Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 29, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 333-222986 | ||
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, Postal Zip Code | 32801 | ||
Entity Address, State or Province | FL | ||
Entity Address, City or Town | Orlando, | ||
City Area Code | 407 | ||
Local Phone Number | 650-1000 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Documents Incorporated by Reference [Text Block] | Registrant incorporates by reference portions of the CNL Strategic Capital, LLC definitive proxy statement for the 2021 Annual Meeting of Shareholders (Items 10, 11, 12, 13 and 14 of Part III) to be filed no later than April 30, 2021. Certain exhibits previously filed with the Securities and Exchange Commission are incorporated by reference into Part IV of this report. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001684682 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Public Float | $ 0 | ||
Class FA | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 4,578,537 | ||
Class A | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,107,029 | ||
Class T | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 706,358 | ||
Class D | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 480,379 | ||
Class I | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,329,068 | ||
Common Class S- [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,770,386 |
Consolidated Statements of Asse
Consolidated Statements of Assets and Liabilities - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Investments at fair value (amortized cost of $197,457,113 and $133,274,339, respectively) | $ 231,197,454 | $ 144,195,000 |
Cash | 82,688,211 | 20,954,005 |
Restricted Cash, Current | 0 | 10,000,000 |
Deferred offering expenses | 61,549 | 25,423 |
Net due from related parties (Note 5) | 0 | 278,564 |
Prepaid expenses and other assets | 130,161 | 90,631 |
Total assets | 314,077,375 | 175,543,623 |
Liabilities | ||
Accounts payable and other accrued expenses | 385,083 | 325,449 |
Net due to related parties (Note 5) | 1,476,458 | 0 |
Distributions payable | 1,017,405 | 593,536 |
Payable for shares repurchased | 1,968,732 | 223,738 |
Deferred Income Tax Liabilities, Net | 266,789 | 0 |
Total liabilities | 5,114,467 | 1,260,732 |
Commitments and contingencies (Note 10) | ||
Members’ Equity (Net Assets) | ||
Preferred shares, $0.001 par value, 50,000,000 shares authorized and unissued | 0 | 0 |
Common shares | 10,459 | 6,355 |
Capital in excess of par value | 278,908,028 | 164,349,125 |
Distributable earnings | 30,044,421 | 9,927,411 |
Total Members’ Equity | 308,962,908 | 174,282,891 |
Net assets, Total Members’ Equity | 308,962,908 | 174,282,891 |
Investment-related Liabilities | 0 | 118,009 |
Class FA | ||
Members’ Equity (Net Assets) | ||
Common shares | 4,579 | 4,255 |
Net assets, Total Members’ Equity | 137,237,594 | 117,637,467 |
Class A | ||
Members’ Equity (Net Assets) | ||
Common shares | 1,034 | 669 |
Net assets, Total Members’ Equity | 29,747,587 | 18,008,048 |
Class T | ||
Members’ Equity (Net Assets) | ||
Common shares | 655 | 199 |
Net assets, Total Members’ Equity | 18,771,713 | 5,366,259 |
Class D | ||
Members’ Equity (Net Assets) | ||
Common shares | 454 | 303 |
Net assets, Total Members’ Equity | 12,813,290 | 8,053,103 |
Class I | ||
Members’ Equity (Net Assets) | ||
Common shares | 1,967 | 929 |
Net assets, Total Members’ Equity | 57,147,617 | 25,218,014 |
Common Class S- [Member] | ||
Members’ Equity (Net Assets) | ||
Common shares | 1,770 | 0 |
Net assets, Total Members’ Equity | $ 53,245,107 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Income | |||
Interest income | $ 4,616,133 | $ 10,341,158 | $ 6,382,429 |
Dividend income | 2,176,312 | 4,112,693 | 1,755,878 |
Total investment income | 6,792,445 | 14,453,851 | 8,138,307 |
Operating Expenses | |||
Organization and offering expenses | 933,598 | 1,106,111 | 643,814 |
Base management fees | 722,233 | 2,596,842 | 1,327,920 |
Total return incentive fees | 1,015,228 | 4,150,562 | 847,863 |
Professional services | 510,197 | 1,397,606 | 786,610 |
Pursuit Costs | 0 | 154,727 | 76,052 |
Director fees and expenses | 173,756 | 201,671 | 214,000 |
General and administrative expenses | 168,810 | 106,702 | 184,100 |
Custodian and accounting fees | 140,242 | 170,298 | 191,814 |
Insurance expense | 122,009 | 212,321 | 210,490 |
Expense Related to Distribution or Servicing and Underwriting Fees | 6,774 | 165,012 | 46,400 |
Total operating expenses | 3,792,847 | 10,261,852 | 4,529,063 |
Expense support | (389,774) | (3,301,473) | (1,372,020) |
Net expenses | 3,403,073 | 6,960,379 | 3,157,043 |
Net investment income | 3,389,372 | 7,493,472 | 4,981,264 |
Net change in unrealized appreciation on investments | 5,725,661 | 22,819,680 | 5,195,000 |
Investment Company, Deferred Income Tax, Unrealized Appreciation | 0 | (266,789) | 0 |
Net increase in net assets resulting from operations | $ 9,115,033 | $ 30,046,363 | $ 10,176,264 |
Common shares per share information: | |||
Net investment income (usd per share) | $ 1 | $ 0.93 | $ 1.05 |
Basic and diluted earnings (usd per share) | $ 2.68 | $ 3.72 | $ 2.15 |
Weighted average number of common shares outstanding (basic and diluted) (in shares) | 3,404,903 | 8,084,469 | 4,727,789 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Net Assets - USD ($) | Feb. 07, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Net investment income | $ 3,389,372 | $ 7,493,472 | $ 4,981,264 | |
Unrealized Gain (Loss) on Investments, Net of Tax | 22,552,891 | |||
Net change in unrealized appreciation on investments | $ 5,725,661 | $ 22,819,680 | $ 5,195,000 | |
Number of Shares | ||||
Beginning balance (in shares) | 6,354,831 | 3,862,515 | ||
Repurchase of common shares pursuant to share repurchase program (in shares) | (341,225) | (32,133) | ||
Ending balance (in shares) | 8,000 | 3,862,515 | 10,458,248 | 6,354,831 |
Investment Company, Net Assets [Roll Forward] | ||||
Par value, beginning balance | $ 6,355 | $ 3,862 | ||
Capital in excess of par value, beginning balance | 164,349,125 | 97,229,217 | ||
Distributable earnings, beginning balance | 9,927,411 | 5,596,731 | ||
Total net assets, beginning balance | 174,282,891 | 102,829,810 | ||
Distributions | $ (3,518,302) | (9,929,353) | (5,845,584) | |
Stock Issued During Period, Value, New Issues | 96,933,243 | 122,100,131 | 67,192,226 | |
Distributions reinvested, proceeds to company | 99,836 | 2,109,793 | 799,107 | |
Total consideration | 9,646,917 | 868,932 | ||
Par value, ending balance | $ 8 | 3,862 | 10,459 | 6,355 |
Capital in excess of par value, ending balance | 199,992 | 97,229,217 | 278,908,028 | 164,349,125 |
Distributable earnings, ending balance | 0 | 5,596,731 | 30,044,421 | 9,927,411 |
Total net assets, ending balance | $ 200,000 | 102,829,810 | $ 308,962,908 | $ 174,282,891 |
Class FA | ||||
Number of Shares | ||||
Repurchase of common shares pursuant to share repurchase program (in shares) | (246,653) | (19,200) | ||
Investment Company, Net Assets [Roll Forward] | ||||
Par value, beginning balance | $ 4,255 | |||
Total net assets, beginning balance | 117,637,467 | $ 87,061,758 | ||
Distributions | (3,364,900) | (5,812,212) | (4,268,395) | |
Total consideration | 7,037,470 | 521,971 | ||
Par value, ending balance | 4,579 | 4,255 | ||
Total net assets, ending balance | 87,061,758 | $ 137,237,594 | $ 117,637,467 | |
Class T | ||||
Number of Shares | ||||
Repurchase of common shares pursuant to share repurchase program (in shares) | (25,774) | 0 | ||
Investment Company, Net Assets [Roll Forward] | ||||
Par value, beginning balance | $ 199 | |||
Total net assets, beginning balance | 5,366,259 | $ 834,576 | ||
Distributions | (9,032) | (435,971) | (76,739) | |
Total consideration | 721,226 | 0 | ||
Par value, ending balance | 655 | 199 | ||
Total net assets, ending balance | 834,576 | $ 18,771,713 | $ 5,366,259 | |
Class D | ||||
Number of Shares | ||||
Repurchase of common shares pursuant to share repurchase program (in shares) | (1,156) | (3,185) | ||
Investment Company, Net Assets [Roll Forward] | ||||
Par value, beginning balance | $ 303 | |||
Total net assets, beginning balance | 8,053,103 | $ 3,222,865 | ||
Distributions | (39,313) | (404,787) | (222,967) | |
Total consideration | 32,212 | 84,175 | ||
Par value, ending balance | 454 | 303 | ||
Total net assets, ending balance | 3,222,865 | $ 12,813,290 | $ 8,053,103 | |
Class I | ||||
Number of Shares | ||||
Repurchase of common shares pursuant to share repurchase program (in shares) | (63,062) | (9,448) | ||
Investment Company, Net Assets [Roll Forward] | ||||
Par value, beginning balance | $ 929 | |||
Total net assets, beginning balance | 25,218,014 | $ 6,624,004 | ||
Distributions | (83,873) | (1,609,683) | (728,063) | |
Total consideration | 1,732,971 | 254,746 | ||
Par value, ending balance | 1,967 | 929 | ||
Total net assets, ending balance | $ 6,624,004 | $ 57,147,617 | $ 25,218,014 | |
Public Offering and Private Placement | ||||
Number of Shares | ||||
Issuance of common shares through the Offerings (in shares) | 3,850,671 | 4,367,120 | ||
Public Offering | ||||
Number of Shares | ||||
Issuance of common shares through the Offerings (in shares) | 3,850,671 | 2,494,425 | ||
Investment Company, Net Assets [Roll Forward] | ||||
Stock Issued During Period, Value, New Issues | $ 3,850 | $ 2,495 | ||
Public Offering | Class T | ||||
Number of Shares | ||||
Issuance of common shares through the Offerings (in shares) | 31,432 | 473,344 | 166,277 | |
Public Offering | Class D | ||||
Number of Shares | ||||
Issuance of common shares through the Offerings (in shares) | 121,797 | 143,074 | 176,604 | |
Public Offering | Class I | ||||
Number of Shares | ||||
Issuance of common shares through the Offerings (in shares) | 249,136 | 1,076,234 | 679,491 | |
Distribution Reinvestment Plan | ||||
Number of Shares | ||||
Issuance of common shares through distribution reinvestment plan (in shares) | 3,844 | 77,522 | 30,024 | |
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 99,836 | $ 2,109,793 | $ 799,107 | |
Distribution Reinvestment Plan | Class FA | ||||
Number of Shares | ||||
Issuance of common shares through distribution reinvestment plan (in shares) | 0 | 0 | 0 | |
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 0 | $ 0 | $ 0 | |
Distribution Reinvestment Plan | Class T | ||||
Number of Shares | ||||
Issuance of common shares through distribution reinvestment plan (in shares) | 20 | 8,440 | 933 | |
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 510 | $ 229,816 | $ 24,962 | |
Distribution Reinvestment Plan | Class D | ||||
Number of Shares | ||||
Issuance of common shares through distribution reinvestment plan (in shares) | 1,092 | 9,174 | 6,324 | |
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 28,533 | $ 245,006 | $ 166,334 | |
Distribution Reinvestment Plan | Class I | ||||
Number of Shares | ||||
Issuance of common shares through distribution reinvestment plan (in shares) | 390 | 24,532 | 9,278 | |
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 10,154 | $ 673,348 | $ 248,731 | |
Additional Paid-in Capital [Member] | ||||
Investment Company, Net Assets [Roll Forward] | ||||
Stock Issued During Period, Value, New Issues | 96,929,393 | 122,095,764 | 67,189,731 | |
Distributions reinvested, proceeds to company | 99,832 | 2,109,715 | 799,077 | |
Total consideration | $ 9,646,576 | $ 868,900 | ||
Share Repurchase Program | ||||
Number of Shares | ||||
Repurchase of common shares pursuant to share repurchase program (in shares) | (341,225) | (32,133) | ||
Investment Company, Net Assets [Roll Forward] | ||||
Total consideration | $ 341 | $ 32 | ||
Common Stock [Member] | Public Offering and Private Placement | ||||
Investment Company, Net Assets [Roll Forward] | ||||
Stock Issued During Period, Value, New Issues | 4,367 | |||
Common Stock [Member] | Distribution Reinvestment Plan | ||||
Investment Company, Net Assets [Roll Forward] | ||||
Distributions reinvested, proceeds to company | $ 4 | $ 78 | $ 30 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities: | |||
Net increase in net assets resulting from operations | $ 9,115,033 | $ 30,046,363 | $ 10,176,264 |
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities: | |||
Purchases of investments | (74,374,339) | (64,182,774) | (56,500,000) |
Net change in unrealized appreciation on investments | (5,725,661) | (22,819,680) | (5,195,000) |
Amortization of deferred offering expenses | 668,846 | 250,174 | 25,531 |
Amortization of Debt Issuance Costs | 0 | 37,328 | 7,443 |
Increase (decrease) in net due to (from) related parties | 782,282 | 1,755,022 | (1,060,846) |
Increase in accounts payable and other accrued expenses | 282,856 | 59,634 | 42,593 |
Increase in deferred offering expenses | (682,963) | (286,300) | (36,520) |
Increase (Decrease) in Deferred Income Taxes | 0 | 266,789 | 0 |
Increase in prepaid expenses and other assets | (70,833) | (11,758) | (12,791) |
Net cash used in operating activities | (70,004,779) | (55,003,211) | (52,435,317) |
Financing Activities: | |||
Proceeds from issuance of common shares | 94,533,243 | 122,100,131 | 67,192,226 |
Payments for Repurchase of Common Stock | 0 | (7,901,923) | (645,194) |
Distributions paid, net of distributions reinvested | (3,060,280) | (7,395,691) | (4,811,127) |
Payments of Financing Costs | 0 | (65,100) | (14,450) |
Net cash provided by financing activities | 91,472,963 | 106,737,417 | 61,721,455 |
Net increase in cash and restricted cash | 21,468,184 | 51,734,206 | 9,286,138 |
Cash and restricted cash, beginning of period | 30,954,005 | 21,667,867 | |
Cash and restricted cash, end of period | 21,667,867 | 82,688,211 | 30,954,005 |
Supplemental disclosure of cash flow information and non-cash financing activities: | |||
Distributions reinvested | 99,836 | 2,109,793 | 799,107 |
Amounts incurred but not paid (including amounts due to related parties): | |||
Distributions payable | 358,186 | 1,017,405 | 593,536 |
Offering costs | 66,894 | 122,779 | 56,888 |
Payable for shares repurchased | 0 | 1,968,732 | 223,738 |
Non-cash contribution from an affiliate of the Sub-Manager | 2,400,000 | 0 | 0 |
Non-cash purchase of investments | (2,400,000) | 0 | 0 |
IncreaseDecreaseInPayableForInvestmentsPurchased | $ 0 | $ (118,009) | $ 118,009 |
Consolidated Schedule of Invest
Consolidated Schedule of Investments | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cost | $ 197,457,113 | $ 133,274,339 |
Fair Value | 231,197,454 | 144,195,000 |
OTHER ASSETS IN EXCESS OF LIABILITIES–25.2% | 77,765,454 | 30,087,891 |
NET ASSETS–100.0% | 308,962,908 | 174,282,891 |
Total Senior Secured Notes | ||
Cost | 78,042,454 | 48,167,603 |
Fair Value | 78,042,454 | 48,167,603 |
Senior Secured Note – First Lien–13.6% | ||
Cost | 42,100,000 | 17,700,000 |
Fair Value | $ 42,100,000 | $ 17,700,000 |
Senior Secured Note – First Lien–13.6% | Healthcare Safety Holdings, LLC | ||
Investment Interest Rate1 | 0.160 | 0.160 |
Senior Secured Note – First Lien–13.6% | Healthcare Safety Holdings, LLC | Healthcare Supplies | ||
Principal Amount / No. Shares | $ 15,700,000 | $ 15,700,000 |
Cost | 15,700,000 | 15,700,000 |
Fair Value | $ 15,700,000 | $ 15,700,000 |
Senior Secured Note – First Lien–13.6% | Roundtables [Member] | ||
Investment Interest Rate1 | 0.080 | 0.080 |
Senior Secured Note – First Lien–13.6% | Roundtables [Member] | Information Services and Advisory Solutions [Member] | ||
Principal Amount / No. Shares | $ 2,000,000 | $ 2,000,000 |
Cost | 2,000,000 | 2,000,000 |
Fair Value | $ 2,000,000 | 2,000,000 |
Senior Secured Note – First Lien–13.6% | HSH | ||
Investment Interest Rate1 | 0.150 | |
Senior Secured Note – First Lien–13.6% | HSH | Healthcare Supplies | ||
Principal Amount / No. Shares | $ 24,400,000 | |
Cost | 24,400,000 | |
Fair Value | 24,400,000 | |
Senior Secured Note – Second Lien–11.6% | ||
Cost | 35,942,454 | 30,467,603 |
Fair Value | $ 35,942,454 | $ 30,467,603 |
Senior Secured Note – Second Lien–11.6% | Roundtables [Member] | ||
Investment Interest Rate1 | 0.160 | 0.160 |
Senior Secured Note – Second Lien–11.6% | Roundtables [Member] | Information Services and Advisory Solutions [Member] | ||
Principal Amount / No. Shares | $ 12,114,338 | $ 12,114,338 |
Cost | 12,114,338 | 12,114,338 |
Fair Value | $ 12,114,338 | $ 12,114,338 |
Senior Secured Note – Second Lien–11.6% | Blue Ridge [Member] | ||
Investment Interest Rate1 | 0.150 | |
Senior Secured Note – Second Lien–11.6% | Blue Ridge [Member] | Business Services | ||
Principal Amount / No. Shares | $ 2,640,844 | |
Cost | 2,640,844 | |
Fair Value | $ 2,640,844 | |
Senior Secured Note – Second Lien–11.6% | Milton [Member] | ||
Investment Interest Rate1 | 0.150 | 0.150 |
Senior Secured Note – Second Lien–11.6% | Milton [Member] | Manufacturing [Member] | ||
Principal Amount / No. Shares | $ 3,353,265 | $ 3,353,265 |
Cost | 3,353,265 | 3,353,265 |
Fair Value | $ 3,353,265 | $ 3,353,265 |
Senior Secured Note – Second Lien–11.6% | Resolution Economics | ||
Investment Interest Rate1 | 0.150 | |
Senior Secured Note – Second Lien–11.6% | Resolution Economics | Business Services | ||
Principal Amount / No. Shares | $ 2,834,007 | |
Cost | 2,834,007 | |
Fair Value | $ 2,834,007 | |
Senior Secured Note – Second Lien–11.6% | Blue Ridge ESOP Associates | ||
Investment Interest Rate1 | 0.160 | 0.160 |
Senior Secured Note – Second Lien–11.6% | Blue Ridge ESOP Associates | Business Services | ||
Principal Amount / No. Shares | $ 15,000,000 | $ 15,000,000 |
Cost | 15,000,000 | 15,000,000 |
Fair Value | 15,000,000 | 15,000,000 |
Equity–49.6% | ||
Cost | 119,414,659 | 85,106,736 |
Fair Value | 153,155,000 | 96,027,397 |
Equity–49.6% | Healthcare Safety Holdings, LLC | Healthcare Supplies | ||
Principal Amount / No. Shares | 10,820 | 10,820 |
Cost | 15,598,788 | 15,598,788 |
Fair Value | 19,502,000 | 15,600,000 |
Equity–49.6% | Roundtables [Member] | Information Services and Advisory Solutions [Member] | ||
Principal Amount / No. Shares | 32,386 | 32,386 |
Cost | 32,385,662 | 32,385,662 |
Fair Value | 37,272,000 | 32,385,662 |
Equity–49.6% | Blue Ridge [Member] | Business Services | ||
Principal Amount / No. Shares | 9,859 | |
Cost | 9,859,156 | |
Fair Value | 10,877,000 | |
Equity–49.6% | Milton [Member] | Manufacturing [Member] | ||
Principal Amount / No. Shares | 6,647 | 6,647 |
Cost | 6,646,735 | 6,646,735 |
Fair Value | 10,090,000 | 6,646,735 |
Equity–49.6% | HSH | Healthcare Supplies | ||
Principal Amount / No. Shares | 17,320 | |
Cost | 17,320,000 | |
Fair Value | 18,186,000 | |
Equity–49.6% | Resolution Economics | Business Services | ||
Principal Amount / No. Shares | 7,166 | |
Cost | 7,128,767 | |
Fair Value | 8,543,000 | |
Equity–49.6% | Blue Ridge ESOP Associates | Business Services | ||
Principal Amount / No. Shares | 7,746 | 7,746 |
Cost | 30,475,551 | 30,475,551 |
Fair Value | $ 48,685,000 | $ 41,395,000 |
Principal Business and Organiza
Principal Business and Organization | 12 Months Ended |
Dec. 31, 2020 | |
