CNL Strategic Capital 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 08, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001684682
Current Fiscal Year End Date	--12-31
Class FA
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,106,671
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		6,044,026
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,565,283
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,795,142
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,974,666
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,746,383

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Assets
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	$ 903,133	[1],[2]	$ 876,843	[3],[4]
Cash and cash equivalents	159,876		134,453
Receivable for shares sold	0		1,411
Prepaid expenses and other assets	537		440
Total assets	1,063,546		1,013,147
Liabilities
Due to related parties, net (Note 5)	5,844		15,787
Payable for shares repurchased	13,780		8,224
Deferred tax liabilities, net	8,233		7,462
Accounts payable and other accrued expenses	1,456		2,325
Total liabilities	29,313		33,798
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	894,267		851,529
Distributable earnings	139,935		127,791
Total Members’ Equity	1,034,233		979,349
Class FA
Members’ Equity (Net Assets)
Common shares	$ 4		$ 4
Net asset value per share at end of period (usd per share)	$ 37.20		$ 36.67
Class A
Members’ Equity (Net Assets)
Common shares	$ 6		$ 5
Net asset value per share at end of period (usd per share)	$ 33.94		$ 33.57
Class T
Members’ Equity (Net Assets)
Common shares	$ 3		$ 3
Net asset value per share at end of period (usd per share)	$ 33.99		$ 33.64
Class D
Members’ Equity (Net Assets)
Common shares	$ 3		$ 3
Net asset value per share at end of period (usd per share)	$ 33.68		$ 33.31
Class I
Members’ Equity (Net Assets)
Common shares	$ 13		$ 12
Net asset value per share at end of period (usd per share)	$ 34.44		$ 34.06
Class S
Members’ Equity (Net Assets)
Common shares	$ 2		$ 2
Net asset value per share at end of period (usd per share)	$ 37.80		$ 37.25
Affiliated Investments
Assets
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	$ 903,133		$ 876,843
[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	Mar. 31, 2024		Dec. 31, 2023
Amortized Cost	$ 729,266	[1],[2]	$ 719,976	[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)	4,107		4,179
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)	6,045		5,328
Common stock, shares outstanding (in shares)	5,832		5,152
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)	3,284		3,179
Common stock, shares outstanding (in shares)	2,552		2,629
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)	2,834		2,714
Common stock, shares outstanding (in shares)	2,733		2,632
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)	13,661		12,846
Common stock, shares outstanding (in shares)	12,737		12,095
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)	1,746		1,748
Affiliated Investments
Amortized Cost	$ 729,266		$ 719,976
[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
	Mar. 31, 2024	Mar. 31, 2023
Investment income
Total investment income	$ 14,920	$ 13,318
Operating expenses
Total return incentive fees	4,485	3,635
Base management fees	4,018	2,663
Offering expenses	256	904
Professional services	587	500
Pursuit costs	505	185
Distribution and shareholder servicing fees	318	269
Custodian and accounting fees	133	138
Insurance expense	50	54
Director fees and expenses	53	51
General and administrative expenses	89	148
Total operating expenses	10,494	8,547
Expense support	(295)	(355)
Reimbursement of expense support	0	242
Net operating expenses	10,199	8,434
Net investment income before taxes	4,721	4,884
Income tax expense	0	27
Net investment income	4,721	4,911
Realized and unrealized gain (loss) on investments
Total net realized gain on investments	0	4
Net change in unrealized appreciation on investments:
Total net change in unrealized appreciation on investments	16,230	13,088
Provision for deferred taxes on investments	771	1,524
Net increase in net assets resulting from operations	20,951	18,003
Affiliated Investments
Investment income
Interest income	9,927	6,848
Dividend income	3,673	5,237
Net change in unrealized appreciation on investments:
Total net change in unrealized appreciation on investments	17,001	14,636
US Treasury Bill Securities
Investment income
Interest and dividend income	1,320	1,233
Net change in unrealized appreciation on investments:
Total net change in unrealized appreciation on investments	0	(24)
Class FA
Operating expenses
Total return incentive fees	394	418
Base management fees	265	255
Offering expenses	$ 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)	$ 0.84	$ 0.91
Weighted average shares outstanding (in shares)	4,179	4,244
Class A
Operating expenses
Total return incentive fees	$ 958	$ 442
Base management fees	850	317
Offering expenses	$ 99	$ 184
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.68	$ 0.78
Weighted average shares outstanding (in shares)	5,401	2,265
Class T
Operating expenses
Total return incentive fees	$ 395	$ 437
Base management fees	405	353
Offering expenses	$ 16	$ 143
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.60	$ 0.70
Weighted average shares outstanding (in shares)	2,648	2,458
Class D
Operating expenses
Total return incentive fees	$ 439	$ 378
Base management fees	414	289
Offering expenses	$ 17	$ 82
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	$ 0.74
Weighted average shares outstanding (in shares)	2,666	2,016
Class I
Operating expenses
Total return incentive fees	$ 2,130	$ 1,773
Base management fees	1,957	1,328
Offering expenses	$ 124	$ 495
Net increase in net assets resulting from operations per share
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.69	$ 0.79
Weighted average shares outstanding (in shares)	12,373	9,091
Class S
Operating expenses
Total return incentive fees	$ 169	$ 187
Base management fees	127	121
Offering expenses	$ 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)	$ 0.86	$ 0.95
Weighted average shares outstanding (in shares)	1,748	1,765

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Total Net Assets
Beginning balance	$ 979,349	[1],[2]	$ 709,099
Net investment income	4,721		4,911
Net realized loss on investments	0		4
Net change in unrealized appreciation on investments	16,230		13,088
Distributions to shareholders	(8,807)		(6,601)
Issuance of common shares through the Public Offerings	52,464		59,360
Issuance of common shares through distribution reinvestment plan	$ 4,056		$ 2,590
Repurchase of common shares pursuant to share repurchase program (in shares)	(400)		(74)
Repurchase of common shares pursuant to share repurchase program	$ (13,780)		$ (2,491)
Ending balance	$ 1,034,233	[3],[4]	$ 779,960
Common Stock
Total Net Assets
Beginning balance (in shares)	28,435		21,276
Beginning balance	$ 29		$ 21
Issuance of common shares through the Public Offerings (in shares)	1,552		1,806
Issuance of common shares through the Public Offerings	$ 2		$ 2
Issuance of common shares through distribution reinvestment plan (in shares)	120		79
Repurchase of common shares pursuant to share repurchase program (in shares)	(400)		(74)
Ending balance (in shares)	29,707		23,087
Ending balance	$ 31		$ 23
Capital in Excess of Par Value
Total Net Assets
Beginning balance	851,529		615,383
Issuance of common shares through the Public Offerings	52,462		59,358
Issuance of common shares through distribution reinvestment plan	4,056		2,590
Repurchase of common shares pursuant to share repurchase program	(13,780)		(2,491)
Ending balance	894,267		674,840
Distributable Earnings
Total Net Assets
Beginning balance	127,791		93,695
Net investment income	4,721		4,911
Net realized loss on investments			4
Net change in unrealized appreciation on investments	16,230		13,088
Distributions to shareholders	(8,807)		(6,601)
Ending balance	$ 139,935		$ 105,097
[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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net increase in net assets resulting from operations	$ 20,951	$ 18,003
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	649	165
Proceeds from redemptions/sales of U.S. Treasury bills	0	412,225
Net realized gain on investments	0	(4)
Net change in unrealized appreciation on investments, excluding deferred taxes	(17,001)	(14,612)
Accretion of discounts	0	(1,022)
Decrease in due to related parties	(9,943)	(10,622)
(Decrease) increase in accounts payable and other accrued expenses	(869)	496
Increase in deferred tax liabilities, net	771	1,524
Increase (decrease) in prepaid expenses and other assets	46	(60)
Other operating activities	20	82
Net cash used in operating activities	(15,314)	(58,813)
Financing Activities:
Proceeds from issuance of common shares	53,875	34,415
Payment on repurchases of common shares	(8,224)	(2,368)
Distributions paid, net of distributions reinvested	(4,751)	(4,011)
Deferred financing costs	(163)	(125)
Net cash provided by financing activities	40,737	27,911
Net increase (decrease) in cash and cash equivalents	25,423	(30,902)
Cash and cash equivalents, beginning of period	134,453	36,837
Cash and cash equivalents, end of period	159,876	5,935
Supplemental disclosure of cash flow information and non-cash financing activities:
Distributions reinvested	4,056	2,590
Amounts incurred but not paid (including amounts due to related parties):
Offering costs	134	380
Payable for shares repurchased	13,780	2,491
Affiliated Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	(9,938)	(106,000)
US Treasury Bill Securities
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	$ 0	$ (358,988)

