CNL Strategic Capital 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Entity Central Index Key	0001684682
Current Fiscal Year End Date	--12-31
Class FA
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		4,039,518
Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,104,716
Class T
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,606,674
Class D
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,107,922
Class I
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,202,594
Class S
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,721,750

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Assets
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	$ 1,051,921	[1],[2],[3]	$ 876,843	[4],[5]
Cash and cash equivalents	152,061		134,453
Receivable for shares sold	0		1,411
Prepaid expenses and other assets	565		440
Total assets	1,204,547		1,013,147
Liabilities
Due to related parties, net (Note 5)	16,771		15,787
Payable for shares repurchased	11,767		8,224
Deferred tax liabilities, net	10,029		7,462
Accounts payable and other accrued expenses	2,060		2,325
Total liabilities	40,627		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	995,428		851,529
Distributable earnings	168,459		127,791
Total Members’ Equity	1,163,920		979,349
Class FA
Members’ Equity (Net Assets)
Common shares	$ 4		$ 4
Net asset value per share at end of period (usd per share)	$ 38.41		$ 36.67
Class A
Members’ Equity (Net Assets)
Common shares	$ 7		$ 5
Net asset value per share at end of period (usd per share)	$ 34.78		$ 33.57
Class T
Members’ Equity (Net Assets)
Common shares	$ 3		$ 3
Net asset value per share at end of period (usd per share)	$ 34.83		$ 33.64
Class D
Members’ Equity (Net Assets)
Common shares	$ 3		$ 3
Net asset value per share at end of period (usd per share)	$ 34.53		$ 33.31
Class I
Members’ Equity (Net Assets)
Common shares	$ 14		$ 12
Net asset value per share at end of period (usd per share)	$ 35.26		$ 34.06
Class S
Members’ Equity (Net Assets)
Common shares	$ 2		$ 2
Net asset value per share at end of period (usd per share)	$ 38.96		$ 37.25
Affiliated Investments
Assets
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	$ 1,051,921		$ 876,843
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Amortized Cost	$ 841,739	[1],[2],[3]	$ 719,976	[4],[5]
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)	4,040		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)	7,703		5,328
Common stock, shares outstanding (in shares)	7,413		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)	3,500		3,179
Common stock, shares outstanding (in shares)	2,569		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)	3,232		2,714
Common stock, shares outstanding (in shares)	3,089		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)	15,210		12,846
Common stock, shares outstanding (in shares)	13,832		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)	1,721		1,748
Affiliated Investments
Amortized Cost	$ 841,739		$ 719,976
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investment income
Payment-in-kind (“PIK”) dividend income			$ 1,490	$ 0
Total investment income	$ 19,678	$ 15,921	51,753	43,745
Operating expenses
Total return incentive fees	5,174	3,743	14,932	8,710
Base management fees	4,802	3,505	13,028	9,342
Offering expenses	338	1,071	879	3,022
Professional services	851	490	2,435	1,501
Pursuit costs	(159)	682	843	1,228
Distribution and shareholder servicing fees	334	310	971	873
Custodian and accounting fees	127	142	394	420
Insurance expense	56	51	159	157
Director fees and expenses	52	50	159	151
General and administrative expenses	104	115	325	423
Total operating expenses	11,679	10,159	34,125	25,827
Expense support	353	0	0	0
Reimbursement of expense support	0	0	0	644
Net operating expenses	12,032	10,159	34,125	26,471
Net investment income before taxes	7,646	5,762	17,628	17,274
Income tax expense	(15)	0	(10)	0
Net investment income	7,631	5,762	17,618	17,274
Realized and unrealized gain (loss) on investments and foreign currency
Total net realized gain on investments	0	0	0	4
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain	15,545	11,966	50,747	24,572
Net gain on investments	15,545	11,966	50,747	24,576
Provision for deferred taxes on investments	(1,300)	(2,088)	(2,567)	(4,242)
Net increase in net assets resulting from operations	23,176	17,728	68,365	41,850
Affiliated Investments
Investment income
Interest income	10,333	9,436	30,221	24,277
Dividend income	6,634	5,017	15,675	15,624
Payment-in-kind (“PIK”) dividend income	1,490	0	1,490	0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain	16,845	14,069	53,314	28,836
US Treasury Bill Securities
Investment income
Interest and dividend income	1,221	1,468	4,367	3,844
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Total net change in unrealized appreciation on investments, including unrealized foreign currency gain	0	(15)	0	(22)
Class FA
Operating expenses
Total return incentive fees	399	390	1,217	961
Base management fees	269	267	788	792
Offering expenses	$ 0	$ 0	$ 0	$ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.88	$ 0.83	$ 2.68	$ 2.07
Weighted average shares outstanding (in shares)	4,069	4,219	4,118	4,230
Class A
Operating expenses
Total return incentive fees	$ 1,268	$ 614	$ 3,435	$ 1,232
Base management fees	1,186	587	3,001	1,338
Offering expenses	$ 147	$ 463	$ 359	$ 1,008
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.74	$ 0.65	$ 2.15	$ 1.62
Weighted average shares outstanding (in shares)	6,897	3,794	6,130	2,972
Class T
Operating expenses
Total return incentive fees	$ 410	$ 389	$ 1,249	$ 961
Base management fees	414	414	1,204	1,174
Offering expenses	$ 22	$ 73	$ 52	$ 293
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.64	$ 0.57	$ 1.94	$ 1.47
Weighted average shares outstanding (in shares)	2,562	2,712	2,590	2,605
Class D
Operating expenses
Total return incentive fees	$ 584	$ 373	$ 1,479	$ 884
Base management fees	499	366	1,343	990
Offering expenses	$ 32	$ 87	$ 83	$ 253
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.66	$ 0.63	$ 2.06	$ 1.59
Weighted average shares outstanding (in shares)	2,999	2,388	2,822	2,197
Class I
Operating expenses
Total return incentive fees	$ 2,345	$ 1,816	$ 7,041	$ 4,247
Base management fees	2,301	1,743	6,307	4,670
Offering expenses	$ 137	$ 448	$ 385	$ 1,468
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.69	$ 0.65	$ 2.14	$ 1.66
Weighted average shares outstanding (in shares)	13,544	11,107	12,974	10,124
Class S
Operating expenses
Total return incentive fees	$ 168	$ 161	$ 511	$ 425
Base management fees	133	128	385	378
Offering expenses	$ 0	$ 0	$ 0	$ 0
Net change in unrealized appreciation on investments, including unrealized foreign currency gain:
Net increase in net assets resulting from operations per share (in usd per share)	$ 0.87	$ 0.82	$ 2.65	$ 2.17
Weighted average shares outstanding (in shares)	1,728	1,763	1,741	1,764

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023
Total Net Assets
Beginning balance	$ 1,096,309		$ 844,504	$ 979,349	[1],[2]	$ 709,099
Net investment income	7,631		5,762	17,618		17,274
Net realized gain on investments	0		0	0		4
Net change in unrealized appreciation on investments	15,545		11,966	50,747		24,572
Distributions to shareholders	(9,676)		(7,865)	(27,697)		(21,661)
Issuance of common shares through the Public Offerings	61,185		70,279	169,133		198,606
Issuance of common shares through distribution reinvestment plan	4,693		3,401	$ 13,093		$ 8,967
Repurchase of common shares pursuant to share repurchase program (in shares)				(1,102)		(465)
Repurchase of common shares pursuant to share repurchase program	(11,767)		(6,767)	$ (38,323)		$ (15,581)
Ending balance	$ 1,163,920	[3],[4],[5]	$ 921,280	$ 1,163,920	[3],[4],[5]	$ 921,280
Common
Total Net Assets
Beginning balance (in shares)	31,093		25,079	28,435		21,276
Beginning balance	$ 31		$ 25	$ 29		$ 21
Issuance of common shares through the Public Offerings (in shares)	1,770		2,125	4,948		6,024
Issuance of common shares through the Public Offerings	$ 2		$ 1	$ 5		$ 5
Issuance of common shares through distribution reinvestment plan (in shares)	136		103	383		272
Repurchase of common shares pursuant to share repurchase program (in shares)	(335)		(200)	(1,102)		(465)
Repurchase of common shares pursuant to share repurchase program				$ (1)
Ending balance (in shares)	32,664		27,107	32,664		27,107
Ending balance	$ 33		$ 26	$ 33		$ 26
Capital in Excess of Par Value
Total Net Assets
Beginning balance	941,319		740,458	851,529		615,383
Issuance of common shares through the Public Offerings	61,183		70,278	169,128		198,601
Issuance of common shares through distribution reinvestment plan	4,693		3,401	13,093		8,967
Repurchase of common shares pursuant to share repurchase program	(11,767)		(6,767)	(38,322)		(15,581)
Ending balance	995,428		807,370	995,428		807,370
Distributable Earnings
Total Net Assets
Beginning balance	154,959		104,021	127,791		93,695
Net investment income	7,631		5,762	17,618		17,274
Net realized gain on investments						4
Net change in unrealized appreciation on investments	15,545		11,966	50,747		24,572
Distributions to shareholders	(9,676)		(7,865)	(27,697)		(21,661)
Ending balance	$ 168,459		$ 113,884	$ 168,459		$ 113,884
[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]All investments are US based unless otherwise noted.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Activities:
Net increase in net assets resulting from operations	$ 68,365	$ 41,850
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	2,445	165
Proceeds from redemptions/sales of U.S. Treasury bills	0	813,660
Net realized gain on investments	0	(4)
Net change in unrealized appreciation on investments and foreign currency transactions, excluding deferred taxes	(53,314)	(28,814)
Accretion of discounts	0	(2,476)
PIK dividends	(1,490)	0
Increase (decrease) in due to related parties	984	(4,764)
(Decrease) increase in accounts payable and other accrued expenses	(265)	163
Increase in deferred tax liabilities, net	2,567	4,242
Increase in prepaid expenses and other assets	(64)	(35)
Other operating activities	102	209
Net cash used in operating activities	(103,389)	(92,299)
Financing Activities:
Proceeds from issuance of common shares	170,544	198,606
Payment on repurchases of common shares	(34,780)	(11,182)
Distributions paid, net of distributions reinvested	(14,604)	(12,694)
Deferred financing costs	(163)	(125)
Net cash provided by financing activities	120,997	174,605
Net increase in cash and cash equivalents	17,608	82,306
Cash and cash equivalents, beginning of period	134,453	36,837
Cash and cash equivalents, end of period	152,061	119,143
Supplemental disclosure of cash flow information and non-cash financing activities:
Distributions reinvested	13,093	8,967
Amounts incurred but not paid (including amounts due to related parties):
Offering costs	121	230
Payable for shares repurchased	11,767	6,767
Affiliated Investments
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments	(122,719)	(161,517)
PIK dividends	(1,490)	0
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	$ (754,978)