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. Each of the Manager and the Sub-Manager are registered as an investment adviser under the Investment Advisers Act of 1940, as amended. The Company conducts and intends to continue its operations so that the Company and each of its subsidiaries do not fall within, or are excluded from the definition of an “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Company intends to target businesses that are highly cash flow generative, with annual revenues primarily between $15 million and $250 million and whose management teams seek an ownership stake in the company. The Company’s business strategy is to acquire controlling equity interests in combination with debt positions and in doing so, provide long-term capital appreciation and current income while protecting invested capital. The Company seeks to structure its investments with limited, if any, third-party senior leverage. The Company intends for a significant majority of its total assets to be comprised of long-term controlling equity interests and debt positions in the businesses it acquires. In addition and to a lesser extent, the Company may acquire other debt and minority equity positions, which may include acquiring debt in the secondary market and minority equity interests in combination with other funds managed by the Sub-Manager from co-investments with other partnerships managed by the Sub-Manager or their affiliates. The Company expects that these positions will comprise a minority of its total assets. The Company commenced operations on February 7, 2018, following a private offering of approximately $81.7 million (the “2018 Private Offering”) of its Class FA limited liability company interests (the “Class FA shares”). The Company is currently offering and selling shares of its limited liability company interests (the “Initial Public Offering”) pursuant to a registration statement on Form S-1 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”). Through its Initial Public Offering, the Company is offering, in any combination, four classes of shares: Class A shares, Class T shares, Class D shares and Class I shares (collectively, the “Non-founder shares” and together with the Founder shares (as described below), the “Shares”). On February 19, 2021, the Company filed a registration statement on Form S-1 (the “Follow-On Registration Statement”) with the SEC in connection with the proposed offering of shares of our limited liability company interest (the “Follow-On Public Offering”). As permitted under applicable securities laws, the Company will continue to offer its common shares in the Initial Public Offering until the effective date of the Follow-On Registration Statement, upon which the Initial Registration Statement will be deemed terminated. In April and June 2019, the Company launched separate Class FA private offerings of up to $50.0 million each of Class FA shares (the “Class FA Private Offering” and the “Follow-On Class FA Private Offering”, respectively; collectively, the “Class FA Private Offerings”) pursuant to the applicable exemption from registration under Section 4(a)(2) of the Securities Act of 1933 and Rule 506(c) of Regulation D promulgated under the Securities Act. The Class FA Private Offering was closed in December 2019 and the Follow-On Class FA Private Offering closed in March 2020. In January 2020, the Company’s board of directors authorized the designation of Class S shares of the Company’s common stock, $0.001 par value per share (“Class S shares” and together with Class FA shares “Founder shares”), and approved a private offering of Class S shares (the “Class S Private Offering”) of up to a maximum of $50.0 million in Class S shares. The Class S Private Offering is being conducted pursuant to the applicable exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506(c) of Regulation D promulgated under the Securities Act. The Class S Private Offering closed in December 2020. See Note 7. “Capital Transactions” and Note 1 2 . “Subsequent Events” for additional information related to the Offerings. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification” or “ASC”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and necessary for the fair presentation of financial results as of and for the periods presented. Although the Company is organized and intends to conduct its business in a manner so that it is not required to register as an investment company under the Investment Company Act, its financial statements are prepared using the specialized accounting principles of ASC Topic 946, “Financial Services—Investment Companies” (“ASC Topic 946”) to utilize investment company accounting. The Company obtains funds through the issuance of equity interests to multiple unrelated investors, and provides such investors with investment management services. Further, the Company’s business strategy is to acquire interests in middle-market U.S. businesses to provide current income and long term capital appreciation, while protecting invested capital. Overall, the Company believes that the use of investment company accounting on a fair value basis is consistent with the management of its assets on a fair value basis, and makes the Company’s financial statements more useful to investors and other financial statement users in facilitating the evaluation of an investment in the Company as compared to other investment products in the marketplace. Principles of Consolidation Under ASC Topic 946 the Company is precluded from consolidating any entity other than an investment company or an operating company which provides substantially all of its services to benefit the Company. In accordance therewith, the Company has consolidated the results of its wholly owned subsidiaries which provide services to the Company in its consolidated financial statements. However, the Company has not consolidated the results of its subsidiaries in which the Company holds debt and equity investments. All intercompany account balances and transactions have been eliminated in consolidation. Risks and Uncertainties The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of COVID-19 has been rapidly evolving and many countries, including the United States, have reacted by, among other things, instituting quarantines, mandating business and school closures, requiring restrictions on travel and issuing “shelter-in-place” and/or “stay-at-home” orders. While some of these restrictions have been relaxed or phased out, many of these or similar restrictions remain in place, continue to be implemented, or additional restrictions are being considered. Such actions are creating significant disruption in global supply chains, and adversely impacting a number of industries. The major disruption caused by COVID-19 significantly reduced economic activity in most of the United States resulting in a significant increase in unemployment claims. COVID-19 has had a continued and prolonged adverse impact on economic and market conditions and has triggered a period of economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the financial and credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic, (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19, and (vi) the negative impact on its portfolio companies. Cash Cash consists of demand deposits at commercial banks. Demand deposits are carried at cost plus accrued interest, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. Restricted Cash The Company’s restricted cash as of December 31, 2019 consisted of escrowed funds held with an affiliate of the Sub-Manager for investment purposes. The Company had no restricted cash as of December 31, 2020. 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 generally accepted accounting principles. The uncertainty of future events, including the impact of the COVID-19 pandemic, 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 the fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. ASC Topic 820 provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. In addition, ASC Topic 820 provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of valuation hierarchy established by ASC Topic 820 are defined as follows: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is defined as a market in which transactions for the asset or liability occur with sufficient pricing information on an ongoing basis. Publicly listed equity and debt securities and listed derivatives that are traded on major securities exchanges and publicly traded equity options are generally valued using Level 1 inputs. If a price for 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. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s investments in accordance with the valuation policy and procedures approved by the board of directors, based on, among other factors, the input of the Manager, the Sub-Manager, its audit committee, and the independent third-party valuation firm. The determination of the fair value of the Company’s assets requires judgment, especially with respect to assets for which market prices are not available. For most of the Company’s assets, market prices will not be available. Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a readily available market value existed for such assets, and the differences could be material. Because the calculation of the Company’s net asset value is based, in part, on the fair value of its assets, the Company’s calculation of net asset value is subjective and could be adversely affected if the determinations regarding the fair value of its assets were materially higher than the values that the Company ultimately realizes upon the disposal of such assets. Furthermore, through the valuation process, the Company’s board of directors may determine that the fair value of the Company’s assets differs materially from the values that were provided by the independent valuation firm. The Company may also look to private merger and acquisition statistics, public trading multiples adjusted for illiquidity and other factors, valuations implied by third-party investments in the businesses or industry practices in determining fair value. The Company may also consider the size and scope of a business and its specific strengths and weaknesses, as well as any other factors it deems relevant in assessing the value. Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company will measure realized gains or losses as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on investments will reflect the change in asset values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. Income Recognition Interest Income – Interest income 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 loans. 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. Since inception, all distributions from equity investments have been classified as dividend income. Paid in Capital The Company records the proceeds from the sale of its common shares on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding upfront selling commissions and placement agent/dealer manager fees. Share Repurchases Under the Company’s share repurchase program (the “Share Repurchase Program”), a shareholder’s shares are deemed to have been 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” for additional information. Organization and Offering Expenses Organization expenses are expensed on the Company’s statements of operations as incurred. Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Offerings, are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months; however, the end of the deferral period will not exceed 12 months from the date the offering expense is incurred by the Manager and the Sub-Manager. Distribution and Shareholder Servicing Fees Under the Initial Public Offering, 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.” The Company records the distribution and shareholder servicing fees, which accrue daily, in its statements of operations as they are incurred. Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 8. “Borrowings” ) are deferred and amortized over the life of the related financing instrument using the effective yield method. The amortization of deferred financing costs is included in general and administrative expense in the statements of operations. Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, organization and offering expenses, distribution and shareholder servicing fees, expense support and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such fees are attributable to the particular share classes, as determined by the Company’s board of directors, the Company’s governing agreements and, in certain cases, expenses which are specifically identifiable to a specific share class. Income and expenses which are not class-specific are allocated monthly pro rata among the share classes based on shares outstanding as of the end of the month. Earnings per Share and Net Investment Income per Share Earnings per share and net investment income per share are calculated for each share class of common shares based upon the weighted average number of common shares outstanding during the reporting period. Distributions The Company’s board of directors has declared and intends to continue to declare distributions based on monthly record dates and such distributions are expected to be paid on a monthly basis one month in arrears. 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 statements of operations. The Company has operated and expects to continue to operate so that it will qualify to be treated for U.S. federal income tax purposes as a partnership, and not as an association or a publicly traded partnership taxable as a corporation. Generally, the Company will not be taxable as a corporation if 90% or more of its gross income for each taxable year consists of “qualifying income” (generally, interest (other than interest generated from a financial business), dividends, real property rents, gain from the sale of assets that produce qualifying income and certain other items) and the Company is not required to register under the Investment Company Act (the “qualifying income exception”). As a partnership, the individual shareholders are responsible for their proportionate share of the Company’s taxable income. The Company holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s condensed consolidated financial statements. For the year ended December 31, 2020, the Company recorded a provision for taxes on unrealized appreciation on investments of approximately $0.3 million related to the Taxable Subsidiaries in the Condensed Consolidated Statements of Operations. The Company did not record a provision for taxes on unrealized appreciation on investments during the year ended December 31, 2019 or the period from February 7, 2018 to December 31, 2018. As of December 31, 2020, $0.3 million was included in deferred tax liabilities, net on the Condensed Consolidated Statement of Assets and Liabilities, which includes a deferred tax asset of $0.1 million and a deferred tax liability of approximately $(0.4) million, primarily relating to deferred taxes on unrealized appreciation. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments During the year ended December 31, 2019, the Company invested in two portfolio companies, Roundtable Equity Holdings LLC and Subsidiary (“Roundtables”) and Milton Industries, Inc. (“Milton”), for approximately $56.5 million in aggregate. During the year ended December 31, 2020, the Company invested in three additional portfolio companies, Resolution Economics, LLC (“Resolution Economics”), Blue Ridge ESOP Associates (“Blue Ridge”) and Healthcare Safety Holdings LLC (“HSH”), for approximately $64.2 million in aggregate. As of December 31, 2020 and December 31, 2019, the Company’s investment portfolio is summarized as follows: As of December 31, 2020 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 42,100,000 $ 42,100,000 18.2 % 13.6 % Senior secured debt - second lien 35,942,454 35,942,454 15.6 11.6 Total senior debt 78,042,454 78,042,454 33.8 25.2 Equity 119,414,659 153,155,000 66.2 49.6 Total investments $ 197,457,113 $ 231,197,454 100.0 % 74.8 % As of December 31, 2019 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 17,700,000 $ 17,700,000 12.3 % 10.1 % Senior secured debt - second lien 30,467,603 30,467,603 21.1 17.5 Total senior debt 48,167,603 48,167,603 33.4 27.6 Equity 85,106,736 96,027,397 66.6 55.1 Total investments $ 133,274,339 $ 144,195,000 100.0 % 82.7 % Collectively, the Company’s debt investments accrue interest at a weighted average per annum rate of 15.4% and have weighted average remaining years to maturity of 4.4 years as of December 31, 2020. The note purchase agreements contain customary covenants and events of default. As of December 31, 2020, all of the Company’s portfolio companies were in compliance with the Company’s debt covenants. As of December 31, 2020 and December 31, 2019, none of the Company’s debt investments were on non-accrual status. The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of December 31, 2020 and December 31, 2019 were as follows: Industry December 31, 2020 December 31, 2019 Commercial and Professional Services 27.5 % 39.2 % Information Services and Advisory Solutions 22.3 32.2 Healthcare Supplies 18.4 — Hobby Goods and Supplies 15.2 21.7 Business Services 10.8 — Manufacturing 5.8 6.9 Total 100.0 % 100.0 % Geographic Dispersion (1) December 31, 2020 December 31, 2019 United States 100.0 % 100.0 % Total 100.0 % 100.0 % FOOTNOTE: (1) The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer. All investment positions held at December 31, 2020 and December 31, 2019 were denominated in U.S. dollars. Summarized Portfolio Company Financial Statement Information The Company had four portfolio companies which individually met at least one of the significance tests under Rule 4-08(g) of Regulation S-X (“Rule 4-08(g)”) for the years ended December 31, 2020 and 2019. In addition, the Company’s remaining individually insignificant portfolio companies met the significance tests under Rule 4-08(g) on an aggregate basis. The following tables present audited summarized operating data years ended December 31, 2020 and 2019, and summarized balance sheet data as of December 31, 2020 and December 31, 2019 for the Company’s portfolio companies on an individual or aggregate basis, as applicable: Summarized Operating Data Year Ended December 31, 2020 Lawn Doctor (1) Polyform (2) Roundtables (3) HSH (4) Other (5) Revenues $ 28,676,790 $ 18,980,631 $ 10,941,572 $ 13,939,954 $ 87,739,720 Expenses (27,231,876) (17,372,329) (11,691,246) (15,632,468) (98,687,251) Income (loss) before taxes 1,444,914 1,608,302 (749,674) (1,692,514) (10,947,531) Income tax (expense) benefit (371,274) (468,750) 1,443,128 109,000 3,117,173 Consolidated net income (loss) 1,073,640 1,139,552 693,454 (1,583,514) (7,830,358) Net loss attributable to non-controlling interests 213,666 — — — — Net income (loss) $ 1,287,306 $ 1,139,552 $ 693,454 $ (1,583,514) $ (7,830,358) Year Ended December 31, 2019 (6) Lawn Doctor (1) Polyform (2) Roundtables (3) Revenues $ 24,951,481 $ 16,517,512 $ 3,929,101 Expenses (25,754,966) (17,016,753) (5,269,538) Loss before taxes (803,485) (499,241) (1,340,437) Income tax benefit 142,104 140,000 335,795 Consolidated net loss (661,381) (359,241) (1,004,642) Net loss attributable to non-controlling interests 232,270 — — Net loss $ (429,111) $ (359,241) $ (1,004,642) Summarized Balance Sheet Data As of December 31, 2020 Lawn Doctor (1) Polyform (2) Roundtables (3) HSH (4) Other (5) Current assets $ 8,386,243 $ 9,692,346 $ 4,166,690 $ 12,684,343 $ 51,902,237 Non-current assets 94,600,554 30,032,976 59,582,072 42,701,069 311,984,977 Current liabilities 7,669,894 2,460,606 4,406,878 5,732,781 35,926,638 Non-current liabilities 53,385,715 21,563,451 19,553,072 29,297,356 146,900,604 Non-controlling interest (392,791) — — — — Stockholders’ equity 42,323,979 15,701,265 39,788,812 20,355,275 181,059,972 As of December 31, 2019 (6) Lawn Doctor (1) Polyform (2) Roundtables (3) Current assets $ 5,679,790 $ 5,917,238 $ 2,495,539 Non-current assets 96,327,351 31,474,762 61,232,699 Current liabilities 5,208,665 1,484,148 3,686,652 Non-current liabilities 52,854,284 21,123,045 20,946,228 Non-controlling interest (179,125) — — Stockholders’ equity 44,123,317 14,784,807 39,095,358 FOOTNOTES: (1) As of December 31, 2020 and December 31, 2019, the Company owned approximately 61% and 62%, respectively, of the outstanding equity in Lawn Doctor on an undiluted basis. (2) As of December 31, 2020 and December 31, 2019, the Company owned approximately 87% of the outstanding equity in Polyform on an undiluted basis. (3) Summarized operating data presented for Roundtables for 2019 is for the period from August 1, 2019 (the date the Company acquired its investments in Roundtables) to December 31, 2019. As of December 31, 2020 and December 31, 2019, the Company owned approximately 81% of the outstanding equity in Roundtables on an undiluted basis. (4) Summarized operating data presented for HSH is for the period from July 16, 2020 (the date the Company acquired its investments in HSH) to December 31, 2020. As of December 31, 2020, the Company owned approximately 75% of the outstanding equity in HSH on an undiluted basis. (5) Includes results for the Company’s co-investments in which it owns a minority equity interest (Milton, Resolution Economics and Blue Ridge) for the period presented unless otherwise noted. Summarized operating data for Resolution Economics is for the period from January 2, 2020 (the date the Company acquired its investments in Resolution Economics) to November 30, 2020 (reported on a one-month lag basis). Summarized operating data for Blue Ridge is for the period from March 24, 2020 (the date the Company acquired its investments in Blue Ridge) to December 31, 2020. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies,” as follows as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 78,042,454 $ 78,042,454 $ — $ — $ 48,167,603 $ 48,167,603 Equity — — 153,155,000 153,155,000 — — 96,027,397 96,027,397 Total investments $ — $ — $ 231,197,454 $ 231,197,454 $ — $ — $ 144,195,000 $ 144,195,000 The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 78,042,454 Discounted Cash Flow Discount Rate 8.0% – 13.0% (10.7%) Decrease Equity 153,155,000 Discounted Cash Flow Discount Rate 8.0% – 13.0% (10.7%) Decrease Total $ 231,197,454 December 31, 2019 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 44,814,338 Discounted Cash Flow Discount Rate 9.0% – 14.0% (10.3%) Decrease 3,353,265 Transaction Precedent Transaction Price N/A N/A Equity 89,380,662 Discounted Cash Flow Discount Rate 9.0% – 14.0% (10.3%) Decrease 6,646,735 Transaction Precedent Transaction Price N/A N/A Total $ 144,195,000 FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. The preceding tables include the significant unobservable inputs as they relate to the Company’s determination of fair values for its investments categorized within Level 3 as of December 31, 2020 and 2019. In addition to the techniques and inputs noted in the tables above, according to the Company’s valuation policy, the Company may also use other valuation techniques and methodologies when determining the fair value estimates for the Company’s investments. Any significant increases or decreases in the unobservable inputs would result in significant increases or decreases in the fair value of the Company’s investments. Investments that do not have a readily available market value are valued utilizing a market approach, an income approach (i.e. discounted cash flow approach), a transaction approach, or a combination of such approaches, as appropriate. The market approach uses prices, including third party indicative broker quotes, and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The transaction approach uses pricing indications derived from recent precedent merger and acquisition transactions involving comparable target companies. The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) that are discounted based on a required or expected discount rate to derive a present value amount range. The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors the Company may take into account to determine the fair value of its investments include, as relevant: available current market data, including an assessment of the credit quality of the security’s issuer, relevant and applicable market trading and transaction comparables, applicable market yields and multiples, illiquidity discounts, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, data derived from merger and acquisition activities for comparable companies, and enterprise values, among other factors. The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 Senior Debt Equity Total Fair value balance as of January 1, 2020 $ 48,167,603 $ 96,027,397 $ 144,195,000 Additions 29,874,851 34,307,923 64,182,774 Net change in unrealized appreciation (1) — 22,819,680 22,819,680 Fair value balance as of December 31, 2020 $ 78,042,454 $ 153,155,000 $ 231,197,454 Change in net unrealized appreciation in investments held as of December 31, 2020 (1) $ — $ 22,819,680 $ 22,819,680 Year Ended December 31, 2019 Senior Debt Equity Total Fair value balance as of January 1, 2019 $ 30,700,000 $ 51,800,000 $ 82,500,000 Additions 17,467,603 39,032,397 56,500,000 Net change in unrealized appreciation (1) — 5,195,000 5,195,000 Fair value balance as of December 31, 2019 $ 48,167,603 $ 96,027,397 $ 144,195,000 Change in net unrealized appreciation in investments held as of December 31, 2019 (1) $ — $ 5,195,000 $ 5,195,000 FOOTNOTE: (1) Included in net change in unrealized appreciation on investments in the consolidated statements of operations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80.0 million in Class FA shares under its 2018 Private Offering and issued approximately 3.3 million shares of Class FA shares for aggregate gross proceeds of approximately $81.7 million. The $81.7 million in gross proceeds received included a cash capital contribution of $2.4 million from the Manager in exchange for 96,000 Class FA shares and a cash capital contribution of $9.5 million from CNL Strategic Capital Investment, LLC, which is indirectly controlled by James M. Seneff, Jr., the chairman of the Company, in exchange for 380,000 Class FA shares. The $81.7 million also included 96,000 Class FA shares received in exchange for $2.4 million of non-cash consideration in the form of equity interests in Lawn Doctor received from an affiliate of the Sub-Manager pursuant to an exchange agreement. The $81.7 million in gross proceeds also included a cash capital contribution of approximately $0.4 million in exchange for 15,000 Class FA shares from other individuals affiliated with the Manager. The Manager and Sub-Manager, along with certain affiliates of the Manager or Sub-Manager, will receive fees and compensation in connection with the Company’s Initial Public Offering and Follow-On Class FA Private Offering, as well as the acquisition, management and sale of the assets of the Company, as follows: Placement Agent/Dealer Manager Commissions — Under the Initial Public Offering, the Company pays CNL Securities Corp. (the “Managing Dealer” in connection with the Initial Public Offering and the “Placement Agent” in connection with the Class FA Private Offerings), 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 Initial Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The Company paid the Placement Agent a selling commission of up to 5.50% and up to 2.0% of the sale price for each Class FA and Class S share sold in the Follow-On Class FA Private Offering and Class S Private Offering, respectively. There was no selling commission for the sale of Class FA shares in the Class FA Private Offering. The Managing Dealer may reallow all or a portion of the selling commissions to participating broker-dealers. Placement Agent/Dealer Manager Fee — Under the Initial Public Offering, the Company pays the Managing Dealer a dealer manager fee of 2.50% of the price of each Class A share and 1.75% of the price of each Class T share sold in the Initial Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). Under the Follow-On Class FA Private Offering, the Company paid the Placement Agent a placement agent fee of 3.00% and 1.5% of the price of each Class FA and Class S share sold in the Follow-On Class FA Private Offering and Class S Private Offering, respectively. There was no placement agent fee for the sale of Class FA shares sold in the Class FA Private Offering. The Managing Dealer may reallow all or a portion of such placement agent / dealer manager fees to participating broker-dealers. Distribution and Shareholder Servicing Fee — Under the Initial Public Offering, 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 (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 that is allocated among all Class T and Class D shares, respectively, and is not paid at the time of purchase. Manager and/or Sub-Manager Organization and Offering Costs — Under the Offerings, the Company reimburses the Manager and the Sub-Manager, along with their respective affiliates, for the organization and offering costs (other than selling commissions and placement agent / dealer manager fees) they have incurred on the Company’s behalf only to the extent that such expenses do not exceed (A) 1.0% of the cumulative gross proceeds from the 2018 Private Offering, Class FA Private Offerings, and Class S Private Offering and (B) 1.5% of the cumulative gross proceeds from the Initial Public Offering. The Company incurred an obligation to reimburse the Manager and Sub-Manager for approximately $1.1 million, $0.7 million and $0.9 million in organization and offering costs based on actual amounts raised through the Offerings during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, respectively. The Manager and the Sub-Manager have incurred additional organization and offering costs of approximately $4.6 million on behalf of the Company in connection with the Offerings (exceeding the respective limitations) as of December 31, 2020. These costs will be recognized by the Company in future periods as the Company receives future offering proceeds from its Initial Public Offering to the extent such costs are within the 1.5% limitation. Base Management Fee to Manager and Sub-Manager — The Company pays each of the Manager and the Sub-Manager 50% of the total base management fee for their services under the Management Agreement and the Sub-Management Agreement, subject to any reduction or deferral of any such fees pursuant to the terms of the Expense Support and Conditional Reimbursement Agreement described below. The Company incurred base management fees of approximately $2.6 million, $1.3 million and $0.7 million during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, 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 share 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 share Average Adjusted Capital for a particular class to total Average Adjusted Capital, in each case excluding cash, and will be payable monthly in arrears. The management fee for a certain month is calculated based on the average value of the Company’s gross assets at the end of that month and the immediately preceding calendar month. The determination of gross assets 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 sales load (upfront selling commissions and dealer manager fees), if any, reduced for the full amounts paid for share repurchases pursuant to any share repurchase program, if any, for such class. Total Return Incentive Fee on Income to the Manager and Sub-Manager — The Company also pays each of the Manager and the Sub-Manager 50% of the total return incentive fee for their services under the Management Agreement and the Sub-Management Agreement. The Company recorded total return incentive fees of approximately $4.2 million, $0.8 million and $1.0 million during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, 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 the calculation of Total Return to Shareholders for such share class. For the year ended December 31, 2018, the High Water Mark was $24.75 for all share classes. For the year ended December 31, 2019, the High Water Marks were $26.65 for Class FA shares, $26.44 for Class A shares, $26.54 for Class T shares, $26.23 for Class D shares, and $26.55 for Class I shares. For the year ended December 31, 2020, the High Water Marks were $27.64 for Class FA shares, $26.91 for Class A shares, $27.01 for Class T shares, $26.61 for Class D shares, $27.15 for Class I shares and $27.64 for Class S shares. 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 — The Company reimburses the Manager and the Sub-Manager and their respective affiliates for certain operating costs and expenses of third parties incurred in connection with their provision of services to the Company, including fees, costs, expenses, liabilities and obligations relating to the Company’s activities, acquisitions, dispositions, financings and business, subject to the terms of the Company’s limited liability company agreement, the Management Agreement, the Sub-Management Agreement and the Expense Support and Conditional Reimbursement Agreement (as defined below). The Company 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 (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 Company recorded expense support due from the Manager and Sub-Manager of approximately $3.3 million, $1.4 million and $0.4 million during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, respectively. Expense support is paid by the Manager and Sub-Manager annually in arrears. The Expense Support amount is borne equally by the Manager and the Sub-Manager and is calculated as of the last business day of the calendar year. Until the Expense Support and Conditional Reimbursement Agreement is terminated, the Manager and Sub-Manager shall equally conditionally reduce the payment of fees and reimbursements of reimbursable expenses in an amount equal to the conditional waiver amount (as defined in and subject to limitations described in the Expense Support and Conditional Reimbursement Agreement). The term of the Expense Support and Conditional Reimbursement Agreement has the same initial term and renewal terms as the Management Agreement or the Sub-Management Agreement, as applicable, to the Manager or the Sub-Manager. If, on the last business day of the calendar year, the annual (calendar year) year-to-date available operating funds exceeds the sum of the annual (calendar year) year-to-date distributions paid per share class (the “Excess Operating Funds”), the Company uses such Excess Operating Funds to pay the Manager and the Sub-Manager all or a portion of the outstanding unreimbursed Expense Support amounts for each share class, as applicable, subject to certain conditions (the “Conditional Reimbursements”) as described further in the Expense Support and Conditional Reimbursement Agreement. The Company’s obligation to make Conditional Reimbursements shall automatically terminate and be of no further effect three years following the date which the Expense Support amount was provided and to which such Conditional Reimbursement relates, as described further in the Expense Support and Conditional Reimbursement Agreement. As of December 31, 2020, the amount of expense support collected from the Manager and Sub-Manager was approximately $1.8 million. As of December 31, 2020, management believes that reimbursement payments by the Company to the Manager and Sub-Manager are not probable under the terms of the Expense Support and Conditional Reimbursement Agreement. The following table reflects the expense support that may become reimbursable, subject to the conditions of reimbursement defined in the Expense Support and Conditional Reimbursement Agreement: For the Year Ended Amount Expiration December 31, 2018 $ 389,774 March 31, 2022 December 31, 2019 1,372,020 March 31, 2023 $ 1,761,794 As of December 31, 2020, the Company recorded a receivable for expense support of approximately $3.3 million. This amount will become subject to the conditions of reimbursement once paid by the Manager and Sub-Manager. Distributions Individuals and entities affiliated with the Manager and Sub-Manager owned approximately 0.6 million shares as of December 31, 2020 and 2019, and received distributions from the Company of approximately $0.7 million, $0.7 million and $0.6 million during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, respectively. Related party fees and expenses incurred for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018 are summarized below: Related Party Source Agreement & Description Year Ended December 31, 2020 Year Ended Period from February 7, 2018 to December 31, 2018 Managing Dealer /Placement Agent Managing Dealer / Placement Agent Agreements: $ 1,918,852 $ 816,330 $ 321,905 Dealer Manager / Placement Agent Fees 1,256,229 418,270 149,945 Distribution and shareholder servicing fees 165,012 46,400 6,774 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Organization and offering reimbursement (1)(2) 1,142,237 654,803 948,032 Base management fees (1) 2,596,842 1,327,920 722,233 Total return incentive fees (1) 4,150,562 847,863 1,015,228 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense support (3,301,473) (1,372,020) (389,774) Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 191,070 164,744 160,291 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 154,727 76,052 — FOOTNOTES: (1) Expenses subject to Expense Support. (2) Organization reimbursements are expensed on the Company’s statements of operations as incurred. Offering reimbursements are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months. (3) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing the due diligence reviews. The following table presents amounts due from (to) related parties as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Due from related parties: Expense Support $ 3,301,473 $ 1,372,020 Total due from related parties 3,301,473 1,372,020 Due to related parties: Organization and offering expenses (122,779) (56,888) Base management fees (271,983) (165,338) Total return incentive fee (4,150,562) (847,863) Reimbursement of third-party operating expenses and pursuit costs (212,793) (16,677) Distribution and shareholder servicing fees (19,814) (6,690) Total due to related parties (4,777,931) (1,093,456) Net due (to) from related parties $ (1,476,458) $ 278,564 Other Related Party Transactions As of December 31, 2019, an affiliate of the Sub-Manager held $10.0 million of the Company’s funds in escrow for purposes of acquiring new equity and debt investments in January 2020. The Sub-Manager earned transaction fees of approximately $0.2 million during the year ended December 31, 2020, related to the co-investments of Resolution Economics and Blue Ridge, and approximately $0.1 million during the year ended December 31, 2019, related to the co-investment of Milton. See N ote 3. “Investments ” for additional information on investments. The transaction fees were charged to the respective portfolio companies and are not reflected in the financial statements of the Company. The Sub-Manager did not earn any transaction fees during the period from February 7, 2018 to December 31, 2018. Lawn Doctor and Polyform were majority owned by an affiliate of the Sub-Manager prior to the Company’s acquisition of these portfolio companies in 2018. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2020 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions | Distributions The Company’s board of directors declared distributions on a monthly basis (12 record dates) in each of the years ended December 31, 2020 and 2019 and on a weekly basis (43 record dates) during the period from March 7, 2018 to December 31, 2018. Declared distributions are paid monthly in arrears. The following table reflects the total distributions declared during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018: Distribution Period Distributions Declared (1)(2) Distributions Reinvested (3) Cash Distributions Net of Distributions Reinvested Year ended December 31, 2020 $ 9,929,353 $ 2,240,547 $ 7,688,806 Year ended December 31, 2019 5,845,584 886,408 4,959,176 Period from February 7, 2018 to December 31, 2018 3,518,302 126,625 3,391,677 FOOTNOTES: (1) Distributions declared per share for each share class were as follows: Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2020 - December 31, 2020 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2019 - December 31, 2019 0.104167 0.104167 0.083333 0.093750 0.104167 — March 7, 2018 0.020604 0.020604 0.016484 0.018544 0.020604 — March 13, 2018 - December 31, 2018 0.024038 0.024038 0.019231 0.021635 0.024038 — (2) The Company’s board of directors began declaring monthly distributions per Class S share for record date March 30, 2020. The Class S shares were first sold on March 31, 2020. (3) For the year ended December 31, 2020, includes distributions reinvested in January 2021 of $244,845 related to distributions declared based on record dates in December 31, 2020 and excludes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 31, 2019. For the year ended December 31, 2019, includes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 31, 2019 and excludes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018. For the period from February 7, 2018 to December 31, 2018, includes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018. The sources of declared distributions on a GAAP basis were as follows: Year Ended Year Ended Period from February 7, 2018 to December 31, 2018 Amount % of Cash Distributions Declared Amount % of Cash Distributions Declared Amount % of Cash Distributions Declared Net investment income (1) $ 7,493,472 75.5 % $ 4,981,264 85.2 % $ 3,389,372 96.3 % Distributions in excess of net investment income (2) 2,435,881 24.5 864,320 14.8 % 128,930 3.7 Total distributions declared $ 9,929,353 100.0 % $ 5,845,584 100.0 % $ 3,518,302 100.0 % FOOTNOTES: (1) Net investment income includes expense support from the Manager and Sub-Manager of $3,301,473, $1,372,020 and $389,774 for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, respectively. See Note 5. “Related Party Transactions” for additional information. (2) Consists of distributions made from offering proceeds for the periods presented. In December 2020, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on January 28, 2021 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares. |
Capital Transactions
Capital Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Capital Transactions | Capital Transactions 2018 Private Offering On February 7, 2018, the Company commenced operations when it met the minimum offering requirement of $80.0 million in Class FA shares under its 2018 Private Offering and issued approximately 3.3 million shares of Class FA shares for aggregate gross proceeds of approximately $81.7 million. The Company did not incur any selling commissions or placement agent fees (“sales load”) from the sale of the approximately 3.3 million Class FA shares sold under the terms of the 2018 Private Offering. See Note 5. “Related Party Transactions” for additional information on Class FA shares issued to the Manager, Sub-Manager and their affiliates. Initial Public Offering The Registration Statement became effective on March 7, 2018, and the Company began 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 Initial 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 Initial 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 Initial Public Offering (excluding sales pursuant to the Company’s distribution reinvestment plan). The public offering price, selling commissions and dealer manager fees per share class are determined monthly as approved by the Company’s board of directors. As of December 31, 2020, the public offering price was $30.99 per Class A share, $29.70 per Class T share, $27.85 per Class D share and $28.65 per Class I share. See Note 1 2 . “Subsequent Events” for information on changes to the public offering price, selling commissions and dealer manager fees by share class. 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 1 2 . “Subsequent Events” for additional information related to the Initial Public Offering. Class FA Private Offerings In April and June 2019, the Company launched separate Class FA private offerings of up to $50.0 million each (the “Class FA Private Offering” and the “Follow-On Class FA Private Offering,” respectively) pursuant to the applicable exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506(c) of Regulation D promulgated under the Securities Act and entered into a placement agent agreement with the Placement Agent. There were no selling commissions or placement agent fees for the sale of Class FA shares in the Class FA Private Offering. The Class FA Private Offering was closed in December 2019. The Company paid the Placement Agent a selling commission of up to 5.5% and placement agent fee of up to 3.0% of the sale price for each Class FA share sold in the Follow-On Class FA Private Offering, except as a reduction or sales load waiver may apply. The Follow-On Class FA Private Offering closed in March 2020. In conjunction with the launch of the Class FA Private Offering in April 2019, the Company’s board of directors reclassified 4.0 million authorized shares of Class T shares to Class FA shares. Class S Private Offering In January 2020, the Company’s board of directors authorized the designation of Class S shares and the Company commenced the Class S Private Offering of up to $50.0 million of Class S shares. The Placement Agent served as placement agent for the Class S Private Offering. The Class S Private Offering was conducted pursuant to the applicable exemption from registration under Section 4(a)(2) of the Securities Act and Rule 506(c) of Regulation D promulgated under the Securities Act. The Company paid the Placement Agent a selling commission of up to 2.0% and a placement agent fee of up to 1.5% of the sale price for each Class S share sold in the Class S Private Offering, except as a reduction or sales load waiver that may apply. The Class S Private Offering closed in December 2020. In conjunction with the launch of the Class S Private Offering, in January 2020 the Company’s board of directors reclassified 100.0 million authorized shares of Class T shares to Class S shares. The following table summarizes the total shares issued and proceeds received by share class in connection with the Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the years ended December 31, 2020 and 2019 and for the period from February 7, 2018 to December 31, 2018: Year Ended December 31, 2020 Proceeds from Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 569,642 $ 15,853,000 $ (167,960) $ 15,685,040 — $ — 569,642 $ 15,685,040 $ 27.53 Class A 334,440 9,808,964 (679,465) 9,129,499 35,376 961,623 369,816 10,091,122 27.29 Class T 473,344 13,486,208 (640,595) 12,845,613 8,440 229,816 481,784 13,075,429 27.14 Class D 143,074 3,873,660 — 3,873,660 9,174 245,006 152,248 4,118,666 27.05 Class I 1,076,234 29,893,733 — 29,893,733 24,532 673,348 1,100,766 30,567,081 27.77 Class S 1,770,386 52,359,647 (1,687,061) 50,672,586 — — 1,770,386 50,672,586 28.62 4,367,120 $ 125,275,212 $ (3,175,081) $ 122,100,131 77,522 $ 2,109,793 4,444,642 $ 124,209,924 $ 27.95 Year Ended December 31, 2019 Proceeds from Offerings Distributions Reinvested (4) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 1,008,488 $ 27,628,371 $ (41,924) $ 27,586,447 — $ — 1,008,488 $ 27,586,447 $ 27.35 Class A 463,565 13,294,279 (970,592) 12,323,687 13,489 359,080 477,054 12,682,767 26.59 Class T 166,277 4,675,452 (222,084) 4,453,368 933 24,962 167,210 4,478,330 26.78 Class D 176,604 4,655,674 — 4,655,674 6,324 166,334 182,928 4,822,008 26.36 Class I 679,491 18,173,050 — 18,173,050 9,278 248,731 688,769 18,421,781 26.75 2,494,425 $ 68,426,826 $ (1,234,600) $ 67,192,226 30,024 $ 799,107 2,524,449 $ 67,991,333 $ 26.93 Period from February 7, 2018 to December 31, 2018 Proceeds from Offerings Distributions Reinvested (5) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 3,258,260 $ 81,456,500 $ — $ 81,456,500 — $ — 3,258,260 $ 81,456,500 $ 25.00 Class A 190,046 5,435,093 (430,953) 5,004,140 2,342 60,639 192,388 5,064,779 26.33 Class T 31,432 861,000 (40,897) 820,103 20 510 31,452 820,613 26.09 Class D 121,797 3,160,000 — 3,160,000 1,092 28,533 122,889 3,188,533 25.95 Class I 249,136 6,492,500 — 6,492,500 390 10,154 249,526 6,502,654 26.06 3,850,671 $ 97,405,093 $ (471,850) $ 96,933,243 3,844 $ 99,836 3,854,515 $ 97,033,079 $ 25.17 FOOTNOTES: (1) Amounts exclude distributions reinvested in January 2021 related to the payment of distributions declared in December 2020 and include distributions reinvested in January 2020 related to the payment of distributions declared in December 2019. (2) The Company incurred selling commissions and placement agent fees on the sale of Class FA shares sold in the Follow-On Class FA Private Offering and on the sale of Class S shares sold in the Class S Private Offering. The Company also incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Initial Public Offering. See Note 5. “Related Party Transactions” for additional information regarding up-front selling commissions and dealer manager/placement agent fees. (3) The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 0.3 million and 3.3 million Class FA shares sold under the terms of the Class FA Private Offering and 2018 Private Offering, respectively. (4) Amounts exclude distributions reinvested in January 2020 related to the payment of distributions declared in December 2019 and include distributions reinvested in January 2019 related to the payment of distributions declared in December 2018. (5) Amounts exclude distributions reinvested in January 2019 related to the payment of distributions declared in December 2018. Share Repurchase Program In March 2019, the Company’s board of directors approved and adopted the Share Repurchase Program. The total amount of aggregate repurchases of Class A, Class FA, Class T, Class D and Class I shares will be 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). Unless the Company’s board of directors determines otherwise, the Company will limit the number of shares to be repurchased during any calendar quarter to the number of shares the Company can repurchase with the proceeds received from the sale of shares under its distribution reinvestment plan in the previous quarter. Notwithstanding the foregoing, at the sole discretion of the Company’s board of directors, the Company may also use other sources, including, but not limited to, offering proceeds and borrowings to repurchase shares. During the year ended December 31, 2020 and 2019, the Company received requests for the repurchase of approximately $9.6 million and $0.9 million of the Company’s common shares, respectively, which exceeded proceeds received from its distribution reinvestment plan for the applicable periods by approximately $7.8 million and $0.3 million, respectively. The Company’s board of directors approved the use of other sources to satisfy repurchase requests received in excess of proceeds received from the distribution reinvestment plan. The following table summarizes the shares repurchased during the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares Repurchased Total Consideration Average Price Paid per Share Shares Repurchased Total Consideration Average Price Paid per Share Class FA shares 246,653 $ 7,037,470 $ 28.53 19,200 $ 521,971 $ 27.19 Class A shares 4,580 123,038 26.86 300 8,040 26.76 Class T shares 25,774 721,226 27.98 — — — Class D shares 1,156 32,212 27.85 3,185 84,175 26.43 Class I shares 63,062 1,732,971 27.48 9,448 254,746 26.96 Total 341,225 $ 9,646,917 $ 28.27 32,133 $ 868,932 $ 27.04 As of December 31, 2020 and 2019, the Company had a payable for shares repurchased of approximately $2.0 million and $0.2 million, respectively. |
Borrowings (Notes)
Borrowings (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings In June 2019, the Company, through a wholly-owned subsidiary, entered into a loan agreement and related promissory note (the “2019 Loan Agreement”) with Seaside National Bank and Trust for a $20.0 million line of credit (the “2019 Line of Credit”) with an original maturity date in June 2020. The Company extended the original maturity date of the 2019 Line of Credit to July 2020. The Company did not borrow any amounts under the 2019 Line of Credit. In July 2020, the Company entered into an Amended and Restated Loan Agreement (the “2020 Loan Agreement”) and related Amended and Restated Promissory Note with United Community Bank (d/b/a Seaside Bank and Trust, referred to as “Seaside”) for a line of credit (the “2020 Line of Credit”) in the same amount. The 2020 Line of Credit has a maturity date of July 14, 2021. The Company paid a $60,000 commitment fee to Seaside in connection with closing on the 2020 Line of Credit. The Company is required to pay an additional fee to Seaside with each advance under the 2020 Loan Agreement in an amount equal to 0.05% of the amount of each borrowing with a maximum fee of $20,000. Under the 2020 Loan Agreement, the Company is required to pay interest on the borrowed amount at a rate per year equal to the greater of (a) the 30-day LIBOR plus 2.75% and (b) 3.00%. Interest payments are due monthly in arrears. The Company may prepay, without penalty, all or any part of the borrowings under the 2020 Loan Agreement at any time and such borrowings are required to be repaid within 180 days of the borrowing date. Under the 2020 Loan Agreement, the Company is required to comply with reporting requirements and other customary requirements for similar credit facilities. In connection with the 2020 Loan Agreement, in July 2020, the Company entered into an amended assignment and pledge of deposit account agreement (“Deposit Agreement”) in favor of the lender under the 2020 Line of Credit. Under the Deposit Agreement, the Company is required to contribute proceeds from the Offerings to pay down the outstanding debt to the extent there are any borrowings outstanding under the 2020 Loan Agreement above the minimum cash balance of $2.5 million. |
Concentrations of Risk
Concentrations of Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Risk | Concentrations of RiskAs of and for the year ended December 31, 2020, the Company had four portfolio companies (Lawn Doctor, Polyform, Roundtables and HSH) which met at least one of the significance tests under Rule 4-08(g) of Regulation S-X. The portfolio companies are required to make monthly interest payments on their debt, with the debt principal due upon maturity. Failure of any of these portfolio companies to pay contractual interest payments could have a material adverse effect on the Company’s results of operations and cash flows from operations, which would impact its ability to make distributions to shareholders. |
Commitment & Contingences
Commitment & Contingences | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment & Contingences | Commitments & Contingencies See Note 5. “Related Party Transactions” for information on contingent amounts due to the Manager and Sub-Manager for the reimbursement of organization and offering costs under the Initial Public Offering. In December 2019, the Company committed to funding $10.0 million for a co-investment with an affiliate of its Sub-Manager. The Company had funded its co-investment commitment of $10.0 million into escrow and in January 2020 completed its co-investment in Resolution Economics. As of December 31, 2020, the Company did not have any commitments outstanding. From time to time, the Company and officers or directors of the Company may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its businesses. As of December 31, 2020, the Company was not involved in any legal proceedings. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2020 | |
Investment Company [Abstract] | |
