]
Fair Value		$ 37,000,000	[1],[2]	$ 37,000,000	[3],[4]
First lien | Auriemma U.S. Roundtables
Interest Rate (as a percent)		0.080	[1],[2]	0.080	[3],[4]
First lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)		$ 2,000,000	[1],[2]	$ 2,000,000	[3],[4]
Amortized Cost		2,000,000	[1],[2]	2,000,000	[3],[4]
Fair Value		$ 2,000,000	[1],[2]	$ 2,000,000	[3],[4]
First lien | Clarion Safety Systems, LLC
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
First lien | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)		$ 22,500,000	[1],[2]	$ 22,500,000	[3],[4]
Amortized Cost		22,500,000	[1],[2]	22,500,000	[3],[4]
Fair Value		$ 22,500,000	[1],[2]	$ 22,500,000	[3],[4]
First lien | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
First lien | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)		$ 24,400,000	[1],[2]	$ 24,400,000	[3],[4]
Amortized Cost		24,400,000	[1],[2]	24,400,000	[3],[4]
Fair Value		$ 24,400,000	[1],[2]	$ 24,400,000	[3],[4]
First lien | Polyform Products, Co.
Interest Rate (as a percent)		0.160	[1],[2]	0.160	[3],[4]
First lien | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)		$ 15,700,000	[1],[2]	$ 15,700,000	[3],[4]
Amortized Cost		15,700,000	[1],[2]	15,700,000	[3],[4]
Fair Value		$ 15,700,000	[1],[2]	15,700,000	[3],[4]
First lien | Tacmed Holdings, LLC
Interest Rate (as a percent)	[1],[2]	0.160
First lien | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2]	$ 29,000,000
Amortized Cost	[1],[2]	29,000,000
Fair Value	[1],[2]	29,000,000
First lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2],[5]	29,490,000
Amortized Cost	[1],[2],[5]	29,490,000
Fair Value	[1],[2],[5]	29,490,000
First lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[5]	24,937,000
Amortized Cost	[1],[2],[5]	24,937,000
Fair Value	[1],[2],[5]	24,937,000
Second lien
Amortized Cost		75,342,000	[1],[2]	75,342,000	[3],[4]
Fair Value		$ 75,342,000	[1],[2]	$ 75,342,000	[3],[4]
Second lien | Auriemma U.S. Roundtables
Interest Rate (as a percent)		0.160	[1],[2]	0.160	[3],[4]
Second lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)		$ 12,114,000	[1],[2]	$ 12,114,000	[3],[4]
Amortized Cost		12,114,000	[1],[2]	12,114,000	[3],[4]
Fair Value		$ 12,114,000	[1],[2]	$ 12,114,000	[3],[4]
Second lien | Blue Ridge ESOP Associates
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
Second lien | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares (in shares)		$ 2,641,000	[1],[2]	$ 2,641,000	[3],[4]
Amortized Cost		2,641,000	[1],[2]	2,641,000	[3],[4]
Fair Value		$ 2,641,000	[1],[2]	$ 2,641,000	[3],[4]
Second lien | Douglas Machines Corp.
Interest Rate (as a percent)		0.160	[1],[2]	0.160	[3],[4]
Second lien | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)		$ 15,000,000	[1],[2]	$ 15,000,000	[3],[4]
Amortized Cost		15,000,000	[1],[2]	15,000,000	[3],[4]
Fair Value		$ 15,000,000	[1],[2]	$ 15,000,000	[3],[4]
Second lien | Lawn Doctor, Inc.
Interest Rate (as a percent)		0.160	[1],[2]	0.160	[3],[4]
Second lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		$ 15,000,000	[1],[2]	$ 15,000,000	[3],[4]
Amortized Cost		15,000,000	[1],[2]	15,000,000	[3],[4]
Fair Value		$ 15,000,000	[1],[2]	$ 15,000,000	[3],[4]
Second lien | Milton Industries Inc.
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
Second lien | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares (in shares)		$ 3,353,000	[1],[2]	$ 3,353,000	[3],[4]
Amortized Cost		3,353,000	[1],[2]	3,353,000	[3],[4]
Fair Value		$ 3,353,000	[1],[2]	$ 3,353,000	[3],[4]
Second lien | Resolution Economics, LLC
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
Second lien | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)		$ 2,834,000	[1],[2]	$ 2,834,000	[3],[4]
Amortized Cost		2,834,000	[1],[2]	2,834,000	[3],[4]
Fair Value		$ 2,834,000	[1],[2]	$ 2,834,000	[3],[4]
Second lien | Vektek Holdings, LLC
Interest Rate (as a percent)		0.150	[1],[2]	0.150	[3],[4]
Second lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)		$ 24,400,000	[1],[2]	$ 24,400,000	[3],[4]
Amortized Cost		24,400,000	[1],[2]	24,400,000	[3],[4]
Fair Value		24,400,000	[1],[2]	24,400,000	[3],[4]
Total Senior Secured Notes
Amortized Cost		260,369,000	[1],[2]	176,942,000	[3],[4]
Fair Value		260,369,000	[1],[2]	176,942,000	[3],[4]
Equity
Amortized Cost		377,884,000	[1],[2]	299,959,000	[3],[4]
Fair Value		518,656,000	[1],[2]	411,895,000	[3],[4]
Equity | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)		37,985	[1],[2],[6]	37,985	[3],[4],[7]
Amortized Cost		37,125,000	[1],[2],[6]	37,125,000	[3],[4],[7]
Fair Value		33,915,000	[1],[2],[6]	38,406,000	[3],[4],[7]
Equity | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)		33,094	[1],[2],[6]	32,386	[3],[4],[7]
Amortized Cost		33,476,000	[1],[2],[6]	32,386,000	[3],[4],[7]
Fair Value		54,472,000	[1],[2],[6]	46,187,000	[3],[4],[7]
Equity | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)		50,562	[1],[2],[6]	50,562	[3],[4],[7]
Amortized Cost		50,756,000	[1],[2],[6]	50,756,000	[3],[4],[7]
Fair Value		48,820,000	[1],[2],[6]	51,609,000	[3],[4],[7]
Equity | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)		17,320	[1],[2],[6]	17,320	[3],[4],[7]
Amortized Cost		17,320,000	[1],[2],[6]	17,320,000	[3],[4],[7]
Fair Value		40,258,000	[1],[2],[6]	33,865,000	[3],[4],[7]
Equity | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)		10,820	[1],[2],[6]	10,820	[3],[4],[7]
Amortized Cost		15,599,000	[1],[2],[6]	15,599,000	[3],[4],[7]
Fair Value		15,621,000	[1],[2],[6]	25,105,000	[3],[4],[7]
Equity | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[6]	77,000
Amortized Cost	[1],[2],[6]	77,000,000
Fair Value	[1],[2],[6]	77,000,000
Equity | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares (in shares)		11,489	[1],[2]	11,489	[3],[4]
Amortized Cost		12,793,000	[1],[2]	12,793,000	[3],[4]
Fair Value		21,289,000	[1],[2]	20,334,000	[3],[4]
Equity | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)		35,500	[1],[2],[6]	35,500	[3],[4],[7]
Amortized Cost		35,500,000	[1],[2],[6]	35,500,000	[3],[4],[7]
Fair Value		45,144,000	[1],[2],[6]	37,338,000	[3],[4],[7]
Equity | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		7,746	[1],[2],[6]	7,746	[3],[4],[7]
Amortized Cost		27,611,000	[1],[2],[6]	27,776,000	[3],[4],[7]
Fair Value		70,536,000	[1],[2],[6]	66,028,000	[3],[4],[7]
Equity | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares (in shares)		6,647	[1],[2]	6,647	[3],[4]
Amortized Cost		6,647,000	[1],[2]	6,647,000	[3],[4]
Fair Value		18,574,000	[1],[2]	15,203,000	[3],[4]
Equity | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)		7,166	[1],[2]	7,166	[3],[4]
Amortized Cost		7,129,000	[1],[2]	7,129,000	[3],[4]
Fair Value		14,744,000	[1],[2]	13,793,000	[3],[4]
Equity | Resolution Economics, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[3],[4],[7]			56,928
Amortized Cost	[3],[4],[7]			56,928,000
Fair Value	[3],[4],[7]			64,027,000
Equity | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[6]	56,928
Amortized Cost	[1],[2],[6]	56,928,000
Fair Value	[1],[2],[6]	78,283,000
Affiliated Investments
Amortized Cost		638,253,000	[1],[2]	476,901,000	[3],[4]
Fair Value		779,025,000	[1],[2]	588,837,000	[3],[4]
Other Investments
Amortized Cost		50,013,000	[1],[2]	106,216,000	[3],[4]
Fair Value		50,018,000	[1],[2]	106,242,000	[3],[4]
Other Investments | U.S. Treasury bills
Principal Amount / No. Shares (in shares)	[1],[2]	50,180,000
Amortized Cost	[1],[2]	50,013,000
Fair Value	[1],[2]	$ 50,018,000
Other Investments | US Treasury Bills Maturing January 03rd 2023
Principal Amount / No. Shares (in shares)	[3],[4]			88,235,000
Amortized Cost	[3],[4]			88,210,000
Fair Value	[3],[4]			88,235,000
Other Investments | US Treasury Bills Maturing January 24th 2023
Principal Amount / No. Shares (in shares)	[3],[4]			18,047,000
Amortized Cost	[3],[4]			18,006,000
Fair Value	[3],[4]			$ 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]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.[5]As of September 30, 2023, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60% and SOFR + 4.35%, respectively. SOFR at September 30, 2023 was 5.32%.[6]As of September 30, 2023, the Company owned a controlling interest in this portfolio company.[7]As of December 31, 2022, the Company owned a controlling interest in this portfolio company.

CONDENSED CONSOLIDATED SCHEDU_2

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical)	Sep. 30, 2023		Dec. 31, 2022	[3],[4]
Fair Value Percentage of Net Assets (as a percent)	90%	[1],[2]	98%
OTHER ASSETS IN EXCESS OF LIABILITIES (as a percent)	10%	[1],[2]	2%
NET ASSETS (as a percent)	100%	[1],[2]	100%
First lien
Fair Value Percentage of Net Assets (as a percent)	20.10%	[1],[2]	14.30%
First lien | Commercial and Professional Services | Lawn Doctor, Inc. | Secured Overnight Financing Rate (SOFR)
Variable rate	4.60%
First lien | Engineered Products | Vektek Holdings, LLC | Secured Overnight Financing Rate (SOFR)
Variable rate	4.35%
Second lien
Fair Value Percentage of Net Assets (as a percent)	8.20%	[1],[2]	10.60%
Equity
Fair Value Percentage of Net Assets (as a percent)	56.30%	[1],[2]	58.10%
Affiliated Investments
Fair Value Percentage of Net Assets (as a percent)	84.60%	[1],[2]	83%
Other Investments
Fair Value Percentage of Net Assets (as a percent)	5.40%	[1],[2]	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.[3]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.