CONDENSED CONSOLIDATED SCHEDULE

CONDENSED CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)		9 Months Ended		12 Months Ended
		Sep. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)
Amortized Cost		$ 841,739,000	[1],[2],[3]	$ 719,976,000	[4],[5]
Fair Value		1,051,921,000	[1],[2],[3]	876,843,000	[4],[5]
OTHER ASSETS IN EXCESS OF LIABILITIES		111,999,000	[1],[2],[3]	102,506,000	[4],[5]
Net Assets		1,163,920,000	[1],[2],[3]	979,349,000	[4],[5]
First lien
Amortized Cost		59,990,000	[1],[2],[3]	200,816,000	[4],[5]
Fair Value		$ 59,990,000	[1],[2],[3]	$ 200,816,000	[4],[5]
First lien | Clarion Safety Systems, LLC
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
First lien | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)		$ 22,500,000	[1],[2],[3]	$ 22,500,000	[4],[5]
Amortized Cost		22,500,000	[1],[2],[3]	22,500,000	[4],[5]
Fair Value		22,500,000	[1],[2],[3]	22,500,000	[4],[5]
First lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		29,490,000	[1],[2],[3],[6]	29,490,000	[4],[5],[7]
Amortized Cost		29,490,000	[1],[2],[3],[6]	29,490,000	[4],[5],[7]
Fair Value		$ 29,490,000	[1],[2],[3],[6]	$ 29,490,000	[4],[5],[7]
First lien | Madison Retirement Holdings TopCo, LLC
Interest Rate (as a percent)	[1],[2],[3]	0.150
First lien | Madison Retirement Holdings TopCo, LLC | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3]	$ 8,000,000
Amortized Cost	[1],[2],[3]	8,000,000
Fair Value	[1],[2],[3]	8,000,000
First lien | ATA Holding Company, LLC
Interest Rate (as a percent)	[4],[5]			0.150
First lien | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)	[4],[5]			$ 37,000,000
Amortized Cost	[4],[5]			37,000,000
Fair Value	[4],[5]			$ 37,000,000
First lien | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)	[4],[5]			0.150
First lien | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[4],[5]			$ 24,400,000
Amortized Cost	[4],[5]			24,400,000
Fair Value	[4],[5]			$ 24,400,000
First lien | Polyform Products, Co.
Interest Rate (as a percent)	[4],[5]			0.160
First lien | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)	[4],[5]			$ 15,700,000
Amortized Cost	[4],[5]			15,700,000
Fair Value	[4],[5]			$ 15,700,000
First lien | Sill Holdings, LLC
Interest Rate (as a percent)	[4],[5]			0.140
First lien | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)	[4],[5]			$ 15,851,000
Amortized Cost	[4],[5]			15,851,000
Fair Value	[4],[5]			$ 15,851,000
First lien | Tacmed Holdings, LLC
Interest Rate (as a percent)	[4],[5]			0.160
First lien | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[4],[5]			$ 29,000,000
Amortized Cost	[4],[5]			29,000,000
Fair Value	[4],[5]			$ 29,000,000
First lien | Auriemma U.S. Roundtables
Interest Rate (as a percent)	[4],[5]			0.080
First lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[4],[5]			$ 2,000,000
Amortized Cost	[4],[5]			2,000,000
Fair Value	[4],[5]			2,000,000
First lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[4],[5]			24,875,000
Amortized Cost	[4],[5]			24,875,000
Fair Value	[4],[5]			24,875,000
Secured
Amortized Cost	[1],[2],[3]	148,638,000
Fair Value	[1],[2],[3]	$ 148,638,000
Secured | ATA Holding Company, LLC
Interest Rate (as a percent)	[1],[2],[3],[8]	0.150
Secured | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 37,000,000
Amortized Cost	[1],[2],[3],[8]	37,000,000
Fair Value	[1],[2],[3],[8]	$ 37,000,000
Secured | Auriemma Consulting Group, Inc.
Interest Rate (as a percent)	[1],[2],[3],[8]	0.080
Secured | Auriemma Consulting Group, Inc. | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 2,000,000
Amortized Cost	[1],[2],[3],[8]	2,000,000
Fair Value	[1],[2],[3],[8]	$ 2,000,000
Secured | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)	[1],[2],[3],[8]	0.150
Secured | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 24,400,000
Amortized Cost	[1],[2],[3],[8]	24,400,000
Fair Value	[1],[2],[3],[8]	$ 24,400,000
Secured | Polyform Products, Co.
Interest Rate (as a percent)	[1],[2],[3],[8]	0.160
Secured | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 15,700,000
Amortized Cost	[1],[2],[3],[8]	15,700,000
Fair Value	[1],[2],[3],[8]	$ 15,700,000
Secured | Sill Holdings, LLC
Interest Rate (as a percent)	[1],[2],[3],[8]	0.140
Secured | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 15,851,000
Amortized Cost	[1],[2],[3],[8]	15,851,000
Fair Value	[1],[2],[3],[8]	$ 15,851,000
Secured | Tacmed Holdings, LLC
Interest Rate (as a percent)	[1],[2],[3],[8]	0.160
Secured | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 29,000,000
Amortized Cost	[1],[2],[3],[8]	29,000,000
Fair Value	[1],[2],[3],[8]	29,000,000
Secured | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[3],[6],[8]	24,813,000
Amortized Cost	[1],[2],[3],[6],[8]	24,687,000
Fair Value	[1],[2],[3],[6],[8]	24,687,000
Second lien
Amortized Cost		76,718,000	[1],[2],[3]	75,342,000	[4],[5]
Fair Value		$ 76,718,000	[1],[2],[3]	$ 75,342,000	[4],[5]
Second lien | Lawn Doctor, Inc.
Interest Rate (as a percent)		0.160	[1],[2],[3]	0.160	[4],[5]
Second lien | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)		$ 15,000,000	[1],[2],[3]	$ 15,000,000	[4],[5]
Amortized Cost		15,000,000	[1],[2],[3]	15,000,000	[4],[5]
Fair Value		$ 15,000,000	[1],[2],[3]	$ 15,000,000	[4],[5]
Second lien | Auriemma U.S. Roundtables
Interest Rate (as a percent)		0.160	[1],[2],[3]	0.160	[4],[5]
Second lien | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)		$ 12,114,000	[1],[2],[3]	$ 12,114,000	[4],[5]
Amortized Cost		12,114,000	[1],[2],[3]	12,114,000	[4],[5]
Fair Value		$ 12,114,000	[1],[2],[3]	$ 12,114,000	[4],[5]
Second lien | Blue Ridge ESOP Associates
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
Second lien | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares (in shares)		$ 2,641,000	[1],[2],[3]	$ 2,641,000	[4],[5]
Amortized Cost		2,641,000	[1],[2],[3]	2,641,000	[4],[5]
Fair Value		$ 2,641,000	[1],[2],[3]	$ 2,641,000	[4],[5]
Second lien | Douglas Machines Corp.
Interest Rate (as a percent)		0.160	[1],[2],[3]	0.160	[4],[5]
Second lien | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)		$ 15,000,000	[1],[2],[3]	$ 15,000,000	[4],[5]
Amortized Cost		15,000,000	[1],[2],[3]	15,000,000	[4],[5]
Fair Value		$ 15,000,000	[1],[2],[3]	$ 15,000,000	[4],[5]
Second lien | Milton Industries Inc.
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
Second lien | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares (in shares)		$ 3,353,000	[1],[2],[3]	$ 3,353,000	[4],[5]
Amortized Cost		3,353,000	[1],[2],[3]	3,353,000	[4],[5]
Fair Value		$ 3,353,000	[1],[2],[3]	$ 3,353,000	[4],[5]
Second lien | Resolution Economics, LLC
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
Second lien | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)		$ 2,834,000	[1],[2],[3]	$ 2,834,000	[4],[5]
Amortized Cost		2,834,000	[1],[2],[3]	2,834,000	[4],[5]
Fair Value		$ 2,834,000	[1],[2],[3]	$ 2,834,000	[4],[5]
Second lien | USA Water Intermediate Holdings, LLC
Interest Rate (as a percent)	[1],[2],[3]	0.160
Second lien | USA Water Intermediate Holdings, LLC | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2],[3]	$ 1,376,000
Amortized Cost	[1],[2],[3]	1,376,000
Fair Value	[1],[2],[3]	$ 1,376,000
Second lien | Vektek Holdings, LLC
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
Second lien | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)		$ 24,400,000	[1],[2],[3]	$ 24,400,000	[4],[5]
Amortized Cost		24,400,000	[1],[2],[3]	24,400,000	[4],[5]
Fair Value		24,400,000	[1],[2],[3]	24,400,000	[4],[5]
Total Senior Secured Notes
Amortized Cost		285,346,000	[1],[2],[3]	276,158,000	[4],[5]
Fair Value		285,346,000	[1],[2],[3]	276,158,000	[4],[5]
Preferred Equity
Amortized Cost	[1],[2],[3]	60,804,000
Fair Value	[1],[2],[3]	63,900,000
Preferred Equity | LOCI Topoco Limited | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[1],[2],[3],[9]	46,597,751
Amortized Cost	[1],[2],[3],[9]	60,804,000
Fair Value	[1],[2],[3],[9]	63,900,000
Common Equity, Investment
Amortized Cost	[1],[2],[3]	495,589,000
Fair Value	[1],[2],[3]	702,675,000
Common Equity, Investment | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	57,368
Amortized Cost	[1],[2],[3],[10]	56,816,000
Fair Value	[1],[2],[3],[10]	63,284,000
Common Equity, Investment | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	7,746
Amortized Cost	[1],[2],[3],[10]	27,610,000
Fair Value	[1],[2],[3],[10]	86,127,000
Common Equity, Investment | Madison Retirement Holdings TopCo, LLC | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	21,500
Amortized Cost	[1],[2],[3],[10]	21,500,000
Fair Value	[1],[2],[3],[10]	21,500,000
Common Equity, Investment | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	37,985
Amortized Cost	[1],[2],[3],[10]	37,125,000
Fair Value	[1],[2],[3],[10]	34,443,000
Common Equity, Investment | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	17,320
Amortized Cost	[1],[2],[3],[10]	17,320,000
Fair Value	[1],[2],[3],[10]	44,613,000
Common Equity, Investment | LOCI Topoco Limited | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[1],[2],[3],[9]	73,215
Amortized Cost	[1],[2],[3],[9]	93,000
Fair Value	[1],[2],[3],[9]	528,000
Common Equity, Investment | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	10,820
Amortized Cost	[1],[2],[3],[10]	15,599,000
Fair Value	[1],[2],[3],[10]	12,737,000
Common Equity, Investment | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	77,521
Amortized Cost	[1],[2],[3],[10]	82,549,000
Fair Value	[1],[2],[3],[10]	104,022,000
Common Equity, Investment | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	77,000
Amortized Cost	[1],[2],[3],[10]	76,744,000
Fair Value	[1],[2],[3],[10]	80,255,000
Common Equity, Investment | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	33,094
Amortized Cost	[1],[2],[3],[10]	33,476,000
Fair Value	[1],[2],[3],[10]	59,323,000
Common Equity, Investment | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3]	11,489
Amortized Cost	[1],[2],[3]	10,940,000
Fair Value	[1],[2],[3]	34,995,000
Common Equity, Investment | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	35,500
Amortized Cost	[1],[2],[3],[10]	35,500,000
Fair Value	[1],[2],[3],[10]	36,784,000
Common Equity, Investment | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[3]	6,647
Amortized Cost	[1],[2],[3]	6,647,000
Fair Value	[1],[2],[3]	20,164,000
Common Equity, Investment | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)	[1],[2],[3]	7,666
Amortized Cost	[1],[2],[3]	8,118,000
Fair Value	[1],[2],[3]	18,500,000
Common Equity, Investment | USA Water Intermediate Holdings, LLC | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[1],[2],[3]	86,245
Amortized Cost	[1],[2],[3]	8,624,000
Fair Value	[1],[2],[3]	10,191,000
Common Equity, Investment | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	56,928
Amortized Cost	[1],[2],[3],[10]	56,928,000
Fair Value	[1],[2],[3],[10]	75,209,000
Equity
Amortized Cost		556,393,000	[1],[2],[3]	443,818,000	[4],[5]
Fair Value		$ 766,575,000	[1],[2],[3]	600,685,000	[4],[5]
Equity | Clarion Safety Systems, LLC | Visual Safety Solutions
Principal Amount / No. Shares (in shares)	[4],[5],[11]			57,368
Amortized Cost	[4],[5],[11]			57,189,000
Fair Value	[4],[5],[11]			60,451,000
Equity | Lawn Doctor, Inc. | Commercial and Professional Services
Principal Amount / No. Shares (in shares)	[4],[5],[11]			7,746
Amortized Cost	[4],[5],[11]			27,611,000
Fair Value	[4],[5],[11]			75,165,000
Equity | ATA Holding Company, LLC | Real Estate Services
Principal Amount / No. Shares (in shares)	[4],[5],[11]			37,985
Amortized Cost	[4],[5],[11]			37,125,000
Fair Value	[4],[5],[11]			32,376,000
Equity | Healthcare Safety Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[4],[5],[11]			17,320
Amortized Cost	[4],[5],[11]			17,320,000
Fair Value	[4],[5],[11]			44,988,000
Equity | Polyform Products, Co. | Hobby Goods and Supplies
Principal Amount / No. Shares (in shares)	[4],[5],[11]			10,820
Amortized Cost	[4],[5],[11]			15,599,000
Fair Value	[4],[5],[11]			15,964,000
Equity | Sill Holdings, LLC | Business Services
Principal Amount / No. Shares (in shares)	[4],[5],[11]			58,549
Amortized Cost	[4],[5],[11]			58,549,000
Fair Value	[4],[5],[11]			58,549,000
Equity | Tacmed Holdings, LLC | Healthcare Supplies
Principal Amount / No. Shares (in shares)	[4],[5],[11]			77,000
Amortized Cost	[4],[5],[11]			77,000,000
Fair Value	[4],[5],[11]			77,000,000
Equity | Auriemma U.S. Roundtables | Information Services and Advisory Solutions
Principal Amount / No. Shares (in shares)	[4],[5],[11]			33,094
Amortized Cost	[4],[5],[11]			33,476,000
Fair Value	[4],[5],[11]			58,964,000
Equity | Blue Ridge ESOP Associates | Business Services
Principal Amount / No. Shares (in shares)	[4],[5]			11,489
Amortized Cost	[4],[5]			12,793,000
Fair Value	[4],[5]			22,926,000
Equity | Douglas Machines Corp. | Sanitation Products
Principal Amount / No. Shares (in shares)	[4],[5],[11]			35,500
Amortized Cost	[4],[5],[11]			35,500,000
Fair Value	[4],[5],[11]			43,379,000
Equity | Milton Industries Inc. | Engineered Products
Principal Amount / No. Shares (in shares)	[4],[5]			6,647
Amortized Cost	[4],[5]			6,647,000
Fair Value	[4],[5]			20,982,000
Equity | Resolution Economics, LLC | Business Services
Principal Amount / No. Shares (in shares)	[4],[5]			7,666
Amortized Cost	[4],[5]			8,081,000
Fair Value	[4],[5]			15,189,000
Equity | Vektek Holdings, LLC | Engineered Products
Principal Amount / No. Shares (in shares)	[4],[5],[11]			56,928
Amortized Cost	[4],[5],[11]			56,928,000
Fair Value	[4],[5],[11]			$ 74,752,000
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.[6]As of September 30, 2024, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60%. SOFR at September 30, 2024 was 5.16%.[7]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%.[8]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.[9]LBR is headquartered in the United Kingdom. LBR investment represents 5.5% of net assets based on fair value as of September 30, 2024.[10]As of September 30, 2024, the Company owned a controlling interest in this portfolio company.[11]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)		9 Months Ended		12 Months Ended
		Sep. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair value percentage of net assets (as a percent)		90.40%	[1],[2],[3]	89.50%	[4],[5]
OTHER ASSETS IN EXCESS OF LIABILITIES (as a percent)		9.60%	[1],[2],[3]	10.50%	[4],[5]
NET ASSETS (as a percent)		100%	[1],[2],[3]	100%	[4],[5]
Amortized Cost		$ 841,739,000	[1],[2],[3]	$ 719,976,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 1,051,921,000	[1],[2],[3]	$ 876,843,000	[4],[5]
LOCI Topoco Limited
Fair value percentage of net assets (as a percent)		5.50%
First lien
Fair value percentage of net assets (as a percent)		5.10%	[1],[2],[3]	20.50%	[4],[5]
Amortized Cost		$ 59,990,000	[1],[2],[3]	$ 200,816,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 59,990,000	[1],[2],[3]	$ 200,816,000	[4],[5]
First lien | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)	[4],[5]			0.150
First lien | Clarion Safety Systems, LLC
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
First lien | Commercial and Professional Services | Lawn Doctor, Inc.
Variable rate		4.60%		4.60%
Principal Amount / No. Shares (in shares)		$ 29,490,000	[1],[2],[3],[6]	$ 29,490,000	[4],[5],[7]
Amortized Cost		29,490,000	[1],[2],[3],[6]	29,490,000	[4],[5],[7]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		29,490,000	[1],[2],[3],[6]	29,490,000	[4],[5],[7]
First lien | Healthcare Supplies | Healthcare Safety Holdings, LLC
Principal Amount / No. Shares (in shares)	[4],[5]			24,400,000
Amortized Cost	[4],[5]			24,400,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5]			$ 24,400,000
First lien | Engineered Products | Vektek Holdings, LLC
Variable rate				4.35%
Principal Amount / No. Shares (in shares)	[4],[5]			$ 24,875,000
Amortized Cost	[4],[5]			24,875,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5]			24,875,000
First lien | Visual Safety Solutions | Clarion Safety Systems, LLC
Principal Amount / No. Shares (in shares)		22,500,000	[1],[2],[3]	22,500,000	[4],[5]
Amortized Cost		22,500,000	[1],[2],[3]	22,500,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 22,500,000	[1],[2],[3]	$ 22,500,000	[4],[5]
Secured
Fair value percentage of net assets (as a percent)	[1],[2],[3]	12.80%
Amortized Cost	[1],[2],[3]	$ 148,638,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3]	$ 148,638,000
Secured | Healthcare Safety Holdings, LLC
Interest Rate (as a percent)	[1],[2],[3],[8]	0.150
Secured | Healthcare Supplies | Healthcare Safety Holdings, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[3],[8]	$ 24,400,000
Amortized Cost	[1],[2],[3],[8]	24,400,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[8]	24,400,000
Secured | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[3],[6],[8]	24,813,000
Amortized Cost	[1],[2],[3],[6],[8]	24,687,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[6],[8]	$ 24,687,000
Second lien
Fair value percentage of net assets (as a percent)		6.60%	[1],[2],[3]	7.70%	[4],[5]
Amortized Cost		$ 76,718,000	[1],[2],[3]	$ 75,342,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 76,718,000	[1],[2],[3]	$ 75,342,000	[4],[5]
Second lien | Lawn Doctor, Inc.
Interest Rate (as a percent)		0.160	[1],[2],[3]	0.160	[4],[5]
Second lien | Vektek Holdings, LLC
Interest Rate (as a percent)		0.150	[1],[2],[3]	0.150	[4],[5]
Second lien | Commercial and Professional Services | Lawn Doctor, Inc.
Principal Amount / No. Shares (in shares)		$ 15,000,000	[1],[2],[3]	$ 15,000,000	[4],[5]
Amortized Cost		15,000,000	[1],[2],[3]	15,000,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		15,000,000	[1],[2],[3]	15,000,000	[4],[5]
Second lien | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)		24,400,000	[1],[2],[3]	24,400,000	[4],[5]
Amortized Cost		24,400,000	[1],[2],[3]	24,400,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 24,400,000	[1],[2],[3]	$ 24,400,000	[4],[5]
Preferred Equity
Fair value percentage of net assets (as a percent)	[1],[2],[3]	5.50%
Amortized Cost	[1],[2],[3]	$ 60,804,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3]	$ 63,900,000
Preferred Equity | LOCI Topoco Limited
Investment, interest rate, paid in kind	[1],[2],[3],[9]	8.50%
Common Equity, Investment
Fair value percentage of net assets (as a percent)	[1],[2],[3]	60.40%
Amortized Cost	[1],[2],[3]	$ 495,589,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3]	702,675,000
Common Equity, Investment | Commercial and Professional Services | Lawn Doctor, Inc.
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	7,746
Amortized Cost	[1],[2],[3],[10]	27,610,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[10]	86,127,000
Common Equity, Investment | Healthcare Supplies | Healthcare Safety Holdings, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	17,320
Amortized Cost	[1],[2],[3],[10]	17,320,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[10]	44,613,000
Common Equity, Investment | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	56,928
Amortized Cost	[1],[2],[3],[10]	56,928,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[10]	75,209,000
Common Equity, Investment | Visual Safety Solutions | Clarion Safety Systems, LLC
Principal Amount / No. Shares (in shares)	[1],[2],[3],[10]	57,368
Amortized Cost	[1],[2],[3],[10]	56,816,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[1],[2],[3],[10]	63,284,000
Equity
Fair value percentage of net assets (as a percent)	[4],[5]			61.30%
Amortized Cost		556,393,000	[1],[2],[3]	$ 443,818,000	[4],[5]
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)		$ 766,575,000	[1],[2],[3]	600,685,000	[4],[5]
Equity | Commercial and Professional Services | Lawn Doctor, Inc.
Principal Amount / No. Shares (in shares)	[4],[5],[11]			7,746
Amortized Cost	[4],[5],[11]			27,611,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5],[11]			75,165,000
Equity | Healthcare Supplies | Healthcare Safety Holdings, LLC
Principal Amount / No. Shares (in shares)	[4],[5],[11]			17,320
Amortized Cost	[4],[5],[11]			17,320,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5],[11]			44,988,000
Equity | Engineered Products | Vektek Holdings, LLC
Principal Amount / No. Shares (in shares)	[4],[5],[11]			56,928
Amortized Cost	[4],[5],[11]			56,928,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5],[11]			74,752,000
Equity | Visual Safety Solutions | Clarion Safety Systems, LLC
Principal Amount / No. Shares (in shares)	[4],[5],[11]			57,368
Amortized Cost	[4],[5],[11]			57,189,000
Portfolio company investments at fair value (amortized cost of $841,739 and $719,976, respectively)	[4],[5],[11]			$ 60,451,000
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.[6]As of September 30, 2024, the senior debt investments in Lawn Doctor and Vektek accrue interest at a per annum rate of SOFR + 4.60%. SOFR at September 30, 2024 was 5.16%.[7]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%.[8]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.[9]PIK dividend income is computed at the contractual rate in each applicable agreement and is accrued and recorded as dividend income and capitalized to the principal balance.[10]As of September 30, 2024, the Company owned a controlling interest in this portfolio company.[11]As of December 31, 2023, the Company owned a controlling interest in this portfolio company.