Financial Highlights | Financial Highlights The following are schedules of financial highlights of the Company attributed to each class of shares for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018. Year Ended December 31, 2020 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year (1) $ 27.64 $ 26.91 $ 27.01 $ 26.61 $ 27.15 $ 27.56 Net investment income (loss), before expense support (2) 0.79 0.10 (0.33) 0.03 0.02 0.82 Expense support (2)(3) 0.35 0.53 0.47 0.26 0.66 0.10 Net investment income (2) 1.14 0.63 0.14 0.29 0.68 0.92 Net realized and unrealized gains, net of taxes (2)(4) 2.44 2.47 2.52 2.47 2.48 2.64 Net increase resulting from investment operations 3.58 3.10 2.66 2.76 3.16 3.56 Distributions to shareholders (5) (1.25) (1.25) (1.00) (1.13) (1.25) (1.04) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.04) Net Asset Value, End of Year $ 29.97 $ 28.76 $ 28.67 $ 28.24 $ 29.06 $ 30.08 Net assets, end of period $ 137,237,594 $ 29,747,587 $ 18,771,713 $ 12,813,290 $ 57,147,617 $ 53,245,107 Average net assets (6) $ 130,939,855 $ 22,983,588 $ 11,991,453 $ 9,674,927 $ 35,671,564 $ 19,256,767 Shares outstanding, end of period 4,578,537 1,034,377 654,672 453,724 1,966,552 1,770,386 Distributions declared $ 5,812,212 $ 1,052,079 $ 435,971 $ 404,787 $ 1,609,683 $ 614,619 Total investment return based on net asset value before total return incentive fee (1)(7) 13.27 % 12.43 % 10.79 % 11.99 % 12.23 % 13.36 % Total investment return based on net asset value after total return incentive fee (1)(7) 13.16 % 11.89 % 10.11 % 10.67 % 12.01 % 12.80 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 1.81 % 3.51 % 5.54 % 3.93 % 4.02 % 2.35 % Total operating expenses before expense support 3.10 % 6.09 % 8.21 % 6.48 % 6.72 % 4.15 % Total operating expenses after expense support 1.85 % 4.14 % 6.49 % 5.52 % 4.34 % 3.79 % Net investment income before total return incentive fee (10) 4.09 % 2.96 % 1.46 % 2.67 % 2.78 % 4.61 % Net investment income after total return incentive fee 4.05 % 2.32 % 0.51 % 1.08 % 2.46 % 3.17 % Year Ended December 31, 2019 Class FA Class A Class T Class D Shares Class I OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 26.65 $ 26.44 $ 26.54 $ 26.23 $ 26.55 Net investment income before expense support (2) 0.90 0.50 (0.10) 0.46 0.40 Expense support (2)(3) 0.31 0.13 0.42 — 0.36 Net investment income (2) 1.21 0.63 0.32 0.46 0.76 Net realized and unrealized gains (2)(4) 1.03 1.09 1.15 1.04 1.09 Net increase resulting from investment operations 2.24 1.72 1.47 1.50 1.85 Distributions to shareholders (5) (1.25) (1.25) (1.00) (1.12) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.12) (1.25) Net Asset Value, End of Year $ 27.64 $ 26.91 $ 27.01 $ 26.61 $ 27.15 Net assets, end of period $ 117,637,467 $ 18,008,048 $ 5,366,259 $ 8,053,103 $ 25,218,014 Average net assets (6) $ 92,567,951 $ 11,801,755 $ 2,079,541 $ 5,248,921 $ 15,749,822 Shares outstanding, end of period 4,255,548 669,141 198,662 302,632 928,848 Distributions declared $ 4,268,395 $ 549,420 $ 76,739 $ 222,967 $ 728,063 Total investment return based on net asset value before total return incentive fee (7) 8.46 % 6.66 % 5.65 % 5.87 % 7.14 % Total investment return based on net asset value after total return incentive fee (7) 8.46 % 6.66 % 5.65 % 5.87 % 7.14 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 2.08 % 4.89 % 7.71 % 4.97 % 4.81 % Total operating expenses before expense support 2.92 % 4.89 % 7.71 % 4.97 % 5.26 % Total operating expenses after expense support 1.77 % 4.38 % 6.14 % 4.97 % 3.89 % Net investment income before total return incentive fee (9) 4.47 % 2.36 % 1.20 % 1.74 % 2.84 % Net investment income 4.47 % 2.36 % 1.20 % 1.74 % 2.84 % Period from February 7, 2018 (11) to December 31, 2018 Class FA Class A Class T Class D Class I OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period (11) $ 25.00 $ 25.00 $ 25.16 $ 25.26 $ 25.00 Net investment income before expense support (2) 0.93 (1.26) (0.11) 0.02 0.06 Expense support (2)(3) 0.08 1.74 0.52 — 0.69 Net investment income (2) 1.01 0.48 0.41 0.02 0.75 Net realized and unrealized gains (2)(4) 1.67 1.87 1.57 1.53 1.69 Net increase resulting from investment operations 2.68 2.35 1.98 1.55 2.44 Distributions to shareholders (5) (1.03) (0.91) (0.60) (0.58) (0.89) Net decrease resulting from distributions to shareholders (1.03) (0.91) (0.60) (0.58) (0.89) Net Asset Value, End of Period $ 26.65 $ 26.44 $ 26.54 $ 26.23 $ 26.55 Net assets, end of period $ 87,061,758 $ 5,086,607 $ 834,576 $ 3,222,865 $ 6,624,004 Average net assets (6) $ 83,797,239 $ 562,185 $ 385,874 $ 1,732,979 $ 2,381,673 Shares outstanding, end of period 3,266,260 192,388 31,452 122,889 249,526 Distributions declared $ 3,364,900 $ 21,184 $ 9,032 $ 39,313 $ 83,873 Total investment return based on net asset value before total return incentive fee (7)(11) 11.72 % 9.56 % 7.94 % 6.80 % 9.90 % Total investment return based on net asset value after total return incentive fee (7)(12) 10.88 % 9.56 % 7.94 % 6.19 % 9.90 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 2.87 % 18.09 % 6.15 % 4.86 % 6.68 % Total operating expenses before expense support 4.00 % 19.62 % 7.34 % 5.92 % 8.40 % Total operating expenses after expense support 3.66 % 13.02 % 5.37 % 5.92 % 5.75 % Net investment income before total return incentive fee (9) 4.73 % 1.81 % 1.55 % 1.15 % 2.87 % Net investment income 3.94 % 1.81 % 1.55 % 0.09 % 2.87 % FOOTNOTES: (1) The net asset value as of the beginning of the period is as of January 1, 2020 for all share classes except Class S shares. The net asset value as of the beginning of the period for Class S shares is based on the price of shares sold, net of any sales load, to the initial Class S investors. The initial investors for Class S shares purchased their shares on March 31, 2020. (2) The per share amounts presented are based on weighted average shares outstanding. (3) Expense support is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (4) 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. (5) 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. (6) 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. (7) 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 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.” Total returns before total return incentive fees also exclude related expense support. See footnote (9) below for information regarding the percentage of total incentive fees covered by expense support by share class for all periods presented. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. (8) 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. (9) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the year ended December 31, 2020, the percentage of total return incentive fees covered by expense support was approximately 97%, 75%, 64%, 38%, 88% and 20% for Class FA, Class A, Class T, Class D, Class I and Class S, respectively. For the year ended December 31, 2019, only Class FA and Class I shares incurred total return incentive fees, 100% of which were covered by expense support. For the period February 7, 2018 through December 31, 2018, 100% of the total return incentive fees for Class A, Class T and Class I shares were covered by expense support, approximately 30% of the total return incentive fees for Class FA shares were covered by expense support, and none of the total return incentive fees for Class D shares were covered by expense support. (10) February 7, 2018 is the date the Company commenced operations. (11) The net asset value as of the beginning of the period is based on the price of shares sold, net of any sales load, to the initial investor of each respective share class. All Class FA shares sold in the 2018 Private Offering were sold at the same per share amount. The first investors for Class A, Class T, Class D and Class I shares purchased their shares in April 2018, May 2018, June 2018 and April 2018, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions In January, February and March 2021, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on February 25, 2021, March 30, 2021 and April 29, 2021, respectively, of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares. Offerings In January, February and March 2021, the Company’s board of directors approved new per share offering prices for each share class in the Initial Public Offering. The new offering prices are effective as of January 27, 2021, February 25, 2021 and March 22, 2021, respectively. The following table provides the new offering prices and applicable upfront selling commissions and placement agent / dealer manager fees for each share class available in the Initial Public Offering: Class A Class T Class D Class I Effective January 27, 2021: Offering Price, Per Share $ 31.43 $ 30.10 $ 28.24 $ 29.06 Selling Commissions, Per Share 1.89 0.90 — — Placement Agent / Dealer Manager Fees, Per Share 0.78 0.53 — — Effective February 25, 2021: Offering Price, Per Share $ 32.01 $ 30.64 $ 28.75 $ 29.60 Selling Commissions, Per Share 1.92 0.92 — — Dealer Manager Fees, Per Share 0.80 0.54 — — Effective March 22, 2021: Offering Price, Per Share $ 32.40 $ 31.00 $ 29.11 $ 29.97 Selling Commissions, Per Share 1.94 0.93 — — Dealer Manager Fees, Per Share 0.81 0.54 — — Capital Transactions During the period January 1, 2020 through March 29, 2021, the Company received additional net proceeds from the Initial Public Offering and its distribution reinvestment plan of: Proceeds from Offerings Distribution Reinvestment Plan Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 63,736 $ 1,998,369 $ (151,086) $ 1,847,283 8,916 $ 257,557 72,652 $ 2,104,840 $ 28.97 Class T 48,302 1,467,700 (69,716) 1,397,984 3,384 97,198 51,686 1,495,182 28.93 Class D 23,949 680,500 — 680,500 2,706 76,518 26,655 757,018 28.40 Class I 352,840 10,365,742 — 10,365,742 9,676 281,757 362,516 10,647,499 29.37 488,827 $ 14,512,311 $ (220,802) $ 14,291,509 24,682 $ 713,030 513,509 $ 15,004,539 $ 29.22 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) as contained in the Financial Accounting Standards Board Accounting Standards Codification (the “Codification” or “ASC”), which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties. In the opinion of management, the consolidated financial statements reflect all adjustments that are of a normal recurring nature and necessary for the fair presentation of financial results as of and for the periods presented. 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 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 Cash consists of demand deposits at commercial banks. Demand deposits are carried at cost plus accrued interest, which approximates fair value. The Company deposits its cash with highly-rated banking corporations and, at times, cash deposits may exceed the insured limits under applicable law. |
Use of Estimates | Use of Estimates Management makes estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare the financial statements in conformity with generally accepted accounting principles. The uncertainty of future events, including the impact of the COVID-19 pandemic, may materially impact the accuracy of the estimates and assumptions used in the financial statements and related footnotes and actual results could differ from those estimates. |
Valuation of Investments | Valuation of Investments ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC Topic 820”) clarifies that the fair value is the price in an orderly transaction between market participants to sell an asset or transfer a liability in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market for the asset or liability. The transaction to sell the asset or transfer the liability is a hypothetical transaction at the measurement date, considered from the perspective of a market participant that holds the asset or owes the liability. ASC Topic 820 provides a consistent definition of fair value which focuses on exit price and prioritizes, within a measurement of fair value, the use of market-based inputs over entity-specific inputs. In addition, ASC Topic 820 provides a framework for measuring fair value and establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels of valuation hierarchy established by ASC Topic 820 are defined as follows: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets. An active market is defined as a market in which transactions for the asset or liability occur with sufficient pricing information on an ongoing basis. Publicly listed equity and debt securities and listed derivatives that are traded on major securities exchanges and publicly traded equity options are generally valued using Level 1 inputs. If a price for 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. The Company’s board of directors is responsible for determining in good faith the fair value of the Company’s investments in accordance with the valuation policy and procedures approved by the board of directors, based on, among other factors, the input of the Manager, the Sub-Manager, its audit committee, and the independent third-party valuation firm. The determination of the fair value of the Company’s assets requires judgment, especially with respect to assets for which market prices are not available. For most of the Company’s assets, market prices will not be available. Due to the inherent uncertainty of determining the fair value of assets that do not have a readily available market value, the fair value of the assets may differ significantly from the values that would have been used had a readily available market value existed for such assets, and the differences could be material. Because the calculation of the Company’s net asset value is based, in part, on the fair value of its assets, the Company’s calculation of net asset value is subjective and could be adversely affected if the determinations regarding the fair value of its assets were materially higher than the values that the Company ultimately realizes upon the disposal of such assets. Furthermore, through the valuation process, the Company’s board of directors may determine that the fair value of the Company’s assets differs materially from the values that were provided by the independent valuation firm. The Company may also look to private merger and acquisition statistics, public trading multiples adjusted for illiquidity and other factors, valuations implied by third-party investments in the businesses or industry practices in determining fair value. The Company may also consider the size and scope of a business and its specific strengths and weaknesses, as well as any other factors it deems relevant in assessing the value. |
Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments | Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation on Investments The Company will measure realized gains or losses as the difference between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation on investments will reflect the change in asset values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized. |
Income Recognition | Income Recognition Interest Income – Interest income 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 loans. Dividend Income – |
Paid in Capital | Paid in Capital The Company records the proceeds from the sale of its common shares on a net basis to (i) capital stock and (ii) paid in capital in excess of par value, excluding upfront selling commissions and placement agent/dealer manager fees. |
Organization and Offering Expenses | Organization and Offering Expenses Organization expenses are expensed on the Company’s statements of operations as incurred. Offering expenses, which consist of amounts incurred for items such as legal, accounting, regulatory and printing work incurred related to the Offerings, are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months; however, the end of the deferral period will not exceed 12 months from the date the offering expense is incurred by the Manager and the Sub-Manager. |
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs Financing costs, including upfront fees, commitment fees and legal fees related to borrowings (as further described in Note 8. “Borrowings” ) are deferred and amortized over the life of the related financing instrument using the effective yield method. The amortization of deferred financing costs is included in general and administrative expense in the statements of operations. |
Earnings per Share and Net Investment Income per Share | Earnings per Share and Net Investment Income per Share Earnings per share and net investment income per share are calculated for each share class of common shares based upon the weighted average number of common shares outstanding during the reporting period. |
Distributions | Distributions The Company’s board of directors has declared and intends to continue to declare distributions based on monthly record dates and such distributions are expected to be paid on a monthly basis one month in arrears. Distributions are made on all classes of the Company’s shares at the same time. |
U.S. Federal 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 statements of operations. The Company has operated and expects to continue to operate so that it will qualify to be treated for U.S. federal income tax purposes as a partnership, and not as an association or a publicly traded partnership taxable as a corporation. Generally, the Company will not be taxable as a corporation if 90% or more of its gross income for each taxable year consists of “qualifying income” (generally, interest (other than interest generated from a financial business), dividends, real property rents, gain from the sale of assets that produce qualifying income and certain other items) and the Company is not required to register under the Investment Company Act (the “qualifying income exception”). As a partnership, the individual shareholders are responsible for their proportionate share of the Company’s taxable income. The Company holds certain equity investments in taxable subsidiaries (the “Taxable Subsidiaries”). The Taxable Subsidiaries permit the Company to hold equity investments in portfolio companies which are “pass through” entities for tax purposes. The Taxable Subsidiaries are not consolidated with the Company for income tax purposes and may generate income tax expense, benefit, and the related tax assets and liabilities, as a result of the Taxable Subsidiaries’ ownership of certain portfolio investments. The income tax expense, or benefit, if any, and related tax assets and liabilities are reflected in the Company’s condensed consolidated financial statements. For the year ended December 31, 2020, the Company recorded a provision for taxes on unrealized appreciation on investments of approximately $0.3 million related to the Taxable Subsidiaries in the Condensed Consolidated Statements of Operations. The Company did not record a provision for taxes on unrealized appreciation on investments during the year ended December 31, 2019 or the period from February 7, 2018 to December 31, 2018. As of December 31, 2020, $0.3 million was included in deferred tax liabilities, net on the Condensed Consolidated Statement of Assets and Liabilities, which includes a deferred tax asset of $0.1 million and a deferred tax liability of approximately $(0.4) million, primarily relating to deferred taxes on unrealized appreciation. |
Risks and Uncertainties | Risks and Uncertainties The outbreak of the novel coronavirus (“COVID-19”) pandemic around the globe continues to adversely impact global commercial activity and has contributed to significant volatility in financial markets. The global impact of COVID-19 has been rapidly evolving and many countries, including the United States, have reacted by, among other things, instituting quarantines, mandating business and school closures, requiring restrictions on travel and issuing “shelter-in-place” and/or “stay-at-home” orders. While some of these restrictions have been relaxed or phased out, many of these or similar restrictions remain in place, continue to be implemented, or additional restrictions are being considered. Such actions are creating significant disruption in global supply chains, and adversely impacting a number of industries. The major disruption caused by COVID-19 significantly reduced economic activity in most of the United States resulting in a significant increase in unemployment claims. COVID-19 has had a continued and prolonged adverse impact on economic and market conditions and has triggered a period of economic slowdown which could have a material adverse effect on the Company’s results and financial condition. The full impact of COVID-19 on the financial and credit markets and consequently on the Company’s financial condition and results of operations is uncertain and cannot be predicted at the current time as it depends on several factors beyond the control of the Company including, but not limited to (i) the uncertainty around the severity and duration of the outbreak, (ii) the effectiveness of the United States public health response, (iii) the pandemic’s impact on the U.S. and global economies, (iv) the timing, scope and effectiveness of additional governmental responses to the pandemic, (v) the timing and speed of economic recovery, including the availability of a treatment or vaccination for COVID-19, and (vi) the negative impact on its portfolio companies. |
Share Repurchases | Share Repurchases Under the Company’s share repurchase program (the “Share Repurchase Program”), a shareholder’s shares are deemed to have been 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” |
Distribution and Shareholder Servicing Fees | Distribution and Shareholder Servicing Fees Under the Initial Public Offering, 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.” |