Principal Business and Organiza

Principal Business and Organization	9 Months Ended
	Sep. 30, 2023
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. 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	9 Months Ended
	Sep. 30, 2023
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 condensed 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 condensed consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. All intercompany account balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and money market funds 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. As of September 30, 2023, the Company held cash equivalents in the form of money market fund shares held in Fidelity Government Money Market with a fair value of approximately $22.1 million, which represents 2.40% of total net assets. The Company did not hold cash equivalents as of December 31, 2022. Cash equivalents in the form of money market fund shares are valued at their reported net asset value on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC Topic 820, as inputs in the valuation are observable. 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 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 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 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. 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 condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed 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, offering expenses, expense support (reimbursement), distribution and shareholder servicing fees 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. The following table reflects class-specific expenses by share class during the quarter and nine months ended September 30, 2023 and 2022 (in thousands): Quarter Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 267 $ 587 $ 414 $ 366 $ 1,743 $ 128 Total return incentive fees 390 614 389 373 1,816 161 Offering expenses — 463 73 87 448 — Expense support (reimbursement) — — — — — — Other class-specific expenses (1) 53 139 300 161 294 36 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 792 $ 1,338 $ 1,174 $ 990 $ 4,670 $ 378 Total return incentive fees 961 1,232 961 884 4,247 425 Offering expenses — 1,008 293 253 1,468 — Expense support (reimbursement) 610 — — — 34 — Other class-specific expenses (1) 32 85 666 297 176 22 Quarter Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S Base management fees $ 289 $ 287 $ 319 $ 228 $ 1,165 $ 137 Total return incentive fees 449 374 367 282 1,428 190 Offering expenses — 116 94 134 412 — Expense support (reimbursement) (152) — — — (31) — Other class-specific expenses (1) 7 14 162 59 19 12 Nine Months Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S Base management fees $ 874 $ 747 $ 826 $ 564 $ 3,011 $ 395 Total return incentive fees 1,217 896 934 679 3,455 542 Offering expenses — 255 261 300 1,186 — Expense support (reimbursement) (1,445) (278) — — (812) — Other class-specific expenses (1) 27 59 438 157 81 50 (1) Other class-specific expenses consist of distribution and shareholder servicing fees and certain transfer agent fees. 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. The Company’s distributions are paid in the same month as the declared record date. 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 condensed consolidated statement of operations and condensed consolidated statement of cash flows for the nine months ended September 30, 2022 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 condensed 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. The Company holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain portfolio investments. The income tax expense, or benefit, and related tax assets and liabilities are reflected in the Company’s condensed consolidated financial statements. See Note 9. “Income Taxes”

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments In March 2023, the Company, through a wholly-owned subsidiary, acquired an approximately 95% equity ownership interest in Tacmed Holdings, LLC (“TacMed”) for consideration of approximately $77.0 million, subject to certain post-closing adjustments (the “Acquisition”). Additionally, on the closing date of the Acquisition, the Company, through a wholly-owned subsidiary, made a debt investment of approximately $29.0 million in the form of a senior secured note issued by TacMed. On June 30, 2023, the Company made additional senior debt investments in Lawn Doctor, Inc. (“Lawn Doctor”) of approximately $29.5 million and Vektek Holdings, LLC (“Vektek”) of approximately $25.0 million. In August 2023, the Company made an additional equity investment in Auriemma U.S. Roundtables of approximately $1.1 million. The Company’s investment portfolio is summarized as follows as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 185,027 $ 185,027 22.3 % 20.1 % Second lien 75,342 75,342 9.1 8.2 Total senior secured debt 260,369 260,369 31.4 28.3 Equity 377,884 518,656 62.6 56.3 U.S. Treasury bills 50,013 50,018 6.0 5.4 Total investments $ 688,266 $ 829,043 100.0 % 90.0 % 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 % Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 14.2% and have weighted average remaining years to maturity of 4.1 years as of September 30, 2023. The note purchase agreements contain customary covenants and events of default. As of September 30, 2023, all of the Company’s portfolio companies were in compliance with their respective debt covenants. As of September 30, 2023 and December 31, 2022, none of the Company’s debt investments were on non-accrual status. The industry dispersion of the Company’s portfolio company investments, based on fair value, as of September 30, 2023 and December 31, 2022 were as follows: Industry September 30, 2023 December 31, 2022 Healthcare Supplies 21.9 % 9.9 % Engineered Products 19.2 18.2 Commercial and Professional Services 14.8 13.8 Real Estate Services 9.1 12.8 Visual Safety Solutions 9.2 12.6 Information Services and Advisory Solutions 8.8 10.2 Sanitation Products 7.7 8.9 Hobby Goods and Supplies 4.0 6.9 Business Services 5.3 6.7 Total 100.0 % 100.0 % All investment positions held at September 30, 2023 and December 31, 2022 were denominated in U.S. dollars and located in the United States based on their country of domicile. Summarized Portfolio Company Financial Information The Company had two significant portfolio companies in which it owned a controlling equity interest during the quarter and nine months ended September 30, 2023 and 2022. The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2023 and 2022, and summarized balance sheet data as of September 30, 2023 (unaudited) and December 31, 2022 for these portfolio companies (in thousands): Polyform Quarter Ended Nine Months Ended 2023 2022 2023 2022 Revenues $ 4,236 $ 4,769 $ 12,355 $ 18,234 Expenses (4,546) (4,753) (13,220) (16,349) (Loss) income before taxes (310) 16 (865) 1,885 Income tax benefit (expense) 88 (5) 246 (539) Net (loss) income $ (222) $ 11 $ (619) $ 1,346 As of September 30, 2023 As of December 31, 2022 Current assets $ 8,560 $ 9,532 Non-current assets 25,871 27,263 Current liabilities 1,084 1,463 Non-current liabilities 21,382 21,484 Stockholders’ equity 11,965 13,848 Ownership percentage (1) 87 % 87 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek The Company acquired its investments in Vektek in May 2022. Quarter Ended Nine Months Ended 2023 2022 2023 2022 Revenues $ 9,898 $ 10,067 $ 29,684 $ 15,482 Expenses (9,405) (8,536) (28,453) (15,088) Income before taxes 493 1,531 1,231 394 Income tax expense (4) (57) (18) (65) Net income $ 489 $ 1,474 $ 1,213 $ 329 As of September 30, 2023 As of December 31, 2022 Current assets $ 14,695 $ 14,832 Non-current assets 100,097 101,917 Current liabilities 2,082 2,536 Non-current liabilities 49,688 48,654 Stockholders’ equity 63,022 65,559 Ownership percentage (1) 84 % 84 % FOOTNOTE:

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 260,369 $ 260,369 $ — $ — $ 176,942 $ 176,942 Equity — — 518,656 518,656 — — 411,895 411,895 U.S. Treasury bills 50,018 — — 50,018 106,242 — — 106,242 Total Investments $ 50,018 $ — $ 779,025 $ 829,043 $ 106,242 $ — $ 588,837 $ 695,079 The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 260,369 Discounted Cash Flow Discount Rate 11.0% – 14.5% (12.7%) 6.9x – 14.7x (11.3x) 6.3x – 16.0x (11.7x) Decrease Equity 518,656 Discounted Cash Flow Discount Rate 11.0% – 14.5% (12.7%) 6.9x – 14.7x (11.3x) 6.3x – 16.0x (11.7x) Decrease Total $ 779,025 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 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 September 30, 2023 and December 31, 2022. 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 nine months ended September 30, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 83,490 78,090 161,580 Principal repayment (63) — (63) Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 28,836 28,836 Fair value balance as of September 30, 2023 $ 260,369 $ 518,656 $ 779,025 Change in net unrealized appreciation on investments held as of September 30, 2023 (2) $ — $ 28,836 $ 28,836 Nine Months Ended September 30, 2022 Senior Debt Equity Total Fair value balance as of January 1, 2022 $ 152,542 $ 303,455 $ 455,997 Additions 24,400 64,983 89,383 Return of capital (1) — (237) (237) Net change in unrealized appreciation (2) — 27,783 27,783 Fair value balance as of September 30, 2022 $ 176,942 $ 395,984 $ 572,926 Change in net unrealized appreciation on investments held as of September 30, 2022 (2) $ — $ 27,783 $ 27,783 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 on investments in the condensed consolidated statements of operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
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 Follow-On Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The Managing Dealer may reallow all or a portion of the selling commissions to participating broker-dealers. 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 Follow-On Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The Managing Dealer may reallow all or a portion of such dealer manager fees to participating broker-dealers. 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 Offering Costs — The Company reimburses the Manager and the Sub-Manager, along with their respective affiliates, for the 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 offering costs based on actual amounts raised through the Public Offerings of approximately $1.1 million and $0.8 million during the quarters ended September 30, 2023 and 2022, respectively, and approximately $3.0 million and $2.0 million during the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the Manager and the Sub-Manager had incurred approximately $0.2 million of offering costs 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 $3.5 million and $2.4 million during the quarters ended September 30, 2023 and 2022, respectively, and approximately $9.3 million and $6.4 million during the nine months ended September 30, 2023 and 2022, 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 $3.7 million and $3.1 million during the quarters ended September 30, 2023 and 2022, respectively, and $8.7 million and $7.7 million during the nine months ended September 30, 2023 and 2022, 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. With respect to the calculation of Total Return to Shareholders, the following tables provides the applicable High Water Marks for the years ended December 31, 2023 and 2022: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2023 $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 December 31, 2022 32.62 30.78 30.66 30.35 31.18 32.84 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. Expense support is paid by the Manager and Sub-Manager annually in arrears. 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 of approximately $5.1 million. Of the Expense Support received as of September 30, 2023, approximately $4.3 million had been reimbursed and approximately $0.2 million was no longer eligible for reimbursement. As of September 30, 2023, the remaining amount of Expense Support collected from the Manager and Sub-Manager subject to reimbursement was approximately $0.6 million, of which the Company had accrued reimbursement of approximately $0.6 million during the nine months ended September 30, 2023. Management believes that Expense Support reimbursement payments by the Company to the Manager and Sub-Manager for unreimbursed Expense Support in excess of this accrual amount are not probable under the terms of the Expense Support and Conditional Reimbursement Agreement as of September 30, 2023. Distributions Individuals and entities affiliated with the Manager and Sub-Manager owned approximately 0.4 million shares as of September 30, 2023 and 2022. These individuals and entities received distributions from the Company of approximately $0.1 million during each of the quarters ended September 30, 2023 and 2022, respectively, and $0.3 million during the nine months ended September 30, 2023 and 2022, respectively. Related party fees and expenses incurred for the quarter and nine months ended September 30, 2023 and 2022 are summarized below (in thousands): Quarter Ended September 30, Nine Months Ended September 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Managing Dealer Managing Dealer Agreement: Commissions $ 824 $ 565 $ 2,160 $ 1,335 Dealer manager fees 271 288 687 689 Distribution and shareholder servicing fees 310 210 873 549 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 1,071 756 3,022 2,002 Base management fees (1) 3,505 2,425 9,342 6,417 Total return incentive fees (1) 3,743 3,090 8,710 7,723 Manager and Sub-Manager Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — 183 644 2,535 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 26 13 74 70 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 682 — 1,228 339 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. There was no Expense Support recorded for the nine months ended September 30, 2023 and 2022. (2) Offering expense reimbursements are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated 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 net as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Due to related parties: Total return incentive fees $ (8,710) $ (11,456) Reimbursement of Expense Support (644) (2,449) Base management fees (1,157) (864) Offering expenses (230) (331) Distribution and shareholder servicing fees (102) (84) Reimbursement of third-party operating expenses and pursuit costs (2) (425) Total due to related parties $ (10,845) $ (15,609)

Distributions

Distributions	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 (nine record dates). The Company’s distributions declared prior to December 2022 were paid on a monthly basis one month in arrears. The Company’s distributions declared beginning in December 2022 are paid in the same month as the declared record date. The following table reflects the total distributions declared during the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 2022 Distribution Period Distributions Declared (1) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested (2) Distributions Declared (1)(2) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested (2) First Quarter $ 6,601 $ 2,590 $ 4,011 $ 4,928 $ 1,630 $ 3,298 Second Quarter 7,195 2,976 4,219 5,259 1,819 3,440 Third Quarter 7,865 3,401 4,464 5,627 2,036 3,591 $ 21,661 $ 8,967 $ 12,694 $ 15,814 $ 5,485 $ 10,329 FOOTNOTES: (1) The Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “Financial Highlights” Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2023 - September 30, 2023 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2022 - September 30, 2022 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): Nine Months Ended September 30, 2023 2022 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 17,274 79.7 % $ 12,040 76.1 % Distributions in excess of net investment income (2) 4,387 20.3 3,774 23.9 Total distributions declared $ 21,661 100.0 % $ 15,814 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support reimbursement, net of $644 and $2,535 for the nine months ended September 30, 2023 and 2022, respectively. See Note 5. “Related Party Transactions” (2) Consists of distributions made from offering proceeds for the periods presented.