Principal Business and Organiza

Principal Business and Organization	9 Months Ended
	Sep. 30, 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 Levine Leichtman Capital Partners, LLC 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 “Follow-On 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 Follow-On 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	9 Months Ended
	Sep. 30, 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 (“ASC”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. In the opinion of management, the condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and necessary for the fair presentation of financial results as of and for the periods presented. Although the Company is organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act, its financial statements are prepared using the specialized accounting principles of ASC Topic 946, “Financial Services—Investment Companies” (“ASC Topic 946”) to utilize investment company accounting. The Company obtains funds through the issuance of equity interests to multiple unrelated investors, and provides such investors with investment management services. Further, the Company’s business strategy is to acquire interests in middle-market U.S. businesses to provide current income and long term capital appreciation, while protecting invested capital. Overall, the Company believes that the use of investment company accounting on a fair value basis is consistent with the management of its assets on a fair value basis, and makes the Company’s financial statements more useful to investors and other financial statement users in facilitating the evaluation of an investment in the Company as compared to other investment products in the marketplace. Principles of Consolidation Under ASC Topic 946 the Company is precluded from consolidating any entity other than an investment company or an operating company which provides substantially all of its services to benefit the Company. In accordance therewith, the Company has consolidated the results of its wholly owned subsidiaries which provide services to the Company in its condensed consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. All intercompany account balances and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash and cash equivalents consist of demand deposits and money market funds at commercial banks. Demand deposits are carried at cost plus accrued interest, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. As of September 30, 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. Foreign Securities The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation on investments” in the Company's condensed consolidated statements of operations. 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. PIK Dividend Income - PIK dividend income is computed at the contractual rate specified in each applicable agreement and is accrued and recorded as dividend income and capitalized to the principal balance of the preferred equity. Such income is accrued only to the extent that the Company believes that the PIK dividend income is probable of being collected. PIK dividends capitalized to the principal balance are generally collected upon redemption of the equity. Paid in Capital The Company records the proceeds from the sale of its common shares on a net basis to (i) capital shares at par value and (ii) paid in capital in excess of par value, excluding upfront selling commissions and dealer manager fees. Share Repurchases Under the Company’s share repurchase program (the “Share Repurchase Program”), shares are redeemed as of the repurchase date, which will generally be the last business day of the month of a calendar quarter. Shares redeemed are retired and not available for reissue. See Note 7. “Capital Transactions” Offering Expenses Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Public Offerings, are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated statements of operations over the lesser of the offering period or 12 months; however, the end of the deferral period will not exceed 12 months from the date the offering expense is incurred by the Manager and the Sub-Manager. Distribution and Shareholder Servicing Fees The Company pays distribution and shareholder servicing fees with respect to its Class T and Class D shares, as described further below in Note 5. “Related Party Transactions.” Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 8. “Borrowings” Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, offering expenses, expense support (reimbursement), distribution and shareholder servicing fees and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such expenses are attributable to the particular share classes, as determined by the Company’s board of directors, the Company’s governing agreements and, in certain cases, expenses which are specifically identifiable to a share class. The following table reflects class-specific expenses by share class during the quarter and nine months ended September 30, 2024 and 2023 (in thousands): Quarter Ended September 30, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 269 $ 1,186 $ 414 $ 499 $ 2,301 $ 133 Total return incentive fees 399 1,268 410 584 2,345 168 Offering expenses — 147 22 32 137 — Expense support — — — — 335 18 Other class-specific expenses (1) 8 34 224 134 51 5 Nine Months Ended September 30, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 788 $ 3,001 $ 1,204 $ 1,343 $ 6,307 $ 385 Total return incentive fees 1,217 3,435 1,249 1,479 7,041 511 Offering expenses — 359 52 83 385 — Expense support — — — — (1) 1 Other class-specific expenses (1) 26 103 672 375 157 17 Quarter Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 267 $ 587 $ 414 $ 366 $ 1,743 $ 128 Total return incentive fees 390 614 389 373 1,816 161 Offering expenses — 463 73 87 448 — Expense reimbursement — — — — — — Other class-specific expenses (1) 53 139 300 161 294 36 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 792 $ 1,338 $ 1,174 $ 990 $ 4,670 $ 378 Total return incentive fees 961 1,232 961 884 4,247 425 Offering expenses — 1,008 293 253 1,468 — Expense reimbursement 610 — — — 34 — Other class-specific expenses (1) 32 85 666 297 176 22 (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 quarter and nine months ended September 30, 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 financial 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	9 Months Ended
	Sep. 30, 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. In June 2024, the Company, through its wholly-owned subsidiary, LBR Strategic Capital EquityCo, LLC, made a co-investment in LOCI Topco Limited (“LBR”) of approximately $59.4 million. The Company’s co-investment is comprised of a minority common equity position of approximately $0.1 million and $59.3 million of preferred equity. In June 2024, the Company made an additional equity investment in Sill of approximately $24.0 million. In July 2024, the Company, through its wholly-owned subsidiary, MAP Strategic Capital EquityCo, LLC, acquired an approximately 50.5% indirect equity ownership interest in Madison Retirement Holdings TopCo, LLC (“MAP”). The Company’s total investment of $29.5 million in MAP is comprised of an indirect common equity interest investment of approximately $21.5 million and a concurrent debt investment of $8.0 million made through its wholly-owned subsidiary, MAP Strategic Capital DebtCo, LLC, in the form of a senior secured note issued by MAP. The Company’s investment portfolio is summarized as follows as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, 2024 Asset Category Amortized Cost (1) Fair Value Fair Value Fair Value Senior secured debt First lien $ 59,990 $ 59,990 5.7 % 5.1 % Secured 148,638 148,638 14.1 12.8 Second lien 76,718 76,718 7.3 6.6 Total senior secured debt 285,346 285,346 27.1 24.5 Equity Preferred 60,804 63,900 6.1 5.5 Common 495,589 702,675 66.8 60.4 Total equity 556,393 766,575 72.9 65.9 Total investments $ 841,739 $ 1,051,921 100.0 % 90.4 % (1) The amortized cost represents the original cost adjusted for PIK dividends. 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 4.2 years as of September 30, 2024. The note purchase agreements contain customary covenants and events of default. As of September 30, 2024, all of the Company’s portfolio companies were in compliance with their respective debt covenants. As of September 30, 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 September 30, 2024 and December 31, 2023 were as follows: Industry September 30, 2024 December 31, 2023 Business Services 19.8 % 13.5 % Healthcare Supplies 16.9 20.0 Engineered Products 14.1 16.9 Commercial and Professional Services 13.5 13.6 Information Services and Advisory Solutions 13.1 8.3 Visual Safety Solutions 8.2 9.5 Real Estate Services 6.8 7.9 Sanitation Products 4.9 6.7 Hobby Goods and Supplies 2.7 3.6 Total 100.0 % 100.0 % Summarized Portfolio Company Financial Information The Company had three significant portfolio companies in which it owned a controlling equity interest during the quarter and nine months ended September 30, 2024 and 2023. The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2024 and 2023, and summarized balance sheet data as of September 30, 2024 (unaudited) and December 31, 2023 for these portfolio companies (in thousands): Polyform Quarter Ended Nine Months Ended 2024 2023 2024 2023 Revenues $ 4,594 $ 4,236 $ 13,138 $ 12,355 Expenses (4,682) (4,546) (13,840) (13,220) Loss before taxes (88) (310) (702) (865) Income tax benefit 15 88 189 246 Net loss $ (73) $ (222) $ (513) $ (619) As of September 30, 2024 As of December 31, 2023 Current assets $ 7,708 $ 7,601 Non-current assets 24,140 25,515 Current liabilities 1,640 1,111 Non-current liabilities 20,473 20,830 Stockholders’ equity 9,735 11,175 Ownership percentage (1) 87 % 87 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek Quarter Ended Nine Months Ended 2024 2023 2024 2023 Revenues $ 9,232 $ 9,898 $ 27,051 $ 29,684 Expenses (8,844) (9,405) (26,264) (28,453) Income before taxes 388 493 787 1,231 Income tax expense (48) (4) (76) (18) Net income $ 340 $ 489 $ 711 $ 1,213 As of September 30, 2024 As of December 31, 2023 Current assets $ 14,858 $ 14,846 Non-current assets 97,495 99,254 Current liabilities 2,741 2,182 Non-current liabilities 49,438 49,625 Stockholders’ equity 60,174 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. Sill The Company made its initial investment in Sill in October 2023. Quarter Ended Nine Months Ended 2024 2024 Revenues $ 6,391 $ 14,636 Expenses (5,846) (15,515) Income (loss) before taxes 545 (879) Income tax expense (1,718) (1,038) Net loss $ (1,173) $ (1,917) As of September 30, 2024 As of December 31, 2023 Current assets $ 10,005 $ 5,157 Non-current assets 99,924 71,762 Current liabilities 5,673 2,129 Non-current liabilities 18,113 16,668 Stockholders’ equity 86,143 58,122 Ownership percentage (1) 94 % 99 % 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	9 Months Ended
	Sep. 30, 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 September 30, 2024 As of December 31, 2023 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 285,346 $ 285,346 $ — $ — $ 276,158 $ 276,158 Equity — — 766,575 766,575 — — 600,685 600,685 Total Investments $ — $ — $ 1,051,921 $ 1,051,921 $ — $ — $ 876,843 $ 876,843 The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of September 30, 2024 and December 31, 2023 were as follows (in thousands): As of September 30, 2024 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 285,346 Discounted Cash Flow Discount Rate 10.8% – 15.5% (13.1%) 6.3x – 21.6x (12.6x) Decrease Equity 766,575 Discounted Cash Flow Discount Rate 10.8% – 15.5% (13.1%) 6.3x – 21.6x (12.6x) Decrease Total $ 1,051,921 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 September 30, 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 nine months ended September 30, 2024 and 2023 (in thousands): Nine Months Ended September 30, 2024 Senior Debt Equity Total Fair value balance as of January 1, 2024 $ 276,158 $ 600,685 $ 876,843 Additions 9,376 113,531 122,907 Principal repayment (188) — (188) PIK dividends — 1,490 1,490 Return of capital (1) — (2,445) (2,445) Net change in unrealized appreciation, including unrealized foreign currency gain (2) — 53,314 53,314 Fair value balance as of September 30, 2024 $ 285,346 $ 766,575 $ 1,051,921 Change in net unrealized appreciation on investments held as of September 30, 2024 (2) $ — $ 53,314 $ 53,314 Nine Months Ended September 30, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 83,490 78,090 161,580 Principal repayment (63) — (63) Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 28,836 28,836 Fair value balance as of September 30, 2023 $ 260,369 $ 518,656 $ 779,025 Change in net unrealized appreciation on investments held as of September 30, 2023 (2) $ — $ 28,836 $ 28,836 FOOTNOTES: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies. (2) Included in net change in unrealized appreciation on investments in the condensed consolidated statements of operations.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 $1.1 million during the quarters ended September 30, 2024 and 2023, respectively, and approximately $0.9 million and $3.0 million during the nine months ended September 30, 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 $4.8 million and $3.5 million during the quarters ended September 30, 2024 and 2023, respectively, and approximately $13.0 million and $9.3 million during the nine months ended September 30, 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 $5.2 million and $3.7 million during the quarters ended September 30, 2024 and 2023, respectively, and approximately $14.9 million and $8.7 million during the nine months ended September 30, 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 through September 30, 2024, approximately $4.9 million had been reimbursed and approximately $0.2 million was no longer eligible for reimbursement. As of September 30, 2024, there was no remaining amount of Expense Support collected from the Manager and Sub-Manager subject to reimbursement. Distributions Individuals and entities affiliated with the Manager and Sub-Manager owned approximately 0.4 million shares as of September 30, 2024 and 2023. These individuals and entities received distributions from the Company of approximately $0.1 million for each of the quarters ended September 30, 2024 and 2023 and approximately $0.4 million and $0.3 million during each of the nine months ended September 30, 2024 and 2023, respectively. Related party fees and expenses incurred for the quarter and nine months ended September 30, 2024 and 2023 are summarized below (in thousands): Quarter Ended September 30, Nine Months Ended September 30, Related Party Source Agreement & Description 2024 2023 2024 2023 Managing Dealer Managing Dealer Agreement: Commissions (1) $ 692 $ 824 $ 1,734 $ 2,160 Dealer manager fees (1) 107 271 266 687 Distribution and shareholder servicing fees 334 310 971 873 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (2)(3) 338 1,071 879 3,022 Base management fees (2) 4,802 3,505 13,028 9,342 Total return incentive fees (2) 5,174 3,743 14,932 8,710 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support 353 — — — Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — — — 644 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (2)(4) 131 26 378 74 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (2)(5) (159) 682 843 1,228 FOOTNOTES: (1) Included in “Issuance of common shares through the Public Offerings” in the Company’s condensed consolidated statements of changes in net assets. (2) Expenses subject to Expense Support, if applicable. (3) 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. (4) Included in “Professional services” in the Company’s condensed consolidated statements of operations. (5) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews. The following table presents amounts due to related parties net as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Due to related parties: Total return incentive fees $ (14,932) $ (13,506) Reimbursement of Expense Support — (644) Base management fees (1,586) (1,338) Offering expenses (121) (92) Distribution and shareholder servicing fees (111) (106) Reimbursement of third-party operating expenses and pursuit costs (21) (101) Due to related parties, net $ (16,771) $ (15,787) Other Related Party Transactions Prior to the Company’s co-investment in LBR as described in Note 3. “Investments,” LBR was a majority owned subsidiary of an affiliate of the Sub-Manager.