Allocation of Profit and Loss | Allocation of Profit and Loss Class-specific expenses, including base management fees, total return incentive fees, organization and offering expenses, distribution and shareholder servicing fees, expense support and certain transfer agent fees, are allocated to each share class of common shares in accordance with how such fees are attributable to the particular share classes, as determined by the Company’s board of directors, the Company’s governing agreements and, in certain cases, expenses which are specifically identifiable to a specific share class. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Portfolio | As of December 31, 2020 and December 31, 2019, the Company’s investment portfolio is summarized as follows: As of December 31, 2020 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 42,100,000 $ 42,100,000 18.2 % 13.6 % Senior secured debt - second lien 35,942,454 35,942,454 15.6 11.6 Total senior debt 78,042,454 78,042,454 33.8 25.2 Equity 119,414,659 153,155,000 66.2 49.6 Total investments $ 197,457,113 $ 231,197,454 100.0 % 74.8 % As of December 31, 2019 Asset Category Cost Fair Value Fair Value Fair Value Senior debt Senior secured debt - first lien $ 17,700,000 $ 17,700,000 12.3 % 10.1 % Senior secured debt - second lien 30,467,603 30,467,603 21.1 17.5 Total senior debt 48,167,603 48,167,603 33.4 27.6 Equity 85,106,736 96,027,397 66.6 55.1 Total investments $ 133,274,339 $ 144,195,000 100.0 % 82.7 % |
Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments | The industry and geographic dispersion of the Company’s investment portfolio as a percentage of total fair value of the Company’s investments as of December 31, 2020 and December 31, 2019 were as follows: Industry December 31, 2020 December 31, 2019 Commercial and Professional Services 27.5 % 39.2 % Information Services and Advisory Solutions 22.3 32.2 Healthcare Supplies 18.4 — Hobby Goods and Supplies 15.2 21.7 Business Services 10.8 — Manufacturing 5.8 6.9 Total 100.0 % 100.0 % Geographic Dispersion (1) December 31, 2020 December 31, 2019 United States 100.0 % 100.0 % Total 100.0 % 100.0 % FOOTNOTE: (1) The geographic dispersion is determined by the portfolio company’s country of domicile or the jurisdiction of the security’s issuer. |
Summary of Operating and Balance Sheet Data | The Company had four portfolio companies which individually met at least one of the significance tests under Rule 4-08(g) of Regulation S-X (“Rule 4-08(g)”) for the years ended December 31, 2020 and 2019. In addition, the Company’s remaining individually insignificant portfolio companies met the significance tests under Rule 4-08(g) on an aggregate basis. The following tables present audited summarized operating data years ended December 31, 2020 and 2019, and summarized balance sheet data as of December 31, 2020 and December 31, 2019 for the Company’s portfolio companies on an individual or aggregate basis, as applicable: Summarized Operating Data Year Ended December 31, 2020 Lawn Doctor (1) Polyform (2) Roundtables (3) HSH (4) Other (5) Revenues $ 28,676,790 $ 18,980,631 $ 10,941,572 $ 13,939,954 $ 87,739,720 Expenses (27,231,876) (17,372,329) (11,691,246) (15,632,468) (98,687,251) Income (loss) before taxes 1,444,914 1,608,302 (749,674) (1,692,514) (10,947,531) Income tax (expense) benefit (371,274) (468,750) 1,443,128 109,000 3,117,173 Consolidated net income (loss) 1,073,640 1,139,552 693,454 (1,583,514) (7,830,358) Net loss attributable to non-controlling interests 213,666 — — — — Net income (loss) $ 1,287,306 $ 1,139,552 $ 693,454 $ (1,583,514) $ (7,830,358) Year Ended December 31, 2019 (6) Lawn Doctor (1) Polyform (2) Roundtables (3) Revenues $ 24,951,481 $ 16,517,512 $ 3,929,101 Expenses (25,754,966) (17,016,753) (5,269,538) Loss before taxes (803,485) (499,241) (1,340,437) Income tax benefit 142,104 140,000 335,795 Consolidated net loss (661,381) (359,241) (1,004,642) Net loss attributable to non-controlling interests 232,270 — — Net loss $ (429,111) $ (359,241) $ (1,004,642) Summarized Balance Sheet Data As of December 31, 2020 Lawn Doctor (1) Polyform (2) Roundtables (3) HSH (4) Other (5) Current assets $ 8,386,243 $ 9,692,346 $ 4,166,690 $ 12,684,343 $ 51,902,237 Non-current assets 94,600,554 30,032,976 59,582,072 42,701,069 311,984,977 Current liabilities 7,669,894 2,460,606 4,406,878 5,732,781 35,926,638 Non-current liabilities 53,385,715 21,563,451 19,553,072 29,297,356 146,900,604 Non-controlling interest (392,791) — — — — Stockholders’ equity 42,323,979 15,701,265 39,788,812 20,355,275 181,059,972 As of December 31, 2019 (6) Lawn Doctor (1) Polyform (2) Roundtables (3) Current assets $ 5,679,790 $ 5,917,238 $ 2,495,539 Non-current assets 96,327,351 31,474,762 61,232,699 Current liabilities 5,208,665 1,484,148 3,686,652 Non-current liabilities 52,854,284 21,123,045 20,946,228 Non-controlling interest (179,125) — — Stockholders’ equity 44,123,317 14,784,807 39,095,358 FOOTNOTES: (1) As of December 31, 2020 and December 31, 2019, the Company owned approximately 61% and 62%, respectively, of the outstanding equity in Lawn Doctor on an undiluted basis. (2) As of December 31, 2020 and December 31, 2019, the Company owned approximately 87% of the outstanding equity in Polyform on an undiluted basis. (3) Summarized operating data presented for Roundtables for 2019 is for the period from August 1, 2019 (the date the Company acquired its investments in Roundtables) to December 31, 2019. As of December 31, 2020 and December 31, 2019, the Company owned approximately 81% of the outstanding equity in Roundtables on an undiluted basis. (4) Summarized operating data presented for HSH is for the period from July 16, 2020 (the date the Company acquired its investments in HSH) to December 31, 2020. As of December 31, 2020, the Company owned approximately 75% of the outstanding equity in HSH on an undiluted basis. (5) Includes results for the Company’s co-investments in which it owns a minority equity interest (Milton, Resolution Economics and Blue Ridge) for the period presented unless otherwise noted. Summarized operating data for Resolution Economics is for the period from January 2, 2020 (the date the Company acquired its investments in Resolution Economics) to November 30, 2020 (reported on a one-month lag basis). Summarized operating data for Blue Ridge is for the period from March 24, 2020 (the date the Company acquired its investments in Blue Ridge) to December 31, 2020. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Investments Categorization in Fair Value Hierarchy | The Company’s investments were categorized in the fair value hierarchy described in Note 2. “Significant Accounting Policies,” as follows as of December 31, 2020 and 2019: As of December 31, 2020 As of December 31, 2019 Description Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Senior Debt $ — $ — $ 78,042,454 $ 78,042,454 $ — $ — $ 48,167,603 $ 48,167,603 Equity — — 153,155,000 153,155,000 — — 96,027,397 96,027,397 Total investments $ — $ — $ 231,197,454 $ 231,197,454 $ — $ — $ 144,195,000 $ 144,195,000 |
Unobservable Inputs Used in Fair Value Measurement of Investments | The ranges of unobservable inputs used in the fair value measurement of the Company’s Level 3 investments as of December 31, 2020 and December 31, 2019 were as follows: December 31, 2020 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 78,042,454 Discounted Cash Flow Discount Rate 8.0% – 13.0% (10.7%) Decrease Equity 153,155,000 Discounted Cash Flow Discount Rate 8.0% – 13.0% (10.7%) Decrease Total $ 231,197,454 December 31, 2019 Asset Group Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (1) Impact to Valuation from an Increase in Input (2) Senior Debt $ 44,814,338 Discounted Cash Flow Discount Rate 9.0% – 14.0% (10.3%) Decrease 3,353,265 Transaction Precedent Transaction Price N/A N/A Equity 89,380,662 Discounted Cash Flow Discount Rate 9.0% – 14.0% (10.3%) Decrease 6,646,735 Transaction Precedent Transaction Price N/A N/A Total $ 144,195,000 FOOTNOTES: (1) Discount rates are relative to the enterprise value of the portfolio companies and are not the market yields on the associated debt investments. Unobservable inputs were weighted by the relative fair value of the investments. (2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Reconciliations of Investments of Level 3 Inputs | The following tables provide a reconciliation of investments for which Level 3 inputs were used in determining fair value for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 Senior Debt Equity Total Fair value balance as of January 1, 2020 $ 48,167,603 $ 96,027,397 $ 144,195,000 Additions 29,874,851 34,307,923 64,182,774 Net change in unrealized appreciation (1) — 22,819,680 22,819,680 Fair value balance as of December 31, 2020 $ 78,042,454 $ 153,155,000 $ 231,197,454 Change in net unrealized appreciation in investments held as of December 31, 2020 (1) $ — $ 22,819,680 $ 22,819,680 Year Ended December 31, 2019 Senior Debt Equity Total Fair value balance as of January 1, 2019 $ 30,700,000 $ 51,800,000 $ 82,500,000 Additions 17,467,603 39,032,397 56,500,000 Net change in unrealized appreciation (1) — 5,195,000 5,195,000 Fair value balance as of December 31, 2019 $ 48,167,603 $ 96,027,397 $ 144,195,000 Change in net unrealized appreciation in investments held as of December 31, 2019 (1) $ — $ 5,195,000 $ 5,195,000 FOOTNOTE: (1) Included in net change in unrealized appreciation on investments in the consolidated statements of operations. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Related party fees and expenses incurred for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018 are summarized below: Related Party Source Agreement & Description Year Ended December 31, 2020 Year Ended Period from February 7, 2018 to December 31, 2018 Managing Dealer /Placement Agent Managing Dealer / Placement Agent Agreements: $ 1,918,852 $ 816,330 $ 321,905 Dealer Manager / Placement Agent Fees 1,256,229 418,270 149,945 Distribution and shareholder servicing fees 165,012 46,400 6,774 Manager and Sub-Manager Management Agreement and Sub-Management Agreement: Organization and offering reimbursement (1)(2) 1,142,237 654,803 948,032 Base management fees (1) 2,596,842 1,327,920 722,233 Total return incentive fees (1) 4,150,562 847,863 1,015,228 Manager and Sub-Manager Expense Support and Conditional Reimbursement Agreement: Expense support (3,301,473) (1,372,020) (389,774) Manager Administrative Services Agreement: Reimbursement of third-party operating expenses (1) 191,070 164,744 160,291 Sub-Manager Sub-Management Agreement: Reimbursement of third-party pursuit costs (1)(3) 154,727 76,052 — FOOTNOTES: (1) Expenses subject to Expense Support. (2) Organization reimbursements are expensed on the Company’s statements of operations as incurred. Offering reimbursements are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months. (3) Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing the due diligence reviews. The following table presents amounts due from (to) related parties as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Due from related parties: Expense Support $ 3,301,473 $ 1,372,020 Total due from related parties 3,301,473 1,372,020 Due to related parties: Organization and offering expenses (122,779) (56,888) Base management fees (271,983) (165,338) Total return incentive fee (4,150,562) (847,863) Reimbursement of third-party operating expenses and pursuit costs (212,793) (16,677) Distribution and shareholder servicing fees (19,814) (6,690) Total due to related parties (4,777,931) (1,093,456) Net due (to) from related parties $ (1,476,458) $ 278,564 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Distributions Made to Members or Limited Partners [Abstract] | |
Distributions Declared | The Company’s board of directors declared distributions on a monthly basis (12 record dates) in each of the years ended December 31, 2020 and 2019 and on a weekly basis (43 record dates) during the period from March 7, 2018 to December 31, 2018. Declared distributions are paid monthly in arrears. The following table reflects the total distributions declared during the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018: Distribution Period Distributions Declared (1)(2) Distributions Reinvested (3) Cash Distributions Net of Distributions Reinvested Year ended December 31, 2020 $ 9,929,353 $ 2,240,547 $ 7,688,806 Year ended December 31, 2019 5,845,584 886,408 4,959,176 Period from February 7, 2018 to December 31, 2018 3,518,302 126,625 3,391,677 FOOTNOTES: (1) Distributions declared per share for each share class were as follows: Record Date Period Class FA Class A Class T Class D Class I Class S January 1, 2020 - December 31, 2020 $ 0.104167 $ 0.104167 $ 0.083333 $ 0.093750 $ 0.104167 $ 0.104167 January 1, 2019 - December 31, 2019 0.104167 0.104167 0.083333 0.093750 0.104167 — March 7, 2018 0.020604 0.020604 0.016484 0.018544 0.020604 — March 13, 2018 - December 31, 2018 0.024038 0.024038 0.019231 0.021635 0.024038 — (2) The Company’s board of directors began declaring monthly distributions per Class S share for record date March 30, 2020. The Class S shares were first sold on March 31, 2020. (3) For the year ended December 31, 2020, includes distributions reinvested in January 2021 of $244,845 related to distributions declared based on record dates in December 31, 2020 and excludes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 31, 2019. For the year ended December 31, 2019, includes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 31, 2019 and excludes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018. For the period from February 7, 2018 to December 31, 2018, includes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018. The sources of declared distributions on a GAAP basis were as follows: Year Ended Year Ended Period from February 7, 2018 to December 31, 2018 Amount % of Cash Distributions Declared Amount % of Cash Distributions Declared Amount % of Cash Distributions Declared Net investment income (1) $ 7,493,472 75.5 % $ 4,981,264 85.2 % $ 3,389,372 96.3 % Distributions in excess of net investment income (2) 2,435,881 24.5 864,320 14.8 % 128,930 3.7 Total distributions declared $ 9,929,353 100.0 % $ 5,845,584 100.0 % $ 3,518,302 100.0 % FOOTNOTES: (1) Net investment income includes expense support from the Manager and Sub-Manager of $3,301,473, $1,372,020 and $389,774 for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018, respectively. See Note 5. “Related Party Transactions” for additional information. |
Capital Transactions (Tables)
Capital Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Shares Issued and Proceeds Received in Connection with Private Placement | The following table summarizes the total shares issued and proceeds received by share class in connection with the Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the years ended December 31, 2020 and 2019 and for the period from February 7, 2018 to December 31, 2018: Year Ended December 31, 2020 Proceeds from Offerings Distributions Reinvested (1) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 569,642 $ 15,853,000 $ (167,960) $ 15,685,040 — $ — 569,642 $ 15,685,040 $ 27.53 Class A 334,440 9,808,964 (679,465) 9,129,499 35,376 961,623 369,816 10,091,122 27.29 Class T 473,344 13,486,208 (640,595) 12,845,613 8,440 229,816 481,784 13,075,429 27.14 Class D 143,074 3,873,660 — 3,873,660 9,174 245,006 152,248 4,118,666 27.05 Class I 1,076,234 29,893,733 — 29,893,733 24,532 673,348 1,100,766 30,567,081 27.77 Class S 1,770,386 52,359,647 (1,687,061) 50,672,586 — — 1,770,386 50,672,586 28.62 4,367,120 $ 125,275,212 $ (3,175,081) $ 122,100,131 77,522 $ 2,109,793 4,444,642 $ 124,209,924 $ 27.95 Year Ended December 31, 2019 Proceeds from Offerings Distributions Reinvested (4) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 1,008,488 $ 27,628,371 $ (41,924) $ 27,586,447 — $ — 1,008,488 $ 27,586,447 $ 27.35 Class A 463,565 13,294,279 (970,592) 12,323,687 13,489 359,080 477,054 12,682,767 26.59 Class T 166,277 4,675,452 (222,084) 4,453,368 933 24,962 167,210 4,478,330 26.78 Class D 176,604 4,655,674 — 4,655,674 6,324 166,334 182,928 4,822,008 26.36 Class I 679,491 18,173,050 — 18,173,050 9,278 248,731 688,769 18,421,781 26.75 2,494,425 $ 68,426,826 $ (1,234,600) $ 67,192,226 30,024 $ 799,107 2,524,449 $ 67,991,333 $ 26.93 Period from February 7, 2018 to December 31, 2018 Proceeds from Offerings Distributions Reinvested (5) Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class FA 3,258,260 $ 81,456,500 $ — $ 81,456,500 — $ — 3,258,260 $ 81,456,500 $ 25.00 Class A 190,046 5,435,093 (430,953) 5,004,140 2,342 60,639 192,388 5,064,779 26.33 Class T 31,432 861,000 (40,897) 820,103 20 510 31,452 820,613 26.09 Class D 121,797 3,160,000 — 3,160,000 1,092 28,533 122,889 3,188,533 25.95 Class I 249,136 6,492,500 — 6,492,500 390 10,154 249,526 6,502,654 26.06 3,850,671 $ 97,405,093 $ (471,850) $ 96,933,243 3,844 $ 99,836 3,854,515 $ 97,033,079 $ 25.17 FOOTNOTES: (1) Amounts exclude distributions reinvested in January 2021 related to the payment of distributions declared in December 2020 and include distributions reinvested in January 2020 related to the payment of distributions declared in December 2019. (2) The Company incurred selling commissions and placement agent fees on the sale of Class FA shares sold in the Follow-On Class FA Private Offering and on the sale of Class S shares sold in the Class S Private Offering. The Company also incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Initial Public Offering. See Note 5. “Related Party Transactions” for additional information regarding up-front selling commissions and dealer manager/placement agent fees. (3) The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 0.3 million and 3.3 million Class FA shares sold under the terms of the Class FA Private Offering and 2018 Private Offering, respectively. (4) Amounts exclude distributions reinvested in January 2020 related to the payment of distributions declared in December 2019 and include distributions reinvested in January 2019 related to the payment of distributions declared in December 2018. (5) Amounts exclude distributions reinvested in January 2019 related to the payment of distributions declared in December 2018. |
Summary of Shares Repurchased | The following table summarizes the shares repurchased during the year ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares Repurchased Total Consideration Average Price Paid per Share Shares Repurchased Total Consideration Average Price Paid per Share Class FA shares 246,653 $ 7,037,470 $ 28.53 19,200 $ 521,971 $ 27.19 Class A shares 4,580 123,038 26.86 300 8,040 26.76 Class T shares 25,774 721,226 27.98 — — — Class D shares 1,156 32,212 27.85 3,185 84,175 26.43 Class I shares 63,062 1,732,971 27.48 9,448 254,746 26.96 Total 341,225 $ 9,646,917 $ 28.27 32,133 $ 868,932 $ 27.04 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investment Company [Abstract] | |