Capital Transactions

Capital Transactions	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Capital Transactions	Capital Transactions Public Offerings Under the Follow-On Public Offering, 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 Follow-On Public Offering, 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 September 29, 2023, the public offering price was $36.24 per Class A share, $34.80 per Class T share, $32.81 per Class D share and $33.61 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 described further below, for the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 1,989 $ 67,210 $ (1,944) $ 65,266 59 $ 1,920 2,048 $ 67,186 $ 32.81 Class T 569 19,526 (903) 18,623 40 1,299 609 19,922 32.74 Class D 521 16,897 — 16,897 34 1,089 555 17,986 32.45 Class I 2,945 97,820 — 97,820 139 4,659 3,084 102,479 33.22 6,024 $ 201,453 $ (2,847) $ 198,606 272 $ 8,967 6,296 $ 207,573 $ 32.98 Nine Months Ended September 30, 2022 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 503 $ 16,978 $ (1,232) $ 15,746 38 $ 1,213 541 $ 16,959 $ 31.31 Class T 531 17,394 (792) 16,602 26 821 557 17,423 31.28 Class D 646 20,010 — 20,010 18 576 664 20,586 30.96 Class I 2,493 79,118 — 79,118 86 2,661 2,579 81,779 31.71 4,173 $ 133,500 $ (2,024) $ 131,476 168 $ 5,271 4,341 $ 136,747 $ 31.49 FOOTNOTES: (1) Amounts are based on distribution reinvestment date. Distributions declared during the nine months ended September 30, 2022 were paid or reinvested one month in arrears. (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). At the sole discretion of the Company’s board of directors, the Company may use sources, including, but not limited to, offering proceeds and borrowings to repurchase shares. During the nine months ended September 30, 2023 and 2022, the Company received requests for the repurchase of approximately $15.6 million and $18.2 million, respectively, of the Company’s common shares. The Company’s board of directors approved the repurchase requests. The following table summarizes the shares repurchased during the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 42 $ 1,480 $ 35.57 Class A 55 1,811 32.78 Class T 57 1,844 33.05 Class D 31 1,003 32.65 Class I 266 8,909 33.33 Class S 14 534 36.42 Nine Months Ended September 30, 2023 465 $ 15,581 $ 33.48 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 296 $ 9,829 $ 33.24 Class A 23 735 31.36 Class T 11 334 31.27 Class D 16 507 31.00 Class I 212 6,746 31.84 Class S 1 28 33.74 Nine Months Ended September 30, 2022 559 $ 18,179 $ 32.53 As of September 30, 2023 and December 31, 2022, the Company had a payable for shares repurchased of approximately $6.8 million and $2.4 million, respectively, which were paid in October and January 2023, 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 nine months ended September 30, 2023, approximately 301,000 Class T shares were converted to approximately 301,000 Class A shares at an average conversion rate of 1.00. During the nine months ended September 30, 2022, approximately 41,000 Class T shares were converted to approximately 40,000 Class A shares at an average conversion rate of 1.00.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Borrowings	Borrowings In August 2022, the Company entered into a 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 was required to pay a total commitment fee to First Horizon Bank of $0.25 million, of which $0.13 million was paid during the nine months ended September 30, 2023. The 2022 Line of Credit was available for advances through August 2023 and the Company extended the 2022 Line of Credit through December 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	9 Months Ended
	Sep. 30, 2023
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 quarter and nine months ended September 30, 2023 and 2022 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current tax expense $ — $ 128 $ — $ 244 Deferred tax expense (benefit) 2,088 (357) 4,242 226 Total income tax expense (benefit) $ 2,088 $ (229) $ 4,242 $ 470 The effective tax rate for the nine months ended September 30, 2023 and 2022 was 9.2% and 1.2%, respectively. The primary items giving rise to the difference between the 21.0% federal statutory rate applicable to corporations and the effective tax rates are due to state taxes and the benefits of the partnership structure. Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 December 31, 2022 Deferred tax assets: Carryforwards for net operating loss $ 1,421 $ 770 Unrealized depreciation on investments 627 — Other 14 27 Valuation allowance (901) (60) Total deferred tax assets 1,161 737 Deferred tax liabilities: Unrealized appreciation on investments (9,650) (4,984) Total deferred tax liabilities (9,650) (4,984) Deferred tax liabilities, net $ (8,489) $ (4,247)

Concentrations of Risk

Concentrations of Risk	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of RiskThe Company had two portfolio companies which met at least one of the significance tests under Rule 10-01(b) of Regulation S-X for at least one of the periods presented in the condensed 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	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023, 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	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net investment income, before Expense Support (reimbursement) (1) 1.21 0.58 0.46 0.58 0.65 1.16 Expense Support (reimbursement) (1)(2) (0.15) — — — — — Net investment income (1) 1.06 0.58 0.46 0.58 0.65 1.16 Net realized and unrealized gains, net of taxes (1)(3) 1.01 1.04 1.01 1.01 1.01 1.01 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Net increase resulting from investment operations 2.07 1.62 1.47 1.59 1.66 2.17 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 36.03 $ 33.13 $ 33.18 $ 32.86 $ 33.60 $ 36.62 Net assets, end of period $ 151,426 $ 148,708 $ 86,091 $ 81,512 $ 389,435 $ 64,108 Average net assets (5) $ 149,822 $ 97,541 $ 85,440 $ 71,323 $ 336,616 $ 63,431 Shares outstanding, end of period 4,202 4,489 2,594 2,481 11,590 1,751 Distributions declared $ 3,965 $ 2,770 $ 1,953 $ 1,851 $ 9,470 $ 1,652 Total investment return based on net asset value before total return incentive fee (6) 6.51 % 5.92 % 5.75 % 6.17 % 6.25 % 6.91 % Total investment return based on net asset value after total return incentive fee (6) 5.80 % 5.06 % 4.58 % 5.03 % 5.11 % 6.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.95 % 2.97 % 2.93 % 2.61 % 2.31 % 1.02 % Total operating expenses before Expense Support (reimbursement) 1.59 % 4.23 % 4.06 % 3.85 % 3.58 % 1.69 % Total operating expenses after Expense Support (reimbursement) 2.00 % 4.23 % 4.06 % 3.85 % 3.59 % 1.69 % Net investment income before total return incentive fee (8) 3.64 % 3.02 % 2.53 % 3.03 % 3.21 % 3.90 % Net investment income 3.00 % 1.75 % 1.41 % 1.79 % 1.95 % 3.23 % Nine Months Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net investment income before Expense Support (reimbursement) (1) 1.26 0.68 0.47 0.54 0.65 1.20 Expense Support (reimbursement) (1)(2) (0.33) (0.16) — — (0.12) — Net investment income (1) 0.93 0.52 0.47 0.54 0.53 1.20 Net realized and unrealized gains, net of taxes (1)(3) 1.54 1.56 1.55 1.54 1.58 1.56 Net increase resulting from investment operations 2.47 2.08 2.02 2.08 2.11 2.76 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 34.15 $ 31.92 $ 31.93 $ 31.59 $ 32.35 $ 34.66 Net assets, end of period $ 145,589 $ 64,443 $ 67,539 $ 52,356 $ 251,558 $ 61,183 Average net assets (5) $ 146,998 $ 52,817 $ 56,318 $ 38,532 $ 204,736 $ 59,389 Shares outstanding, end of period 4,263 2,019 2,115 1,657 7,777 1,765 Distributions declared $ 4,143 $ 1,580 $ 1,349 $ 1,048 $ 6,039 $ 1,655 Total investment return based on net asset value before total return incentive fee (6) 8.52 % 8.33 % 8.14 % 8.34 % 8.32 % 9.48 % Total investment return based on net asset value after total return incentive fee (6) 7.52 % 6.85 % 6.67 % 6.96 % 6.86 % 8.52 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 1.00 % 2.43 % 3.13 % 3.09 % 2.51 % 1.13 % Total operating expenses before Expense Support (reimbursement) 1.83 % 4.13 % 4.79 % 4.85 % 4.20 % 2.04 % Total operating expenses after Expense Support (reimbursement) 2.81 % 4.65 % 4.79 % 4.80 % 4.60 % 2.04 % Net investment income before total return incentive fee (8) 3.63 % 3.35 % 3.16 % 3.50 % 3.35 % 4.49 % Net investment income 2.80 % 1.65 % 1.50 % 1.74 % 1.67 % 3.58 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding. (2) Expense Support (reimbursement) is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (3) 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. (4) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class 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.” (7) Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the nine months ended September 30, 2023 and 2022, none of the total return incentive fees were covered by Expense Support.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions In October 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 November 27, 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. Offerings In October 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 October 30, 2023. 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 October 30, 2023: Offering Price, Per Share $ 36.21 $ 34.83 $ 32.86 $ 33.60 Selling Commissions, Per Share 2.17 1.04 — — Dealer Manager Fees, Per Share 0.91 0.61 — — Capital Transactions During the period October 1, 2023 through November 7, 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 Gross Proceeds Shares Net Proceeds to Company Average Net Proceeds per Share Class A 256 $ 8,681 $ (209) $ 8,472 10 $ 338 266 $ 8,810 $ 33.12 Class T 53 1,848 (86) 1,762 5 151 58 1,913 32.98 Class D 55 1,794 — 1,794 4 138 59 1,932 32.75 Class I 208 6,997 — 6,997 19 623 227 7,620 33.57 572 $ 19,320 $ (295) $ 19,025 38 $ 1,250 610 $ 20,275 $ 33.24 Investments In October 2023, the Company acquired, through a wholly-owned subsidiary Sill Strategic Capital EquityCo, LLC, an approximately 99.1% equity ownership interest in WCG Sill Adjusting LLC (“Sill”). The Company’s total investment of $74.4 million in Sill is comprised of a common equity interest investment of approximately $58.5 million and a concurrent debt investment of approximately $15.9 million in the form of senior secured debt. The Company made an additional equity investment in Resolution Economics, LLC (“Resolution Economics”) of approximately $1.6 million in November 2023. Resolution Economics acquired a division of Biddle Consulting Group, Inc. headquartered in Folsom, CA. The acquired division is a provider of outsourced affirmative action plan services and other compliance related services. Borrowings In October 2023, the Company extended the 2022 Line of Credit through December 2023.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
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 condensed 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.
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 condensed consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. All intercompany account balances and transactions have been eliminated in consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and money market funds 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. As of September 30, 2023, the Company held cash equivalents in the form of money market fund shares held in Fidelity Government Money Market with a fair value of approximately $22.1 million, which represents 2.40% of total net assets. The Company did not hold cash equivalents as of December 31, 2022. Cash equivalents in the form of money market fund shares are valued at their reported net asset value on the measurement date, and are categorized within Level 1 of the fair value hierarchy under ASC Topic 820, as inputs in the valuation are observable.
Use of Estimates	Use of EstimatesManagement 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 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 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 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. 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.
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 condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed 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, offering expenses, expense support (reimbursement), distribution and shareholder servicing fees 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. The Company’s distributions are paid in the same month as the declared record date. 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	Reclassifications Certain reclassifications have been made to the condensed consolidated statement of operations and condensed consolidated statement of cash flows for the nine months ended September 30, 2022 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 condensed 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. The Company holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain portfolio investments. The income tax expense, or benefit, and related tax assets and liabilities are reflected in the Company’s condensed consolidated financial statements. See Note 9. “Income Taxes”