CONDENSED CONSOLIDATED SCHEDULE

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)		3 Months Ended		12 Months Ended
		Mar. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)
Amortized Cost		$ 729,266,000	[1],[2]	$ 719,976,000	[3],[4]
Fair Value		903,133,000	[1],[2]	876,843,000	[3],[4]
OTHER ASSETS IN EXCESS OF LIABILITIES		131,100,000	[1],[2]	102,506,000	[3],[4]
Net Assets		1,034,233,000	[1],[2]	$ 979,349,000	[3],[4]
First lien
Amortized Cost	[1],[2]	51,990,000
Fair Value	[1],[2]	$ 51,990,000
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 | ATA Holding Company, LLC
Interest Rate (as a percent)	[3],[4]			0.150
First lien | ATA Holding Company, LLC | Real Estate Services [Member]
Principal Amount / No. Shares (in shares)	[3],[4]			$ 37,000,000
Amortized Cost	[3],[4]			37,000,000
Fair Value	[3],[4]			$ 37,000,000
First lien | Auriemma U.S. Roundtables
Interest Rate (as a percent)	[3],[4]			0.080
First lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions [Member]
Principal Amount / No. Shares (in shares)	[3],[4]			$ 2,000,000
Amortized Cost	[3],[4]			2,000,000
Fair Value	[3],[4]			$ 2,000,000
First lien | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)	[3],[4]			0.150
First lien | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[3],[4]			$ 24,400,000
Amortized Cost	[3],[4]			24,400,000
Fair Value	[3],[4]			24,400,000
First lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		29,490,000	[1],[2],[5]	29,490,000	[3],[4],[6]
Amortized Cost		29,490,000	[1],[2],[5]	29,490,000	[3],[4],[6]
Fair Value		29,490,000	[1],[2],[5]	$ 29,490,000	[3],[4],[6]
First lien | Polyform Products, Co.
Interest Rate (as a percent)	[3],[4]			0.160
First lien | Polyform Products, Co. | Hobby Goods and Supplies [Member]
Principal Amount / No. Shares (in shares)	[3],[4]			$ 15,700,000
Amortized Cost	[3],[4]			15,700,000
Fair Value	[3],[4]			$ 15,700,000
First lien | Sill Holdings, LLC
Interest Rate (as a percent)	[3],[4]			0.140
First lien | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)	[3],[4]			$ 15,851,000
Amortized Cost	[3],[4]			15,851,000
Fair Value	[3],[4]			$ 15,851,000
First lien | Tacmed Holdings, LLC
Interest Rate (as a percent)	[3],[4]			0.160
First lien | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[3],[4]			$ 29,000,000
Amortized Cost	[3],[4]			29,000,000
Fair Value	[3],[4]			29,000,000
First lien | Douglas Machines Corp. | Sanitation Products
Amortized Cost	[3],[4]			200,816,000
Fair Value	[3],[4]			200,816,000
First lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[3],[4]			24,875,000
Amortized Cost	[3],[4]			24,875,000
Fair Value	[3],[4]			24,875,000
Secured
Amortized Cost	[1],[2]	148,764,000
Fair Value	[1],[2]	$ 148,764,000
Secured | ATA Holding Company, LLC | Real Estate Services [Member]
Interest Rate (as a percent)	[1],[2],[7]	0.150
Principal Amount / No. Shares (in shares)	[1],[2],[7]	$ 37,000,000
Amortized Cost	[1],[2],[7]	37,000,000
Fair Value	[1],[2],[7]	$ 37,000,000
Secured | Auriemma Consulting Group, Inc. | Information Services and Advisory Solutions [Member]
Interest Rate (as a percent)	[1],[2],[7]	0.080
Principal Amount / No. Shares (in shares)	[1],[2],[7]	$ 2,000,000
Amortized Cost	[1],[2],[7]	2,000,000
Fair Value	[1],[2],[7]	$ 2,000,000
Secured | Healthcare Safety Holdings, LLC | Healthcare Supplies
Interest Rate (as a percent)	[1],[2],[7]	0.150
Principal Amount / No. Shares (in shares)	[1],[2],[7]	$ 24,400,000
Amortized Cost	[1],[2],[7]	24,400,000
Fair Value	[1],[2],[7]	$ 24,400,000
Secured | Polyform Products, Co. | Hobby Goods and Supplies [Member]
Interest Rate (as a percent)	[1],[2],[7]	0.160
Principal Amount / No. Shares (in shares)	[1],[2],[7]	$ 15,700,000
Amortized Cost	[1],[2],[7]	15,700,000
Fair Value	[1],[2],[7]	$ 15,700,000
Secured | Sill Holdings, LLC | Business Services
Interest Rate (as a percent)	[7]	0.140
Principal Amount / No. Shares (in shares)	[7]	$ 15,851,000
Amortized Cost	[7]	15,851,000
Fair Value	[7]	$ 15,851,000
Secured | Tacmed Holdings, LLC | Healthcare Supplies
Interest Rate (as a percent)	[1],[2],[7]	0.160
Principal Amount / No. Shares (in shares)	[1],[2],[7]	$ 29,000,000
Amortized Cost	[1],[2],[7]	29,000,000
Fair Value	[1],[2],[7]	29,000,000
Secured | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[5],[7]	24,813,000
Amortized Cost	[1],[2],[5],[7]	24,813,000
Fair Value	[1],[2],[5],[7]	24,813,000
Second lien
Amortized Cost		76,718,000	[1],[2]	75,342,000	[3],[4]
Fair Value		$ 76,718,000	[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 [Member]
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 | Lawn Doctor, Inc.
Interest Rate (as a percent)		0.160	[1],[2]	0.160	[3],[4]
Second lien | Lawn Doctor, Inc. | Sanitation Products
Fair Value	[3],[4]			$ 15,000,000
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 | 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	[1],[2]	$ 15,000,000
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 | USA Water Intermediate Holdings, LLC
Interest Rate (as a percent)	[1],[2]	0.160
Second lien | USA Water Intermediate Holdings, LLC | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2]	$ 1,376,000
Amortized Cost	[1],[2]	1,376,000
Fair Value	[1],[2]	$ 1,376,000
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		277,472,000	[1],[2]	276,158,000	[3],[4]
Fair Value		277,472,000	[1],[2]	276,158,000	[3],[4]
Equity
Amortized Cost		451,794,000	[1],[2]	443,818,000	[3],[4]
Fair Value		625,661,000	[1],[2]	600,685,000	[3],[4]
Equity | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)		57,368	[1],[2],[8]	57,368	[3],[4],[9]
Amortized Cost		56,816,000	[1],[2],[8]	57,189,000	[3],[4],[9]
Fair Value		62,632,000	[1],[2],[8]	60,451,000	[3],[4],[9]
Equity | ATA Holding Company, LLC | Real Estate Services [Member]
Principal Amount / No. Shares (in shares)		37,985	[1],[2],[8]	37,985	[3],[4],[9]
Amortized Cost		37,125,000	[1],[2],[5],[8]	37,125,000	[3],[4],[9]
Fair Value		32,809,000	[1],[2],[5],[8]	32,376,000	[3],[4],[9]
Equity | Auriemma U.S. Roundtables | Information Services and Advisory Solutions [Member]
Principal Amount / No. Shares (in shares)		33,094	[1],[2],[5],[8]	33,094	[3],[4],[9]
Amortized Cost		33,476,000	[1],[2],[5],[8]	33,476,000	[3],[4],[9]
Fair Value		59,170,000	[1],[2],[5],[8]	58,964,000	[3],[4],[9]
Equity | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)		17,320	[1],[2],[8]	17,320	[3],[4],[9]
Amortized Cost		17,320,000	[1],[2],[8]	17,320,000	[3],[4],[9]
Fair Value		45,927,000	[1],[2],[8]	44,988,000	[3],[4],[9]
Equity | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		7,746	[1],[2],[8]	7,746	[3],[4],[9]
Amortized Cost		27,555,000	[1],[2],[8]	27,611,000	[3],[4],[9]
Fair Value		80,466,000	[1],[2],[8]	75,165,000	[3],[4],[9]
Equity | Polyform Products, Co. | Hobby Goods and Supplies [Member]
Principal Amount / No. Shares (in shares)		10,820	[1],[2],[8]	10,820	[3],[4],[9]
Amortized Cost		15,599,000	[1],[2],[8]	15,599,000	[3],[4],[9]
Fair Value		14,532,000	[1],[2],[8]	15,964,000	[3],[4],[9]
Equity | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)		58,549	[1],[2],[8]	58,549	[3],[4],[9]
Amortized Cost		58,549,000	[1],[2],[8]	58,549,000	[3],[4],[9]
Fair Value		58,549,000	[1],[2],[8]	58,549,000	[3],[4],[9]
Equity | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)		77,000	[1],[2],[8]	77,000	[3],[4],[9]
Amortized Cost		76,744,000	[1],[2],[8]	77,000,000	[3],[4],[9]
Fair Value		81,631,000	[1],[2],[8]	77,000,000	[3],[4],[9]
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		26,247,000	[1],[2]	22,926,000	[3],[4]
Equity | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)		35,500	[1],[2],[8]	35,500	[3],[4],[9]
Amortized Cost		35,500,000	[1],[2],[8]	35,500,000	[3],[4],[9]
Fair Value		42,982,000	[1],[2],[8]	43,379,000	[3],[4],[9]
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		19,639,000	[1],[2]	20,982,000	[3],[4]
Equity | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)		7,666	[1],[2]	7,666	[3],[4]
Amortized Cost		8,118,000	[1],[2]	8,081,000	[3],[4]
Fair Value		15,683,000	[1],[2]	15,189,000	[3],[4]
Equity | USA Water Intermediate Holdings, LLC | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2]	86,245
Amortized Cost	[1],[2]	8,624,000
Fair Value	[1],[2]	8,624,000
Equity | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)		56,928	[1],[2],[8]	56,928	[3],[4],[9]
Amortized Cost		56,928,000	[1],[2],[8]	56,928,000	[3],[4],[9]
Fair Value		76,770,000	[1],[2],[8]	74,752,000	[3],[4],[9]
Affiliated Investments
Amortized Cost		729,266,000		719,976,000
Fair Value		$ 903,133,000		$ 876,843,000
[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 March 31, 2024, 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 March 31, 2024 was 5.32%.[6]As of December 31, 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 December 31, 2023 was 5.34%.[7]The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.[8]As of March 31, 2024, the Company owned a controlling interest in this portfolio company.[9]As of December 31, 2023, the Company owned a controlling interest in this portfolio company.

CONDENSED CONSOLIDATED SCHEDU_2

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED) (Parenthetical) - USD ($)		Mar. 31, 2024		Dec. 31, 2023
Fair Value Percentage of Net Assets (as a percent)		87.30%	[1],[2]	89.50%
OTHER ASSETS IN EXCESS OF LIABILITIES (as a percent)		12.70%	[1],[2]	10.50%
NET ASSETS (as a percent)		100%	[1],[2]	100%
Amortized Cost		$ 729,266,000	[1],[2]	$ 719,976,000	[3],[4]
First lien
Fair Value Percentage of Net Assets (as a percent)		5%	[1],[2]	20.50%
Amortized Cost	[1],[2]	$ 51,990,000
First lien | Commercial and Professional Services | Lawn Doctor, Inc.
Principal Amount / No. Shares (in shares)		29,490,000	[1],[2],[5]	$ 29,490,000	[3],[4],[6]
Amortized Cost		$ 29,490,000	[1],[2],[5]	29,490,000	[3],[4],[6]
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
Principal Amount / No. Shares (in shares)	[3],[4]			24,875,000
Amortized Cost	[3],[4]			$ 24,875,000
First lien | Engineered Products | Vektek Holdings, LLC | Secured Overnight Financing Rate (SOFR)
Variable rate		4.35%
Secured
Fair Value Percentage of Net Assets (as a percent)	[1],[2]	14.40%
Amortized Cost	[1],[2]	$ 148,764,000
Secured | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[5],[7]	24,813,000
Amortized Cost	[1],[2],[5],[7]	$ 24,813,000
Second lien
Fair Value Percentage of Net Assets (as a percent)		7.40%	[1],[2]	7.70%
Amortized Cost		$ 76,718,000	[1],[2]	$ 75,342,000	[3],[4]
Second lien | Commercial and Professional Services | Lawn Doctor, Inc.
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]
Second lien | Engineered Products | Vektek Holdings, LLC
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]
Total Senior Secured Notes
Amortized Cost		$ 277,472,000	[1],[2]	$ 276,158,000	[3],[4]
Equity
Fair Value Percentage of Net Assets (as a percent)		60.50%	[1],[2]	61.30%	[3],[4]
Amortized Cost		$ 451,794,000	[1],[2]	$ 443,818,000	[3],[4]
Equity | Commercial and Professional Services | Lawn Doctor, Inc.
Principal Amount / No. Shares (in shares)		7,746	[1],[2],[8]	7,746	[3],[4],[9]
Amortized Cost		27,555,000	[1],[2],[8]	27,611,000	[3],[4],[9]
Equity | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)		56,928	[1],[2],[8]	56,928	[3],[4],[9]
Amortized Cost		56,928,000	[1],[2],[8]	56,928,000	[3],[4],[9]
Affiliated Investments
Amortized Cost		$ 729,266,000		$ 719,976,000
[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 March 31, 2024, 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 March 31, 2024 was 5.32%.[6]As of December 31, 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 December 31, 2023 was 5.34%.[7]The Company has a first lien on this portfolio company’s assets, except in cases when the portfolio company has a revolving line of credit provided by a third party lender. In some instances the revolving lender has a first priority lien on all assets, whereas, in others, the revolving lender has a first priority lien on only accounts receivable and inventory, if applicable, and a second lien on all other assets.[8]As of March 31, 2024, the Company owned a controlling interest in this portfolio company.[9]As of December 31, 2023, the Company owned a controlling interest in this portfolio company.