Distributions

Distributions	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 (nine 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 nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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 Second Quarter 9,214 4,344 4,870 7,195 2,976 4,219 Third Quarter 9,676 4,693 4,983 7,865 3,401 4,464 $ 27,697 $ 13,093 $ 14,604 $ 21,661 $ 8,967 $ 12,694 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 - September 30, 2024 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2023 - September 30, 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): Nine Months Ended September 30, 2024 2023 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 17,618 63.6 % $ 17,274 79.7 % Distributions in excess of net investment income (2) 10,079 36.4 4,387 20.3 Total distributions declared $ 27,697 100.0 % $ 21,661 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support (reimbursement), net of $0 and $(644) for the nine months ended September 30, 2024 and 2023, respectively. See Note 5. “Related Party Transactions” (2) Consists of distributions made from offering proceeds for the periods presented. In September 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 October 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.

Capital Transactions

Capital Transactions	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Capital Transactions	Capital Transactions Public Offerings Under the Follow-On Public Offering, the Company is offering up to $1.0 billion of shares, on a best efforts basis, which means that CNL Securities Corp., as the Managing Dealer of the Follow-On Public Offering, uses its best effort but is not required to sell any specific amount of shares. The Company is offering, in any combination, four classes of shares in the Follow-On Public Offering: Class A shares, Class T shares, Class D shares and Class I shares. The initial minimum permitted purchase amount is $5,000 in shares. There are differing selling fees and commissions for each share class. The Company also pays distribution and shareholder servicing fees, subject to certain limits, on the Class T and Class D shares sold in the Public Offerings (excluding sales pursuant to the Company’s distribution reinvestment plan). The public offering price, selling commissions and dealer manager fees per share class are determined monthly as approved by the Company’s board of directors. As of September 30, 2024, the public offering price was $37.60 per Class A share, $36.16 per Class T share, $34.14 per Class D share and $34.90 per Class I share. The Company is also offering, in any combination, up to $100.0 million of Class A shares, Class T shares, Class D shares and Class I shares to be issued pursuant to its distribution reinvestment plan. See Note 13. “Subsequent Events” The following tables summarize the total shares issued and proceeds received by share class in connection with the Public Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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 2,013 $ 69,980 $ (1,542) $ 68,438 115 $ 3,920 2,128 $ 72,358 $ 34.00 Class T 282 10,061 (458) 9,603 39 1,320 321 10,923 34.05 Class D 476 16,070 — 16,070 42 1,415 518 17,485 33.76 Class I 2,177 75,022 — 75,022 187 6,438 2,364 81,460 34.46 4,948 $ 171,133 $ (2,000) $ 169,133 383 $ 13,093 5,331 $ 182,226 $ 34.18 Nine Months Ended September 30, 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 Average Net Proceeds per Share Class A 1,989 $ 67,210 $ (1,944) $ 65,266 59 $ 1,920 2,048 $ 67,186 $ 32.81 Class T 569 19,526 (903) 18,623 40 1,299 609 19,922 32.74 Class D 521 16,897 — 16,897 34 1,089 555 17,986 32.45 Class I 2,945 97,820 — 97,820 139 4,659 3,084 102,479 33.22 6,024 $ 201,453 $ (2,847) $ 198,606 272 $ 8,967 6,296 $ 207,573 $ 32.98 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” Share Repurchase Program In accordance with the Share Repurchase Program, the total amount of aggregate repurchases of Class FA, Class A, Class T, Class D, Class I and Class S shares is limited to up to 2.5% of the aggregate net asset value per calendar quarter (based on the aggregate net asset value as of the last date of the month immediately prior to the repurchase date) and up to 10% of the aggregate net asset value per year (based on the average aggregate net asset value as of the end of each of the Company’s trailing four quarters). At the sole discretion of the Company’s board of directors, the Company may use sources, including, but not limited to, offering proceeds and borrowings to repurchase shares. During the nine months ended September 30, 2024 and 2023, the Company received requests for the repurchase of approximately $38.3 million and $15.6 million, respectively, of the Company’s common shares. The Company’s board of directors approved the repurchase requests. The following table summarizes the shares repurchased during the nine months ended September 30, 2024 and 2023 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 139 $ 5,199 $ 37.19 Class A 114 3,890 34.01 Class T 134 4,505 33.86 Class D 61 2,051 33.70 Class I 627 21,675 34.53 Class S 27 1,003 38.03 Nine Months Ended September 30, 2024 1,102 $ 38,323 $ 34.77 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 42 $ 1,480 $ 35.57 Class A 55 1,811 32.78 Class T 57 1,844 33.05 Class D 31 1,003 32.65 Class I 266 8,909 33.33 Class S 14 534 36.42 Nine Months Ended September 30, 2023 465 $ 15,581 $ 33.48 As of September 30, 2024 and December 31, 2023, the Company had a payable for shares repurchased of approximately $11.8 million and $8.2 million, respectively, which were paid in October 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 nine months ended September 30, 2024, approximately 247,000 Class T shares were converted to approximately 247,000 Class A shares at an average conversion rate of 1.00. During the nine months ended September 30, 2023, approximately 301,000 Class T shares were converted to approximately 301,000 Class A shares at an average conversion rate of 1.00.

Borrowings

Borrowings	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company incurs income tax expense related to its Taxable Subsidiaries. The components of income tax expense were as follows during the quarter and nine months ended September 30, 2024 and 2023 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Current tax expense $ 15 $ — $ 10 $ — Deferred tax expense 1,300 2,088 2,567 4,242 Total income tax expense $ 1,315 $ 2,088 $ 2,577 $ 4,242 The effective tax rate for the nine months ended September 30, 2024 and 2023 was 3.6% and 9.2%, respectively. The primary items giving rise to the difference between the 21.0% federal statutory rate applicable to corporations and the effective tax rates are due to state taxes and the benefits of the partnership structure. Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Deferred tax assets: Carryforwards of net operating loss $ 1,221 $ 1,249 Unrealized depreciation on investments 271 913 Other 32 — Valuation allowance (723) (1,324) Total deferred tax assets 801 838 Deferred tax liabilities: Unrealized appreciation on investments (10,830) (8,300) Total deferred tax liabilities (10,830) (8,300) Deferred tax liabilities, net $ (10,029) $ (7,462)

Concentrations of Risk

Concentrations of Risk	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentrations of Risk	Concentrations of Risk The Company had three 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 & Contingencies

Commitment & Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitment & Contingencies	Commitments & Contingencies See Note 5. “Related Party Transactions” From time to time, the Company and officers or directors of the Company may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its businesses. As of September 30, 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	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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) 1.04 0.51 0.30 0.42 0.50 1.01 Expense Support (reimbursement) (1)(2) — — — — — — Net investment income (1) 1.04 0.51 0.30 0.42 0.50 1.01 Net realized and unrealized gains, net of taxes (1)(3) 1.64 1.64 1.64 1.64 1.64 1.64 Net increase resulting from investment operations 2.68 2.15 1.94 2.06 2.14 2.65 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 38.41 $ 34.78 $ 34.83 $ 34.53 $ 35.26 $ 38.96 Net assets, end of period $ 155,153 $ 257,844 $ 89,487 $ 106,647 $ 487,709 $ 67,080 Average net assets (5) $ 153,495 $ 208,435 $ 88,129 $ 95,173 $ 447,371 $ 65,922 Shares outstanding, end of period 4,040 7,413 2,569 3,089 13,832 1,721 Distributions declared $ 3,861 $ 5,733 $ 1,943 $ 2,378 $ 12,150 $ 1,632 Total investment return based on net asset value before total return incentive fee (6) 8.18 % 7.91 % 7.31 % 7.76 % 7.91 % 8.02 % Total investment return based on net asset value after total return incentive fee (6) 7.20 % 6.50 % 5.84 % 6.29 % 6.37 % 7.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.87 % 2.05 % 2.57 % 2.28 % 1.91 % 0.95 % Total operating expenses 1.67 % 3.69 % 3.98 % 3.83 % 3.48 % 1.72 % Net investment income before total return incentive fee (8) 3.57 % 3.14 % 2.31 % 2.80 % 3.03 % 3.45 % Net investment income 2.78 % 1.49 % 0.90 % 1.24 % 1.45 % 2.67 % Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net investment income before Expense Support (reimbursement) (1) 1.21 0.58 0.46 0.58 0.65 1.16 Expense Support (reimbursement) (1)(2) (0.15) — — — — — Net investment income (1) 1.06 0.58 0.46 0.58 0.65 1.16 Net realized and unrealized gains, net of taxes (1)(3) 1.01 1.04 1.01 1.01 1.01 1.01 Net increase resulting from investment operations 2.07 1.62 1.47 1.59 1.66 2.17 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 36.03 $ 33.13 $ 33.18 $ 32.86 $ 33.60 $ 36.62 Net assets, end of period $ 151,426 $ 148,708 $ 86,091 $ 81,512 $ 389,435 $ 64,108 Average net assets (5) $ 149,822 $ 97,541 $ 85,440 $ 71,323 $ 336,616 $ 63,431 Shares outstanding, end of period 4,202 4,489 2,594 2,481 11,590 1,751 Distributions declared $ 3,965 $ 2,770 $ 1,953 $ 1,851 $ 9,470 $ 1,652 Total investment return based on net asset value before total return incentive fee (6) 6.51 % 5.92 % 5.75 % 6.17 % 6.25 % 6.91 % Total investment return based on net asset value after total return incentive fee (6) 5.80 % 5.06 % 4.58 % 5.03 % 5.11 % 6.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.95 % 2.97 % 2.93 % 2.61 % 2.31 % 1.02 % Total operating expenses before Expense Support (reimbursement) 1.59 % 4.23 % 4.06 % 3.85 % 3.58 % 1.69 % Total operating expenses after Expense Support (reimbursement) 2.00 % 4.23 % 4.06 % 3.85 % 3.59 % 1.69 % Net investment income before total return incentive fee (8) 3.64 % 3.02 % 2.53 % 3.03 % 3.21 % 3.90 % Net investment income 3.00 % 1.75 % 1.41 % 1.79 % 1.95 % 3.23 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding. (2) Expense Support (reimbursement) is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (3) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments. (4) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Class FA assumes distributions are reinvested in Class A shares and all other share classes assume distributions are reinvested in the same share class, including Class S shares which do not participate in the distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.” (7) Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the nine months ended September 30, 2024 and 2023, none of the total return incentive fees were covered by Expense Support.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Distributions In October 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 November 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. Follow-On Public Offering In October 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 October 31, 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 October 31, 2024: Offering Price, Per Share $ 38.01 $ 36.57 $ 34.53 $ 35.26 Selling Commissions, Per Share 2.28 1.10 — — Dealer Manager Fees, Per Share 0.95 0.64 — — Second Follow-On Public Offering On November 1, 2024, the Second Follow-On Public Offering was declared effective by the SEC and the Follow-On Public Offering was terminated. Capital Transactions During the period October 1, 2024 through November 6, 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 674 $ 23,920 $ (482) $ 23,438 16 $ 536 690 $ 23,974 $ 34.78 Class T 35 1,297 (59) 1,238 4 142 39 1,380 34.83 Class D 14 477 — 477 5 176 19 653 34.53 Class I 349 12,303 — 12,303 22 776 371 13,079 35.26 1,072 $ 37,997 $ (541) $ 37,456 47 $ 1,630 1,119 $ 39,086 $ 34.94