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Class-specific Fee Expense by Share Class	The following table reflects class-specific expenses by share class during the quarter and nine months ended September 30, 2023 and 2022 (in thousands): Quarter Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 267 $ 587 $ 414 $ 366 $ 1,743 $ 128 Total return incentive fees 390 614 389 373 1,816 161 Offering expenses — 463 73 87 448 — Expense support (reimbursement) — — — — — — Other class-specific expenses (1) 53 139 300 161 294 36 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 792 $ 1,338 $ 1,174 $ 990 $ 4,670 $ 378 Total return incentive fees 961 1,232 961 884 4,247 425 Offering expenses — 1,008 293 253 1,468 — Expense support (reimbursement) 610 — — — 34 — Other class-specific expenses (1) 32 85 666 297 176 22 Quarter Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S Base management fees $ 289 $ 287 $ 319 $ 228 $ 1,165 $ 137 Total return incentive fees 449 374 367 282 1,428 190 Offering expenses — 116 94 134 412 — Expense support (reimbursement) (152) — — — (31) — Other class-specific expenses (1) 7 14 162 59 19 12 Nine Months Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S Base management fees $ 874 $ 747 $ 826 $ 564 $ 3,011 $ 395 Total return incentive fees 1,217 896 934 679 3,455 542 Offering expenses — 255 261 300 1,186 — Expense support (reimbursement) (1,445) (278) — — (812) — Other class-specific expenses (1) 27 59 438 157 81 50 (1) Other class-specific expenses consist of distribution and shareholder servicing fees and certain transfer agent fees.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The Company’s investment portfolio is summarized as follows as of September 30, 2023 and December 31, 2022 (in thousands): As of September 30, 2023 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 185,027 $ 185,027 22.3 % 20.1 % Second lien 75,342 75,342 9.1 8.2 Total senior secured debt 260,369 260,369 31.4 28.3 Equity 377,884 518,656 62.6 56.3 U.S. Treasury bills 50,013 50,018 6.0 5.4 Total investments $ 688,266 $ 829,043 100.0 % 90.0 % 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 %
Industry and Geographic 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 September 30, 2023 and December 31, 2022 were as follows: Industry September 30, 2023 December 31, 2022 Healthcare Supplies 21.9 % 9.9 % Engineered Products 19.2 18.2 Commercial and Professional Services 14.8 13.8 Real Estate Services 9.1 12.8 Visual Safety Solutions 9.2 12.6 Information Services and Advisory Solutions 8.8 10.2 Sanitation Products 7.7 8.9 Hobby Goods and Supplies 4.0 6.9 Business Services 5.3 6.7 Total 100.0 % 100.0 %
Summary of Operating and Balance Sheet Data	The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2023 and 2022, and summarized balance sheet data as of September 30, 2023 (unaudited) and December 31, 2022 for these portfolio companies (in thousands): Polyform Quarter Ended Nine Months Ended 2023 2022 2023 2022 Revenues $ 4,236 $ 4,769 $ 12,355 $ 18,234 Expenses (4,546) (4,753) (13,220) (16,349) (Loss) income before taxes (310) 16 (865) 1,885 Income tax benefit (expense) 88 (5) 246 (539) Net (loss) income $ (222) $ 11 $ (619) $ 1,346 As of September 30, 2023 As of December 31, 2022 Current assets $ 8,560 $ 9,532 Non-current assets 25,871 27,263 Current liabilities 1,084 1,463 Non-current liabilities 21,382 21,484 Stockholders’ equity 11,965 13,848 Ownership percentage (1) 87 % 87 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek The Company acquired its investments in Vektek in May 2022. Quarter Ended Nine Months Ended 2023 2022 2023 2022 Revenues $ 9,898 $ 10,067 $ 29,684 $ 15,482 Expenses (9,405) (8,536) (28,453) (15,088) Income before taxes 493 1,531 1,231 394 Income tax expense (4) (57) (18) (65) Net income $ 489 $ 1,474 $ 1,213 $ 329 As of September 30, 2023 As of December 31, 2022 Current assets $ 14,695 $ 14,832 Non-current assets 100,097 101,917 Current liabilities 2,082 2,536 Non-current liabilities 49,688 48,654 Stockholders’ equity 63,022 65,559 Ownership percentage (1) 84 % 84 % FOOTNOTE:

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 As of December 31, 2022 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 260,369 $ 260,369 $ — $ — $ 176,942 $ 176,942 Equity — — 518,656 518,656 — — 411,895 411,895 U.S. Treasury bills 50,018 — — 50,018 106,242 — — 106,242 Total Investments $ 50,018 $ — $ 779,025 $ 829,043 $ 106,242 $ — $ 588,837 $ 695,079
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 September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 260,369 Discounted Cash Flow Discount Rate 11.0% – 14.5% (12.7%) 6.9x – 14.7x (11.3x) 6.3x – 16.0x (11.7x) Decrease Equity 518,656 Discounted Cash Flow Discount Rate 11.0% – 14.5% (12.7%) 6.9x – 14.7x (11.3x) 6.3x – 16.0x (11.7x) Decrease Total $ 779,025 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 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 nine months ended September 30, 2023 and 2022 (in thousands): Nine Months Ended September 30, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 83,490 78,090 161,580 Principal repayment (63) — (63) Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 28,836 28,836 Fair value balance as of September 30, 2023 $ 260,369 $ 518,656 $ 779,025 Change in net unrealized appreciation on investments held as of September 30, 2023 (2) $ — $ 28,836 $ 28,836 Nine Months Ended September 30, 2022 Senior Debt Equity Total Fair value balance as of January 1, 2022 $ 152,542 $ 303,455 $ 455,997 Additions 24,400 64,983 89,383 Return of capital (1) — (237) (237) Net change in unrealized appreciation (2) — 27,783 27,783 Fair value balance as of September 30, 2022 $ 176,942 $ 395,984 $ 572,926 Change in net unrealized appreciation on investments held as of September 30, 2022 (2) $ — $ 27,783 $ 27,783 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 on investments in the condensed consolidated statements of operations.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	With respect to the calculation of Total Return to Shareholders, the following tables provides the applicable High Water Marks for the years ended December 31, 2023 and 2022: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2023 $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 December 31, 2022 32.62 30.78 30.66 30.35 31.18 32.84 Related party fees and expenses incurred for the quarter and nine months ended September 30, 2023 and 2022 are summarized below (in thousands): Quarter Ended September 30, Nine Months Ended September 30, Related Party Source Agreement & Description 2023 2022 2023 2022 Managing Dealer Managing Dealer Agreement: Commissions $ 824 $ 565 $ 2,160 $ 1,335 Dealer manager fees 271 288 687 689 Distribution and shareholder servicing fees 310 210 873 549 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 1,071 756 3,022 2,002 Base management fees (1) 3,505 2,425 9,342 6,417 Total return incentive fees (1) 3,743 3,090 8,710 7,723 Manager and Sub-Manager Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — 183 644 2,535 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 26 13 74 70 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 682 — 1,228 339 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. There was no Expense Support recorded for the nine months ended September 30, 2023 and 2022. (2) Offering expense reimbursements are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated 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 net as of September 30, 2023 and December 31, 2022 (in thousands): September 30, 2023 December 31, 2022 Due to related parties: Total return incentive fees $ (8,710) $ (11,456) Reimbursement of Expense Support (644) (2,449) Base management fees (1,157) (864) Offering expenses (230) (331) Distribution and shareholder servicing fees (102) (84) Reimbursement of third-party operating expenses and pursuit costs (2) (425) Total due to related parties $ (10,845) $ (15,609)

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2023
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	The following table reflects the total distributions declared during the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 2022 Distribution Period Distributions Declared (1) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested (2) Distributions Declared (1)(2) Distributions Reinvested (2) Cash Distributions Net of Distributions Reinvested (2) First Quarter $ 6,601 $ 2,590 $ 4,011 $ 4,928 $ 1,630 $ 3,298 Second Quarter 7,195 2,976 4,219 5,259 1,819 3,440 Third Quarter 7,865 3,401 4,464 5,627 2,036 3,591 $ 21,661 $ 8,967 $ 12,694 $ 15,814 $ 5,485 $ 10,329 FOOTNOTES: (1) The Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “Financial Highlights” Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2023 - September 30, 2023 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2022 - September 30, 2022 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): Nine Months Ended September 30, 2023 2022 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 17,274 79.7 % $ 12,040 76.1 % Distributions in excess of net investment income (2) 4,387 20.3 3,774 23.9 Total distributions declared $ 21,661 100.0 % $ 15,814 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support reimbursement, net of $644 and $2,535 for the nine months ended September 30, 2023 and 2022, respectively. See Note 5. “Related Party Transactions”

Capital Transactions (Tables)

Capital Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
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 described further below, for the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 1,989 $ 67,210 $ (1,944) $ 65,266 59 $ 1,920 2,048 $ 67,186 $ 32.81 Class T 569 19,526 (903) 18,623 40 1,299 609 19,922 32.74 Class D 521 16,897 — 16,897 34 1,089 555 17,986 32.45 Class I 2,945 97,820 — 97,820 139 4,659 3,084 102,479 33.22 6,024 $ 201,453 $ (2,847) $ 198,606 272 $ 8,967 6,296 $ 207,573 $ 32.98 Nine Months Ended September 30, 2022 Proceeds from Public Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 503 $ 16,978 $ (1,232) $ 15,746 38 $ 1,213 541 $ 16,959 $ 31.31 Class T 531 17,394 (792) 16,602 26 821 557 17,423 31.28 Class D 646 20,010 — 20,010 18 576 664 20,586 30.96 Class I 2,493 79,118 — 79,118 86 2,661 2,579 81,779 31.71 4,173 $ 133,500 $ (2,024) $ 131,476 168 $ 5,271 4,341 $ 136,747 $ 31.49 FOOTNOTES: (1) Amounts are based on distribution reinvestment date. Distributions declared during the nine months ended September 30, 2022 were paid or reinvested one month in arrears. Note 5. “Related Party Transactions”
Summary of Shares Repurchased	The following table summarizes the shares repurchased during the nine months ended September 30, 2023 and 2022 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 42 $ 1,480 $ 35.57 Class A 55 1,811 32.78 Class T 57 1,844 33.05 Class D 31 1,003 32.65 Class I 266 8,909 33.33 Class S 14 534 36.42 Nine Months Ended September 30, 2023 465 $ 15,581 $ 33.48 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 296 $ 9,829 $ 33.24 Class A 23 735 31.36 Class T 11 334 31.27 Class D 16 507 31.00 Class I 212 6,746 31.84 Class S 1 28 33.74 Nine Months Ended September 30, 2022 559 $ 18,179 $ 32.53

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) were as follows during the quarter and nine months ended September 30, 2023 and 2022 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current tax expense $ — $ 128 $ — $ 244 Deferred tax expense (benefit) 2,088 (357) 4,242 226 Total income tax expense (benefit) $ 2,088 $ (229) $ 4,242 $ 470
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2023 and December 31, 2022 were as follows (in thousands): September 30, 2023 December 31, 2022 Deferred tax assets: Carryforwards for net operating loss $ 1,421 $ 770 Unrealized depreciation on investments 627 — Other 14 27 Valuation allowance (901) (60) Total deferred tax assets 1,161 737 Deferred tax liabilities: Unrealized appreciation on investments (9,650) (4,984) Total deferred tax liabilities (9,650) (4,984) Deferred tax liabilities, net $ (8,489) $ (4,247)