Schedule of Financial Highlights | The following are schedules of financial highlights of the Company attributed to each class of shares for the years ended December 31, 2020 and 2019 and the period from February 7, 2018 to December 31, 2018. Year Ended December 31, 2020 Class FA Class A Class T Class D Class I Class S OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year (1) $ 27.64 $ 26.91 $ 27.01 $ 26.61 $ 27.15 $ 27.56 Net investment income (loss), before expense support (2) 0.79 0.10 (0.33) 0.03 0.02 0.82 Expense support (2)(3) 0.35 0.53 0.47 0.26 0.66 0.10 Net investment income (2) 1.14 0.63 0.14 0.29 0.68 0.92 Net realized and unrealized gains, net of taxes (2)(4) 2.44 2.47 2.52 2.47 2.48 2.64 Net increase resulting from investment operations 3.58 3.10 2.66 2.76 3.16 3.56 Distributions to shareholders (5) (1.25) (1.25) (1.00) (1.13) (1.25) (1.04) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.13) (1.25) (1.04) Net Asset Value, End of Year $ 29.97 $ 28.76 $ 28.67 $ 28.24 $ 29.06 $ 30.08 Net assets, end of period $ 137,237,594 $ 29,747,587 $ 18,771,713 $ 12,813,290 $ 57,147,617 $ 53,245,107 Average net assets (6) $ 130,939,855 $ 22,983,588 $ 11,991,453 $ 9,674,927 $ 35,671,564 $ 19,256,767 Shares outstanding, end of period 4,578,537 1,034,377 654,672 453,724 1,966,552 1,770,386 Distributions declared $ 5,812,212 $ 1,052,079 $ 435,971 $ 404,787 $ 1,609,683 $ 614,619 Total investment return based on net asset value before total return incentive fee (1)(7) 13.27 % 12.43 % 10.79 % 11.99 % 12.23 % 13.36 % Total investment return based on net asset value after total return incentive fee (1)(7) 13.16 % 11.89 % 10.11 % 10.67 % 12.01 % 12.80 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 1.81 % 3.51 % 5.54 % 3.93 % 4.02 % 2.35 % Total operating expenses before expense support 3.10 % 6.09 % 8.21 % 6.48 % 6.72 % 4.15 % Total operating expenses after expense support 1.85 % 4.14 % 6.49 % 5.52 % 4.34 % 3.79 % Net investment income before total return incentive fee (10) 4.09 % 2.96 % 1.46 % 2.67 % 2.78 % 4.61 % Net investment income after total return incentive fee 4.05 % 2.32 % 0.51 % 1.08 % 2.46 % 3.17 % Year Ended December 31, 2019 Class FA Class A Class T Class D Shares Class I OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Year $ 26.65 $ 26.44 $ 26.54 $ 26.23 $ 26.55 Net investment income before expense support (2) 0.90 0.50 (0.10) 0.46 0.40 Expense support (2)(3) 0.31 0.13 0.42 — 0.36 Net investment income (2) 1.21 0.63 0.32 0.46 0.76 Net realized and unrealized gains (2)(4) 1.03 1.09 1.15 1.04 1.09 Net increase resulting from investment operations 2.24 1.72 1.47 1.50 1.85 Distributions to shareholders (5) (1.25) (1.25) (1.00) (1.12) (1.25) Net decrease resulting from distributions to shareholders (1.25) (1.25) (1.00) (1.12) (1.25) Net Asset Value, End of Year $ 27.64 $ 26.91 $ 27.01 $ 26.61 $ 27.15 Net assets, end of period $ 117,637,467 $ 18,008,048 $ 5,366,259 $ 8,053,103 $ 25,218,014 Average net assets (6) $ 92,567,951 $ 11,801,755 $ 2,079,541 $ 5,248,921 $ 15,749,822 Shares outstanding, end of period 4,255,548 669,141 198,662 302,632 928,848 Distributions declared $ 4,268,395 $ 549,420 $ 76,739 $ 222,967 $ 728,063 Total investment return based on net asset value before total return incentive fee (7) 8.46 % 6.66 % 5.65 % 5.87 % 7.14 % Total investment return based on net asset value after total return incentive fee (7) 8.46 % 6.66 % 5.65 % 5.87 % 7.14 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 2.08 % 4.89 % 7.71 % 4.97 % 4.81 % Total operating expenses before expense support 2.92 % 4.89 % 7.71 % 4.97 % 5.26 % Total operating expenses after expense support 1.77 % 4.38 % 6.14 % 4.97 % 3.89 % Net investment income before total return incentive fee (9) 4.47 % 2.36 % 1.20 % 1.74 % 2.84 % Net investment income 4.47 % 2.36 % 1.20 % 1.74 % 2.84 % Period from February 7, 2018 (11) to December 31, 2018 Class FA Class A Class T Class D Class I OPERATING PERFORMANCE PER SHARE Net Asset Value, Beginning of Period (11) $ 25.00 $ 25.00 $ 25.16 $ 25.26 $ 25.00 Net investment income before expense support (2) 0.93 (1.26) (0.11) 0.02 0.06 Expense support (2)(3) 0.08 1.74 0.52 — 0.69 Net investment income (2) 1.01 0.48 0.41 0.02 0.75 Net realized and unrealized gains (2)(4) 1.67 1.87 1.57 1.53 1.69 Net increase resulting from investment operations 2.68 2.35 1.98 1.55 2.44 Distributions to shareholders (5) (1.03) (0.91) (0.60) (0.58) (0.89) Net decrease resulting from distributions to shareholders (1.03) (0.91) (0.60) (0.58) (0.89) Net Asset Value, End of Period $ 26.65 $ 26.44 $ 26.54 $ 26.23 $ 26.55 Net assets, end of period $ 87,061,758 $ 5,086,607 $ 834,576 $ 3,222,865 $ 6,624,004 Average net assets (6) $ 83,797,239 $ 562,185 $ 385,874 $ 1,732,979 $ 2,381,673 Shares outstanding, end of period 3,266,260 192,388 31,452 122,889 249,526 Distributions declared $ 3,364,900 $ 21,184 $ 9,032 $ 39,313 $ 83,873 Total investment return based on net asset value before total return incentive fee (7)(11) 11.72 % 9.56 % 7.94 % 6.80 % 9.90 % Total investment return based on net asset value after total return incentive fee (7)(12) 10.88 % 9.56 % 7.94 % 6.19 % 9.90 % RATIOS/SUPPLEMENTAL DATA (not annualized): Ratios to average net assets: (6)(8) Total operating expenses before total return incentive fee and expense support 2.87 % 18.09 % 6.15 % 4.86 % 6.68 % Total operating expenses before expense support 4.00 % 19.62 % 7.34 % 5.92 % 8.40 % Total operating expenses after expense support 3.66 % 13.02 % 5.37 % 5.92 % 5.75 % Net investment income before total return incentive fee (9) 4.73 % 1.81 % 1.55 % 1.15 % 2.87 % Net investment income 3.94 % 1.81 % 1.55 % 0.09 % 2.87 % FOOTNOTES: (1) The net asset value as of the beginning of the period is as of January 1, 2020 for all share classes except Class S shares. The net asset value as of the beginning of the period for Class S shares is based on the price of shares sold, net of any sales load, to the initial Class S investors. The initial investors for Class S shares purchased their shares on March 31, 2020. (2) The per share amounts presented are based on weighted average shares outstanding. (3) Expense support is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year. (4) 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. (5) 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. (6) 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. (7) 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 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.” Total returns before total return incentive fees also exclude related expense support. See footnote (9) below for information regarding the percentage of total incentive fees covered by expense support by share class for all periods presented. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. (8) 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. (9) Amounts represent net investment income before total return incentive fee and related expense support as a percentage of average net assets. For the year ended December 31, 2020, the percentage of total return incentive fees covered by expense support was approximately 97%, 75%, 64%, 38%, 88% and 20% for Class FA, Class A, Class T, Class D, Class I and Class S, respectively. For the year ended December 31, 2019, only Class FA and Class I shares incurred total return incentive fees, 100% of which were covered by expense support. For the period February 7, 2018 through December 31, 2018, 100% of the total return incentive fees for Class A, Class T and Class I shares were covered by expense support, approximately 30% of the total return incentive fees for Class FA shares were covered by expense support, and none of the total return incentive fees for Class D shares were covered by expense support. (10) February 7, 2018 is the date the Company commenced operations. (11) The net asset value as of the beginning of the period is based on the price of shares sold, net of any sales load, to the initial investor of each respective share class. All Class FA shares sold in the 2018 Private Offering were sold at the same per share amount. The first investors for Class A, Class T, Class D and Class I shares purchased their shares in April 2018, May 2018, June 2018 and April 2018, respectively. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 placement agent / dealer manager fees for each share class available in the Initial Public Offering: Class A Class T Class D Class I Effective January 27, 2021: Offering Price, Per Share $ 31.43 $ 30.10 $ 28.24 $ 29.06 Selling Commissions, Per Share 1.89 0.90 — — Placement Agent / Dealer Manager Fees, Per Share 0.78 0.53 — — Effective February 25, 2021: Offering Price, Per Share $ 32.01 $ 30.64 $ 28.75 $ 29.60 Selling Commissions, Per Share 1.92 0.92 — — Dealer Manager Fees, Per Share 0.80 0.54 — — Effective March 22, 2021: Offering Price, Per Share $ 32.40 $ 31.00 $ 29.11 $ 29.97 Selling Commissions, Per Share 1.94 0.93 — — Dealer Manager Fees, Per Share 0.81 0.54 — — |
Schedule of Gross Proceeds | During the period January 1, 2020 through March 29, 2021, the Company received additional net proceeds from the Initial Public Offering and its distribution reinvestment plan of: Proceeds from Offerings Distribution Reinvestment Plan Total Share Class Shares Issued Gross Proceeds Sales Load (2)(3) Net Proceeds to Company Shares Proceeds to Company Shares Net Proceeds to Company Average Net Proceeds per Share Class A 63,736 $ 1,998,369 $ (151,086) $ 1,847,283 8,916 $ 257,557 72,652 $ 2,104,840 $ 28.97 Class T 48,302 1,467,700 (69,716) 1,397,984 3,384 97,198 51,686 1,495,182 28.93 Class D 23,949 680,500 — 680,500 2,706 76,518 26,655 757,018 28.40 Class I 352,840 10,365,742 — 10,365,742 9,676 281,757 362,516 10,647,499 29.37 488,827 $ 14,512,311 $ (220,802) $ 14,291,509 24,682 $ 713,030 513,509 $ 15,004,539 $ 29.22 |
Principal Business and Organi_2
Principal Business and Organization - Additional Information (Detail) - USD ($) | Feb. 07, 2018 | Jan. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Organization And Business Activities [Line Items] | |||||
Common stock, shares authorized (in shares) | 100,000,000 | 4,000,000 | |||
Class FA | Private Placement | |||||
Organization And Business Activities [Line Items] | |||||
Minimum offering requirement in 2018 Private Offering | $ 80,000,000 | ||||
Shares (in shares) | 3,300,000 | 3,258,260 | |||
Gross proceeds from issuance of shares | $ 81,700,000 | $ 81,456,500 | |||
Class FA | 2019 Private Offering [Member] | |||||
Organization And Business Activities [Line Items] | |||||
Number of shares offered in 2019 Private Offering | 50,000,000 | ||||
Shares (in shares) | 300,000 | ||||
Common Class S- [Member] | Class S Private Offering | |||||
Organization And Business Activities [Line Items] | |||||
Number of shares offered in 2019 Private Offering | 50,000,000 | ||||
Shares (in shares) | 1,770,386 | ||||
Gross proceeds from issuance of shares | $ 52,359,647 | ||||
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_3
Significant Accounting Policies (Details) $ in Millions | Dec. 31, 2020USD ($) |
Accounting Policies [Abstract] | |
Deferred Tax Assets, Gross | $ 0.1 |
Deferred Tax Liabilities, Gross | $ (0.4) |
Investments - Additional Inform
Investments - Additional Information (Detail) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)Investment | Dec. 31, 2019USD ($) | |
Schedule of Investments [Line Items] | ||||
Fair Value Percentage of Net Assets | 82.70% | 74.80% | 82.70% | |
Cost | $ 133,274,339 | $ 197,457,113 | $ 133,274,339 | |
Number of debt investments on non accrual status | Investment | 0 | |||
Purchases of Investments Net | $ 74,374,339 | $ 64,182,774 | $ 56,500,000 | |
Senior secured debt - second lien | ||||
Schedule of Investments [Line Items] | ||||
Fair Value Percentage of Net Assets | 17.50% | 11.60% | 17.50% | |
Cost | $ 30,467,603 | $ 35,942,454 | $ 30,467,603 | |
Equity–49.6% | ||||
Schedule of Investments [Line Items] | ||||
Fair Value Percentage of Net Assets | 55.10% | 49.60% | 55.10% | |
Cost | $ 85,106,736 | $ 119,414,659 | $ 85,106,736 | |
Senior secured debt - first lien | ||||
Schedule of Investments [Line Items] | ||||
Fair Value Percentage of Net Assets | 10.10% | 13.60% | 10.10% | |
Cost | $ 17,700,000 | $ 42,100,000 | $ 17,700,000 | |
Total Senior Secured Notes | ||||
Schedule of Investments [Line Items] | ||||
Fair Value Percentage of Net Assets | 27.60% | 25.20% | 27.60% | |
Cost | $ 48,167,603 | $ 78,042,454 | $ 48,167,603 | |
Weighted Average Yield on Debt Investments | 15.40% | |||
Roundtables [Member] | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 81.00% | |||
Blue Ridge ESOP Associates | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 62.00% | 61.00% | 62.00% | |
Healthcare Safety Holdings, LLC | ||||
Schedule of Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 87.00% | |||
Resolution Economics | ||||
Schedule of Investments [Line Items] | ||||
Committed funding for co-investment with affiliate | $ 10,000,000 |
Investments - Summary of Invest
Investments - Summary of Investment Portfolio (Detail) | 5 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($)yearInvestment | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)yearInvestment | Dec. 31, 2019USD ($) | |
Investment Holdings [Line Items] | |||||
Number of debt investments on non accrual status | Investment | 0 | 0 | |||
Cost | $ 133,274,339 | $ 197,457,113 | $ 197,457,113 | $ 133,274,339 | |
Fair Value | $ 144,195,000 | $ 231,197,454 | $ 231,197,454 | $ 144,195,000 | |
Fair Value Percentage of Investment Portfolio | 100.00% | 100.00% | 100.00% | 100.00% | |
Fair Value Percentage of Net Assets | 82.70% | 74.80% | 74.80% | 82.70% | |
Operating Expenses | $ (3,792,847) | $ (10,261,852) | $ (4,529,063) | ||
Net Income (Loss) Attributable to Parent | $ 1,139,552 | (359,241) | |||
Total Senior Secured Notes | |||||
Investment Holdings [Line Items] | |||||
WeightedAverageYearsToMaturity | year | 4.4 | 4.4 | |||
Cost | $ 48,167,603 | $ 78,042,454 | $ 78,042,454 | 48,167,603 | |
Fair Value | $ 48,167,603 | $ 78,042,454 | $ 78,042,454 | $ 48,167,603 | |
Fair Value Percentage of Investment Portfolio | 33.40% | 33.80% | 33.80% | 33.40% | |
Fair Value Percentage of Net Assets | 27.60% | 25.20% | 25.20% | 27.60% | |
Senior secured debt - first lien | |||||
Investment Holdings [Line Items] | |||||
Cost | $ 17,700,000 | $ 42,100,000 | $ 42,100,000 | $ 17,700,000 | |
Fair Value | $ 17,700,000 | $ 42,100,000 | $ 42,100,000 | $ 17,700,000 | |
Fair Value Percentage of Investment Portfolio | 12.30% | 18.20% | 18.20% | 12.30% | |
Fair Value Percentage of Net Assets | 10.10% | 13.60% | 13.60% | 10.10% | |
Senior secured debt - second lien | |||||
Investment Holdings [Line Items] | |||||
Cost | $ 30,467,603 | $ 35,942,454 | $ 35,942,454 | $ 30,467,603 | |
Fair Value | $ 30,467,603 | $ 35,942,454 | $ 35,942,454 | $ 30,467,603 | |
Fair Value Percentage of Investment Portfolio | 21.10% | 15.60% | 15.60% | 21.10% | |
Fair Value Percentage of Net Assets | 17.50% | 11.60% | 11.60% | 17.50% | |
Equity | |||||
Investment Holdings [Line Items] | |||||
Cost | $ 85,106,736 | $ 119,414,659 | $ 119,414,659 | $ 85,106,736 | |
Fair Value | $ 96,027,397 | $ 153,155,000 | $ 153,155,000 | $ 96,027,397 | |
Fair Value Percentage of Investment Portfolio | 66.60% | 66.20% | 66.20% | 66.60% | |
Fair Value Percentage of Net Assets | 55.10% | 49.60% | 49.60% | 55.10% | |
Blue Ridge ESOP Associates | |||||
Investment Holdings [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 62.00% | 61.00% | 61.00% | 62.00% | |
Revenues | $ 28,676,790 | $ 24,951,481 | |||
Operating Expenses | (27,231,876) | (25,754,966) | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,444,914 | (803,485) | |||
Income Tax Expense (Benefit) | (371,274) | 142,104 | |||
Net Income Including Noncontrolling Interest | 1,073,640 | (661,381) | |||
Net Loss Including Noncontrolling Interest | (213,666) | (232,270) | |||
Net Income (Loss) Attributable to Parent | $ 1,287,306 | (429,111) | |||
Healthcare Safety Holdings, LLC | |||||
Investment Holdings [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 87.00% | 87.00% | |||
Revenues | $ 18,980,631 | 16,517,512 | |||
Operating Expenses | (17,372,329) | (17,016,753) | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 1,608,302 | (499,241) | |||
Income Tax Expense (Benefit) | (468,750) | 140,000 | |||
Net Income Including Noncontrolling Interest | 1,139,552 | (359,241) | |||
Net Loss Including Noncontrolling Interest | $ 0 | $ 0 | |||
Roundtables [Member] | |||||
Investment Holdings [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 81.00% | 81.00% | |||
Revenues | $ 3,929,101 | $ 10,941,572 | |||
Operating Expenses | (5,269,538) | (11,691,246) | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (1,340,437) | (749,674) | |||
Income Tax Expense (Benefit) | 335,795 | 1,443,128 | |||
Net Income Including Noncontrolling Interest | (1,004,642) | 693,454 | |||
Net Loss Including Noncontrolling Interest | 0 | 0 | |||
Net Income (Loss) Attributable to Parent | $ (1,004,642) | $ 693,454 | |||
HSH | |||||
Investment Holdings [Line Items] | |||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | |||
Revenues | $ 13,939,954 | ||||
Operating Expenses | (15,632,468) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (1,692,514) | ||||
Income Tax Expense (Benefit) | 109,000 | ||||
Net Income Including Noncontrolling Interest | (1,583,514) | ||||
Net Loss Including Noncontrolling Interest | 0 | ||||
Net Income (Loss) Attributable to Parent | $ (1,583,514) | ||||
Coinvestments | |||||
Investment Holdings [Line Items] | |||||
Revenues | $ 87,739,720 | ||||
Operating Expenses | (98,687,251) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (10,947,531) | ||||
Income Tax Expense (Benefit) | 3,117,173 | ||||
Net Income Including Noncontrolling Interest | (7,830,358) | ||||
Net Loss Including Noncontrolling Interest | 0 | ||||
Net Income (Loss) Attributable to Parent | $ (7,830,358) |
Investments - Industry and Geog
Investments - Industry and Geographic Dispersion of Investment Portfolio as Percentage of Total Fair Value of Investments (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 100.00% | 100.00% |
Business Services | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 27.50% | 39.20% |
Healthcare Supplies | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 15.20% | 21.70% |
Information Services and Advisory Solutions [Member] | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 22.30% | 32.20% |
Manufacturing [Member] | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 5.80% | 6.90% |
Healthcare Supplies | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 18.40% | 0.00% |
Business Services | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 10.80% | 0.00% |
United States | ||
Investment Holdings [Line Items] | ||
Percentage of total fair value of investment | 100.00% | 100.00% |
Investments - Summary of Operat
Investments - Summary of Operating and Balance Sheet Data (Detail) - USD ($) | 5 Months Ended | 6 Months Ended | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Company, Financial Highlights [Line Items] | |||||
Expenses | $ (3,792,847) | $ (10,261,852) | $ (4,529,063) | ||
Net Income (loss) | (1,139,552) | 359,241 | |||
Line of Credit | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Line of Credit Facility, Commitment Fee Amount | 60,000 | ||||
Healthcare Safety Holdings, LLC | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Revenues | 18,980,631 | 16,517,512 | |||
Expenses | (17,372,329) | (17,016,753) | |||
Income (loss) before taxes | 1,608,302 | (499,241) | |||
Income Tax Expense (Benefit) | (468,750) | 140,000 | |||
Consolidated net income (loss) | 1,139,552 | (359,241) | |||
Net Loss Including Noncontrolling Interest | 0 | 0 | |||
Assets, Current | $ 5,917,238 | $ 9,692,346 | 9,692,346 | 5,917,238 | |
Assets, Noncurrent | 31,474,762 | 30,032,976 | 30,032,976 | 31,474,762 | |
Liabilities, Current | 1,484,148 | 2,460,606 | 2,460,606 | 1,484,148 | |