Principal Business and Organiza

Principal Business and Organization	3 Months Ended
	Mar. 31, 2024
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. The Company intends to acquire, directly or through syndication, various types of debt including secured and senior unsecured debt, notes and other instruments. The Company may also acquire minority equity interests as a standalone investment and as a co-investment in combination with other funds and partnerships managed by LLCP or its 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”). On February 15, 2024, the Company filed a registration statement on Form S-1 (the “Second Follow-On Registration Statement”) with the SEC in connection with the proposed offering of shares of our limited liability company interest (the “Second Follow-On Public Offering”) which share amounts may be adjusted. As permitted under applicable securities laws, the Company will continue to offer its common shares in the Follow-On Public Offering until the effective date of the Second Follow-On Registration Statement, upon which the current Registration Statement will be 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	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, the Company held no cash equivalents. As of December 31, 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 $73.1 million which represented 7.2% of total assets. 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 three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 265 $ 850 $ 405 $ 414 $ 1,957 $ 127 Total return incentive fees 394 958 395 439 2,130 169 Offering expenses — 99 16 17 124 — Expense support — — — — (257) (38) Other class-specific expenses (1) 9 34 227 117 53 6 Three Months Ended March 31, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 255 $ 317 $ 353 $ 289 $ 1,328 $ 121 Total return incentive fees 418 442 437 378 1,773 187 Offering expenses — 184 143 82 495 — Expense reimbursement (support) 242 (38) — — (317) — Other class-specific expenses (1) 11 25 208 92 60 6 (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. 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, if the Company were otherwise treated as a publicly traded partnership, the Company would 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” During the three months ended March 31, 2024 and 2023, the Company did not incur any material interest or penalties. Tax years ending December 31, 2020 and forward remain subject to examination by taxing authorities. Recently Issued Accounting Standards Updates In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial statements; however, we do not expect a material impact to our consolidated financials statements as ASU 2023-07 results in additional disclosure only. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments In February 2024, the Company, through its wholly-owned subsidiaries, USAW Strategic Capital EquityCo, LLC and USAW Strategic Capital DebtCo, LLC, made a co-investment in USA Water Intermediate Holdings, LLC (“USAW”) of approximately $10.0 million. The Company’s co-investment is comprised of a minority common equity position of approximately $8.6 million and $1.4 million of senior secured subordinated notes. The Company’s investment portfolio is summarized as follows as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 51,990 $ 51,990 5.8 % 5.0 % Secured 148,764 148,764 16.5 14.4 Second lien 76,718 76,718 8.4 7.4 Total senior secured debt 277,472 277,472 30.7 26.8 Equity 451,794 625,661 69.3 60.5 Total investments $ 729,266 $ 903,133 100.0 % 87.3 % As of December 31, 2023 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 200,816 $ 200,816 22.9 % 20.5 % Second lien 75,342 75,342 8.6 7.7 Total senior secured debt 276,158 276,158 31.5 28.2 Equity 443,818 600,685 68.5 61.3 Total investments $ 719,976 $ 876,843 100.0 % 89.5 % 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 4.5 years as of March 31, 2024. The note purchase agreements contain customary covenants and events of default. As of March 31, 2024, all of the Company’s portfolio companies were in compliance with their respective debt covenants. As of March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023 were as follows: Industry March 31, 2024 December 31, 2023 Healthcare Supplies 20.0 % 20.0 % Engineered Products 16.5 16.9 Commercial and Professional Services 15.0 13.6 Business Services 13.5 13.5 Visual Safety Solutions 9.4 9.5 Information Services and Advisory Solutions 8.1 8.3 Real Estate Services 7.8 7.9 Sanitation Products 6.4 6.7 Hobby Goods and Supplies 3.3 3.6 Total 100.0 % 100.0 % All investment positions held at March 31, 2024 and December 31, 2023 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 five significant portfolio companies in which it owned a controlling equity interest during the three months ended March 31, 2024 and 2023. The following tables present unaudited summarized operating data for the three months ended March 31, 2024 and 2023, and summarized balance sheet data as of March 31, 2024 (unaudited) and December 31, 2023 for these portfolio companies (in thousands): Lawn Doctor Three Months Ended 2024 2023 Revenues $ 9,792 $ 9,128 Expenses (9,589) (8,938) Income before taxes 203 190 Income tax expense (169) (80) Consolidated net income 34 110 Net loss attributable to non-controlling interests 182 147 Net income $ 216 $ 257 As of March 31, 2024 As of December 31, 2023 Current assets $ 12,592 $ 10,359 Non-current assets 88,425 89,666 Current liabilities 9,538 7,484 Non-current liabilities 62,182 62,530 Non-controlling interests 65 246 Stockholders’ equity 29,232 29,765 Ownership percentage (1) 61 % 61 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Roundtables Three Months Ended 2024 2023 Revenues $ 4,311 $ 4,079 Expenses (4,498) (4,013) (Loss) income before taxes (187) 66 Income tax benefit (expense) 44 (7) Net (loss) income $ (143) $ 59 As of March 31, 2024 As of December 31, 2023 Current assets $ 12,346 $ 2,376 Non-current assets 58,694 59,192 Current liabilities 13,376 5,071 Non-current liabilities 21,398 19,399 Stockholders’ equity 36,266 37,098 Ownership percentage (1) 81 % 81 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Douglas Three Months Ended 2024 2023 Revenues $ 6,552 $ 8,431 Expenses (6,348) (7,844) Income before taxes 204 587 Income tax expense (14) (138) Net income $ 190 $ 449 As of March 31, 2024 As of December 31, 2023 Current assets $ 10,350 $ 10,750 Non-current assets 46,672 46,850 Current liabilities 3,784 4,458 Non-current liabilities 16,188 16,271 Stockholders’ equity 37,050 36,871 Ownership percentage (1) 90 % 90 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek Three Months Ended 2024 2023 Revenues $ 9,072 $ 10,421 Expenses (8,796) (9,656) Income before taxes 276 765 Income tax expense — (13) Net income $ 276 $ 752 As of March 31, 2024 As of December 31, 2023 Current assets $ 14,542 $ 14,846 Non-current assets 98,614 99,254 Current liabilities 2,054 2,182 Non-current liabilities 49,563 49,625 Stockholders’ equity 61,539 62,293 Ownership percentage (1) 84 % 84 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. TacMed The Company acquired its investments in TacMed in March 2023. Three Months Ended 2024 2023 Revenues $ 8,428 $ 786 Expenses (10,763) (2,854) Loss before taxes (2,335) (2,068) Income tax benefit (expense) 228 (20) Net loss $ (2,107) $ (2,088) As of March 31, 2024 As of December 31, 2023 Current assets $ 20,449 $ 22,128 Non-current assets 91,103 92,209 Current liabilities 4,108 4,206 Non-current liabilities 35,015 35,345 Stockholders’ equity 72,429 74,786 Ownership percentage (1) 95 % 95 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 277,472 $ 277,472 $ — $ — $ 276,158 $ 276,158 Equity — — 625,661 625,661 — — 600,685 600,685 Total Investments $ — $ — $ 903,133 $ 903,133 $ — $ — $ 876,843 $ 876,843 The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): As of March 31, 2024 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 276,096 Discounted Cash Flow Discount Rate 10.8% – 14.5% (12.7%) 6.3x – 15.1x (11.7x) Decrease 1,376 Transaction Precedent Transaction Price N/A N/A Equity 617,037 Discounted Cash Flow Discount Rate 10.8% – 14.5% (12.7%) 6.3x – 15.1x (11.7x) Decrease 8,624 Transaction Precedent Transaction Price N/A N/A Total $ 903,133 As of December 31, 2023 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 276,158 Discounted Cash Flow Discount Rate 10.5% – 14.5% (12.5%) 6.9x – 15.1x (10.8x) 6.3x – 16.0x (11.9x) Decrease Equity 600,685 Discounted Cash Flow Discount Rate 10.5% – 14.5% (12.5%) 6.9x – 15.1x (10.8x) 6.3x – 16.0x (11.9x) Decrease Total $ 876,843 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 March 31, 2024 and December 31, 2023. 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 three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Senior Debt Equity Total Fair value balance as of January 1, 2024 $ 276,158 $ 600,685 $ 876,843 Additions 1,376 8,624 10,000 Principal repayment (62) — (62) Return of capital (1) — (649) (649) Net change in unrealized appreciation (2) — 17,001 17,001 Fair value balance as of March 31, 2024 $ 277,472 $ 625,661 $ 903,133 Change in net unrealized appreciation on investments held as of March 31, 2024 (2) $ — $ 17,001 $ 17,001 Three Months Ended March 31, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 29,000 77,000 106,000 Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 14,636 14,636 Fair value balance as of March 31, 2023 $ 205,942 $ 503,366 $ 709,308 Change in net unrealized appreciation on investments held as of March 31, 2023 (2) $ — $ 14,636 $ 14,636 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	3 Months Ended
	Mar. 31, 2024
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 $0.3 million and $0.9 million during the three months ended March 31, 2024 and 2023, respectively. 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 $4.0 million and $2.7 million during the three months ended March 31, 2024 and 2023, 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 $4.5 million and $3.6 million during the three months ended March 31, 2024 and 2023, 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, 2024 and 2023: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2024 $ 36.67 $ 33.57 $ 33.64 $ 33.31 $ 34.06 $ 37.25 December 31, 2023 34.90 32.45 32.46 32.11 32.88 35.39 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 March 31, 2024, approximately $4.9 million had been reimbursed and approximately $0.2 million was no longer eligible for reimbursement. As of March 31, 2024, there was no remaining amount of Expense Support collected from the Manager and Sub-Manager subject to reimbursement. Additionally, the Company accrued expense support due from the Manager and Sub-Manager of approximately $0.3 million and $0.4 million during the three months ended March 31, 2024 and 2023, respectively. Distributions Individuals and entities affiliated with the Manager and Sub-Manager owned approximately 0.4 million shares as of March 31, 2024 and 2023. These individuals and entities received distributions from the Company of approximately $0.1 million during the three months ended March 31, 2024 and 2023, respectively. Related party fees and expenses incurred for the three months ended March 31, 2024 and 2023 are summarized below (in thousands): Three Months Ended March 31, Related Party Source Agreement & Description 2024 2023 Managing Dealer Managing Dealer Agreement: Commissions $ 508 $ 642 Dealer manager fees 84 264 Distribution and shareholder servicing fees 318 269 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 256 904 Base management fees (1) 4,018 2,663 Total return incentive fees (1) 4,485 3,635 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support (295) (355) Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — 242 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 28 25 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 505 185 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. (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 March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Due from related parties: Expense Support $ 295 $ — Total due from related parties 295 — Due to related parties: Total return incentive fees $ (4,485) $ (13,506) Reimbursement of Expense Support — (644) Base management fees (1,390) (1,338) Offering expenses (134) (92) Distribution and shareholder servicing fees (110) (106) Reimbursement of third-party operating expenses and pursuit costs (20) (101) Total due to related parties $ (6,139) $ (15,787)

Distributions

Distributions	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (three record dates). The Company’s distributions are paid in the same month as the declared record date. The following table reflects the total distributions declared during the three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 2023 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 $ 8,807 $ 4,056 $ 4,751 $ 6,601 $ 2,590 $ 4,011 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, 2024 - March 31, 2024 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2023 - March 31, 2023 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): Three Months Ended March 31, 2024 2023 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 4,721 53.6 % $ 4,911 74.4 % Distributions in excess of net investment income (2) 4,086 46.4 1,690 25.6 Total distributions declared $ 8,807 100.0 % $ 6,601 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support, net of $295 and $113 for the three months ended March 31, 2024 and 2023, respectively. See Note 5. “Related Party Transactions” (2) Consists of distributions made from offering proceeds for the periods presented. In March 2024, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on April 26, 2024 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.

Capital Transactions

Capital Transactions	3 Months Ended
	Mar. 31, 2024
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 March 28, 2024, the public offering price was $36.78 per Class A share, $35.38 per Class T share, $33.38 per Class D share and $34.13 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 three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (1) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 598 $ 20,524 $ (442) $ 20,082 34 $ 1,132 632 $ 21,214 $ 33.59 Class T 92 3,231 (150) 3,081 13 452 105 3,533 33.63 Class D 107 3,563 — 3,563 13 447 120 4,010 33.32 Class I 755 25,738 — 25,738 60 2,025 815 27,763 34.07 1,552 $ 53,056 $ (592) $ 52,464 120 $ 4,056 1,672 $ 56,520 $ 33.81 Three Months Ended March 31, 2023 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (1) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company (2) Average Net Proceeds per Share Class A 360 $ 12,248 $ (464) $ 11,784 16 $ 505 376 $ 12,289 $ 32.70 Class T 278 9,511 (442) 9,069 12 403 290 9,472 32.62 Class D 169 5,446 — 5,446 10 329 179 5,775 32.32 Class I 999 33,061 — 33,061 41 1,353 1,040 34,414 33.10 1,806 $ 60,266 $ (906) $ 59,360 79 $ 2,590 1,885 $ 61,950 $ 32.87 FOOTNOTES: (1) 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” (2) Approximately $24.9 million of net proceeds for shares sold and issued on March 31, 2023 were received in cash in April 2023. 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 three months ended March 31, 2024 and 2023, the Company received requests for the repurchase of approximately $13.8 million and $2.5 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 three months ended March 31, 2024 and 2023 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 72 $ 2,675 $ 36.82 Class A 37 1,252 33.65 Class T 97 3,242 33.70 Class D 19 645 33.38 Class I 173 5,900 34.13 Class S 2 66 37.41 Three Months Ended March 31, 2024 400 $ 13,780 $ 34.45 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 16 $ 578 $ 35.26 Class A 10 335 32.72 Class T 3 105 32.69 Class D 6 180 32.36 Class I 38 1,257 33.16 Class S 1 36 35.77 Three Months Ended March 31, 2023 74 $ 2,491 $ 33.52 As of March 31, 2024 and December 31, 2023, the Company had a payable for shares repurchased of approximately $13.8 million and $8.2 million, respectively, which were paid in April and January 2024, 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 three months ended March 31, 2024, approximately 85,000 Class T shares were converted to approximately 85,000 Class A shares at an average conversion rate of 1.00. During the three months ended March 31, 2023, approximately 24,000 Class T shares were converted to approximately 24,000 Class A shares at an average conversion rate of 1.00.