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2023
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 nine months ended September 30, 2023 and 2022 (in thousands except per share data): Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net investment income, before Expense Support (reimbursement) (1) 1.21 0.58 0.46 0.58 0.65 1.16 Expense Support (reimbursement) (1)(2) (0.15) — — — — — Net investment income (1) 1.06 0.58 0.46 0.58 0.65 1.16 Net realized and unrealized gains, net of taxes (1)(3) 1.01 1.04 1.01 1.01 1.01 1.01 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Net increase resulting from investment operations 2.07 1.62 1.47 1.59 1.66 2.17 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 36.03 $ 33.13 $ 33.18 $ 32.86 $ 33.60 $ 36.62 Net assets, end of period $ 151,426 $ 148,708 $ 86,091 $ 81,512 $ 389,435 $ 64,108 Average net assets (5) $ 149,822 $ 97,541 $ 85,440 $ 71,323 $ 336,616 $ 63,431 Shares outstanding, end of period 4,202 4,489 2,594 2,481 11,590 1,751 Distributions declared $ 3,965 $ 2,770 $ 1,953 $ 1,851 $ 9,470 $ 1,652 Total investment return based on net asset value before total return incentive fee (6) 6.51 % 5.92 % 5.75 % 6.17 % 6.25 % 6.91 % Total investment return based on net asset value after total return incentive fee (6) 5.80 % 5.06 % 4.58 % 5.03 % 5.11 % 6.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.95 % 2.97 % 2.93 % 2.61 % 2.31 % 1.02 % Total operating expenses before Expense Support (reimbursement) 1.59 % 4.23 % 4.06 % 3.85 % 3.58 % 1.69 % Total operating expenses after Expense Support (reimbursement) 2.00 % 4.23 % 4.06 % 3.85 % 3.59 % 1.69 % Net investment income before total return incentive fee (8) 3.64 % 3.02 % 2.53 % 3.03 % 3.21 % 3.90 % Net investment income 3.00 % 1.75 % 1.41 % 1.79 % 1.95 % 3.23 % Nine Months Ended September 30, 2022 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 32.62 $ 30.78 $ 30.66 $ 30.35 $ 31.18 $ 32.84 Net investment income before Expense Support (reimbursement) (1) 1.26 0.68 0.47 0.54 0.65 1.20 Expense Support (reimbursement) (1)(2) (0.33) (0.16) — — (0.12) — Net investment income (1) 0.93 0.52 0.47 0.54 0.53 1.20 Net realized and unrealized gains, net of taxes (1)(3) 1.54 1.56 1.55 1.54 1.58 1.56 Net increase resulting from investment operations 2.47 2.08 2.02 2.08 2.11 2.76 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 34.15 $ 31.92 $ 31.93 $ 31.59 $ 32.35 $ 34.66 Net assets, end of period $ 145,589 $ 64,443 $ 67,539 $ 52,356 $ 251,558 $ 61,183 Average net assets (5) $ 146,998 $ 52,817 $ 56,318 $ 38,532 $ 204,736 $ 59,389 Shares outstanding, end of period 4,263 2,019 2,115 1,657 7,777 1,765 Distributions declared $ 4,143 $ 1,580 $ 1,349 $ 1,048 $ 6,039 $ 1,655 Total investment return based on net asset value before total return incentive fee (6) 8.52 % 8.33 % 8.14 % 8.34 % 8.32 % 9.48 % Total investment return based on net asset value after total return incentive fee (6) 7.52 % 6.85 % 6.67 % 6.96 % 6.86 % 8.52 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 1.00 % 2.43 % 3.13 % 3.09 % 2.51 % 1.13 % Total operating expenses before Expense Support (reimbursement) 1.83 % 4.13 % 4.79 % 4.85 % 4.20 % 2.04 % Total operating expenses after Expense Support (reimbursement) 2.81 % 4.65 % 4.79 % 4.80 % 4.60 % 2.04 % Net investment income before total return incentive fee (8) 3.63 % 3.35 % 3.16 % 3.50 % 3.35 % 4.49 % Net investment income 2.80 % 1.65 % 1.50 % 1.74 % 1.67 % 3.58 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding. (2) Expense Support (reimbursement) is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (3) 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. (4) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class 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.” (7) Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the nine months ended September 30, 2023 and 2022, none of the total return incentive fees were covered by Expense Support.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
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 October 30, 2023: Offering Price, Per Share $ 36.21 $ 34.83 $ 32.86 $ 33.60 Selling Commissions, Per Share 2.17 1.04 — — Dealer Manager Fees, Per Share 0.91 0.61 — —
Schedule of Capital Transactions	During the period October 1, 2023 through November 7, 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 Gross Proceeds Shares Net Proceeds to Company Average Net Proceeds per Share Class A 256 $ 8,681 $ (209) $ 8,472 10 $ 338 266 $ 8,810 $ 33.12 Class T 53 1,848 (86) 1,762 5 151 58 1,913 32.98 Class D 55 1,794 — 1,794 4 138 59 1,932 32.75 Class I 208 6,997 — 6,997 19 623 227 7,620 33.57 572 $ 19,320 $ (295) $ 19,025 38 $ 1,250 610 $ 20,275 $ 33.24

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail)			9 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Sep. 30, 2023 USD ($) classOfStock
Organization And Business Activities [Line Items]
Number of classes of stock | classOfStock			4
Initial Public Offering, Including Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares offered		$ 1,100,000,000
Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares offered	$ 100,000,000	$ 100,000,000	$ 100,000,000
Follow On Public Offering, Including Distribution Reinvestment Plan
Organization And Business Activities [Line Items]
Shares offered	$ 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

Significant Accounting Polici_4

Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 119,143	$ 36,837
Percent of net of assets	2.40%
Money Market Funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 22,100

Significant Accounting Polici_5

Significant Accounting Policies - Class-specific Fee Expense by Share Class (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	$ 3,505	$ 2,425	$ 9,342	$ 6,417
Total return incentive fees	3,743	3,090	8,710	7,723
Offering expenses	1,071	756	3,022	2,002
Class FA
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	267	289	792	874
Total return incentive fees	390	449	961	1,217
Offering expenses	0	0	0	0
Expense support (reimbursement)	0	(152)	610	(1,445)
Other class-specific expenses	53	7	32	27
Class A
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	587	287	1,338	747
Total return incentive fees	614	374	1,232	896
Offering expenses	463	116	1,008	255
Expense support (reimbursement)	0	0	0	(278)
Other class-specific expenses	139	14	85	59
Class T
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	414	319	1,174	826
Total return incentive fees	389	367	961	934
Offering expenses	73	94	293	261
Expense support (reimbursement)	0	0	0	0
Other class-specific expenses	300	162	666	438
Class D
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	366	228	990	564
Total return incentive fees	373	282	884	679
Offering expenses	87	134	253	300
Expense support (reimbursement)	0	0	0	0
Other class-specific expenses	161	59	297	157
Class I
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	1,743	1,165	4,670	3,011
Total return incentive fees	1,816	1,428	4,247	3,455
Offering expenses	448	412	1,468	1,186
Expense support (reimbursement)	0	(31)	34	(812)
Other class-specific expenses	294	19	176	81
Class S
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	128	137	378	395
Total return incentive fees	161	190	425	542
Offering expenses	0	0	0	0
Expense support (reimbursement)	0	0	0	0
Other class-specific expenses	$ 36	$ 12	$ 22	$ 50

Investments - Additional Inform

Investments - Additional Information (Detail)

3 Months Ended

9 Months Ended

Mar. 31, 2023 USD ($)

Sep. 30, 2023 USD ($) year company investment

Sep. 30, 2022 company

Sep. 30, 2023 USD ($) year investment company

Sep. 30, 2022 company

Aug. 31, 2023 USD ($)

Jun. 30, 2023 USD ($)

Dec. 31, 2022 USD ($) investment

Schedule of Investments [Line Items]

Number of debt investments on non accrual status | investment

0

0

0

Number of significant portfolio companies, controlling interest | company

2

2

2

2

Equity | Commercial and Professional Services | Lawn Doctor, Inc.

Schedule of Investments [Line Items]

Investment owned, balance amount

$ 7,746

[1],[2],[3]

$ 7,746

[1],[2],[3]

$ 7,746

[4],[5],[6]

Equity | Engineered Products | Vektek Holdings, LLC

Schedule of Investments [Line Items]

Investment owned, balance amount

[1],[2],[3]

56,928

56,928

Equity | Information Services and Advisory Solutions | Auriemma U.S. Roundtables

Schedule of Investments [Line Items]

Investment owned, balance amount

$ 33,094

[1],[2],[3]

$ 33,094

[1],[2],[3]

32,386

[4],[5],[6]

Total Senior Secured Notes

Schedule of Investments [Line Items]

Weighted average yield on debt investments (as a percent)

14.20%

14.20%

Weighted average years to maturity (in years) | year

4.1

4.1

First lien | Commercial and Professional Services | Lawn Doctor, Inc.

Schedule of Investments [Line Items]

Investment owned, balance amount

$ 29,490,000

[2],[3],[7]

$ 29,490,000

[2],[3],[7]

$ 29,500,000

First lien | Engineered Products | Vektek Holdings, LLC

Schedule of Investments [Line Items]

Investment owned, balance amount

24,937,000

[2],[3],[7]

24,937,000

[2],[3],[7]

$ 25,000,000

First lien | Information Services and Advisory Solutions | Auriemma U.S. Roundtables

Schedule of Investments [Line Items]

Investment owned, balance amount

$ 2,000,000

[2],[3]

$ 2,000,000

[2],[3]

$ 1,100,000

$ 2,000,000

[5],[6]

Tacmed Holdings, LLC

Schedule of Investments [Line Items]

Voting interest acquired (as a percent)

95%

Tacmed Holdings, LLC | Equity

Schedule of Investments [Line Items]

Purchase of equity investments

$ 77,000,000

Tacmed Holdings, LLC | Total Senior Secured Notes

Schedule of Investments [Line Items]

Debt investment made through subsidiary

$ 29,000,000

[1]As of September 30, 2023, the Company owned a controlling interest in this portfolio company.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]As of December 31, 2022, the Company owned a controlling interest in this portfolio company.[5]Percentages represent fair value as a percentage of net assets for each investment category.[6]Security may be an obligation of one or more entities affiliated with the named company.[7]As of September 30, 2023, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60% and SOFR + 4.35%, respectively. SOFR at September 30, 2023 was 5.32%.

Investments - Summary of Invest

Investments - Summary of Investment Portfolio (Detail) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Cost
Investment	$ 688,266	[1],[2]	$ 583,117	[3],[4]
Fair Value
Investments at fair value	$ 829,043	[1],[2]	$ 695,079	[3],[4]
Fair Value Percentage of Investment Portfolio	100%		100%
Fair Value Percentage of Net Assets	90%	[1],[2]	98%	[3],[4]
Total Senior Secured Notes
Cost
Senior secured debt	$ 260,369		$ 176,942
Fair Value
Senior secured debt	$ 260,369		$ 176,942
Fair Value Percentage of Investment Portfolio	31.40%		25.40%
Fair Value Percentage of Net Assets	28.30%		24.90%
First lien
Cost
Senior secured debt	$ 185,027		$ 101,600
Fair Value
Senior secured debt	$ 185,027		$ 101,600
Fair Value Percentage of Investment Portfolio	22.30%		14.60%
Fair Value Percentage of Net Assets	20.10%		14.30%
Second lien
Cost
Senior secured debt	$ 75,342		$ 75,342
Fair Value
Senior secured debt	$ 75,342		$ 75,342
Fair Value Percentage of Investment Portfolio	9.10%		10.80%
Fair Value Percentage of Net Assets	8.20%		10.60%
Equity
Cost
Equity	$ 377,884		$ 299,959
Fair Value
Equity	$ 518,656		$ 411,895
Fair Value Percentage of Investment Portfolio	62.60%		59.30%
Fair Value Percentage of Net Assets	56.30%		58.10%
U.S. Treasury bills
Cost
Investment	$ 50,013		$ 106,216
Fair Value
Investments at fair value	$ 50,018		$ 106,242
Fair Value Percentage of Investment Portfolio	6%		15.30%
Fair Value Percentage of Net Assets	5.40%		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.[3]Percentages represent fair value as a percentage of net assets for each investment category.[4]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)	Sep. 30, 2023	Dec. 31, 2022
Investment Holdings [Line Items]
Percentage of total fair value of investment	100%	100%
Healthcare Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	21.90%	9.90%
Engineered Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	19.20%	18.20%
Commercial and Professional Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	14.80%	13.80%
Real Estate Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	9.10%	12.80%
Visual Safety Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	9.20%	12.60%
Information Services and Advisory Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	8.80%	10.20%
Sanitation Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	7.70%	8.90%
Hobby Goods and Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	4%	6.90%
Business Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	5.30%	6.70%