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 (“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 September 30, 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.
Foreign Securities	Foreign Securities The accounting records of the Company are maintained in U.S. dollars. Investment securities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies on the respective dates of the transactions. The Company does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with "Net change in unrealized appreciation on investments” in the Company's condensed consolidated statements of operations.
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 – 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. PIK Dividend Income - PIK dividend income is computed at the contractual rate specified in each applicable agreement and is accrued and recorded as dividend income and capitalized to the principal balance of the preferred equity. Such income is accrued only to the extent that the Company believes that the PIK dividend income is probable of being collected. PIK dividends capitalized to the principal balance are generally collected upon redemption of the equity.
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 financial 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)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Class-specific Fee Expense by Share Class	The following table reflects class-specific expenses by share class during the quarter and nine months ended September 30, 2024 and 2023 (in thousands): Quarter Ended September 30, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 269 $ 1,186 $ 414 $ 499 $ 2,301 $ 133 Total return incentive fees 399 1,268 410 584 2,345 168 Offering expenses — 147 22 32 137 — Expense support — — — — 335 18 Other class-specific expenses (1) 8 34 224 134 51 5 Nine Months Ended September 30, 2024 Class FA Class A Class T Class D Class I Class S Base management fees $ 788 $ 3,001 $ 1,204 $ 1,343 $ 6,307 $ 385 Total return incentive fees 1,217 3,435 1,249 1,479 7,041 511 Offering expenses — 359 52 83 385 — Expense support — — — — (1) 1 Other class-specific expenses (1) 26 103 672 375 157 17 Quarter Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 267 $ 587 $ 414 $ 366 $ 1,743 $ 128 Total return incentive fees 390 614 389 373 1,816 161 Offering expenses — 463 73 87 448 — Expense reimbursement — — — — — — Other class-specific expenses (1) 53 139 300 161 294 36 Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S Base management fees $ 792 $ 1,338 $ 1,174 $ 990 $ 4,670 $ 378 Total return incentive fees 961 1,232 961 884 4,247 425 Offering expenses — 1,008 293 253 1,468 — Expense reimbursement 610 — — — 34 — Other class-specific expenses (1) 32 85 666 297 176 22 (1) Other class-specific expenses consist of distribution and shareholder servicing fees and certain transfer agent fees.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Summary of Investment Portfolio	The Company’s investment portfolio is summarized as follows as of September 30, 2024 and December 31, 2023 (in thousands): As of September 30, 2024 Asset Category Amortized Cost (1) Fair Value Fair Value Fair Value Senior secured debt First lien $ 59,990 $ 59,990 5.7 % 5.1 % Secured 148,638 148,638 14.1 12.8 Second lien 76,718 76,718 7.3 6.6 Total senior secured debt 285,346 285,346 27.1 24.5 Equity Preferred 60,804 63,900 6.1 5.5 Common 495,589 702,675 66.8 60.4 Total equity 556,393 766,575 72.9 65.9 Total investments $ 841,739 $ 1,051,921 100.0 % 90.4 % (1) The amortized cost represents the original cost adjusted for PIK dividends. 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 September 30, 2024 and December 31, 2023 were as follows: Industry September 30, 2024 December 31, 2023 Business Services 19.8 % 13.5 % Healthcare Supplies 16.9 20.0 Engineered Products 14.1 16.9 Commercial and Professional Services 13.5 13.6 Information Services and Advisory Solutions 13.1 8.3 Visual Safety Solutions 8.2 9.5 Real Estate Services 6.8 7.9 Sanitation Products 4.9 6.7 Hobby Goods and Supplies 2.7 3.6 Total 100.0 % 100.0 %
Summary of Operating and Balance Sheet Data	The following tables present unaudited summarized operating data for the quarter and nine months ended September 30, 2024 and 2023, and summarized balance sheet data as of September 30, 2024 (unaudited) and December 31, 2023 for these portfolio companies (in thousands): Polyform Quarter Ended Nine Months Ended 2024 2023 2024 2023 Revenues $ 4,594 $ 4,236 $ 13,138 $ 12,355 Expenses (4,682) (4,546) (13,840) (13,220) Loss before taxes (88) (310) (702) (865) Income tax benefit 15 88 189 246 Net loss $ (73) $ (222) $ (513) $ (619) As of September 30, 2024 As of December 31, 2023 Current assets $ 7,708 $ 7,601 Non-current assets 24,140 25,515 Current liabilities 1,640 1,111 Non-current liabilities 20,473 20,830 Stockholders’ equity 9,735 11,175 Ownership percentage (1) 87 % 87 % FOOTNOTE: (1) Represents the Company’s undiluted ownership percentage as of the end of the period presented, rounded to the nearest percent. Vektek Quarter Ended Nine Months Ended 2024 2023 2024 2023 Revenues $ 9,232 $ 9,898 $ 27,051 $ 29,684 Expenses (8,844) (9,405) (26,264) (28,453) Income before taxes 388 493 787 1,231 Income tax expense (48) (4) (76) (18) Net income $ 340 $ 489 $ 711 $ 1,213 As of September 30, 2024 As of December 31, 2023 Current assets $ 14,858 $ 14,846 Non-current assets 97,495 99,254 Current liabilities 2,741 2,182 Non-current liabilities 49,438 49,625 Stockholders’ equity 60,174 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. Sill The Company made its initial investment in Sill in October 2023. Quarter Ended Nine Months Ended 2024 2024 Revenues $ 6,391 $ 14,636 Expenses (5,846) (15,515) Income (loss) before taxes 545 (879) Income tax expense (1,718) (1,038) Net loss $ (1,173) $ (1,917) As of September 30, 2024 As of December 31, 2023 Current assets $ 10,005 $ 5,157 Non-current assets 99,924 71,762 Current liabilities 5,673 2,129 Non-current liabilities 18,113 16,668 Stockholders’ equity 86,143 58,122 Ownership percentage (1) 94 % 99 % 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 As of December 31, 2023 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 285,346 $ 285,346 $ — $ — $ 276,158 $ 276,158 Equity — — 766,575 766,575 — — 600,685 600,685 Total Investments $ — $ — $ 1,051,921 $ 1,051,921 $ — $ — $ 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 September 30, 2024 and December 31, 2023 were as follows (in thousands): As of September 30, 2024 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 285,346 Discounted Cash Flow Discount Rate 10.8% – 15.5% (13.1%) 6.3x – 21.6x (12.6x) Decrease Equity 766,575 Discounted Cash Flow Discount Rate 10.8% – 15.5% (13.1%) 6.3x – 21.6x (12.6x) Decrease Total $ 1,051,921 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 nine months ended September 30, 2024 and 2023 (in thousands): Nine Months Ended September 30, 2024 Senior Debt Equity Total Fair value balance as of January 1, 2024 $ 276,158 $ 600,685 $ 876,843 Additions 9,376 113,531 122,907 Principal repayment (188) — (188) PIK dividends — 1,490 1,490 Return of capital (1) — (2,445) (2,445) Net change in unrealized appreciation, including unrealized foreign currency gain (2) — 53,314 53,314 Fair value balance as of September 30, 2024 $ 285,346 $ 766,575 $ 1,051,921 Change in net unrealized appreciation on investments held as of September 30, 2024 (2) $ — $ 53,314 $ 53,314 Nine Months Ended September 30, 2023 Senior Debt Equity Total Fair value balance as of January 1, 2023 $ 176,942 $ 411,895 $ 588,837 Additions 83,490 78,090 161,580 Principal repayment (63) — (63) Return of capital (1) — (165) (165) Net change in unrealized appreciation (2) — 28,836 28,836 Fair value balance as of September 30, 2023 $ 260,369 $ 518,656 $ 779,025 Change in net unrealized appreciation on investments held as of September 30, 2023 (2) $ — $ 28,836 $ 28,836 FOOTNOTES: (1) Represents portion of distributions received which were accounted for as a return of capital. See Note 2. “Significant Accounting Policies” for information on the accounting treatment of distributions from portfolio companies. (2) Included in net change in unrealized appreciation on investments in the condensed consolidated statements of operations.

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 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 quarter and nine months ended September 30, 2024 and 2023 are summarized below (in thousands): Quarter Ended September 30, Nine Months Ended September 30, Related Party Source Agreement & Description 2024 2023 2024 2023 Managing Dealer Managing Dealer Agreement: Commissions (1) $ 692 $ 824 $ 1,734 $ 2,160 Dealer manager fees (1) 107 271 266 687 Distribution and shareholder servicing fees 334 310 971 873 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Offering expense reimbursement (2)(3) 338 1,071 879 3,022 Base management fees (2) 4,802 3,505 13,028 9,342 Total return incentive fees (2) 5,174 3,743 14,932 8,710 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense Support 353 — — — Expense Support and Condition Reimbursement Agreement: Reimbursement of Expense Support — — — 644 Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (2)(4) 131 26 378 74 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (2)(5) (159) 682 843 1,228 FOOTNOTES: (1) Included in “Issuance of common shares through the Public Offerings” in the Company’s condensed consolidated statements of changes in net assets. (2) Expenses subject to Expense Support, if applicable. (3) 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. (4) Included in “Professional services” in the Company’s condensed consolidated statements of operations. (5) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews. The following table presents amounts due to related parties net as of September 30, 2024 and December 31, 2023 (in thousands): September 30, 2024 December 31, 2023 Due to related parties: Total return incentive fees $ (14,932) $ (13,506) Reimbursement of Expense Support — (644) Base management fees (1,586) (1,338) Offering expenses (121) (92) Distribution and shareholder servicing fees (111) (106) Reimbursement of third-party operating expenses and pursuit costs (21) (101) Due to related parties, net $ (16,771) $ (15,787)

Distributions (Tables)

Distributions (Tables)	9 Months Ended
	Sep. 30, 2024
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	The following table reflects the total distributions declared during the nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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 Second Quarter 9,214 4,344 4,870 7,195 2,976 4,219 Third Quarter 9,676 4,693 4,983 7,865 3,401 4,464 $ 27,697 $ 13,093 $ 14,604 $ 21,661 $ 8,967 $ 12,694 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 - September 30, 2024 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2023 - September 30, 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): Nine Months Ended September 30, 2024 2023 Amount % of Distributions Declared Amount % of Distributions Declared Net investment income (1) $ 17,618 63.6 % $ 17,274 79.7 % Distributions in excess of net investment income (2) 10,079 36.4 4,387 20.3 Total distributions declared $ 27,697 100.0 % $ 21,661 100.0 % FOOTNOTES: (1) Net investment income includes Expense Support (reimbursement), net of $0 and $(644) for the nine months ended September 30, 2024 and 2023, respectively. See Note 5. “Related Party Transactions”

Capital Transactions (Tables)

Capital Transactions (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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 2,013 $ 69,980 $ (1,542) $ 68,438 115 $ 3,920 2,128 $ 72,358 $ 34.00 Class T 282 10,061 (458) 9,603 39 1,320 321 10,923 34.05 Class D 476 16,070 — 16,070 42 1,415 518 17,485 33.76 Class I 2,177 75,022 — 75,022 187 6,438 2,364 81,460 34.46 4,948 $ 171,133 $ (2,000) $ 169,133 383 $ 13,093 5,331 $ 182,226 $ 34.18 Nine Months Ended September 30, 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 Average Net Proceeds per Share Class A 1,989 $ 67,210 $ (1,944) $ 65,266 59 $ 1,920 2,048 $ 67,186 $ 32.81 Class T 569 19,526 (903) 18,623 40 1,299 609 19,922 32.74 Class D 521 16,897 — 16,897 34 1,089 555 17,986 32.45 Class I 2,945 97,820 — 97,820 139 4,659 3,084 102,479 33.22 6,024 $ 201,453 $ (2,847) $ 198,606 272 $ 8,967 6,296 $ 207,573 $ 32.98 FOOTNOTES: (1) Note 5. “Related Party Transactions”
Summary of Shares Repurchased	The following table summarizes the shares repurchased during the nine months ended September 30, 2024 and 2023 (in thousands except per share data): Shares Repurchased Total Consideration Average Price Paid per Share Class FA 139 $ 5,199 $ 37.19 Class A 114 3,890 34.01 Class T 134 4,505 33.86 Class D 61 2,051 33.70 Class I 627 21,675 34.53 Class S 27 1,003 38.03 Nine Months Ended September 30, 2024 1,102 $ 38,323 $ 34.77 Shares Repurchased Total Consideration Average Price Paid per Share Class FA 42 $ 1,480 $ 35.57 Class A 55 1,811 32.78 Class T 57 1,844 33.05 Class D 31 1,003 32.65 Class I 266 8,909 33.33 Class S 14 534 36.42 Nine Months Ended September 30, 2023 465 $ 15,581 $ 33.48

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The components of income tax expense were as follows during the quarter and nine months ended September 30, 2024 and 2023 (in thousands): Quarter Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Current tax expense $ 15 $ — $ 10 $ — Deferred tax expense 1,300 2,088 2,567 4,242 Total income tax expense $ 1,315 $ 2,088 $ 2,577 $ 4,242
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities as of September 30, 2024 and December 31, 2023 were as follows (in thousands): September 30, 2024 December 31, 2023 Deferred tax assets: Carryforwards of net operating loss $ 1,221 $ 1,249 Unrealized depreciation on investments 271 913 Other 32 — Valuation allowance (723) (1,324) Total deferred tax assets 801 838 Deferred tax liabilities: Unrealized appreciation on investments (10,830) (8,300) Total deferred tax liabilities (10,830) (8,300) Deferred tax liabilities, net $ (10,029) $ (7,462)