Borrowings

Borrowings	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 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. 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 2022 Line of Credit was expired as of December 31, 2023. In February 2024, CNL Strategic Capital B, Inc. (“Borrower”), a wholly-owned subsidiary of the Company and Valley National Bank, entered into a Revolving Loan Agreement (the “2024 Loan Agreement”) for a $50.0 million revolving line of credit (the “2024 Line of Credit”). Unless extended, the Line of Credit has a maturity date of February 15, 2025. In connection with the 2024 Line of Credit, the Borrower paid a total commitment fee and Valley National Bank expenses of $0.16 million. The Borrower is required to pay interest on any borrowed amounts under the 2024 Line of Credit at a rate per year equal to the 1-Month Term SOFR plus 2.75%. Interest payments are due on the first calendar day of the month in arrears. Furthermore, the Borrower is required to pay a quarterly unused borrowing fee at an annual rate of 0.15% on the difference between (i) total 2024 Line of Credit amount and (ii) the aggregate average daily balance of outstanding borrowings under the 2024 Line of Credit during such quarter. The Borrower may prepay, without penalty, all or any part of the borrowings under the 2024 Loan Agreement at any time and such borrowings are required to be repaid within 180 days of the borrowing date. Under the 2024 Loan Agreement, the Company is required to comply with certain covenants including the requirement to provide certain financial and compliance reports to Valley National Bank and restrictions on incurring certain levels of additional debt by the Company. In February 2024, the Company entered into a Guaranty agreement to act as a guarantor of the Borrower’s outstanding borrowings under the 2024 Loan Agreement (the “Guaranty Agreement”). On February 15, 2024, the Borrower and the Company also entered into a pledge and assignment of bank and deposit accounts (“2024 Pledge Agreement”) in favor of Valley National Bank. Under the 2024 Pledge Agreement, the Company is required to maintain accounts with Valley National Bank, including to contribute proceeds from the Company’s offering, as a pledge of collateral to pay down the outstanding debt to the extent there are any borrowings outstanding under the 2024 Loan Agreement.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Current tax expense $ — $ (27) Deferred tax expense (benefit) 771 1,524 Total income tax expense (benefit) $ 771 $ 1,497 The effective tax rate for the three months ended March 31, 2024 and 2023 was 3.5% and 7.7%, 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 March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Deferred tax assets: Carryforwards for net operating loss $ 1,155 $ 1,249 Unrealized depreciation on investments 861 913 Other 7 — Valuation allowance (1,282) (1,324) Total deferred tax assets 741 838 Deferred tax liabilities: Unrealized appreciation on investments (8,974) (8,300) Total deferred tax liabilities (8,974) (8,300) Deferred tax liabilities, net $ (8,233) $ (7,462)

Concentrations of Risk

Concentrations of Risk	3 Months Ended
	Mar. 31, 2024
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk The Company had five 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.

Commitment & Contingences

Commitment & Contingences	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024, 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	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 36.67 $ 33.57 $ 33.64 $ 33.31 $ 34.06 $ 37.25 Net investment income, before Expense Support (reimbursement) (1) 0.30 0.13 0.06 0.10 0.13 0.29 Expense Support (reimbursement) (1)(2) — — — — 0.02 0.02 Net investment income (1) 0.30 0.13 0.06 0.10 0.15 0.31 Net realized and unrealized gains, net of taxes (1)(3) 0.54 0.55 0.54 0.55 0.54 0.55 Net increase resulting from investment operations 0.84 0.68 0.60 0.65 0.69 0.86 Distributions to shareholders (4) (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net decrease resulting from distributions to shareholders (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net Asset Value, End of Period $ 37.20 $ 33.94 $ 33.99 $ 33.68 $ 34.44 $ 37.80 Net assets, end of period $ 152,782 $ 197,940 $ 86,765 $ 92,046 $ 438,695 $ 66,005 Average net assets (5) $ 153,445 $ 181,432 $ 89,105 $ 88,861 $ 421,591 $ 65,221 Shares outstanding, end of period 4,107 5,832 2,552 2,733 12,737 1,746 Distributions declared $ 1,306 $ 1,683 $ 662 $ 749 $ 3,861 $ 546 Total investment return based on net asset value before total return incentive fee (6) 2.56 % 2.54 % 2.25 % 2.45 % 2.54 % 2.59 % Total investment return based on net asset value after total return incentive fee (6) 2.25 % 2.05 % 1.79 % 1.97 % 2.05 % 2.33 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.30 % 0.68 % 0.86 % 0.75 % 0.64 % 0.32 % Total operating expenses before Expense Support (reimbursement) 0.55 % 1.21 % 1.30 % 1.24 % 1.14 % 0.58 % Total operating expenses after Expense Support (reimbursement) 0.55 % 1.21 % 1.30 % 1.24 % 1.08 % 0.52 % Net investment income before total return incentive fee (8) 1.07 % 0.90 % 0.62 % 0.79 % 0.94 % 1.09 % Net investment income 0.81 % 0.37 % 0.18 % 0.30 % 0.43 % 0.83 % Three Months Ended March 31, 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) 0.38 0.17 0.11 0.15 0.17 0.37 Expense Support (reimbursement) (1)(2) (0.05) 0.02 — — 0.04 — Net investment income (1) 0.33 0.19 0.11 0.15 0.21 0.37 Net realized and unrealized gains, net of taxes (1)(3) 0.58 0.59 0.59 0.59 0.58 0.58 Net increase resulting from investment operations 0.91 0.78 0.70 0.74 0.79 0.95 Distributions to shareholders (4) (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net decrease resulting from distributions to shareholders (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net Asset Value, End of Period $ 35.50 $ 32.92 $ 32.91 $ 32.57 $ 33.36 $ 36.03 Net assets, end of period $ 150,083 $ 85,090 $ 85,762 $ 69,384 $ 326,074 $ 63,567 Average net assets (5) $ 149,170 $ 73,964 $ 80,239 $ 65,138 $ 300,817 $ 62,927 Shares outstanding, end of period 4,228 2,585 2,606 2,130 9,774 1,764 Distributions declared $ 1,326 $ 706 $ 614 $ 566 $ 2,837 $ 552 Total investment return based on net asset value before total return incentive fee (6) 2.90 % 2.91 % 2.68 % 2.88 % 2.88 % 3.01 % Total investment return based on net asset value after total return incentive fee (6) 2.58 % 2.42 % 2.17 % 2.32 % 2.42 % 2.71 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.30 % 0.85 % 1.01 % 0.84 % 0.76 % 0.32 % Total operating expenses before Expense Support (reimbursement) 0.58 % 1.44 % 1.55 % 1.42 % 1.35 % 0.62 % Total operating expenses after Expense Support (reimbursement) 0.74 % 1.39 % 1.55 % 1.42 % 1.24 % 0.62 % Net investment income before total return incentive fee (8) 1.21 % 1.17 % 0.87 % 1.05 % 1.22 % 1.33 % Net investment income 0.93 % 0.57 % 0.33 % 0.47 % 0.63 % 1.03 % 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)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions In April 2024, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on May 28, 2024 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 April 2024, 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 April 30, 2024. 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 April 30, 2024: Offering Price, Per Share $ 37.09 $ 35.69 $ 33.68 $ 34.44 Selling Commissions, Per Share 2.23 1.07 — — Dealer Manager Fees, Per Share 0.92 0.63 — — Capital Transactions During the period April 1, 2024 through May 8, 2024, 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 187 $ 6,491 $ (138) $ 6,353 12 $ 413 199 $ 6,766 $ 34.00 Class T 22 773 (37) 736 4 147 26 883 33.96 Class D 57 1,941 — 1,941 5 152 62 2,093 33.76 Class I 217 7,471 — 7,471 21 707 238 8,178 34.36 483 $ 16,676 $ (175) $ 16,501 42 $ 1,419 525 $ 17,920 $ 34.13