Investments - Summary of Operat

Investments - Summary of Operating and Balance Sheet Data (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Statement [Abstract]
Expenses	$ (10,159)	$ (7,293)	$ (25,827)	$ (19,244)
Income tax benefit (expense)	(2,088)	229	(4,242)	(470)
Net increase in net assets resulting from operations	17,728	15,473	41,850	39,605
Polyform Products, Co.
Income Statement [Abstract]
Revenues	4,236	4,769	12,355	18,234
Expenses	(4,546)	(4,753)	(13,220)	(16,349)
(Loss) income before taxes	(310)	16	(865)	1,885
Income tax benefit (expense)	88	(5)	246	(539)
Net increase in net assets resulting from operations	(222)	11	(619)	1,346
Balance Sheet Related Disclosures [Abstract]
Current assets	8,560		8,560		$ 9,532
Non-current assets	25,871		25,871		27,263
Current liabilities	1,084		1,084		1,463
Non-current liabilities	21,382		21,382		21,484
Stockholders’ equity	$ 11,965		$ 11,965		$ 13,848
Ownership percentage	87%		87%		87%
Vektek Holdings, LLC
Income Statement [Abstract]
Revenues	$ 9,898	10,067	$ 29,684	15,482
Expenses	(9,405)	(8,536)	(28,453)	(15,088)
(Loss) income before taxes	493	1,531	1,231	394
Income tax benefit (expense)	(4)	(57)	(18)	(65)
Net increase in net assets resulting from operations	489	$ 1,474	1,213	$ 329
Balance Sheet Related Disclosures [Abstract]
Current assets	14,695		14,695		$ 14,832
Non-current assets	100,097		100,097		101,917
Current liabilities	2,082		2,082		2,536
Non-current liabilities	49,688		49,688		48,654
Stockholders’ equity	$ 63,022		$ 63,022		$ 65,559
Ownership percentage	84%		84%		84%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 829,043	[1],[2]	$ 695,079	[3],[4]
Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	260,369		176,942
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	518,656		411,895
U.S. Treasury bills
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	50,018		106,242
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	50,018		106,242
Level 1 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	0		0
Level 1 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	0		0
Level 1 | U.S. Treasury bills
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	50,018		106,242
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	0		0
Level 2 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	0		0
Level 2 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	0		0
Level 2 | U.S. Treasury bills
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	0		0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	779,025		588,837
Level 3 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	260,369		176,942
Level 3 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	518,656		411,895
Level 3 | U.S. Treasury bills
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at 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.[3]Percentages represent fair value as a percentage of net assets for each investment category.[4]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	Sep. 30, 2023 USD ($)		Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	$ 829,043	[1],[2]	$ 695,079	[3],[4]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investments at fair value	779,025		588,837
Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	260,369		176,942
Equity	$ 518,656		$ 411,895
Minimum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.110		0.098
Measurement input, equity securities	0.110		0.098
Minimum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	6.9		6.5
Measurement input, equity securities	6.9		6.5
Minimum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	6.3		6.5
Measurement input, equity securities	6.3		6.5
Maximum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.145		0.138
Measurement input, equity securities	0.145		0.138
Maximum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	14.7		13.2
Measurement input, equity securities	14.7		13.2
Maximum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	16		13
Measurement input, equity securities	16		13
Weighted Average | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.127		0.116
Measurement input, equity securities	0.127		0.116
Weighted Average | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	11.3		9.8
Measurement input, equity securities	11.3		9.8
Weighted Average | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	11.7		10.8
Measurement input, equity securities	11.7		10.8
[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]Percentages represent fair value as a percentage of net assets for each investment category.[4]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) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	$ 588,837	$ 455,997
Additions	161,580	89,383
Principal repayment	(63)
Return of capital	(165)	(237)
Net change in unrealized appreciation	28,836	27,783
Fair value balance, ending	779,025	572,926
Change in net unrealized appreciation on investments held	28,836	27,783
Senior Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	176,942	152,542
Additions	83,490	24,400
Principal repayment	(63)
Return of capital	0	0
Net change in unrealized appreciation	0	0
Fair value balance, ending	260,369	176,942
Change in net unrealized appreciation on investments held	0	0
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	411,895	303,455
Additions	78,090	64,983
Principal repayment	0
Return of capital	(165)	(237)
Net change in unrealized appreciation	28,836	27,783
Fair value balance, ending	518,656	395,984
Change in net unrealized appreciation on investments held	$ 28,836	$ 27,783

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended		68 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Related Party Transaction [Line Items]
Base management fees	$ 3,505	$ 2,425	$ 9,342	$ 6,417
Expiration period (in years)			3 years
Due from related parties:					$ 5,100
Expense support, not reimbursed and expired	200		$ 200		200
Expense support subject to reimbursement			600
Reimbursement of expense support	$ 0	$ 183	644	2,535
Distributions paid			$ 12,694	$ 10,176
Manager Sub Manager
Related Party Transaction [Line Items]
Percentage of return incentive fees payable			50%
Base management fees multiplier for non founder shares (as a percent)			2%
Base management fees multiplier for founder shares (as a percent)			1%
Annual preference return (as a percent)			7%
Annual preference return relates to non-founder shares (as a percent)			8.75%
Annual preference return relates to founder shares (as a percent)			7.777%
Manager Sub Manager | Annual Preference Return Less than or Equal to 8.75% or the Non-founder breakpoint
Related Party Transaction [Line Items]
Percentage of return incentive fees payable			20%
Manager Sub Manager | Annual Preference Return Less Than 7.777% or Founder breakpoint
Related Party Transaction [Line Items]
Percentage of return incentive fees payable			10%
Related Party | Manager and Sub-Manager
Related Party Transaction [Line Items]
Organization and offering costs incurred			$ 200
Annual preference return relates to non-founder shares (as a percent)			8.75%
Annual preference return relates to founder shares (as a percent)			7.777%
Expense support reimbursed					$ 4,300
Shares outstanding end of period (in shares)	400	400	400	400	400
Distributions paid	$ 100	$ 100	$ 300	$ 300
Related Party | Minimum | Manager and Sub-Manager
Related Party Transaction [Line Items]
Annual preference return (as a percent)			7%
Related Party | Offering expenses | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	1,071	756	$ 3,022	2,002
Related Party | Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	3,505	2,425	9,342	6,417
Related Party | Return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	3,743	3,090	$ 8,710	7,723
Proceeds from Follow-On Public Offering | Related Party | 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]
Base management fees	$ 587	$ 287	$ 1,338	$ 747
Shares outstanding end of period (in shares)	4,489	2,019	4,489	2,019	4,489
Class A | Managing Dealer
Related Party Transaction [Line Items]
Commission of shares sold (as a percent)	6%		6%		6%
Class A | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Dealer manager fee (as a percent)	2.50%		2.50%		2.50%
Class T
Related Party Transaction [Line Items]
Base management fees	$ 414	$ 319	$ 1,174	$ 826
Shares outstanding end of period (in shares)	2,594	2,115	2,594	2,115	2,594
Class T | Managing Dealer
Related Party Transaction [Line Items]
Commission of shares sold (as a percent)	3%		3%		3%
Class T | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Dealer manager fee (as a percent)	1.75%		1.75%		1.75%
Annual distribution and fee (as percent)	1%		1%		1%
Class D
Related Party Transaction [Line Items]
Base management fees	$ 366	$ 228	$ 990	$ 564
Shares outstanding end of period (in shares)	2,481	1,657	2,481	1,657	2,481
Class D | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Annual distribution and fee (as percent)	0.50%		0.50%		0.50%

Related Party Transactions - Hi

Related Party Transactions - High Water Marks (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class FA
Related Party Transaction [Line Items]
High water mark (in usd per share)		$ 32.62
Class FA | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	$ 34.90
Class A
Related Party Transaction [Line Items]
High water mark (in usd per share)		30.78
Class A | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	32.45
Class T
Related Party Transaction [Line Items]
High water mark (in usd per share)		30.66
Class T | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	32.46
Class D
Related Party Transaction [Line Items]
High water mark (in usd per share)		30.35
Class D | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	32.11
Class I
Related Party Transaction [Line Items]
High water mark (in usd per share)		31.18
Class I | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	32.88
Class S
Related Party Transaction [Line Items]
High water mark (in usd per share)		$ 32.84
Class S | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	$ 35.39

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Detail) - Related Party - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commissions | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	$ 824,000	$ 565,000	$ 2,160,000	$ 1,335,000
Dealer manager fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	271,000	288,000	687,000	689,000
Distribution and shareholder servicing fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	310,000	210,000	873,000	549,000
Offering expense reimbursement | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	1,071,000	756,000	3,022,000	2,002,000
Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	3,505,000	2,425,000	9,342,000	6,417,000
Total return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	3,743,000	3,090,000	8,710,000	7,723,000
Reimbursement of Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	0	183,000	644,000	2,535,000
Reimbursement of third-party operating expenses | Manager
Related Party Transaction [Line Items]
Related party fees and expenses	26,000	13,000	74,000	70,000
Reimbursement of third-party pursuit costs | Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 682,000	$ 0	1,228,000	339,000
Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses			$ 0	$ 0

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Due to related parties:	$ (10,845)	$ (15,609)
Related Party
Related Party Transaction [Line Items]
Due to related parties:	(10,845)	(15,609)
Total return incentive fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(8,710)	(11,456)
Reimbursement of Expense Support | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(644)	(2,449)
Base management fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(1,157)	(864)
Offering expenses | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(230)	(331)
Distribution and shareholder servicing fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(102)	(84)
Reimbursement of third-party operating expenses and pursuit costs | Related Party
Related Party Transaction [Line Items]
Due to related parties:	$ (2)	$ (425)

Distributions - Declared (Detai

Distributions - Declared (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	$ 7,865	$ 7,195	$ 6,601	$ 5,627	$ 5,259	$ 4,928	$ 21,661	$ 15,814
Distributions Reinvested	3,401	2,976	2,590	2,036	1,819	1,630	8,967	5,485
Cash Distributions Net of Distributions Reinvested	$ 4,464	$ 4,219	$ 4,011	$ 3,591	$ 3,440	$ 3,298	$ 12,694	$ 10,329

Distributions - Distribution Pe

Distributions - Distribution Per Class (Details) - $ / shares	1 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	$ 0.104167	$ 0.104167	$ 0.104167
Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.104167	0.104167	0.104167
Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.083333	0.083333	0.083333
Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.093750	0.093750	0.093750
Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.104167	0.104167	0.104167
Class S
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	$ 0.104167	$ 0.104167	$ 0.104167

Distributions - Declared on GAA

Distributions - Declared on GAAP Basis (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		68 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 7,865	$ 5,627	$ 21,661	$ 15,814
% of Distributions Declared			100%	100%
Amount of expense support reimbursement					$ 5,100
Net Investment Income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount			$ 17,274	$ 12,040
% of Distributions Declared			79.70%	76.10%
Amount of expense support reimbursement			$ (644)	$ (2,535)
Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount			$ 4,387	$ 3,774
% of Distributions Declared			20.30%	23.90%