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2024 and 2023 (in thousands except per share data): Nine Months Ended September 30, 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) 1.04 0.51 0.30 0.42 0.50 1.01 Expense Support (reimbursement) (1)(2) — — — — — — Net investment income (1) 1.04 0.51 0.30 0.42 0.50 1.01 Net realized and unrealized gains, net of taxes (1)(3) 1.64 1.64 1.64 1.64 1.64 1.64 Net increase resulting from investment operations 2.68 2.15 1.94 2.06 2.14 2.65 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 38.41 $ 34.78 $ 34.83 $ 34.53 $ 35.26 $ 38.96 Net assets, end of period $ 155,153 $ 257,844 $ 89,487 $ 106,647 $ 487,709 $ 67,080 Average net assets (5) $ 153,495 $ 208,435 $ 88,129 $ 95,173 $ 447,371 $ 65,922 Shares outstanding, end of period 4,040 7,413 2,569 3,089 13,832 1,721 Distributions declared $ 3,861 $ 5,733 $ 1,943 $ 2,378 $ 12,150 $ 1,632 Total investment return based on net asset value before total return incentive fee (6) 8.18 % 7.91 % 7.31 % 7.76 % 7.91 % 8.02 % Total investment return based on net asset value after total return incentive fee (6) 7.20 % 6.50 % 5.84 % 6.29 % 6.37 % 7.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.87 % 2.05 % 2.57 % 2.28 % 1.91 % 0.95 % Total operating expenses 1.67 % 3.69 % 3.98 % 3.83 % 3.48 % 1.72 % Net investment income before total return incentive fee (8) 3.57 % 3.14 % 2.31 % 2.80 % 3.03 % 3.45 % Net investment income 2.78 % 1.49 % 0.90 % 1.24 % 1.45 % 2.67 % Nine Months Ended September 30, 2023 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period $ 34.90 $ 32.45 $ 32.46 $ 32.11 $ 32.88 $ 35.39 Net investment income before Expense Support (reimbursement) (1) 1.21 0.58 0.46 0.58 0.65 1.16 Expense Support (reimbursement) (1)(2) (0.15) — — — — — Net investment income (1) 1.06 0.58 0.46 0.58 0.65 1.16 Net realized and unrealized gains, net of taxes (1)(3) 1.01 1.04 1.01 1.01 1.01 1.01 Net increase resulting from investment operations 2.07 1.62 1.47 1.59 1.66 2.17 Distributions to shareholders (4) (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net decrease resulting from distributions to shareholders (0.94) (0.94) (0.75) (0.84) (0.94) (0.94) Net Asset Value, End of Period $ 36.03 $ 33.13 $ 33.18 $ 32.86 $ 33.60 $ 36.62 Net assets, end of period $ 151,426 $ 148,708 $ 86,091 $ 81,512 $ 389,435 $ 64,108 Average net assets (5) $ 149,822 $ 97,541 $ 85,440 $ 71,323 $ 336,616 $ 63,431 Shares outstanding, end of period 4,202 4,489 2,594 2,481 11,590 1,751 Distributions declared $ 3,965 $ 2,770 $ 1,953 $ 1,851 $ 9,470 $ 1,652 Total investment return based on net asset value before total return incentive fee (6) 6.51 % 5.92 % 5.75 % 6.17 % 6.25 % 6.91 % Total investment return based on net asset value after total return incentive fee (6) 5.80 % 5.06 % 4.58 % 5.03 % 5.11 % 6.21 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (5)(7) Total operating expenses before total return incentive fee 0.95 % 2.97 % 2.93 % 2.61 % 2.31 % 1.02 % Total operating expenses before Expense Support (reimbursement) 1.59 % 4.23 % 4.06 % 3.85 % 3.58 % 1.69 % Total operating expenses after Expense Support (reimbursement) 2.00 % 4.23 % 4.06 % 3.85 % 3.59 % 1.69 % Net investment income before total return incentive fee (8) 3.64 % 3.02 % 2.53 % 3.03 % 3.21 % 3.90 % Net investment income 3.00 % 1.75 % 1.41 % 1.79 % 1.95 % 3.23 % FOOTNOTES: (1) The per share amounts presented are based on weighted average shares outstanding. (2) Expense Support (reimbursement) is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (3) The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments. (4) The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01. (5) The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month. (6) Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Class FA assumes distributions are reinvested in Class A shares and all other share classes assume distributions are reinvested in the same share class, including Class S shares which do not participate in the distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.” (7) Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole. (8) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the nine months ended September 30, 2024 and 2023, none of the total return incentive fees were covered by Expense Support.

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 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 October 31, 2024: Offering Price, Per Share $ 38.01 $ 36.57 $ 34.53 $ 35.26 Selling Commissions, Per Share 2.28 1.10 — — Dealer Manager Fees, Per Share 0.95 0.64 — —
Schedule of Capital Transactions	During the period October 1, 2024 through November 6, 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 674 $ 23,920 $ (482) $ 23,438 16 $ 536 690 $ 23,974 $ 34.78 Class T 35 1,297 (59) 1,238 4 142 39 1,380 34.83 Class D 14 477 — 477 5 176 19 653 34.53 Class I 349 12,303 — 12,303 22 776 371 13,079 35.26 1,072 $ 37,997 $ (541) $ 37,456 47 $ 1,630 1,119 $ 39,086 $ 34.94

Principal Business and Organi_2

Principal Business and Organization - Additional Information (Detail)			9 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Sep. 30, 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	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 152,061	$ 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	$ 4,802	$ 3,505	$ 13,028	$ 9,342
Total return incentive fees	5,174	3,743	14,932	8,710
Offering expenses	338	1,071	879	3,022
Class FA
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	269	267	788	792
Total return incentive fees	399	390	1,217	961
Offering expenses	0	0	0	0
Expense support	0	0	0	610
Other class-specific expenses	8	53	26	32
Class A
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	1,186	587	3,001	1,338
Total return incentive fees	1,268	614	3,435	1,232
Offering expenses	147	463	359	1,008
Expense support	0	0	0	0
Other class-specific expenses	34	139	103	85
Class T
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	414	414	1,204	1,174
Total return incentive fees	410	389	1,249	961
Offering expenses	22	73	52	293
Expense support	0	0	0	0
Other class-specific expenses	224	300	672	666
Class D
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	499	366	1,343	990
Total return incentive fees	584	373	1,479	884
Offering expenses	32	87	83	253
Expense support	0	0	0	0
Other class-specific expenses	134	161	375	297
Class I
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	2,301	1,743	6,307	4,670
Total return incentive fees	2,345	1,816	7,041	4,247
Offering expenses	137	448	385	1,468
Expense support	335	0	(1)	34
Other class-specific expenses	51	294	157	176
Class S
Class-specific Fee Expense by Share Class [Line Items]
Base management fees	133	128	385	378
Total return incentive fees	168	161	511	425
Offering expenses	0	0	0	0
Expense support	18	0	1	0
Other class-specific expenses	$ 5	$ 36	$ 17	$ 22

Investments - Additional Inform

Investments - Additional Information (Detail) $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024 USD ($) company investment

Sep. 30, 2023 company

Sep. 30, 2024 USD ($) investment company

Sep. 30, 2023 company

Jul. 31, 2024 USD ($)

Jun. 30, 2024 USD ($)

Feb. 29, 2024 USD ($)

Dec. 31, 2023 USD ($) investment

Schedule of Investments [Line Items]

Investment

$ 841,739

[1],[2],[3]

$ 841,739

[1],[2],[3]

$ 719,976

[4],[5]

Fair Value

$ 1,051,921

[1],[2],[3]

$ 1,051,921

[1],[2],[3]

$ 876,843

[4],[5]

Fair value percentage of net assets (as a percent)

90.40%

[1],[2],[3]

90.40%

[1],[2],[3]

89.50%

[4],[5]

Number of debt investments on non accrual status | investment

0

0

0

Number of significant portfolio companies, controlling interest | company

3

3

3

3

Madison Retirement Holdings TopCo, LLC

Schedule of Investments [Line Items]

Investment

$ 29,500

Fair value percentage of net assets (as a percent)

50.50%

USA Water Intermediate Holdings, LLC

Schedule of Investments [Line Items]

Investment

$ 10,000

LOCI Topoco Limited

Schedule of Investments [Line Items]

Fair value percentage of net assets (as a percent)

5.50%

5.50%

Sill Holdings, LLC

Schedule of Investments [Line Items]

Fair Value

$ 24,000

Law Business Research Limited

Schedule of Investments [Line Items]

Fair Value

$ 59,400

$ 59,400

Equity

Schedule of Investments [Line Items]

Investment

556,393

[1],[2],[3]

556,393

[1],[2],[3]

$ 443,818

[4],[5]

Fair Value

766,575

[1],[2],[3]

766,575

[1],[2],[3]

$ 600,685

[4],[5]

Fair value percentage of net assets (as a percent)

[4],[5]

61.30%

Equity | USA Water Intermediate Holdings, LLC

Schedule of Investments [Line Items]

Investment

8,600

Equity | Law Business Research Limited

Schedule of Investments [Line Items]

Investment

100

100

Total Senior Secured Notes

Schedule of Investments [Line Items]

Investment

285,346

[1],[2],[3]

285,346

[1],[2],[3]

$ 276,158

[4],[5]

Fair Value

$ 285,346

[1],[2],[3]

$ 285,346

[1],[2],[3]

$ 276,158

[4],[5]

Weighted average yield on debt investments (as a percent)

14.20%

14.20%

Weighted average years to maturity (in years)

4 years 2 months 12 days

4 years 2 months 12 days

Total Senior Secured Notes | USA Water Intermediate Holdings, LLC

Schedule of Investments [Line Items]

Investment

$ 1,400

Preferred Equity

Schedule of Investments [Line Items]

Investment

[1],[2],[3]

$ 60,804

$ 60,804

Fair Value

[1],[2],[3]

$ 63,900

$ 63,900

Fair value percentage of net assets (as a percent)

[1],[2],[3]

5.50%

5.50%

Preferred Equity | Law Business Research Limited

Schedule of Investments [Line Items]

Investment

$ 59,300

$ 59,300

Equity Securities | Madison Retirement Holdings TopCo, LLC

Schedule of Investments [Line Items]

Investment

$ 21,500

Senior Subordinated Notes | Madison Retirement Holdings TopCo, LLC

Schedule of Investments [Line Items]

Investment

$ 8,000

[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]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		Sep. 30, 2024		Dec. 31, 2023
Amortized Cost(1)
Investment		$ 841,739	[1],[2],[3]	$ 719,976	[4],[5]
Fair Value
Fair Value		$ 1,051,921	[1],[2],[3]	$ 876,843	[4],[5]
Fair Value Percentage of Investment Portfolio		100%		100%
Fair Value Percentage of Net Assets		90.40%	[1],[2],[3]	89.50%	[4],[5]
Total Senior Secured Notes
Amortized Cost(1)
Investment		$ 285,346	[1],[2],[3]	$ 276,158	[4],[5]
Fair Value
Fair Value		285,346	[1],[2],[3]	276,158	[4],[5]
First lien
Amortized Cost(1)
Investment		59,990	[1],[2],[3]	200,816	[4],[5]
Fair Value
Fair Value		$ 59,990	[1],[2],[3]	$ 200,816	[4],[5]
Fair Value Percentage of Net Assets		5.10%	[1],[2],[3]	20.50%	[4],[5]
Secured
Amortized Cost(1)
Investment	[1],[2],[3]	$ 148,638
Fair Value
Fair Value	[1],[2],[3]	$ 148,638
Fair Value Percentage of Net Assets	[1],[2],[3]	12.80%
Second lien
Amortized Cost(1)
Investment		$ 76,718	[1],[2],[3]	$ 75,342	[4],[5]
Fair Value
Fair Value		$ 76,718	[1],[2],[3]	$ 75,342	[4],[5]
Fair Value Percentage of Net Assets		6.60%	[1],[2],[3]	7.70%	[4],[5]
Total Senior Secured Notes
Amortized Cost(1)
Senior secured debt		$ 285,346		$ 276,158
Fair Value
Senior secured debt		$ 285,346		$ 276,158
Fair Value Percentage of Investment Portfolio		27.10%		31.50%
Fair Value Percentage of Net Assets		24.50%		28.20%
First lien
Amortized Cost(1)
Senior secured debt		$ 59,990		$ 200,816
Fair Value
Senior secured debt		$ 59,990		$ 200,816
Fair Value Percentage of Investment Portfolio		5.70%		22.90%
Fair Value Percentage of Net Assets		5.10%		20.50%
Secured
Amortized Cost(1)
Senior secured debt		$ 148,638
Fair Value
Senior secured debt		$ 148,638
Fair Value Percentage of Investment Portfolio		14.10%
Fair Value Percentage of Net Assets		12.80%
Second lien
Amortized Cost(1)
Senior secured debt		$ 76,718		$ 75,342
Fair Value
Senior secured debt		$ 76,718		$ 75,342
Fair Value Percentage of Investment Portfolio		7.30%		8.60%
Fair Value Percentage of Net Assets		6.60%		7.70%
Equity
Amortized Cost(1)
Equity		$ 556,393		$ 443,818
Fair Value
Equity		$ 766,575		$ 600,685
Fair Value Percentage of Investment Portfolio		72.90%		68.50%
Fair Value Percentage of Net Assets		65.90%		61.30%
Preferred
Amortized Cost(1)
Equity		$ 60,804
Fair Value
Equity		$ 63,900
Fair Value Percentage of Investment Portfolio		6.10%
Fair Value Percentage of Net Assets		5.50%
Common
Amortized Cost(1)
Equity		$ 495,589
Fair Value
Equity		$ 702,675
Fair Value Percentage of Investment Portfolio		66.80%
Fair Value Percentage of Net Assets		60.40%
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