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
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. Overall, the Company believes that the use of investment company accounting on a fair value basis is consistent with the management of its assets on a fair value basis, and makes the Company’s financial statements more useful to investors and other financial statement users in facilitating the evaluation of an investment in the Company as compared to other investment products in the marketplace.
Principles of Consolidation	Principles of Consolidation Under ASC Topic 946 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 March 31, 2024, the Company held no cash equivalents. As of December 31, 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 $73.1 million which represented 7.2% of total assets. 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 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 Repurchases
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 Fees 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.
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, if the Company were otherwise treated as a publicly traded partnership, the Company would 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”
Recently Issued Accounting Standards Updates	Recently Issued Accounting Standards Updates In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). ASU 2023-07 intends to improve reportable segment disclosure requirements, enhance interim disclosure requirements and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods with fiscal years beginning after December 15, 2024. ASU 2023-07 is to be adopted retrospectively to all prior periods presented. We are currently assessing the impact this guidance will have on our consolidated financial statements; however, we do not expect a material impact to our consolidated financials statements as ASU 2023-07 results in additional disclosure only. In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"). ASU 2023-09 intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently assessing the impact of this guidance; however, we do not expect a material impact to our consolidated financial statements.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Class-specific Fee Expense by Share Class	The following table reflects class-specific expenses by share class during the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 265 $ 850 $ 405 $ 414 $ 1,957 $ 127 Total return incentive fees 394 958 395 439 2,130 169 Offering expenses — 99 16 17 124 — Expense support — — — — (257) (38) Other class-specific expenses (1) 9 34 227 117 53 6 Three Months Ended March 31, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 255 $ 317 $ 353 $ 289 $ 1,328 $ 121 Total return incentive fees 418 442 437 378 1,773 187 Offering expenses — 184 143 82 495 — Expense reimbursement (support) 242 (38) — — (317) — Other class-specific expenses (1) 11 25 208 92 60 6 (1) Other class-specific expenses consist of distribution and shareholder servicing fees and certain transfer agent fees.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The Company’s investment portfolio is summarized as follows as of March 31, 2024 and December 31, 2023 (in thousands): As of March 31, 2024 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 51,990 $ 51,990 5.8 % 5.0 % Secured 148,764 148,764 16.5 14.4 Second lien 76,718 76,718 8.4 7.4 Total senior secured debt 277,472 277,472 30.7 26.8 Equity 451,794 625,661 69.3 60.5 Total investments $ 729,266 $ 903,133 100.0 % 87.3 % As of December 31, 2023 Asset Category Cost Fair Value Fair Value Fair Value Senior secured debt First lien $ 200,816 $ 200,816 22.9 % 20.5 % Second lien 75,342 75,342 8.6 7.7 Total senior secured debt 276,158 276,158 31.5 28.2 Equity 443,818 600,685 68.5 61.3 Total investments $ 719,976 $ 876,843 100.0 % 89.5 %
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 March 31, 2024 and December 31, 2023 were as follows: Industry March 31, 2024 December 31, 2023 Healthcare Supplies 20.0 % 20.0 % Engineered Products 16.5 16.9 Commercial and Professional Services 15.0 13.6 Business Services 13.5 13.5 Visual Safety Solutions 9.4 9.5 Information Services and Advisory Solutions 8.1 8.3 Real Estate Services 7.8 7.9 Sanitation Products 6.4 6.7 Hobby Goods and Supplies 3.3 3.6 Total 100.0 % 100.0 %
Summary of Operating and Balance Sheet Data	The following tables present unaudited summarized operating data for the three months ended March 31, 2024 and 2023, and summarized balance sheet data as of March 31, 2024 (unaudited) and December 31, 2023 for these portfolio companies (in thousands): Lawn Doctor Three Months Ended 2024 2023 Revenues $ 9,792 $ 9,128 Expenses (9,589) (8,938) Income before taxes 203 190 Income tax expense (169) (80) Consolidated net income 34 110 Net loss attributable to non-controlling interests 182 147 Net income $ 216 $ 257 As of March 31, 2024 As of December 31, 2023 Current assets $ 12,592 $ 10,359 Non-current assets 88,425 89,666 Current liabilities 9,538 7,484 Non-current liabilities 62,182 62,530 Non-controlling interests 65 246 Stockholders’ equity 29,232 29,765 Ownership percentage (1) 61 % 61 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Roundtables Three Months Ended 2024 2023 Revenues $ 4,311 $ 4,079 Expenses (4,498) (4,013) (Loss) income before taxes (187) 66 Income tax benefit (expense) 44 (7) Net (loss) income $ (143) $ 59 As of March 31, 2024 As of December 31, 2023 Current assets $ 12,346 $ 2,376 Non-current assets 58,694 59,192 Current liabilities 13,376 5,071 Non-current liabilities 21,398 19,399 Stockholders’ equity 36,266 37,098 Ownership percentage (1) 81 % 81 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Douglas Three Months Ended 2024 2023 Revenues $ 6,552 $ 8,431 Expenses (6,348) (7,844) Income before taxes 204 587 Income tax expense (14) (138) Net income $ 190 $ 449 As of March 31, 2024 As of December 31, 2023 Current assets $ 10,350 $ 10,750 Non-current assets 46,672 46,850 Current liabilities 3,784 4,458 Non-current liabilities 16,188 16,271 Stockholders’ equity 37,050 36,871 Ownership percentage (1) 90 % 90 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek Three Months Ended 2024 2023 Revenues $ 9,072 $ 10,421 Expenses (8,796) (9,656) Income before taxes 276 765 Income tax expense — (13) Net income $ 276 $ 752 As of March 31, 2024 As of December 31, 2023 Current assets $ 14,542 $ 14,846 Non-current assets 98,614 99,254 Current liabilities 2,054 2,182 Non-current liabilities 49,563 49,625 Stockholders’ equity 61,539 62,293 Ownership percentage (1) 84 % 84 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. TacMed The Company acquired its investments in TacMed in March 2023. Three Months Ended 2024 2023 Revenues $ 8,428 $ 786 Expenses (10,763) (2,854) Loss before taxes (2,335) (2,068) Income tax benefit (expense) 228 (20) Net loss $ (2,107) $ (2,088) As of March 31, 2024 As of December 31, 2023 Current assets $ 20,449 $ 22,128 Non-current assets 91,103 92,209 Current liabilities 4,108 4,206 Non-current liabilities 35,015 35,345 Stockholders’ equity 72,429 74,786 Ownership percentage (1) 95 % 95 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 As of December 31, 2023 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 277,472 $ 277,472 $ — $ — $ 276,158 $ 276,158 Equity — — 625,661 625,661 — — 600,685 600,685 Total Investments $ — $ — $ 903,133 $ 903,133 $ — $ — $ 876,843 $ 876,843
Unobservable Inputs Used in Fair Value Measurement of Investments	The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of March 31, 2024 and December 31, 2023 were as follows (in thousands): As of March 31, 2024 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 276,096 Discounted Cash Flow Discount Rate 10.8% – 14.5% (12.7%) 6.3x – 15.1x (11.7x) Decrease 1,376 Transaction Precedent Transaction Price N/A N/A Equity 617,037 Discounted Cash Flow Discount Rate 10.8% – 14.5% (12.7%) 6.3x – 15.1x (11.7x) Decrease 8,624 Transaction Precedent Transaction Price N/A N/A Total $ 903,133 As of December 31, 2023 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 276,158 Discounted Cash Flow Discount Rate 10.5% – 14.5% (12.5%) 6.9x – 15.1x (10.8x) 6.3x – 16.0x (11.9x) Decrease Equity 600,685 Discounted Cash Flow Discount Rate 10.5% – 14.5% (12.5%) 6.9x – 15.1x (10.8x) 6.3x – 16.0x (11.9x) Decrease Total $ 876,843 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 three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 Senior Debt Equity Total Fair value balance as of January 1, 2024 $ 276,158 $ 600,685 $ 876,843 Additions 1,376 8,624 10,000 Principal repayment (62) — (62) Return of capital (1) — (649) (649) Net change in unrealized appreciation (2) — 17,001 17,001 Fair value balance as of March 31, 2024 $ 277,472 $ 625,661 $ 903,133 Change in net unrealized appreciation on investments held as of March 31, 2024 (2) $ — $ 17,001 $ 17,001 Three Months Ended March 31, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 29,000 77,000 106,000 Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 14,636 14,636 Fair value balance as of March 31, 2023 $ 205,942 $ 503,366 $ 709,308 Change in net unrealized appreciation on investments held as of March 31, 2023 (2) $ — $ 14,636 $ 14,636 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)	3 Months Ended
	Mar. 31, 2024
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, 2024 and 2023: For the year ended: Class FA Class A Class T Class D Class I Class S December 31, 2024 $ 36.67 $ 33.57 $ 33.64 $ 33.31 $ 34.06 $ 37.25 December 31, 2023 34.90 32.45 32.46 32.11 32.88 35.39 Related party fees and expenses incurred for the three months ended March 31, 2024 and 2023 are summarized below (in thousands): Three Months Ended March 31, Related Party Source Agreement & Description 2024 2023 Managing Dealer Managing Dealer Agreement: Commissions $ 508 $ 642 Dealer manager fees 84 264 Distribution and shareholder servicing fees 318 269 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (1)(2) 256 904 Base management fees (1) 4,018 2,663 Total return incentive fees (1) 4,485 3,635 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support (295) (355) Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — 242 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 28 25 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 505 185 FOOTNOTES: (1) Expenses subject to Expense Support, if applicable. (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 March 31, 2024 and December 31, 2023 (in thousands): March 31, 2024 December 31, 2023 Due from related parties: Expense Support $ 295 $ — Total due from related parties 295 — Due to related parties: Total return incentive fees $ (4,485) $ (13,506) Reimbursement of Expense Support — (644) Base management fees (1,390) (1,338) Offering expenses (134) (92) Distribution and shareholder servicing fees (110) (106) Reimbursement of third-party operating expenses and pursuit costs (20) (101) Total due to related parties $ (6,139) $ (15,787)

Distributions (Tables)

Distributions (Tables)	3 Months Ended
	Mar. 31, 2024
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	The following table reflects the total distributions declared during the three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 2023 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 $ 8,807 $ 4,056 $ 4,751 $ 6,601 $ 2,590 $ 4,011 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, 2024 - March 31, 2024 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2023 - March 31, 2023 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): Three Months Ended March 31, 2024 2023 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 4,721 53.6 % $ 4,911 74.4 % Distributions in excess of net investment income (2) 4,086 46.4 1,690 25.6 Total distributions declared $ 8,807 100.0 % $ 6,601 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support, net of $295 and $113 for the three months ended March 31, 2024 and 2023, respectively. See Note 5. “Related Party Transactions”

Capital Transactions (Tables)

Capital Transactions (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (1) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company Average Net Proceeds per Share Class A 598 $ 20,524 $ (442) $ 20,082 34 $ 1,132 632 $ 21,214 $ 33.59 Class T 92 3,231 (150) 3,081 13 452 105 3,533 33.63 Class D 107 3,563 — 3,563 13 447 120 4,010 33.32 Class I 755 25,738 — 25,738 60 2,025 815 27,763 34.07 1,552 $ 53,056 $ (592) $ 52,464 120 $ 4,056 1,672 $ 56,520 $ 33.81 Three Months Ended March 31, 2023 Proceeds from Public Offerings Distributions Reinvested Total Share Class Shares Issued Gross Proceeds Sales Load (1) Net Proceeds to Company Shares Issued Proceeds to Company Shares Issued Net Proceeds to Company (2) Average Net Proceeds per Share Class A 360 $ 12,248 $ (464) $ 11,784 16 $ 505 376 $ 12,289 $ 32.70 Class T 278 9,511 (442) 9,069 12 403 290 9,472 32.62 Class D 169 5,446 — 5,446 10 329 179 5,775 32.32 Class I 999 33,061 — 33,061 41 1,353 1,040 34,414 33.10 1,806 $ 60,266 $ (906) $ 59,360 79 $ 2,590 1,885 $ 61,950 $ 32.87 FOOTNOTES: (1) 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” (2) Approximately $24.9 million of net proceeds for shares sold and issued on March 31, 2023 were received in cash in April 2023.
Summary of Shares Repurchased	The following table summarizes the shares repurchased during the three months ended March 31, 2024 and 2023 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 72 $ 2,675 $ 36.82 Class A 37 1,252 33.65 Class T 97 3,242 33.70 Class D 19 645 33.38 Class I 173 5,900 34.13 Class S 2 66 37.41 Three Months Ended March 31, 2024 400 $ 13,780 $ 34.45 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 16 $ 578 $ 35.26 Class A 10 335 32.72 Class T 3 105 32.69 Class D 6 180 32.36 Class I 38 1,257 33.16 Class S 1 36 35.77 Three Months Ended March 31, 2023 74 $ 2,491 $ 33.52

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense (benefit) were as follows during the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Current tax expense $ — $ (27) Deferred tax expense (benefit) 771 1,524 Total income tax expense (benefit) $ 771 $ 1,497
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of March 31, 2024 and December 31, 2023 were as follows (in thousands): March 31, 2024 December 31, 2023 Deferred tax assets: Carryforwards for net operating loss $ 1,155 $ 1,249 Unrealized depreciation on investments 861 913 Other 7 — Valuation allowance (1,282) (1,324) Total deferred tax assets 741 838 Deferred tax liabilities: Unrealized appreciation on investments (8,974) (8,300) Total deferred tax liabilities (8,974) (8,300) Deferred tax liabilities, net $ (8,233) $ (7,462)

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 (in thousands except per share data): Three Months Ended March 31, 2024 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 36.67 $ 33.57 $ 33.64 $ 33.31 $ 34.06 $ 37.25 Net investment income, before Expense Support (reimbursement) (1) 0.30 0.13 0.06 0.10 0.13 0.29 Expense Support (reimbursement) (1)(2) — — — — 0.02 0.02 Net investment income (1) 0.30 0.13 0.06 0.10 0.15 0.31 Net realized and unrealized gains, net of taxes (1)(3) 0.54 0.55 0.54 0.55 0.54 0.55 Net increase resulting from investment operations 0.84 0.68 0.60 0.65 0.69 0.86 Distributions to shareholders (4) (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net decrease resulting from distributions to shareholders (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net Asset Value, End of Period $ 37.20 $ 33.94 $ 33.99 $ 33.68 $ 34.44 $ 37.80 Net assets, end of period $ 152,782 $ 197,940 $ 86,765 $ 92,046 $ 438,695 $ 66,005 Average net assets (5) $ 153,445 $ 181,432 $ 89,105 $ 88,861 $ 421,591 $ 65,221 Shares outstanding, end of period 4,107 5,832 2,552 2,733 12,737 1,746 Distributions declared $ 1,306 $ 1,683 $ 662 $ 749 $ 3,861 $ 546 Total investment return based on net asset value before total return incentive fee (6) 2.56 % 2.54 % 2.25 % 2.45 % 2.54 % 2.59 % Total investment return based on net asset value after total return incentive fee (6) 2.25 % 2.05 % 1.79 % 1.97 % 2.05 % 2.33 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.30 % 0.68 % 0.86 % 0.75 % 0.64 % 0.32 % Total operating expenses before Expense Support (reimbursement) 0.55 % 1.21 % 1.30 % 1.24 % 1.14 % 0.58 % Total operating expenses after Expense Support (reimbursement) 0.55 % 1.21 % 1.30 % 1.24 % 1.08 % 0.52 % Net investment income before total return incentive fee (8) 1.07 % 0.90 % 0.62 % 0.79 % 0.94 % 1.09 % Net investment income 0.81 % 0.37 % 0.18 % 0.30 % 0.43 % 0.83 % Three Months Ended March 31, 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) 0.38 0.17 0.11 0.15 0.17 0.37 Expense Support (reimbursement) (1)(2) (0.05) 0.02 — — 0.04 — Net investment income (1) 0.33 0.19 0.11 0.15 0.21 0.37 Net realized and unrealized gains, net of taxes (1)(3) 0.58 0.59 0.59 0.59 0.58 0.58 Net increase resulting from investment operations 0.91 0.78 0.70 0.74 0.79 0.95 Distributions to shareholders (4) (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net decrease resulting from distributions to shareholders (0.31) (0.31) (0.25) (0.28) (0.31) (0.31) Net Asset Value, End of Period $ 35.50 $ 32.92 $ 32.91 $ 32.57 $ 33.36 $ 36.03 Net assets, end of period $ 150,083 $ 85,090 $ 85,762 $ 69,384 $ 326,074 $ 63,567 Average net assets (5) $ 149,170 $ 73,964 $ 80,239 $ 65,138 $ 300,817 $ 62,927 Shares outstanding, end of period 4,228 2,585 2,606 2,130 9,774 1,764 Distributions declared $ 1,326 $ 706 $ 614 $ 566 $ 2,837 $ 552 Total investment return based on net asset value before total return incentive fee (6) 2.90 % 2.91 % 2.68 % 2.88 % 2.88 % 3.01 % Total investment return based on net asset value after total return incentive fee (6) 2.58 % 2.42 % 2.17 % 2.32 % 2.42 % 2.71 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.30 % 0.85 % 1.01 % 0.84 % 0.76 % 0.32 % Total operating expenses before Expense Support (reimbursement) 0.58 % 1.44 % 1.55 % 1.42 % 1.35 % 0.62 % Total operating expenses after Expense Support (reimbursement) 0.74 % 1.39 % 1.55 % 1.42 % 1.24 % 0.62 % Net investment income before total return incentive fee (8) 1.21 % 1.17 % 0.87 % 1.05 % 1.22 % 1.33 % Net investment income 0.93 % 0.57 % 0.33 % 0.47 % 0.63 % 1.03 % 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)