Distributions - Additional Info

Distributions - Additional Information (Detail) - $ / shares	1 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Class FA
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	$ 0.104167	$ 0.104167	$ 0.104167
Class A
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.104167	0.104167	0.104167
Class T
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.083333	0.083333	0.083333
Class D
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.093750	0.093750	0.093750
Class I
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	0.104167	0.104167	0.104167
Class S
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Declared distribution (in usd per share)	$ 0.104167	$ 0.104167	$ 0.104167

Capital Transactions -Additiona

Capital Transactions -Additional Information (Detail)			3 Months Ended		9 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Sep. 30, 2023 USD ($) $ / shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) classOfStock $ / shares shares	Sep. 30, 2022 USD ($) shares	Dec. 31, 2022 USD ($)
Investment Company, Capital Share Transactions [Line Items]
Number of classes of stock | classOfStock					4
Authorized amount per quarter (as a percent)					2.50%
Authorized amount per year (as a percent)					10%
Repurchase of common shares pursuant to share repurchase program			$ 6,767,000	$ 2,127,000	$ 15,581,000	$ 18,179,000
Payable for shares repurchased			$ 6,767,000	$ 2,127,000	6,767,000	2,127,000	$ 2,368,000
Class A
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 1,811,000	$ 735,000
Conversion of stock (in shares) | shares					301,000	40,000
Conversion rate (as a percent)					100%	100%
Class T
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 1,844,000	$ 334,000
Stock converted (in shares) | shares					(301,000)	(41,000)
Class D
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 1,003,000	$ 507,000
Class I
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 8,909,000	$ 6,746,000
Public Offering
Investment Company, Capital Share Transactions [Line Items]
Shares offered		$ 1,000,000,000
Number of classes of stock | classOfStock					4
Sale of stock offering, minimum requirement		5,000
Public Offering | Class A
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares			$ 36.24		$ 36.24
Public Offering | Class T
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares			34.80		34.80
Public Offering | Class D
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares			32.81		32.81
Public Offering | Class I
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares			$ 33.61		$ 33.61
Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Shares offered	$ 100,000,000	$ 100,000,000			$ 100,000,000

Capital Transactions - Summary

Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Offerings (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Distributions Reinvestment
Proceeds to Company	$ 3,401	$ 1,955	$ 8,967	$ 5,271
Total
Shares Issued (in shares)			6,296	4,341
Net Proceeds to Company			$ 207,573	$ 136,747
Average Net Proceeds per Share (in usd per share)	$ 32.98	$ 31.49	$ 32.98	$ 31.49
Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			6,024	4,173
Gross Proceeds			$ 201,453	$ 133,500
Sales Load			(2,847)	(2,024)
Net Proceeds to Company			$ 198,606	$ 131,476
Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			272	168
Proceeds to Company			$ 8,967	$ 5,271
Class A
Total
Shares Issued (in shares)			2,048	541
Net Proceeds to Company			$ 67,186	$ 16,959
Average Net Proceeds per Share (in usd per share)	32.81	31.31	$ 32.81	$ 31.31
Class A | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			1,989	503
Gross Proceeds			$ 67,210	$ 16,978
Sales Load			(1,944)	(1,232)
Net Proceeds to Company			$ 65,266	$ 15,746
Class A | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			59	38
Proceeds to Company			$ 1,920	$ 1,213
Class T
Total
Shares Issued (in shares)			609	557
Net Proceeds to Company			$ 19,922	$ 17,423
Average Net Proceeds per Share (in usd per share)	32.74	31.28	$ 32.74	$ 31.28
Class T | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			569	531
Gross Proceeds			$ 19,526	$ 17,394
Sales Load			(903)	(792)
Net Proceeds to Company			$ 18,623	$ 16,602
Class T | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			40	26
Proceeds to Company			$ 1,299	$ 821
Class D
Total
Shares Issued (in shares)			555	664
Net Proceeds to Company			$ 17,986	$ 20,586
Average Net Proceeds per Share (in usd per share)	32.45	30.96	$ 32.45	$ 30.96
Class D | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			521	646
Gross Proceeds			$ 16,897	$ 20,010
Sales Load			0	0
Net Proceeds to Company			$ 16,897	$ 20,010
Class D | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			34	18
Proceeds to Company			$ 1,089	$ 576
Class I
Total
Shares Issued (in shares)			3,084	2,579
Net Proceeds to Company			$ 102,479	$ 81,779
Average Net Proceeds per Share (in usd per share)	$ 33.22	$ 31.71	$ 33.22	$ 31.71
Class I | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			2,945	2,493
Gross Proceeds			$ 97,820	$ 79,118
Sales Load			0	0
Net Proceeds to Company			$ 97,820	$ 79,118
Class I | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			139	86
Proceeds to Company			$ 4,659	$ 2,661

Capital Transactions - Summar_2

Capital Transactions - Summary of Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			465	559
Total Consideration	$ 6,767	$ 2,127	$ 15,581	$ 18,179
Average Price Paid Per Share (in usd per share)	$ 33.48	$ 32.53	$ 33.48	$ 32.53
Class FA
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			42	296
Total Consideration			$ 1,480	$ 9,829
Average Price Paid Per Share (in usd per share)	35.57	33.24	$ 35.57	$ 33.24
Class A
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			55	23
Total Consideration			$ 1,811	$ 735
Average Price Paid Per Share (in usd per share)	32.78	31.36	$ 32.78	$ 31.36
Class T
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			57	11
Total Consideration			$ 1,844	$ 334
Average Price Paid Per Share (in usd per share)	33.05	31.27	$ 33.05	$ 31.27
Class D
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			31	16
Total Consideration			$ 1,003	$ 507
Average Price Paid Per Share (in usd per share)	32.65	31	$ 32.65	$ 31
Class I
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			266	212
Total Consideration			$ 8,909	$ 6,746
Average Price Paid Per Share (in usd per share)	33.33	31.84	$ 33.33	$ 31.84
Class S
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			14	1
Total Consideration			$ 534	$ 28
Average Price Paid Per Share (in usd per share)	$ 36.42	$ 33.74	$ 36.42	$ 33.74

Borrowings (Details)

Borrowings (Details) - Revolving Credit Facility - First Horizon Bank - Line of Credit - 2022 Loan Agreement	1 Months Ended	9 Months Ended
	Aug. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)
Line of Credit Facility [Line Items]
Line of credit amount	$ 50,000,000
Commitment fee	$ 250,000
Payments for line of credit commitment fee		$ 130,000
Fee required on each borrowing (as a percent)	0.0005
Unused line fee	$ 25,000,000
Amount borrowed		$ 0
Maximum
Line of Credit Facility [Line Items]
Term (in days)	180 days
Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)	2.75%

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Current tax expense	$ 0	$ 128	$ 0	$ 244
Deferred tax expense (benefit)	2,088	(357)	4,242	226
Total income tax expense (benefit)	$ 2,088	$ (229)	$ 4,242	$ 470

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	9.20%	1.20%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Deferred tax assets:
Carryforwards for net operating loss	$ 1,421	$ 770
Unrealized depreciation on investments	627	0
Other	14	27
Valuation allowance	(901)	(60)
Total deferred tax assets	1,161	737
Deferred tax liabilities:
Unrealized appreciation on investments	(9,650)	(4,984)
Total deferred tax liabilities	(9,650)	(4,984)
Deferred tax liabilities, net	$ (8,489)	$ (4,247)

Concentrations of Risk (Details

Concentrations of Risk (Details)	Sep. 30, 2023 portfolioCompany
Risks and Uncertainties [Abstract]
Number of portfolio companies which met at least one of the significant tests under Rule 8-03(b) of Regulation S-X	2