Investments - Industry and Geog

Investments - Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments (Detail)	Sep. 30, 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	16.90%	20%
Business Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	19.80%	13.50%
Engineered Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	14.10%	16.90%
Commercial and Professional Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	13.50%	13.60%
Information Services and Advisory Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	13.10%	8.30%
Visual Safety Solutions
Investment Holdings [Line Items]
Percentage of total fair value of investment	8.20%	9.50%
Real Estate Services
Investment Holdings [Line Items]
Percentage of total fair value of investment	6.80%	7.90%
Sanitation Products
Investment Holdings [Line Items]
Percentage of total fair value of investment	4.90%	6.70%
Hobby Goods and Supplies
Investment Holdings [Line Items]
Percentage of total fair value of investment	2.70%	3.60%

Investments - Summary of Operat

Investments - Summary of Operating and Balance Sheet Data (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Statement [Abstract]
Expenses	$ (11,679)	$ (10,159)	$ (34,125)	$ (25,827)
Income tax benefit	(1,315)	(2,088)	(2,577)	(4,242)
Net increase in net assets resulting from operations	23,176	17,728	68,365	41,850
Polyform Products, Co.
Income Statement [Abstract]
Revenues	4,594	4,236	13,138	12,355
Expenses	(4,682)	(4,546)	(13,840)	(13,220)
Loss before taxes	(88)	(310)	(702)	(865)
Income tax benefit	15	88	189	246
Net increase in net assets resulting from operations	(73)	(222)	(513)	(619)
Balance Sheet Related Disclosures [Abstract]
Current assets	7,708		7,708		$ 7,601
Non-current assets	24,140		24,140		25,515
Current liabilities	1,640		1,640		1,111
Non-current liabilities	20,473		20,473		20,830
Stockholders’ equity	$ 9,735		$ 9,735		$ 11,175
Ownership percentage	87%		87%		87%
Vektek Holdings, LLC
Income Statement [Abstract]
Revenues	$ 9,232	9,898	$ 27,051	29,684
Expenses	(8,844)	(9,405)	(26,264)	(28,453)
Loss before taxes	388	493	787	1,231
Income tax benefit	(48)	(4)	(76)	(18)
Net increase in net assets resulting from operations	340	$ 489	711	$ 1,213
Balance Sheet Related Disclosures [Abstract]
Current assets	14,858		14,858		$ 14,846
Non-current assets	97,495		97,495		99,254
Current liabilities	2,741		2,741		2,182
Non-current liabilities	49,438		49,438		49,625
Stockholders’ equity	$ 60,174		$ 60,174		$ 62,293
Ownership percentage	84%		84%		84%
Sill Holdings, LLC
Income Statement [Abstract]
Revenues	$ 6,391		$ 14,636
Expenses	(5,846)		(15,515)
Loss before taxes	545		(879)
Income tax benefit	(1,718)		(1,038)
Net increase in net assets resulting from operations	(1,173)		(1,917)
Balance Sheet Related Disclosures [Abstract]
Current assets	10,005		10,005		$ 5,157
Non-current assets	99,924		99,924		71,762
Current liabilities	5,673		5,673		2,129
Non-current liabilities	18,113		18,113		16,668
Stockholders’ equity	$ 86,143		$ 86,143		$ 58,122
Ownership percentage	94%		94%		99%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,051,921	[1],[2],[3]	$ 876,843	[4],[5]
Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	285,346		276,158
Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	766,575		600,685
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	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]
Fair Value	0		0
Level 2 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	0		0
Level 2 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	0		0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,051,921		876,843
Level 3 | Senior Debt
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	285,346		276,158
Level 3 | Equity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Equity	$ 766,575		$ 600,685
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Unobservable Inputs Used in Fair Value Measurement of Investments (Detail) $ in Thousands	Sep. 30, 2024 USD ($)		Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,051,921	[1],[2],[3]	$ 876,843	[4],[5]
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,051,921		876,843
Discounted Cash Flow | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Senior Debt	285,346		276,158
Equity	$ 766,575		$ 600,685
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	0.155		0.145
Measurement input, equity securities	0.155		0.145
Maximum | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	21.6		15.1
Measurement input, equity securities	21.6		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	0.131		0.125
Measurement input, equity securities	0.131		0.125
Weighted Average | Market Comparables | EBITDA Multiple | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input, debt securities	12.6		10.8
Measurement input, equity securities	12.6		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]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]Security may be an obligation of one or more entities affiliated with the named company.

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Reconciliations of Investments of Level 3 Inputs (Detail) - Level 3 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	$ 876,843	$ 588,837
Additions	122,907	161,580
Principal repayment	(188)	(63)
PIK dividends	1,490
Return of capital	(2,445)	(165)
Net change in unrealized appreciation	53,314	28,836
Fair value balance, ending	1,051,921	779,025
Change in net unrealized appreciation on investments held	53,314	28,836
Senior Debt
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value balance, beginning	276,158	176,942
Additions	9,376	83,490
Principal repayment	(188)	(63)
PIK dividends	0
Return of capital	0	0
Net change in unrealized appreciation	0	0
Fair value balance, ending	285,346	260,369
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	113,531	78,090
Principal repayment	0	0
PIK dividends	1,490
Return of capital	(2,445)	(165)
Net change in unrealized appreciation	53,314	28,836
Fair value balance, ending	766,575	518,656
Change in net unrealized appreciation on investments held	$ 53,314	$ 28,836

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Expiration period (in years)			3 years
Due from related parties:	$ (353)	$ 0	$ 0	$ 0
Distributions paid			$ 14,604	$ 12,694
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%
Due from related parties:	(5,100)
Expense support reimbursed	4,900
Expense support, not reimbursed and expired	$ 200		$ 200
Shares outstanding end of period (in shares)	400	400	400	400
Distributions paid	$ 100	$ 100	$ 400	$ 300
Related Party | Minimum | Manager and Sub-Manager
Related Party Transaction [Line Items]
Annual preference return (as a percent)			7%
Related Party | Offering expenses | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	338	1,071	$ 879	3,022
Related Party | Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	4,802	3,505	13,028	9,342
Related Party | Return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ 5,174	$ 3,743	$ 14,932	$ 8,710
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)	7,413	4,489	7,413	4,489
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)	2,569	2,594	2,569	2,594
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)	3,089	2,481	3,089	2,481
Class D | Proceeds from Follow-On Public Offering
Related Party Transaction [Line Items]
Annual distribution and fee (as percent)	0.50%		0.50%

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commissions | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	$ 692	$ 824	$ 1,734	$ 2,160
Dealer manager fees(1) | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	107	271	266	687
Distribution and shareholder servicing fees | Managing Dealer
Related Party Transaction [Line Items]
Related party fees and expenses	334	310	971	873
Offering expense reimbursement | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	338	1,071	879	3,022
Base management fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	4,802	3,505	13,028	9,342
Total return incentive fees | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	5,174	3,743	14,932	8,710
Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	353	0	0	0
Reimbursement of Expense Support | Manager and Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	0	0	0	644
Reimbursement of third-party operating expenses | Manager
Related Party Transaction [Line Items]
Related party fees and expenses	131	26	378	74
Reimbursement of third-party pursuit costs | Sub-Manager
Related Party Transaction [Line Items]
Related party fees and expenses	$ (159)	$ 682	$ 843	$ 1,228

Related Party Transactions - Am

Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Due from related parties:	$ (353)	$ 0	$ 0	$ 0
Due to related parties:	(16,771)		(16,771)		$ (15,787)
Related Party
Related Party Transaction [Line Items]
Due to related parties, net	16,771		16,771		15,787
Total return incentive fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(14,932)		(14,932)		(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:	(1,586)		(1,586)		(1,338)
Offering expenses | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(121)		(121)		(92)
Distribution and shareholder servicing fees | Related Party
Related Party Transaction [Line Items]
Due to related parties:	(111)		(111)		(106)
Reimbursement of third-party operating expenses and pursuit costs | Related Party
Related Party Transaction [Line Items]
Due to related parties:	$ (21)		$ (21)		$ (101)

Distributions - Declared (Detai

Distributions - Declared (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Distributions Made to Members or Limited Partners [Abstract]
Distributions Declared	$ 9,676	$ 9,214	$ 8,807	$ 7,865	$ 7,195	$ 6,601	$ 27,697	$ 21,661
Distributions Reinvested	4,693	4,344	4,056	3,401	2,976	2,590	13,093	8,967
Cash Distributions Net of Distributions Reinvested	$ 4,983	$ 4,870	$ 4,751	$ 4,464	$ 4,219	$ 4,011	$ 14,604	$ 12,694

Distributions - Distribution Pe

Distributions - Distribution Per Class (Details) - $ / shares	1 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 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
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount	$ 9,676	$ 7,865	$ 27,697	$ 21,661
% of Distributions Declared			100%	100%
Amount of expense support reimbursement	$ (353)	$ 0	$ 0	$ 0
Net Investment Income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount			$ 17,618	$ 17,274
% of Distributions Declared			63.60%	79.70%
Amount of expense support reimbursement			$ 0	$ 644
Distributions in excess of net investment income
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount			$ 10,079	$ 4,387
% of Distributions Declared			36.40%	20.30%

Distributions - Additional Info

Distributions - Additional Information (Detail) - $ / shares	1 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 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		9 Months Ended
	Nov. 01, 2021 USD ($)	Mar. 07, 2018 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) classOfStock shares	Sep. 30, 2023 USD ($) shares	Sep. 27, 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			$ 11,767,000	$ 6,767,000	$ 38,323,000	$ 15,581,000
Payable for shares repurchased			$ 11,767,000	$ 6,767,000	11,767,000	6,767,000		$ 8,224,000
Class A
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 3,890,000	$ 1,811,000
Conversion of stock (in shares) | shares					247,000	301,000
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					$ 4,505,000	$ 1,844,000
Stock converted (in shares) | shares					(247,000)	(301,000)
Class D
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					$ 2,051,000	$ 1,003,000
Class I
Investment Company, Capital Share Transactions [Line Items]
Repurchase of common shares pursuant to share repurchase program					21,675,000	$ 8,909,000
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							$ 37.60
Public Offering | Class T
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares							36.16
Public Offering | Class D
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares							34.14
Public Offering | Class I
Investment Company, Capital Share Transactions [Line Items]
Share price (in usd per share) | $ / shares							$ 34.90
Distribution Reinvestment Plan
Investment Company, Capital Share Transactions [Line Items]
Shares offered	$ 100,000,000	$ 100,000,000			$ 100,000,000

Capital Transactions - Summary

Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Offerings (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Distributions Reinvestment
Proceeds to Company	$ 4,693	$ 3,401	$ 13,093	$ 8,967
Total
Shares Issued (in shares)			5,331	6,296
Net Proceeds to Company			$ 182,226	$ 207,573
Average Net Proceeds per Share (in usd per share)	$ 34.18	$ 32.98	$ 34.18	$ 32.98
Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			4,948	6,024
Gross Proceeds			$ 171,133	$ 201,453
Sales Load			(2,000)	(2,847)
Net Proceeds to Company			$ 169,133	$ 198,606
Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			383	272
Proceeds to Company			$ 13,093	$ 8,967
Class A
Total
Shares Issued (in shares)			2,128	2,048
Net Proceeds to Company			$ 72,358	$ 67,186
Average Net Proceeds per Share (in usd per share)	34	32.81	$ 34	$ 32.81
Class A | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			2,013	1,989
Gross Proceeds			$ 69,980	$ 67,210
Sales Load			(1,542)	(1,944)
Net Proceeds to Company			$ 68,438	$ 65,266
Class A | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			115	59
Proceeds to Company			$ 3,920	$ 1,920
Class T
Total
Shares Issued (in shares)			321	609
Net Proceeds to Company			$ 10,923	$ 19,922
Average Net Proceeds per Share (in usd per share)	34.05	32.74	$ 34.05	$ 32.74
Class T | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			282	569
Gross Proceeds			$ 10,061	$ 19,526
Sales Load			(458)	(903)
Net Proceeds to Company			$ 9,603	$ 18,623
Class T | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			39	40
Proceeds to Company			$ 1,320	$ 1,299
Class D
Total
Shares Issued (in shares)			518	555
Net Proceeds to Company			$ 17,485	$ 17,986
Average Net Proceeds per Share (in usd per share)	33.76	32.45	$ 33.76	$ 32.45
Class D | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			476	521
Gross Proceeds			$ 16,070	$ 16,897
Sales Load			0	0
Net Proceeds to Company			$ 16,070	$ 16,897
Class D | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			42	34
Proceeds to Company			$ 1,415	$ 1,089
Class I
Total
Shares Issued (in shares)			2,364	3,084
Net Proceeds to Company			$ 81,460	$ 102,479
Average Net Proceeds per Share (in usd per share)	$ 34.46	$ 33.22	$ 34.46	$ 33.22
Class I | Proceeds from Public Offerings
Proceeds from Public Offerings
Shares Issued (in shares)			2,177	2,945
Gross Proceeds			$ 75,022	$ 97,820
Sales Load			0	0
Net Proceeds to Company			$ 75,022	$ 97,820
Class I | Distributions Reinvested
Distributions Reinvestment
Shares Issued (in shares)			187	139
Proceeds to Company			$ 6,438	$ 4,659

Capital Transactions - Summar_2

Capital Transactions - Summary of Shares Repurchased (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			1,102	465
Total Consideration	$ 11,767	$ 6,767	$ 38,323	$ 15,581
Average Price Paid Per Share (in usd per share)	$ 34.77	$ 33.48	$ 34.77	$ 33.48
Class FA
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			139	42
Total Consideration			$ 5,199	$ 1,480
Average Price Paid Per Share (in usd per share)	37.19	35.57	$ 37.19	$ 35.57
Class A
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			114	55
Total Consideration			$ 3,890	$ 1,811
Average Price Paid Per Share (in usd per share)	34.01	32.78	$ 34.01	$ 32.78
Class T
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			134	57
Total Consideration			$ 4,505	$ 1,844
Average Price Paid Per Share (in usd per share)	33.86	33.05	$ 33.86	$ 33.05
Class D
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			61	31
Total Consideration			$ 2,051	$ 1,003
Average Price Paid Per Share (in usd per share)	33.70	32.65	$ 33.70	$ 32.65
Class I
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			627	266
Total Consideration			$ 21,675	$ 8,909
Average Price Paid Per Share (in usd per share)	34.53	33.33	$ 34.53	$ 33.33
Class S
Equity, Class of Treasury Stock [Line Items]
Shares Repurchased (in shares)			27	14
Total Consideration			$ 1,003	$ 534
Average Price Paid Per Share (in usd per share)	$ 38.03	$ 36.42	$ 38.03	$ 36.42

Borrowings (Details)