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2024
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 April 30, 2024: Offering Price, Per Share $ 37.09 $ 35.69 $ 33.68 $ 34.44 Selling Commissions, Per Share 2.23 1.07 — — Dealer Manager Fees, Per Share 0.92 0.63 — —
Schedule of Capital Transactions	During the period April 1, 2024 through May 8, 2024, 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 187 $ 6,491 $ (138) $ 6,353 12 $ 413 199 $ 6,766 $ 34.00 Class T 22 773 (37) 736 4 147 26 883 33.96 Class D 57 1,941 — 1,941 5 152 62 2,093 33.76 Class I 217 7,471 — 7,471 21 707 238 8,178 34.36 483 $ 16,676 $ (175) $ 16,501 42 $ 1,419 525 $ 17,920 $ 34.13

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail)			3 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Mar. 31, 2024 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	Mar. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 159,876	$ 134,453
Percent of net of assets	7.20%
Money Market Funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 73,100

Significant Accounting Polici_5

Significant Accounting Policies - Class-specific Fee Expense by Share Class (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	$ 4,018	$ 2,663
Total return incentive fees	4,485	3,635
Offering expenses	256	904
Class FA
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	265	255
Total return incentive fees	394	418
Offering expenses	0	0
Expense support	0	242
Other class-specific expenses	9	11
Class A
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	850	317
Total return incentive fees	958	442
Offering expenses	99	184
Expense support	0	(38)
Other class-specific expenses	34	25
Class T
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	405	353
Total return incentive fees	395	437
Offering expenses	16	143
Expense support	0	0
Other class-specific expenses	227	208
Class D
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	414	289
Total return incentive fees	439	378
Offering expenses	17	82
Expense support	0	0
Other class-specific expenses	117	92
Class I
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	1,957	1,328
Total return incentive fees	2,130	1,773
Offering expenses	124	495
Expense support	(257)	(317)
Other class-specific expenses	53	60
Class S
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	127	121
Total return incentive fees	169	187
Offering expenses	0	0
Expense support	(38)	0
Other class-specific expenses	$ 6	$ 6

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) company investment		Mar. 31, 2023 company	Feb. 29, 2024 USD ($)	Dec. 31, 2023 USD ($) investment
Schedule of Investments [Line Items]
Amortized Cost	$ 729,266	[1],[2]			$ 719,976	[3],[4]
Number of debt investments on non accrual status | investment	0				0
Number of significant portfolio companies, controlling interest | company	5		5
USA Water Intermediate Holdings, LLC
Schedule of Investments [Line Items]
Amortized Cost				$ 10,000
Equity
Schedule of Investments [Line Items]
Amortized Cost	$ 451,794	[1],[2]			$ 443,818	[3],[4]
Equity | USA Water Intermediate Holdings, LLC
Schedule of Investments [Line Items]
Amortized Cost				8,600
Total Senior Secured Notes
Schedule of Investments [Line Items]
Amortized Cost	$ 277,472	[1],[2]			$ 276,158	[3],[4]
Weighted average yield on debt investments (as a percent)	14.20%
Weighted average years to maturity (in years)	4 years 6 months
Total Senior Secured Notes | USA Water Intermediate Holdings, LLC
Schedule of Investments [Line Items]
Amortized Cost				$ 1,400
[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 - Summary of Invest

Investments - Summary of Investment Portfolio (Detail) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Cost
Investment	$ 729,266	[1],[2]	$ 719,976	[3],[4]
Fair Value
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	$ 903,133	[1],[2]	$ 876,843	[3],[4]
Fair Value Percentage of Investment Portfolio	100%		100%
Fair Value Percentage of Net Assets	87.30%	[1],[2]	89.50%
Total Senior Secured Notes
Cost
Investment	$ 277,472	[1],[2]	$ 276,158	[3],[4]
Fair Value
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	$ 277,472	[1],[2]	276,158	[3],[4]
Weighted average years to maturity (in years)	4 years 6 months
Total Senior Secured Notes
Cost
Senior secured debt	$ 277,472		276,158
Fair Value
Senior secured debt	$ 277,472		$ 276,158
Fair Value Percentage of Investment Portfolio	30.70%		31.50%
Fair Value Percentage of Net Assets	26.80%		28.20%
First lien
Cost
Senior secured debt	$ 51,990		$ 200,816
Fair Value
Senior secured debt	$ 51,990		$ 200,816
Fair Value Percentage of Investment Portfolio	5.80%		22.90%
Fair Value Percentage of Net Assets	5%		20.50%
Secured
Cost
Senior secured debt	$ 148,764
Fair Value
Senior secured debt	$ 148,764
Fair Value Percentage of Investment Portfolio	16.50%
Fair Value Percentage of Net Assets	14.40%
Second lien
Cost
Senior secured debt	$ 76,718		$ 75,342
Fair Value
Senior secured debt	$ 76,718		$ 75,342
Fair Value Percentage of Investment Portfolio	8.40%		8.60%
Fair Value Percentage of Net Assets	7.40%		7.70%
Equity
Cost
Equity	$ 451,794		$ 443,818
Fair Value
Equity	$ 625,661		$ 600,685
Fair Value Percentage of Investment Portfolio	69.30%		68.50%
Fair Value Percentage of Net Assets	60.50%		61.30%
[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)	Mar. 31, 2024	Dec. 31, 2023
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	20%	20%
Engineered Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	16.50%	16.90%
Commercial and Professional Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	15%	13.60%
Real Estate Services [Member]
Investment Holdings [Line Items]
Percentage of total fair value of investment	7.80%	7.90%
Visual Safety Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	9.40%	9.50%
Information Services and Advisory Solutions [Member]
Investment Holdings [Line Items]
Percentage of total fair value of investment	8.10%	8.30%
Sanitation Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	6.40%	6.70%
Hobby Goods and Supplies [Member]
Investment Holdings [Line Items]
Percentage of total fair value of investment	3.30%	3.60%
Business Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	13.50%	13.50%

Investments - Summary of Operat

Investments - Summary of Operating and Balance Sheet Data (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Statement [Abstract]
Expenses	$ (10,494)	$ (8,547)
Income tax expense	(771)	(1,497)
Net increase in net assets resulting from operations	20,951	18,003
Lawn Doctor, Inc.
Income Statement [Abstract]
Revenues	9,792	9,128
Expenses	(9,589)	(8,938)
Income before taxes	203	190
Income tax expense	(169)	(80)
Consolidated net income	34	110
Net loss attributable to non-controlling interests	182	147
Net increase in net assets resulting from operations	216	257
Balance Sheet Related Disclosures [Abstract]
Current assets	12,592		$ 10,359
Non-current assets	88,425		89,666
Current liabilities	9,538		7,484
Non-current liabilities	62,182		62,530
Non-controlling interests	65		246
Stockholders’ equity	$ 29,232		$ 29,765
Ownership percentage	61%		61%
Roundtables
Income Statement [Abstract]
Revenues	$ 4,311	4,079
Expenses	(4,498)	(4,013)
Income before taxes	(187)	66
Income tax expense	44	(7)
Net increase in net assets resulting from operations	(143)	59
Balance Sheet Related Disclosures [Abstract]
Current assets	12,346		$ 2,376
Non-current assets	58,694		59,192
Current liabilities	13,376		5,071
Non-current liabilities	21,398		19,399
Stockholders’ equity	$ 36,266		$ 37,098
Ownership percentage	81%		81%
Douglas Machines Corp.
Income Statement [Abstract]
Revenues	$ 6,552	8,431
Expenses	(6,348)	(7,844)
Income before taxes	204	587
Income tax expense	(14)	(138)
Net increase in net assets resulting from operations	190	449
Balance Sheet Related Disclosures [Abstract]
Current assets	10,350		$ 10,750
Non-current assets	46,672		46,850
Current liabilities	3,784		4,458
Non-current liabilities	16,188		16,271
Stockholders’ equity	$ 37,050		$ 36,871
Ownership percentage	90%		90%
Vektek Holdings, LLC
Income Statement [Abstract]
Revenues	$ 9,072	10,421
Expenses	(8,796)	(9,656)
Income before taxes	276	765
Income tax expense	0	(13)
Net increase in net assets resulting from operations	276	752
Balance Sheet Related Disclosures [Abstract]
Current assets	14,542		$ 14,846
Non-current assets	98,614		99,254
Current liabilities	2,054		2,182
Non-current liabilities	49,563		49,625
Stockholders’ equity	$ 61,539		$ 62,293
Ownership percentage	84%		84%
Tacmed Holdings, LLC
Income Statement [Abstract]
Revenues	$ 8,428	786
Expenses	(10,763)	(2,854)
Income before taxes	(2,335)	(2,068)
Income tax expense	228	(20)
Net increase in net assets resulting from operations	(2,107)	$ (2,088)
Balance Sheet Related Disclosures [Abstract]
Current assets	20,449		$ 22,128
Non-current assets	91,103		92,209
Current liabilities	4,108		4,206
Non-current liabilities	35,015		35,345
Stockholders’ equity	$ 72,429		$ 74,786
Ownership percentage	95%		95%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Mar. 31, 2024		Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	$ 903,133	[1],[2]	$ 876,843	[3],[4]
Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	277,472		276,158
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	625,661		600,685
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	0		0
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 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	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 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Portfolio company investments at fair value (amortized cost of $729,266 and $719,976, respectively)	903,133		876,843
Level 3 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	277,472		276,158
Level 3 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	$ 625,661		$ 600,685
[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	Mar. 31, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 903,133	[1],[2]	$ 876,843	[3],[4]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	903,133		876,843
Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	276,096		276,158
Equity	617,037		$ 600,685
Transaction Precedent | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	1,376
Equity	$ 8,624
Minimum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.108		0.105
Measurement input, equity securities	0.108		0.105
Minimum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	6.3		6.9
Measurement input, equity securities	6.3		6.9
Minimum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities			6.3
Measurement input, equity securities			6.3
Maximum | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.145		0.145
Measurement input, equity securities	0.145		0.145
Maximum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	15.1		15.1
Measurement input, equity securities	15.1		15.1
Maximum | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities			16
Measurement input, equity securities			16
Weighted Average | Discounted Cash Flow | Discount Rate | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	0.127		0.125
Measurement input, equity securities	0.127		0.125
Weighted Average | Market Comparables | 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
Weighted Average | Transaction Method | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities			11.9
Measurement input, equity securities			11.9
[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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	$ 876,843	$ 588,837
Additions	10,000	106,000
Principal repayment	(62)
Return of capital	(649)	(165)
Net change in unrealized appreciation	17,001	14,636
Fair value balance, ending	903,133	709,308
Change in net unrealized appreciation on investments held	17,001	14,636
Senior Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	276,158	176,942
Additions	1,376	29,000
Principal repayment	(62)
Return of capital	0	0
Net change in unrealized appreciation	0	0
Fair value balance, ending	277,472	205,942
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	600,685	411,895
Additions	8,624	77,000
Principal repayment	0
Return of capital	(649)	(165)
Net change in unrealized appreciation	17,001	14,636
Fair value balance, ending	625,661	503,366
Change in net unrealized appreciation on investments held	$ 17,001	$ 14,636