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2023		Sep. 30, 2022	Sep. 30, 2023		Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	[3],[4]	Jun. 30, 2022	Dec. 31, 2021
OPERATING PERFORMANCE PER SHARE
Net assets, end of period	$ 921,280	[1],[2]	$ 642,668	$ 921,280	[1],[2]	$ 642,668	$ 844,504	$ 709,099		$ 583,444	$ 500,309
Distributions declared	$ 7,865		$ 5,627	$ 21,661		$ 15,814
Ratios to average net assets:
Incentive allocation to average net assets (as a percent)				0%		0%
Class FA  Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 34.90		$ 32.62
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				1.21		1.26
Expense Support (reimbursement) (in usd per share)				(0.15)		(0.33)
Net investment income (in usd per share)				1.06		0.93
Net realized and unrealized gains, net of taxes (in usd per share)				1.01		1.54
Net increase resulting from investment operations (in usd per share)	$ 0.83		$ 0.92	2.07		2.47
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 36.03		$ 34.15	$ 36.03		$ 34.15
Net assets, end of period	$ 151,426		$ 145,589	$ 151,426		$ 145,589
Average net assets				$ 149,822		$ 146,998
Shares outstanding end of period (in shares)	4,202		4,263	4,202		4,263
Distributions declared				$ 3,965		$ 4,143
Total investment return based on net asset value before total return incentive fee (as a percent)				6.51%		8.52%
Total investment return based on net asset value after total return incentive fee (as a percent)				5.80%		7.52%
Ratios to average net assets:
Total operating expenses before total return incentive fee				0.95%		1%
Total operating expenses before Expense Support (reimbursement)				1.59%		1.83%
Total operating expenses after Expense Support (reimbursement)				2%		2.81%
Net investment income before total return incentive fee				3.64%		3.63%
Net investment income				3%		2.80%
Class A Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 32.45		$ 30.78
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				0.58		0.68
Expense Support (reimbursement) (in usd per share)				0		(0.16)
Net investment income (in usd per share)				0.58		0.52
Net realized and unrealized gains, net of taxes (in usd per share)				1.04		1.56
Net increase resulting from investment operations (in usd per share)	$ 0.65		$ 0.79	1.62		2.08
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 33.13		$ 31.92	$ 33.13		$ 31.92
Net assets, end of period	$ 148,708		$ 64,443	$ 148,708		$ 64,443
Average net assets				$ 97,541		$ 52,817
Shares outstanding end of period (in shares)	4,489		2,019	4,489		2,019
Distributions declared				$ 2,770		$ 1,580
Total investment return based on net asset value before total return incentive fee (as a percent)				5.92%		8.33%
Total investment return based on net asset value after total return incentive fee (as a percent)				5.06%		6.85%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.97%		2.43%
Total operating expenses before Expense Support (reimbursement)				4.23%		4.13%
Total operating expenses after Expense Support (reimbursement)				4.23%		4.65%
Net investment income before total return incentive fee				3.02%		3.35%
Net investment income				1.75%		1.65%
Class T Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 32.46		$ 30.66
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				0.46		0.47
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.46		0.47
Net realized and unrealized gains, net of taxes (in usd per share)				1.01		1.55
Net increase resulting from investment operations (in usd per share)	$ 0.57		$ 0.73	1.47		2.02
Distributions to shareholders (in usd per share)				(0.75)		(0.75)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.75)		(0.75)
Net Asset Value, End of Period (in usd per share)	$ 33.18		$ 31.93	$ 33.18		$ 31.93
Net assets, end of period	$ 86,091		$ 67,539	$ 86,091		$ 67,539
Average net assets				$ 85,440		$ 56,318
Shares outstanding end of period (in shares)	2,594		2,115	2,594		2,115
Distributions declared				$ 1,953		$ 1,349
Total investment return based on net asset value before total return incentive fee (as a percent)				5.75%		8.14%
Total investment return based on net asset value after total return incentive fee (as a percent)				4.58%		6.67%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.93%		3.13%
Total operating expenses before Expense Support (reimbursement)				4.06%		4.79%
Total operating expenses after Expense Support (reimbursement)				4.06%		4.79%
Net investment income before total return incentive fee				2.53%		3.16%
Net investment income				1.41%		1.50%
Class D Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 32.11		$ 30.35
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				0.58		0.54
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.58		0.54
Net realized and unrealized gains, net of taxes (in usd per share)				1.01		1.54
Net increase resulting from investment operations (in usd per share)	$ 0.63		$ 0.78	1.59		2.08
Distributions to shareholders (in usd per share)				(0.84)		(0.84)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.84)		(0.84)
Net Asset Value, End of Period (in usd per share)	$ 32.86		$ 31.59	$ 32.86		$ 31.59
Net assets, end of period	$ 81,512		$ 52,356	$ 81,512		$ 52,356
Average net assets				$ 71,323		$ 38,532
Shares outstanding end of period (in shares)	2,481		1,657	2,481		1,657
Distributions declared				$ 1,851		$ 1,048
Total investment return based on net asset value before total return incentive fee (as a percent)				6.17%		8.34%
Total investment return based on net asset value after total return incentive fee (as a percent)				5.03%		6.96%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.61%		3.09%
Total operating expenses before Expense Support (reimbursement)				3.85%		4.85%
Total operating expenses after Expense Support (reimbursement)				3.85%		4.80%
Net investment income before total return incentive fee				3.03%		3.50%
Net investment income				1.79%		1.74%
Class I Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 32.88		$ 31.18
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				0.65		0.65
Expense Support (reimbursement) (in usd per share)				0		(0.12)
Net investment income (in usd per share)				0.65		0.53
Net realized and unrealized gains, net of taxes (in usd per share)				1.01		1.58
Net increase resulting from investment operations (in usd per share)	$ 0.65		$ 0.80	1.66		2.11
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 33.60		$ 32.35	$ 33.60		$ 32.35
Net assets, end of period	$ 389,435		$ 251,558	$ 389,435		$ 251,558
Average net assets				$ 336,616		$ 204,736
Shares outstanding end of period (in shares)	11,590		7,777	11,590		7,777
Distributions declared				$ 9,470		$ 6,039
Total investment return based on net asset value before total return incentive fee (as a percent)				6.25%		8.32%
Total investment return based on net asset value after total return incentive fee (as a percent)				5.11%		6.86%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.31%		2.51%
Total operating expenses before Expense Support (reimbursement)				3.58%		4.20%
Total operating expenses after Expense Support (reimbursement)				3.59%		4.60%
Net investment income before total return incentive fee				3.21%		3.35%
Net investment income				1.95%		1.67%
Class S Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)				$ 35.39		$ 32.84
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)				1.16		1.20
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				1.16		1.20
Net realized and unrealized gains, net of taxes (in usd per share)				1.01		1.56
Net increase resulting from investment operations (in usd per share)	$ 0.82		$ 0.96	2.17		2.76
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 36.62		$ 34.66	$ 36.62		$ 34.66
Net assets, end of period	$ 64,108		$ 61,183	$ 64,108		$ 61,183
Average net assets				$ 63,431		$ 59,389
Shares outstanding end of period (in shares)	1,751		1,765	1,751		1,765
Distributions declared				$ 1,652		$ 1,655
Total investment return based on net asset value before total return incentive fee (as a percent)				6.91%		9.48%
Total investment return based on net asset value after total return incentive fee (as a percent)				6.21%		8.52%
Ratios to average net assets:
Total operating expenses before total return incentive fee				1.02%		1.13%
Total operating expenses before Expense Support (reimbursement)				1.69%		2.04%
Total operating expenses after Expense Support (reimbursement)				1.69%		2.04%
Net investment income before total return incentive fee				3.90%		4.49%
Net investment income				3.23%		3.58%
[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]Percentages represent fair value as a percentage of net assets for each investment category.[4]Security may be an obligation of one or more entities affiliated with the named company.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	1 Months Ended			9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023		Sep. 30, 2023		Sep. 30, 2022	Nov. 30, 2023	Dec. 31, 2022	[3],[4]
Subsequent Event [Line Items]
Investment		$ 688,266,000	[1],[2]	$ 688,266,000	[1],[2]			$ 583,117,000
Equity
Subsequent Event [Line Items]
Investment		377,884,000	[1],[2]	377,884,000	[1],[2]			299,959,000
Equity | Resolution Economics, LLC | Business Services
Subsequent Event [Line Items]
Investment		7,129,000	[1],[2]	7,129,000	[1],[2]			7,129,000
Investment owned, balance amount		7,166	[1],[2]	7,166	[1],[2]			7,166
Total Senior Secured Notes
Subsequent Event [Line Items]
Investment		$ 260,369,000	[1],[2]	$ 260,369,000	[1],[2]			$ 176,942,000
Class FA
Subsequent Event [Line Items]
Declared distribution (in usd per share)		$ 0.104167		$ 0.104167		$ 0.104167
Class A
Subsequent Event [Line Items]
Declared distribution (in usd per share)		0.104167		0.104167		0.104167
Class T
Subsequent Event [Line Items]
Declared distribution (in usd per share)		0.083333		0.083333		0.083333
Class D
Subsequent Event [Line Items]
Declared distribution (in usd per share)		0.093750		0.093750		0.093750
Class I
Subsequent Event [Line Items]
Declared distribution (in usd per share)		0.104167		0.104167		0.104167
Class S
Subsequent Event [Line Items]
Declared distribution (in usd per share)		$ 0.104167		$ 0.104167		$ 0.104167
Subsequent Event | WCG Sill Adjusting LLC
Subsequent Event [Line Items]
Investment owned percentage	99.10%
Investment	$ 74,400,000
Subsequent Event | Equity | WCG Sill Adjusting LLC
Subsequent Event [Line Items]
Investment	58,500,000
Subsequent Event | Equity | Resolution Economics, LLC | Business Services
Subsequent Event [Line Items]
Investment owned, balance amount							$ 1,600,000
Subsequent Event | Total Senior Secured Notes | WCG Sill Adjusting LLC
Subsequent Event [Line Items]
Investment	$ 15,900,000
Subsequent Event | Class FA
Subsequent Event [Line Items]
Declared distribution (in usd per share)	$ 0.104167
Subsequent Event | Class A
Subsequent Event [Line Items]
Declared distribution (in usd per share)	0.104167
Subsequent Event | Class T
Subsequent Event [Line Items]
Declared distribution (in usd per share)	0.083333
Subsequent Event | Class D
Subsequent Event [Line Items]
Declared distribution (in usd per share)	0.093750
Subsequent Event | Class I
Subsequent Event [Line Items]
Declared distribution (in usd per share)	0.104167
Subsequent Event | Class S
Subsequent Event [Line Items]
Declared distribution (in usd per share)	$ 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.[3]Percentages represent fair value as a percentage of net assets for each investment category.[4]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	Oct. 30, 2023	Nov. 07, 2023	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			$ 32.98	$ 31.49
Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)		$ 33.24
Class A
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			32.81	31.31
Class A | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	$ 36.21	33.12
Selling Commissions, Per Share (in usd per share)	2.17
Dealer Manager Fees, Per Share (in usd per share)	0.91
Class T
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			32.74	31.28
Class T | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	34.83	32.98
Selling Commissions, Per Share (in usd per share)	1.04
Dealer Manager Fees, Per Share (in usd per share)	0.61
Class D
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			32.45	30.96
Class D | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	32.86	32.75
Selling Commissions, Per Share (in usd per share)	0
Dealer Manager Fees, Per Share (in usd per share)	0
Class I
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			$ 33.22	$ 31.71
Class I | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	33.60	$ 33.57
Selling Commissions, Per Share (in usd per share)	0
Dealer Manager Fees, Per Share (in usd per share)	$ 0

Subsequent Events - Gross Proce

Subsequent Events - Gross Proceeds (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 07, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 30, 2023
Distribution Reinvestment Plan
Gross Proceeds		$ 3,401	$ 1,955	$ 8,967	$ 5,271
Total
Shares (in shares)				6,296	4,341
Net Proceeds to Company				$ 207,573	$ 136,747
Average Net Proceeds Per Share (in usd per share)		$ 32.98	$ 31.49	$ 32.98	$ 31.49
Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				6,024	4,173
Gross Proceeds				$ 201,453	$ 133,500
Sales Load				(2,847)	(2,024)
Net Proceeds to Company				$ 198,606	$ 131,476
Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				272	168
Gross Proceeds				$ 8,967	$ 5,271
Class A
Total
Shares (in shares)				2,048	541
Net Proceeds to Company				$ 67,186	$ 16,959
Average Net Proceeds Per Share (in usd per share)		32.81	31.31	$ 32.81	$ 31.31
Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				1,989	503
Gross Proceeds				$ 67,210	$ 16,978
Sales Load				(1,944)	(1,232)
Net Proceeds to Company				$ 65,266	$ 15,746
Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				59	38
Gross Proceeds				$ 1,920	$ 1,213
Class T
Total
Shares (in shares)				609	557
Net Proceeds to Company				$ 19,922	$ 17,423
Average Net Proceeds Per Share (in usd per share)		32.74	31.28	$ 32.74	$ 31.28
Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				569	531
Gross Proceeds				$ 19,526	$ 17,394
Sales Load				(903)	(792)
Net Proceeds to Company				$ 18,623	$ 16,602
Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				40	26
Gross Proceeds				$ 1,299	$ 821
Class D
Total
Shares (in shares)				555	664
Net Proceeds to Company				$ 17,986	$ 20,586
Average Net Proceeds Per Share (in usd per share)		32.45	30.96	$ 32.45	$ 30.96
Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				521	646
Gross Proceeds				$ 16,897	$ 20,010
Sales Load				0	0
Net Proceeds to Company				$ 16,897	$ 20,010
Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				34	18
Gross Proceeds				$ 1,089	$ 576
Class I
Total
Shares (in shares)				3,084	2,579
Net Proceeds to Company				$ 102,479	$ 81,779
Average Net Proceeds Per Share (in usd per share)		$ 33.22	$ 31.71	$ 33.22	$ 31.71
Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				2,945	2,493
Gross Proceeds				$ 97,820	$ 79,118
Sales Load				0	0
Net Proceeds to Company				$ 97,820	$ 79,118
Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				139	86
Gross Proceeds				$ 4,659	$ 2,661
Subsequent Event
Total
Shares (in shares)	610
Net Proceeds to Company	$ 20,275
Average Net Proceeds Per Share (in usd per share)	$ 33.24
Subsequent Event | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	572
Gross Proceeds	$ 19,320
Sales Load	(295)
Net Proceeds to Company	$ 19,025
Subsequent Event | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	38
Gross Proceeds	$ 1,250
Subsequent Event | Class A
Total
Shares (in shares)	266
Net Proceeds to Company	$ 8,810
Average Net Proceeds Per Share (in usd per share)	$ 33.12					$ 36.21
Subsequent Event | Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	256
Gross Proceeds	$ 8,681
Sales Load	(209)
Net Proceeds to Company	$ 8,472
Subsequent Event | Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	10
Gross Proceeds	$ 338
Subsequent Event | Class T
Total
Shares (in shares)	58
Net Proceeds to Company	$ 1,913
Average Net Proceeds Per Share (in usd per share)	$ 32.98					34.83
Subsequent Event | Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	53
Gross Proceeds	$ 1,848
Sales Load	(86)
Net Proceeds to Company	$ 1,762
Subsequent Event | Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	5
Gross Proceeds	$ 151
Subsequent Event | Class D
Total
Shares (in shares)	59
Net Proceeds to Company	$ 1,932
Average Net Proceeds Per Share (in usd per share)	$ 32.75					32.86
Subsequent Event | Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	55
Gross Proceeds	$ 1,794
Sales Load	0
Net Proceeds to Company	$ 1,794
Subsequent Event | Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	4
Gross Proceeds	$ 138
Subsequent Event | Class I
Total
Shares (in shares)	227
Net Proceeds to Company	$ 7,620
Average Net Proceeds Per Share (in usd per share)	$ 33.57					$ 33.60
Subsequent Event | Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	208
Gross Proceeds	$ 6,997
Sales Load	0
Net Proceeds to Company	$ 6,997
Subsequent Event | Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	19
Gross Proceeds	$ 623