Borrowings (Details) - Revolving Credit Facility - Line of Credit	1 Months Ended		9 Months Ended
	Feb. 29, 2024 USD ($)	Aug. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	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
Basis spread on variable rate (as a percent)		2.75%
Unused line fee		$ 25,000,000
First Horizon Bank | 2022 Loan Agreement | Maximum
Line of Credit Facility [Line Items]
Term (in days)		180 days
Valley National Bank | 2024 Loan Agreement
Line of Credit Facility [Line Items]
Line of credit amount					$ 50,000,000
Commitment fee	$ 160,000
Basis spread on variable rate (as a percent)	2.75%
Commitment fee percentage	0.15%
Valley National Bank | 2024 Loan Agreement | Maximum
Line of Credit Facility [Line Items]
Term (in days)	180 days

Income Taxes - Components of In

Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Current tax expense	$ 15	$ 0	$ 10	$ 0
Deferred tax expense	1,300	2,088	2,567	4,242
Total income tax expense	$ 1,315	$ 2,088	$ 2,577	$ 4,242

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	3.60%	9.20%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred tax assets:
Carryforwards of net operating loss	$ 1,221	$ 1,249
Unrealized depreciation on investments	271	913
Other	32	0
Valuation allowance	(723)	(1,324)
Total deferred tax assets	801	838
Deferred tax liabilities:
Unrealized appreciation on investments	(10,830)	(8,300)
Total deferred tax liabilities	(10,830)	(8,300)
Deferred tax liabilities, net	$ (10,029)	$ (7,462)

Concentrations of Risk (Details

Concentrations of Risk (Details)	Sep. 30, 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	3

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024		Sep. 30, 2023	Sep. 30, 2024		Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023	[4],[5]	Jun. 30, 2023	Dec. 31, 2022
OPERATING PERFORMANCE PER SHARE
Net assets, end of period	$ 1,163,920	[1],[2],[3]	$ 921,280	$ 1,163,920	[1],[2],[3]	$ 921,280	$ 1,096,309	$ 979,349		$ 844,504	$ 709,099
Distributions declared	$ 9,676		$ 7,865	$ 27,697		$ 21,661
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)				1.04		1.21
Expense Support (reimbursement) (in usd per share)				0		(0.15)
Net investment income (in usd per share)				1.04		1.06
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.01
Net increase resulting from investment operations (in usd per share)	$ 0.88		$ 0.83	2.68		2.07
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 38.41		$ 36.03	$ 38.41		$ 36.03
Net assets, end of period	$ 155,153		$ 151,426	$ 155,153		$ 151,426
Average net assets				$ 153,495		$ 149,822
Shares outstanding end of period (in shares)	4,040		4,202	4,040		4,202
Distributions declared				$ 3,861		$ 3,965
Total investment return based on net asset value before total return incentive fee (as a percent)				8.18%		6.51%
Total investment return based on net asset value after total return incentive fee (as a percent)				7.20%		5.80%
Ratios to average net assets:
Total operating expenses before total return incentive fee				0.87%		0.95%
Total operating expenses before Expense Support (reimbursement)						1.59%
Total operating expenses				1.67%		2%
Net investment income before total return incentive fee				3.57%		3.64%
Net investment income				2.78%		3%
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)				0.51		0.58
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.51		0.58
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.04
Net increase resulting from investment operations (in usd per share)	$ 0.74		$ 0.65	2.15		1.62
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 34.78		$ 33.13	$ 34.78		$ 33.13
Net assets, end of period	$ 257,844		$ 148,708	$ 257,844		$ 148,708
Average net assets				$ 208,435		$ 97,541
Shares outstanding end of period (in shares)	7,413		4,489	7,413		4,489
Distributions declared				$ 5,733		$ 2,770
Total investment return based on net asset value before total return incentive fee (as a percent)				7.91%		5.92%
Total investment return based on net asset value after total return incentive fee (as a percent)				6.50%		5.06%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.05%		2.97%
Total operating expenses before Expense Support (reimbursement)						4.23%
Total operating expenses				3.69%		4.23%
Net investment income before total return incentive fee				3.14%		3.02%
Net investment income				1.49%		1.75%
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)				0.30		0.46
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.30		0.46
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.01
Net increase resulting from investment operations (in usd per share)	$ 0.64		$ 0.57	1.94		1.47
Distributions to shareholders (in usd per share)				(0.75)		(0.75)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.75)		(0.75)
Net Asset Value, End of Period (in usd per share)	$ 34.83		$ 33.18	$ 34.83		$ 33.18
Net assets, end of period	$ 89,487		$ 86,091	$ 89,487		$ 86,091
Average net assets				$ 88,129		$ 85,440
Shares outstanding end of period (in shares)	2,569		2,594	2,569		2,594
Distributions declared				$ 1,943		$ 1,953
Total investment return based on net asset value before total return incentive fee (as a percent)				7.31%		5.75%
Total investment return based on net asset value after total return incentive fee (as a percent)				5.84%		4.58%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.57%		2.93%
Total operating expenses before Expense Support (reimbursement)						4.06%
Total operating expenses				3.98%		4.06%
Net investment income before total return incentive fee				2.31%		2.53%
Net investment income				0.90%		1.41%
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)				0.42		0.58
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.42		0.58
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.01
Net increase resulting from investment operations (in usd per share)	$ 0.66		$ 0.63	2.06		1.59
Distributions to shareholders (in usd per share)				(0.84)		(0.84)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.84)		(0.84)
Net Asset Value, End of Period (in usd per share)	$ 34.53		$ 32.86	$ 34.53		$ 32.86
Net assets, end of period	$ 106,647		$ 81,512	$ 106,647		$ 81,512
Average net assets				$ 95,173		$ 71,323
Shares outstanding end of period (in shares)	3,089		2,481	3,089		2,481
Distributions declared				$ 2,378		$ 1,851
Total investment return based on net asset value before total return incentive fee (as a percent)				7.76%		6.17%
Total investment return based on net asset value after total return incentive fee (as a percent)				6.29%		5.03%
Ratios to average net assets:
Total operating expenses before total return incentive fee				2.28%		2.61%
Total operating expenses before Expense Support (reimbursement)						3.85%
Total operating expenses				3.83%		3.85%
Net investment income before total return incentive fee				2.80%		3.03%
Net investment income				1.24%		1.79%
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)				0.50		0.65
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				0.50		0.65
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.01
Net increase resulting from investment operations (in usd per share)	$ 0.69		$ 0.65	2.14		1.66
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 35.26		$ 33.60	$ 35.26		$ 33.60
Net assets, end of period	$ 487,709		$ 389,435	$ 487,709		$ 389,435
Average net assets				$ 447,371		$ 336,616
Shares outstanding end of period (in shares)	13,832		11,590	13,832		11,590
Distributions declared				$ 12,150		$ 9,470
Total investment return based on net asset value before total return incentive fee (as a percent)				7.91%		6.25%
Total investment return based on net asset value after total return incentive fee (as a percent)				6.37%		5.11%
Ratios to average net assets:
Total operating expenses before total return incentive fee				1.91%		2.31%
Total operating expenses before Expense Support (reimbursement)						3.58%
Total operating expenses				3.48%		3.59%
Net investment income before total return incentive fee				3.03%		3.21%
Net investment income				1.45%		1.95%
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)				1.01		1.16
Expense Support (reimbursement) (in usd per share)				0		0
Net investment income (in usd per share)				1.01		1.16
Net realized and unrealized gains, net of taxes (in usd per share)				1.64		1.01
Net increase resulting from investment operations (in usd per share)	$ 0.87		$ 0.82	2.65		2.17
Distributions to shareholders (in usd per share)				(0.94)		(0.94)
Net Decrease Resulting From Distributions to Shareholders (in usd per share)				(0.94)		(0.94)
Net Asset Value, End of Period (in usd per share)	$ 38.96		$ 36.62	$ 38.96		$ 36.62
Net assets, end of period	$ 67,080		$ 64,108	$ 67,080		$ 64,108
Average net assets				$ 65,922		$ 63,431
Shares outstanding end of period (in shares)	1,721		1,751	1,721		1,751
Distributions declared				$ 1,632		$ 1,652
Total investment return based on net asset value before total return incentive fee (as a percent)				8.02%		6.91%
Total investment return based on net asset value after total return incentive fee (as a percent)				7.21%		6.21%
Ratios to average net assets:
Total operating expenses before total return incentive fee				0.95%		1.02%
Total operating expenses before Expense Support (reimbursement)						1.69%
Total operating expenses				1.72%		1.69%
Net investment income before total return incentive fee				3.45%		3.90%
Net investment income				2.67%		3.23%
[1]All investments are US based unless otherwise noted.[2]Percentages represent fair value as a percentage of net assets for each investment category.[3]Security may be an obligation of one or more entities affiliated with the named company.[4]Percentages represent fair value as a percentage of net assets for each investment category.[5]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	9 Months Ended
	Nov. 26, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 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
	Oct. 30, 2024	Nov. 06, 2024	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			$ 34.18	$ 32.98
Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)		$ 34.94
Class A
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			34	32.81
Class A | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	$ 38.01	34.78
Selling Commissions, Per Share (in usd per share)	2.28
Dealer Manager Fees, Per Share (in usd per share)	0.95
Class T
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			34.05	32.74
Class T | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	36.57	34.83
Selling Commissions, Per Share (in usd per share)	1.10
Dealer Manager Fees, Per Share (in usd per share)	0.64
Class D
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)			33.76	32.45
Class D | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	34.53	34.53
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)			$ 34.46	$ 33.22
Class I | Subsequent Event
Subsequent Event [Line Items]
Offering Price, Per Share (in usd per share)	35.26	$ 35.26
Selling Commissions, Per Share (in usd per share)	0
Dealer Manager Fees, Per Share (in usd per share)	$ 0

Subsequent Events - Gross Proce

Subsequent Events - Gross Proceeds (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 06, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 30, 2024
Distribution Reinvestment Plan
Gross Proceeds		$ 4,693	$ 3,401	$ 13,093	$ 8,967
Total
Shares (in shares)				5,331	6,296
Net Proceeds to Company				$ 182,226	$ 207,573
Average Net Proceeds Per Share (in usd per share)		$ 34.18	$ 32.98	$ 34.18	$ 32.98
Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				4,948	6,024
Gross Proceeds				$ 171,133	$ 201,453
Sales Load				(2,000)	(2,847)
Net Proceeds to Company				$ 169,133	$ 198,606
Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				383	272
Gross Proceeds				$ 13,093	$ 8,967
Class A
Total
Shares (in shares)				2,128	2,048
Net Proceeds to Company				$ 72,358	$ 67,186
Average Net Proceeds Per Share (in usd per share)		34	32.81	$ 34	$ 32.81
Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				2,013	1,989
Gross Proceeds				$ 69,980	$ 67,210
Sales Load				(1,542)	(1,944)
Net Proceeds to Company				$ 68,438	$ 65,266
Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				115	59
Gross Proceeds				$ 3,920	$ 1,920
Class T
Total
Shares (in shares)				321	609
Net Proceeds to Company				$ 10,923	$ 19,922
Average Net Proceeds Per Share (in usd per share)		34.05	32.74	$ 34.05	$ 32.74
Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				282	569
Gross Proceeds				$ 10,061	$ 19,526
Sales Load				(458)	(903)
Net Proceeds to Company				$ 9,603	$ 18,623
Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				39	40
Gross Proceeds				$ 1,320	$ 1,299
Class D
Total
Shares (in shares)				518	555
Net Proceeds to Company				$ 17,485	$ 17,986
Average Net Proceeds Per Share (in usd per share)		33.76	32.45	$ 33.76	$ 32.45
Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				476	521
Gross Proceeds				$ 16,070	$ 16,897
Sales Load				0	0
Net Proceeds to Company				$ 16,070	$ 16,897
Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				42	34
Gross Proceeds				$ 1,415	$ 1,089
Class I
Total
Shares (in shares)				2,364	3,084
Net Proceeds to Company				$ 81,460	$ 102,479
Average Net Proceeds Per Share (in usd per share)		$ 34.46	$ 33.22	$ 34.46	$ 33.22
Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)				2,177	2,945
Gross Proceeds				$ 75,022	$ 97,820
Sales Load				0	0
Net Proceeds to Company				$ 75,022	$ 97,820
Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)				187	139
Gross Proceeds				$ 6,438	$ 4,659
Subsequent Event
Total
Shares (in shares)	1,119
Net Proceeds to Company	$ 39,086
Average Net Proceeds Per Share (in usd per share)	$ 34.94
Subsequent Event | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	1,072
Gross Proceeds	$ 37,997
Sales Load	(541)
Net Proceeds to Company	$ 37,456
Subsequent Event | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	47
Gross Proceeds	$ 1,630
Subsequent Event | Class A
Total
Shares (in shares)	690
Net Proceeds to Company	$ 23,974
Average Net Proceeds Per Share (in usd per share)	$ 34.78					$ 38.01
Subsequent Event | Class A | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	674
Gross Proceeds	$ 23,920
Sales Load	(482)
Net Proceeds to Company	$ 23,438
Subsequent Event | Class A | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	16
Gross Proceeds	$ 536
Subsequent Event | Class T
Total
Shares (in shares)	39
Net Proceeds to Company	$ 1,380
Average Net Proceeds Per Share (in usd per share)	$ 34.83					36.57
Subsequent Event | Class T | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	35
Gross Proceeds	$ 1,297
Sales Load	(59)
Net Proceeds to Company	$ 1,238
Subsequent Event | Class T | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	4
Gross Proceeds	$ 142
Subsequent Event | Class D
Total
Shares (in shares)	19
Net Proceeds to Company	$ 653
Average Net Proceeds Per Share (in usd per share)	$ 34.53					34.53
Subsequent Event | Class D | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	14
Gross Proceeds	$ 477
Sales Load	0
Net Proceeds to Company	$ 477
Subsequent Event | Class D | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	5
Gross Proceeds	$ 176
Subsequent Event | Class I
Total
Shares (in shares)	371
Net Proceeds to Company	$ 13,079
Average Net Proceeds Per Share (in usd per share)	$ 35.26					$ 35.26
Subsequent Event | Class I | Proceeds from Public Offerings
Proceeds from Follow-On Public Offering
Shares (in shares)	349
Gross Proceeds	$ 12,303
Sales Load	0
Net Proceeds to Company	$ 12,303
Subsequent Event | Class I | Distribution Reinvestment Plan
Distribution Reinvestment Plan
Shares (in shares)	22
Gross Proceeds	$ 776