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended	74 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Mar. 31, 2024
Related Party Transaction [Line Items]
Expiration period (in years)	3 years
Due from related parties:	$ 295	$ 355	$ 0	$ 5,100
Expense support, not reimbursed and expired	200			200
Reimbursement of expense support	0	242
Distributions paid	$ 4,751	$ 4,011
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]
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				$ 4,900
Shares outstanding end of period (in shares)	400	400		400
Distributions paid	$ 100	$ 100
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	$ 256	904
Related Party | Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	4,018	2,663
Related Party | Return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 4,485	$ 3,635
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]
Shares outstanding end of period (in shares)	5,832	2,585		5,832
Class A | Managing Dealer
Related Party Transaction [Line Items]
Commission of shares sold (as a percent)	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%
Class T
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	2,552	2,606		2,552
Class T | Managing Dealer
Related Party Transaction [Line Items]
Commission of shares sold (as a percent)	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%
Annual distribution and fee (as percent)	1%			1%
Class D
Related Party Transaction [Line Items]
Shares outstanding end of period (in shares)	2,733	2,130		2,733
Class D | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Annual distribution and fee (as percent)	0.50%			0.50%

Related Party Transactions - Hi

Related Party Transactions - High Water Marks (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Class FA
Related Party Transaction [Line Items]
High water mark (in usd per share)		$ 34.90
Class FA | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	$ 36.67
Class A
Related Party Transaction [Line Items]
High water mark (in usd per share)		32.45
Class A | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	33.57
Class T
Related Party Transaction [Line Items]
High water mark (in usd per share)		32.46
Class T | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	33.64
Class D
Related Party Transaction [Line Items]
High water mark (in usd per share)		32.11
Class D | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	33.31
Class I
Related Party Transaction [Line Items]
High water mark (in usd per share)		32.88
Class I | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	34.06
Class S
Related Party Transaction [Line Items]
High water mark (in usd per share)		$ 35.39
Class S | Forecast
Related Party Transaction [Line Items]
High water mark (in usd per share)	$ 37.25

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Party Transactions (Detail) - Related Party - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commissions | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	$ 508	$ 642
Dealer manager fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	84	264
Distribution and shareholder servicing fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	318	269
Offering expense reimbursement | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	256	904
Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	4,018	2,663
Total return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	4,485	3,635
Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	(295)	(355)
Reimbursement of Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	0	242
Reimbursement of third-party operating expenses | Manager
Related Party Transaction [Line Items]
Related party fees and expenses	28	25
Reimbursement of third-party pursuit costs | Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 505	$ 185

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	74 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from related parties:	$ 295	$ 355	$ 0	$ 5,100
Due to related parties:	(5,844)			(5,844)	$ (15,787)
Related Party
Related Party Transaction [Line Items]
Due to related parties:	(6,139)			(6,139)	(15,787)
Total return incentive fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(4,485)			(4,485)	(13,506)
Reimbursement of Expense Support | Related Party
Related Party Transaction [Line Items]
Due to related parties:	0			0	(644)
Base management fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(1,390)			(1,390)	(1,338)
Offering expenses | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(134)			(134)	(92)
Distribution and shareholder servicing fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(110)			(110)	(106)
Reimbursement of third-party operating expenses and pursuit costs | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(20)			$ (20)	$ (101)
Expense Support
Related Party Transaction [Line Items]
Due from related parties:	$ 295		$ 0

Distributions - Declared (Detai

Distributions - Declared (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	$ 8,807	$ 6,601
Distributions Reinvested	4,056	2,590
Cash Distributions Net of Distributions Reinvested	$ 4,751	$ 4,011

Distributions - Distribution Pe

Distributions - Distribution Per Class (Details) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
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	74 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023	Mar. 31, 2024
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 8,807	$ 6,601
% of Distributions Declared	100%	100%
Amount of expense support reimbursement	$ 295	$ 355	$ 0	$ 5,100
Net Investment Income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 4,721	$ 4,911
% of Distributions Declared	53.60%	74.40%
Amount of expense support reimbursement	$ 295	$ 113
Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 4,086	$ 1,690
% of Distributions Declared	46.40%	25.60%

Distributions - Additional Info

Distributions - Additional Information (Detail) - $ / shares	1 Months Ended	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
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
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Mar. 31, 2024 USD ($) classOfStock shares	Mar. 31, 2023 USD ($) shares	Mar. 28, 2024 $ / shares	Dec. 31, 2023 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			$ 13,780,000	$ 2,491,000
Payable for shares repurchased			13,780,000	2,491,000		$ 8,224,000
Class A
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program			$ 1,252,000	$ 335,000
Conversion of stock (in shares) | shares			85,000	24,000
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			$ 3,242,000	$ 105,000
Stock converted (in shares) | shares			(85,000)	(24,000)
Class D
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program			$ 645,000	$ 180,000
Class I
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program			$ 5,900,000	$ 1,257,000
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					$ 36.78
Public Offering | Class T
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares					35.38
Public Offering | Class D
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares					33.38
Public Offering | Class I
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares					$ 34.13
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
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Distributions Reinvestment
Proceeds to Company	$ 4,056	$ 2,590
Total
Shares Issued (in shares)	1,672	1,885
Net Proceeds to Company(2)	$ 56,520	$ 61,950
Average Net Proceeds per Share (in usd per share)	$ 33.81	$ 32.87
Receivable for shares sold	$ 0	$ 24,900	$ 1,411
Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)	1,552	1,806
Gross Proceeds	$ 53,056	$ 60,266
Sales Load	(592)	(906)
Net Proceeds to Company	$ 52,464	$ 59,360
Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)	120	79
Proceeds to Company	$ 4,056	$ 2,590
Class A
Total
Shares Issued (in shares)	632	376
Net Proceeds to Company(2)	$ 21,214	$ 12,289
Average Net Proceeds per Share (in usd per share)	$ 33.59	$ 32.70
Class A | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)	598	360
Gross Proceeds	$ 20,524	$ 12,248
Sales Load	(442)	(464)
Net Proceeds to Company	$ 20,082	$ 11,784
Class A | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)	34	16
Proceeds to Company	$ 1,132	$ 505
Class T
Total
Shares Issued (in shares)	105	290
Net Proceeds to Company(2)	$ 3,533	$ 9,472
Average Net Proceeds per Share (in usd per share)	$ 33.63	$ 32.62
Class T | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)	92	278
Gross Proceeds	$ 3,231	$ 9,511
Sales Load	(150)	(442)
Net Proceeds to Company	$ 3,081	$ 9,069
Class T | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)	13	12
Proceeds to Company	$ 452	$ 403
Class D
Total
Shares Issued (in shares)	120	179
Net Proceeds to Company(2)	$ 4,010	$ 5,775
Average Net Proceeds per Share (in usd per share)	$ 33.32	$ 32.32
Class D | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)	107	169
Gross Proceeds	$ 3,563	$ 5,446
Sales Load	0	0
Net Proceeds to Company	$ 3,563	$ 5,446
Class D | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)	13	10
Proceeds to Company	$ 447	$ 329
Class I
Total
Shares Issued (in shares)	815	1,040
Net Proceeds to Company(2)	$ 27,763	$ 34,414
Average Net Proceeds per Share (in usd per share)	$ 34.07	$ 33.10
Class I | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)	755	999
Gross Proceeds	$ 25,738	$ 33,061
Sales Load	0	0
Net Proceeds to Company	$ 25,738	$ 33,061
Class I | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)	60	41
Proceeds to Company	$ 2,025	$ 1,353

Capital Transactions - Summar_2

Capital Transactions - Summary of Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	400	74
Total Consideration	$ 13,780	$ 2,491
Average Price Paid Per Share (in usd per share)	$ 34.45	$ 33.52
Class FA
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	72	16
Total Consideration	$ 2,675	$ 578
Average Price Paid Per Share (in usd per share)	$ 36.82	$ 35.26
Class A
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	37	10
Total Consideration	$ 1,252	$ 335
Average Price Paid Per Share (in usd per share)	$ 33.65	$ 32.72
Class T
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	97	3
Total Consideration	$ 3,242	$ 105
Average Price Paid Per Share (in usd per share)	$ 33.70	$ 32.69
Class D
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	19	6
Total Consideration	$ 645	$ 180
Average Price Paid Per Share (in usd per share)	$ 33.38	$ 32.36
Class I
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	173	38
Total Consideration	$ 5,900	$ 1,257
Average Price Paid Per Share (in usd per share)	$ 34.13	$ 33.16
Class S
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)	2	1
Total Consideration	$ 66	$ 36
Average Price Paid Per Share (in usd per share)	$ 37.41	$ 35.77

Borrowings (Details)

Borrowings (Details) - Revolving Credit Facility - Line of Credit	1 Months Ended		3 Months Ended
	Feb. 29, 2024 USD ($)	Aug. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Feb. 28, 2024 USD ($)
2024 Loan Agreement
Line of Credit Facility [Line Items]
Amount borrowed				$ 0
First Horizon Bank | 2022 Loan Agreement
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
First Horizon Bank | 2022 Loan Agreement | Maximum
Line of Credit Facility [Line Items]
Term (in days)		180 days
First Horizon Bank | 2022 Loan Agreement | Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable rate (as a percent)		2.75%
Valley National Bank | 2024 Loan Agreement
Line of Credit Facility [Line Items]
Line of credit amount					$ 50,000,000
Commitment fee	$ 160,000
Commitment fee percentage	0.15%
Valley National Bank | 2024 Loan Agreement | Maximum
Line of Credit Facility [Line Items]
Term (in days)	180 days
Valley National Bank | 2024 Loan Agreement | 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
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Current tax expense	$ 0	$ (27)
Deferred tax expense (benefit)	771	1,524
Total income tax expense (benefit)	$ 771	$ 1,497

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	3.50%	7.70%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Carryforwards for net operating loss	$ 1,155	$ 1,249
Unrealized depreciation on investments	861	913
Other	7	0
Valuation allowance	(1,282)	(1,324)
Total deferred tax assets	741	838
Deferred tax liabilities:
Unrealized appreciation on investments	(8,974)	(8,300)
Total deferred tax liabilities	(8,974)	(8,300)
Deferred tax liabilities, net	$ (8,233)	$ (7,462)

Concentrations of Risk (Details

Concentrations of Risk (Details)	Mar. 31, 2024 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	5

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023	Dec. 31, 2023	[3],[4]	Dec. 31, 2022
OPERATING PERFORMANCE PER SHARE
Net assets, end of period	$ 1,034,233	[1],[2]	$ 779,960	$ 979,349		$ 709,099
Distributions declared	$ 8,807		$ 6,601
Class FA  Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 36.67		$ 34.90
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.30		0.38
Expense Support (reimbursement) (in usd per share)	0		(0.05)
Net investment income (in usd per share)	0.30		0.33
Net realized and unrealized gains, net of taxes (in usd per share)	0.54		0.58
Net increase resulting from investment operations (in usd per share)	0.84		0.91
Distributions to shareholders (in usd per share)	(0.31)		(0.31)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.31)		(0.31)
Net Asset Value, End of Period (in usd per share)	$ 37.20		$ 35.50
Net assets, end of period	$ 152,782		$ 150,083
Average net assets	$ 153,445		$ 149,170
Shares outstanding end of period (in shares)	4,107		4,228
Distributions declared	$ 1,306		$ 1,326
Total investment return based on net asset value before total return incentive fee (as a percent)	2.56%		2.90%
Total investment return based on net asset value after total return incentive fee (as a percent)	2.25%		2.58%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.30%		0.30%
Total operating expenses before Expense Support (reimbursement)	0.55%		0.58%
Total operating expenses after Expense Support (reimbursement)	0.55%		0.74%
Net investment income before total return incentive fee	1.07%		1.21%
Net investment income	0.81%		0.93%
Class A Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 33.57		$ 32.45
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.13		0.17
Expense Support (reimbursement) (in usd per share)	0		0.02
Net investment income (in usd per share)	0.13		0.19
Net realized and unrealized gains, net of taxes (in usd per share)	0.55		0.59
Net increase resulting from investment operations (in usd per share)	0.68		0.78
Distributions to shareholders (in usd per share)	(0.31)		(0.31)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.31)		(0.31)
Net Asset Value, End of Period (in usd per share)	$ 33.94		$ 32.92
Net assets, end of period	$ 197,940		$ 85,090
Average net assets	$ 181,432		$ 73,964
Shares outstanding end of period (in shares)	5,832		2,585
Distributions declared	$ 1,683		$ 706
Total investment return based on net asset value before total return incentive fee (as a percent)	2.54%		2.91%
Total investment return based on net asset value after total return incentive fee (as a percent)	2.05%		2.42%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.68%		0.85%
Total operating expenses before Expense Support (reimbursement)	1.21%		1.44%
Total operating expenses after Expense Support (reimbursement)	1.21%		1.39%
Net investment income before total return incentive fee	0.90%		1.17%
Net investment income	0.37%		0.57%
Incentive allocation to average net assets (as a percent)			8%
Class T Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 33.64		$ 32.46
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.06		0.11
Expense Support (reimbursement) (in usd per share)	0		0
Net investment income (in usd per share)	0.06		0.11
Net realized and unrealized gains, net of taxes (in usd per share)	0.54		0.59
Net increase resulting from investment operations (in usd per share)	0.60		0.70
Distributions to shareholders (in usd per share)	(0.25)		(0.25)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.25)		(0.25)
Net Asset Value, End of Period (in usd per share)	$ 33.99		$ 32.91
Net assets, end of period	$ 86,765		$ 85,762
Average net assets	$ 89,105		$ 80,239
Shares outstanding end of period (in shares)	2,552		2,606
Distributions declared	$ 662		$ 614
Total investment return based on net asset value before total return incentive fee (as a percent)	2.25%		2.68%
Total investment return based on net asset value after total return incentive fee (as a percent)	1.79%		2.17%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.86%		1.01%
Total operating expenses before Expense Support (reimbursement)	1.30%		1.55%
Total operating expenses after Expense Support (reimbursement)	1.30%		1.55%
Net investment income before total return incentive fee	0.62%		0.87%
Net investment income	0.18%		0.33%
Class D Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 33.31		$ 32.11
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.10		0.15
Expense Support (reimbursement) (in usd per share)	0		0
Net investment income (in usd per share)	0.10		0.15
Net realized and unrealized gains, net of taxes (in usd per share)	0.55		0.59
Net increase resulting from investment operations (in usd per share)	0.65		0.74
Distributions to shareholders (in usd per share)	(0.28)		(0.28)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.28)		(0.28)
Net Asset Value, End of Period (in usd per share)	$ 33.68		$ 32.57
Net assets, end of period	$ 92,046		$ 69,384
Average net assets	$ 88,861		$ 65,138
Shares outstanding end of period (in shares)	2,733		2,130
Distributions declared	$ 749		$ 566
Total investment return based on net asset value before total return incentive fee (as a percent)	2.45%		2.88%
Total investment return based on net asset value after total return incentive fee (as a percent)	1.97%		2.32%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.75%		0.84%
Total operating expenses before Expense Support (reimbursement)	1.24%		1.42%
Total operating expenses after Expense Support (reimbursement)	1.24%		1.42%
Net investment income before total return incentive fee	0.79%		1.05%
Net investment income	0.30%		0.47%
Class I Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 34.06		$ 32.88
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.13		0.17
Expense Support (reimbursement) (in usd per share)	0.02		0.04
Net investment income (in usd per share)	0.15		0.21
Net realized and unrealized gains, net of taxes (in usd per share)	0.54		0.58
Net increase resulting from investment operations (in usd per share)	0.69		0.79
Distributions to shareholders (in usd per share)	(0.31)		(0.31)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.31)		(0.31)
Net Asset Value, End of Period (in usd per share)	$ 34.44		$ 33.36
Net assets, end of period	$ 438,695		$ 326,074
Average net assets	$ 421,591		$ 300,817
Shares outstanding end of period (in shares)	12,737		9,774
Distributions declared	$ 3,861		$ 2,837
Total investment return based on net asset value before total return incentive fee (as a percent)	2.54%		2.88%
Total investment return based on net asset value after total return incentive fee (as a percent)	2.05%		2.42%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.64%		0.76%
Total operating expenses before Expense Support (reimbursement)	1.14%		1.35%
Total operating expenses after Expense Support (reimbursement)	1.08%		1.24%
Net investment income before total return incentive fee	0.94%		1.22%
Net investment income	0.43%		0.63%
Incentive allocation to average net assets (as a percent)	12%		18%
Class S Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period (in usd per share)	$ 37.25		$ 35.39
Net investment income, before reimbursement of Expense Support (reimbursement) (in usd per share)	0.29		0.37
Expense Support (reimbursement) (in usd per share)	0.02		0
Net investment income (in usd per share)	0.31		0.37
Net realized and unrealized gains, net of taxes (in usd per share)	0.55		0.58
Net increase resulting from investment operations (in usd per share)	0.86		0.95
Distributions to shareholders (in usd per share)	(0.31)		(0.31)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)	(0.31)		(0.31)
Net Asset Value, End of Period (in usd per share)	$ 37.80		$ 36.03
Net assets, end of period	$ 66,005		$ 63,567
Average net assets	$ 65,221		$ 62,927
Shares outstanding end of period (in shares)	1,746		1,764
Distributions declared	$ 546		$ 552
Total investment return based on net asset value before total return incentive fee (as a percent)	2.59%		3.01%
Total investment return based on net asset value after total return incentive fee (as a percent)	2.33%		2.71%
Ratios to average net assets:
Total operating expenses before total return incentive fee	0.32%		0.32%
Total operating expenses before Expense Support (reimbursement)	0.58%		0.62%
Total operating expenses after Expense Support (reimbursement)	0.52%		0.62%
Net investment income before total return incentive fee	1.09%		1.33%
Net investment income	0.83%		1.03%
Incentive allocation to average net assets (as a percent)	23%
[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) - $ / shares		1 Months Ended	3 Months Ended
	May 28, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023
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 | 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

Subsequent Events - Summary of

Subsequent Events - Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees (Detail) - $ / shares	1 Months Ended
	Apr. 30, 2024	May 08, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			$ 33.81	$ 32.87
Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)		$ 34.13
Class A
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			33.59	32.70
Class A | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	$ 37.09	34
Selling Commissions, Per Share (in usd per share)	2.23
Dealer Manager Fees, Per Share (in usd per share)	0.92
Class T
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			33.63	32.62
Class T | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	35.69	33.96
Selling Commissions, Per Share (in usd per share)	1.07
Dealer Manager Fees, Per Share (in usd per share)	0.63
Class D
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			33.32	32.32
Class D | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	33.68	33.76
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)			$ 34.07	$ 33.10
Class I | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	34.44	$ 34.36
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
	May 07, 2024	Mar. 31, 2024	Mar. 31, 2023	May 08, 2024	Apr. 30, 2024
Distribution Reinvestment Plan
Gross Proceeds		$ 4,056	$ 2,590
Total
Shares (in shares)		1,672	1,885
Net Proceeds to Company(2)		$ 56,520	$ 61,950
Average Net Proceeds Per Share (in usd per share)		$ 33.81	$ 32.87
Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)		1,552	1,806
Gross Proceeds		$ 53,056	$ 60,266
Sales Load		(592)	(906)
Net Proceeds to Company		$ 52,464	$ 59,360
Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)		120	79
Gross Proceeds		$ 4,056	$ 2,590
Class A
Total
Shares (in shares)		632	376
Net Proceeds to Company(2)		$ 21,214	$ 12,289
Average Net Proceeds Per Share (in usd per share)		$ 33.59	$ 32.70
Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)		598	360
Gross Proceeds		$ 20,524	$ 12,248
Sales Load		(442)	(464)
Net Proceeds to Company		$ 20,082	$ 11,784
Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)		34	16
Gross Proceeds		$ 1,132	$ 505
Class T
Total
Shares (in shares)		105	290
Net Proceeds to Company(2)		$ 3,533	$ 9,472
Average Net Proceeds Per Share (in usd per share)		$ 33.63	$ 32.62
Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)		92	278
Gross Proceeds		$ 3,231	$ 9,511
Sales Load		(150)	(442)
Net Proceeds to Company		$ 3,081	$ 9,069
Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)		13	12
Gross Proceeds		$ 452	$ 403
Class D
Total
Shares (in shares)		120	179
Net Proceeds to Company(2)		$ 4,010	$ 5,775
Average Net Proceeds Per Share (in usd per share)		$ 33.32	$ 32.32
Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)		107	169
Gross Proceeds		$ 3,563	$ 5,446
Sales Load		0	0
Net Proceeds to Company		$ 3,563	$ 5,446
Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)		13	10
Gross Proceeds		$ 447	$ 329
Class I
Total
Shares (in shares)		815	1,040
Net Proceeds to Company(2)		$ 27,763	$ 34,414
Average Net Proceeds Per Share (in usd per share)		$ 34.07	$ 33.10
Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)		755	999
Gross Proceeds		$ 25,738	$ 33,061
Sales Load		0	0
Net Proceeds to Company		$ 25,738	$ 33,061
Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)		60	41
Gross Proceeds		$ 2,025	$ 1,353
Subsequent Event
Total
Shares (in shares)	525
Net Proceeds to Company(2)	$ 17,920
Average Net Proceeds Per Share (in usd per share)				$ 34.13
Subsequent Event | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	483
Gross Proceeds	$ 16,676
Sales Load	(175)
Net Proceeds to Company	$ 16,501
Subsequent Event | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	42
Gross Proceeds	$ 1,419
Subsequent Event | Class A
Total
Shares (in shares)	199
Net Proceeds to Company(2)	$ 6,766
Average Net Proceeds Per Share (in usd per share)				34	$ 37.09
Subsequent Event | Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	187
Gross Proceeds	$ 6,491
Sales Load	(138)
Net Proceeds to Company	$ 6,353
Subsequent Event | Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	12
Gross Proceeds	$ 413
Subsequent Event | Class T
Total
Shares (in shares)	26
Net Proceeds to Company(2)	$ 883
Average Net Proceeds Per Share (in usd per share)				33.96	35.69
Subsequent Event | Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	22
Gross Proceeds	$ 773
Sales Load	(37)
Net Proceeds to Company	$ 736
Subsequent Event | Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	4
Gross Proceeds	$ 147
Subsequent Event | Class D
Total
Shares (in shares)	62
Net Proceeds to Company(2)	$ 2,093
Average Net Proceeds Per Share (in usd per share)				33.76	33.68
Subsequent Event | Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	57
Gross Proceeds	$ 1,941
Sales Load	0
Net Proceeds to Company	$ 1,941
Subsequent Event | Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	5
Gross Proceeds	$ 152
Subsequent Event | Class I
Total
Shares (in shares)	238
Net Proceeds to Company(2)	$ 8,178
Average Net Proceeds Per Share (in usd per share)				$ 34.36	$ 34.44
Subsequent Event | Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	217
Gross Proceeds	$ 7,471
Sales Load	0
Net Proceeds to Company	$ 7,471
Subsequent Event | Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	21
Gross Proceeds	$ 707