Liabilities, Noncurrent | 21,123,045 | 21,563,451 | 21,563,451 | 21,123,045 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |
Stockholders' Equity Attributable to Parent | 14,784,807 | $ 15,701,265 | $ 15,701,265 | 14,784,807 | |
Equity Method Investment, Ownership Percentage | 87.00% | 87.00% | |||
Blue Ridge ESOP Associates | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Revenues | $ 28,676,790 | 24,951,481 | |||
Expenses | (27,231,876) | (25,754,966) | |||
Income (loss) before taxes | 1,444,914 | (803,485) | |||
Income Tax Expense (Benefit) | (371,274) | 142,104 | |||
Consolidated net income (loss) | 1,073,640 | (661,381) | |||
Net Loss Including Noncontrolling Interest | (213,666) | (232,270) | |||
Net Income (loss) | (1,287,306) | 429,111 | |||
Assets, Current | 5,679,790 | $ 8,386,243 | 8,386,243 | 5,679,790 | |
Assets, Noncurrent | 96,327,351 | 94,600,554 | 94,600,554 | 96,327,351 | |
Liabilities, Current | 5,208,665 | 7,669,894 | 7,669,894 | 5,208,665 | |
Liabilities, Noncurrent | 52,854,284 | 53,385,715 | 53,385,715 | 52,854,284 | |
Stockholders' Equity Attributable to Noncontrolling Interest | (179,125) | (392,791) | (392,791) | (179,125) | |
Stockholders' Equity Attributable to Parent | $ 44,123,317 | $ 42,323,979 | $ 42,323,979 | $ 44,123,317 | |
Equity Method Investment, Ownership Percentage | 62.00% | 61.00% | 61.00% | 62.00% | |
Roundtables [Member] | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Revenues | $ 3,929,101 | $ 10,941,572 | |||
Expenses | (5,269,538) | (11,691,246) | |||
Income (loss) before taxes | (1,340,437) | (749,674) | |||
Income Tax Expense (Benefit) | 335,795 | 1,443,128 | |||
Consolidated net income (loss) | (1,004,642) | 693,454 | |||
Net Loss Including Noncontrolling Interest | 0 | 0 | |||
Net Income (loss) | 1,004,642 | (693,454) | |||
Assets, Current | 2,495,539 | $ 4,166,690 | 4,166,690 | $ 2,495,539 | |
Assets, Noncurrent | 61,232,699 | 59,582,072 | 59,582,072 | 61,232,699 | |
Liabilities, Current | 3,686,652 | 4,406,878 | 4,406,878 | 3,686,652 | |
Liabilities, Noncurrent | 20,946,228 | 19,553,072 | 19,553,072 | 20,946,228 | |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |
Stockholders' Equity Attributable to Parent | $ 39,095,358 | $ 39,788,812 | $ 39,788,812 | $ 39,095,358 | |
Equity Method Investment, Ownership Percentage | 81.00% | 81.00% | |||
HSH | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Revenues | $ 13,939,954 | ||||
Expenses | (15,632,468) | ||||
Income (loss) before taxes | (1,692,514) | ||||
Income Tax Expense (Benefit) | 109,000 | ||||
Consolidated net income (loss) | (1,583,514) | ||||
Net Loss Including Noncontrolling Interest | 0 | ||||
Net Income (loss) | 1,583,514 | ||||
Assets, Current | 12,684,343 | $ 12,684,343 | |||
Assets, Noncurrent | 42,701,069 | 42,701,069 | |||
Liabilities, Current | 5,732,781 | 5,732,781 | |||
Liabilities, Noncurrent | 29,297,356 | 29,297,356 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | $ 20,355,275 | $ 20,355,275 | |||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | |||
Coinvestments | |||||
Investment Company, Financial Highlights [Line Items] | |||||
Revenues | $ 87,739,720 | ||||
Expenses | (98,687,251) | ||||
Income (loss) before taxes | (10,947,531) | ||||
Income Tax Expense (Benefit) | 3,117,173 | ||||
Consolidated net income (loss) | (7,830,358) | ||||
Net Loss Including Noncontrolling Interest | 0 | ||||
Net Income (loss) | 7,830,358 | ||||
Assets, Current | $ 51,902,237 | 51,902,237 | |||
Assets, Noncurrent | 311,984,977 | 311,984,977 | |||
Liabilities, Current | 35,926,638 | 35,926,638 | |||
Liabilities, Noncurrent | 146,900,604 | 146,900,604 | |||
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 | |||
Stockholders' Equity Attributable to Parent | $ 181,059,972 | $ 181,059,972 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Investments Categorization in Fair Value Hierarchy (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 231,197,454 | $ 144,195,000 |
Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 231,197,454 | 144,195,000 |
Total Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 78,042,454 | 48,167,603 |
Total Senior Secured Notes | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Total Senior Secured Notes | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Total Senior Secured Notes | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 78,042,454 | 48,167,603 |
Equity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 153,155,000 | 96,027,397 |
Equity | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Equity | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | 0 | 0 |
Equity | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value | $ 153,155,000 | $ 96,027,397 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Investments, at fair value | $ 231,197,454 | $ 144,195,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Unobservable Inputs Used in Fair Value Measurement of Investments (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 231,197,454 | $ 144,195,000 |
Equity–49.6% | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 153,155,000 | 96,027,397 |
Equity–49.6% | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 153,155,000 | 89,380,662 |
Equity–49.6% | Transaction method | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 6,646,735 | |
Total Senior Secured Notes | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | 78,042,454 | 48,167,603 |
Total Senior Secured Notes | Discounted cash flow | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 78,042,454 | 44,814,338 |
Total Senior Secured Notes | Transaction method | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investments, at fair value | $ 3,353,265 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Reconciliations of Investments of Level 3 Inputs (Detail) - Level 3 - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | $ 64,182,774 | $ 56,500,000 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value balance, beginning | 144,195,000 | 82,500,000 |
Net change in unrealized appreciation | 22,819,680 | 5,195,000 |
Fair value balance, ending | 231,197,454 | 144,195,000 |
Total Senior Secured Notes | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | 29,874,851 | 17,467,603 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value balance, beginning | 48,167,603 | 30,700,000 |
Net change in unrealized appreciation | 0 | 0 |
Fair value balance, ending | 78,042,454 | 48,167,603 |
Equity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) | 34,307,923 | 39,032,397 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value balance, beginning | 96,027,397 | 51,800,000 |
Net change in unrealized appreciation | 22,819,680 | 5,195,000 |
Fair value balance, ending | $ 153,155,000 | $ 96,027,397 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Feb. 07, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||
Expense support | $ (389,774) | $ (3,301,473) | $ (1,372,020) | ||
Due to related parties | 4,777,931 | 1,093,456 | $ 1,093,456 | ||
High water mark | $ 24.75 | ||||
Non-cash contribution from an affiliate of the Sub-Manager | $ 2,400,000 | 0 | 0 | ||
Distributions paid | 3,060,280 | 7,395,691 | 4,811,127 | ||
Non-cash contribution from an affiliate of the Sub-Manager | 2,400,000 | 0 | 0 | ||
Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs incurred | $ 4,600,000 | ||||
Annual preference return relates to non-founder shares | 8.75% | ||||
Annual preference return relates to founder shares | 7.777% | ||||
Distributions paid | 600,000 | $ 700,000 | 700,000 | ||
Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Restricted Cash | 10,000,000 | 10,000,000 | |||
Organization and offering expenses | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Related party fees and expenses | 948,032 | 1,142,237 | 654,803 | ||
Organization and offering expenses | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 122,779 | 56,888 | 56,888 | ||
Base management fees | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 271,983 | 165,338 | 165,338 | ||
Base management fees | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Related party fees and expenses | 722,233 | $ 2,596,842 | 1,327,920 | ||
Manager Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Expense support | 389,774 | 1,372,020 | 1,761,794 | ||
Percentage of return incentive fees payable | 50.00% | ||||
Base management fees multiplier for non founder shares | 2.00% | ||||
Base management fees multiplier for founder shares | 1.00% | ||||
Annual preference return | 7.00% | ||||
Annual preference return relates to non-founder shares | 8.75% | ||||
Annual preference return relates to founder shares | 7.777% | ||||
Expense Support Provided Expense Support and Conditional Reimbursement Agreement [Member] | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Related party fees and expenses | (389,774) | $ (3,301,473) | (1,372,020) | ||
Return incentive fees | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Related party fees and expenses | $ 1,015,228 | 4,150,562 | 847,863 | ||
Total return incentive fee | |||||
Related Party Transaction [Line Items] | |||||
Due to related parties | 4,150,562 | 847,863 | $ 847,863 | ||
Reimbursement of Third Party Pursuit Costs [Member] | Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Related party fees and expenses | $ 200,000 | $ 100,000 | |||
Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Shares outstanding end of period (in shares) | 600,000 | ||||
Shares outstanding end of period (in shares) | 600,000 | ||||
Minimum | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Annual preference return | 7.00% | ||||
Private Placement | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Maximum percentage of reimbursement from private placement | 1.00% | ||||
Proceeds from Offerings | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 3,850,671 | 2,494,425 | |||
Proceeds from Offerings | Managing and Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Maximum percentage of reimbursement from private placement | 1.50% | ||||
Class FA | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 27.64 | $ 26.65 | |||
Shares outstanding end of period (in shares) | 3,266,260 | 4,578,537 | 4,255,548 | 4,255,548 | |
Shares outstanding end of period (in shares) | 3,266,260 | 4,578,537 | 4,255,548 | 4,255,548 | |
Class FA | Board of Directors Chairman | |||||
Related Party Transaction [Line Items] | |||||
Proceed from cash capital contribution | $ 9,500,000 | ||||
Share issued | 380,000 | ||||
Class FA | Manager | |||||
Related Party Transaction [Line Items] | |||||
Proceed from cash capital contribution | $ 2,400,000 | ||||
Share issued | 96,000 | ||||
Non-cash contribution from an affiliate of the Sub-Manager | $ 2,400,000 | ||||
Non-cash contribution from an affiliate of the Sub-Manager | 2,400,000 | ||||
Class FA | Other Individuals | |||||
Related Party Transaction [Line Items] | |||||
Proceed from cash capital contribution | $ 400,000 | ||||
Share issued | 15,000 | ||||
Class FA | Private Placement | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 3,300,000 | 3,258,260 | |||
Minimum offering requirement in 2018 Private Offering | $ 80,000,000 | ||||
Gross proceeds from issuance of shares | $ 81,700,000 | $ 81,456,500 | |||
Class FA | Follow On Private Placement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling Commission on Share Sold Percentage | 5.50% | ||||
Placement Agent Fee on Share Sold Percentage | 3.00% | ||||
Class FA | 2019 Private Offering [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 300,000 | ||||
Class A | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 26.91 | $ 26.44 | |||
Shares outstanding end of period (in shares) | 192,388 | 1,034,377 | 669,141 | 669,141 | |
Shares outstanding end of period (in shares) | 192,388 | 1,034,377 | 669,141 | 669,141 | |
Class A | Managing Dealer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling Commission on Share Sold Percentage | 6.00% | ||||
Class A | Proceeds from Offerings | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 190,046 | 334,440 | 463,565 | ||
Gross proceeds from issuance of shares | $ 5,435,093 | $ 9,808,964 | $ 13,294,279 | ||
Dealer manager fee | 2.50% | ||||
Class T | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 27.01 | $ 26.54 | |||
Shares outstanding end of period (in shares) | 31,452 | 654,672 | 198,662 | 198,662 | |
Shares outstanding end of period (in shares) | 31,452 | 654,672 | 198,662 | 198,662 | |
Class T | Managing Dealer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Selling Commission on Share Sold Percentage | 3.00% | ||||
Class T | Proceeds from Offerings | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 31,432 | 473,344 | 166,277 | ||
Gross proceeds from issuance of shares | $ 861,000 | $ 13,486,208 | $ 4,675,452 | ||
Dealer manager fee | 1.75% | ||||
Annual distribution and fee, percentage | 1.00% | ||||
Class D | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 26.61 | $ 26.23 | |||
Shares outstanding end of period (in shares) | 122,889 | 453,724 | 302,632 | 302,632 | |
Shares outstanding end of period (in shares) | 122,889 | 453,724 | 302,632 | 302,632 | |
Class D | Proceeds from Offerings | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 121,797 | 143,074 | 176,604 | ||
Gross proceeds from issuance of shares | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | ||
Annual distribution and fee, percentage | 0.50% | ||||
Class I | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 27.15 | $ 26.55 | |||
Shares outstanding end of period (in shares) | 249,526 | 1,966,552 | 928,848 | 928,848 | |
Shares outstanding end of period (in shares) | 249,526 | 1,966,552 | 928,848 | 928,848 | |
Class I | Proceeds from Offerings | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 249,136 | 1,076,234 | 679,491 | ||
Gross proceeds from issuance of shares | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | ||
Common Class S- [Member] | |||||
Related Party Transaction [Line Items] | |||||
High water mark | $ 27.64 | ||||
Shares outstanding end of period (in shares) | 1,770,386 | ||||
Shares outstanding end of period (in shares) | 1,770,386 | ||||
Common Class S- [Member] | Class S Private Offering | |||||
Related Party Transaction [Line Items] | |||||
Shares (in shares) | 1,770,386 | ||||
Gross proceeds from issuance of shares | $ 52,359,647 | ||||
Selling Commission on Share Sold Percentage | 2.00% | ||||
Placement Agent Fee on Share Sold Percentage | 1.50% | ||||
Annual Preference Return Less than or Equal to 8.75% or the Non-founder breakpoint | Manager Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Percentage of return incentive fees payable | 20.00% | ||||
Annual Preference Return Less Than 7.777% or Founder breakpoint | Manager Sub Manager | |||||
Related Party Transaction [Line Items] | |||||
Percentage of return incentive fees payable | 10.00% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) | 11 Months Ended | 12 Months Ended | 23 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Investment Company, Expense Offset Arrangement | $ (389,774) | $ (3,301,473) | $ (1,372,020) | |
Commissions | Managing Dealer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 321,905 | 1,918,852 | 816,330 | |
Dealer Manager Fees | Managing Dealer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 149,945 | 1,256,229 | 418,270 | |
Distribution and shareholder servicing fees | Managing Dealer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 6,774 | 165,012 | 46,400 | |
Organization and offering expenses | Managing and Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 948,032 | 1,142,237 | 654,803 | |
Base management fees | Managing and Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 722,233 | 2,596,842 | 1,327,920 | |
Return incentive fees | Managing and Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 1,015,228 | 4,150,562 | 847,863 | |
Expense Support Provided Expense Support and Conditional Reimbursement Agreement [Member] | Managing and Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | (389,774) | (3,301,473) | (1,372,020) | |
Reimbursement of Third Party Operating Expenses | Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 160,291 | 191,070 | 164,744 | |
Reimbursement of Third Party Pursuit Costs [Member] | Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Related party fees and expenses | 0 | $ 154,727 | 76,052 | |
Manager Sub Manager | ||||
Related Party Transaction [Line Items] | ||||
Investment Company, Expense Offset Arrangement | $ 389,774 | $ 1,372,020 | $ 1,761,794 |
Related Party Transactions - Am
Related Party Transactions - Amounts Due from (to) Related Parties (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Due from related parties | $ 3,301,473 | $ 1,372,020 |
Due to related parties | (4,777,931) | (1,093,456) |
Net due to related parties | (1,476,458) | 278,564 |
Expense Support | ||
Related Party Transaction [Line Items] | ||
Due from related parties | 3,301,473 | 1,372,020 |
Organization and offering expenses | ||
Related Party Transaction [Line Items] | ||
Due to related parties | (122,779) | (56,888) |
Base management fees | ||
Related Party Transaction [Line Items] | ||
Due to related parties | (271,983) | (165,338) |
Total return incentive fee | ||
Related Party Transaction [Line Items] | ||
Due to related parties | (4,150,562) | (847,863) |
Reimbursement of third-party operating expenses and pursuit costs | ||
Related Party Transaction [Line Items] | ||
Due to related parties | (212,793) | (16,677) |
Distribution and shareholder servicing fees | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ (19,814) | $ (6,690) |
Distributions - Declared (Detai
Distributions - Declared (Details) - USD ($) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Distributions Declared(1)(2) | $ 3,518,302 | $ 9,929,353 | $ 5,845,584 | ||
Distributions Reinvested | $ 114,090 | $ 26,789 | 126,625 | 2,240,547 | 886,408 |
Cash Distributions Net of Distributions Reinvested | 3,391,677 | 7,688,806 | 4,959,176 | ||
Investment Company, Expense Offset Arrangement | 389,774 | 3,301,473 | 1,372,020 | ||
Net Investment Income | |||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||
Investment Company, Expense Offset Arrangement | $ (389,774) | $ 3,301,473 | $ 1,372,020 |
Distributions - Distribution Pe
Distributions - Distribution Per Class (Details) - USD ($) | Feb. 25, 2021 | Jan. 28, 2021 | Mar. 07, 2018 | Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Distributions reinvested | $ 114,090 | $ 26,789 | $ 126,625 | $ 2,240,547 | $ 886,408 | |||||
Class FA | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | $ 0.020604 | $ 0.024038 | $ 0.104167 | $ 0.104167 | ||||||
Class A | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.020604 | 0.024038 | 0.104167 | 0.104167 | ||||||
Class T | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.016484 | 0.019231 | 0.083333 | 0.083333 | ||||||
Class D | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.018544 | 0.021635 | 0.093750 | 0.093750 | ||||||
Class I | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.020604 | 0.024038 | $ 0.104167 | 0.104167 | ||||||
Common Class S- [Member] | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | $ 0 | $ 0 | $ 0 | |||||||
Subsequent Event [Member] | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Distributions reinvested | $ 244,845 | |||||||||
Subsequent Event [Member] | Class FA | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 | ||||||||
Subsequent Event [Member] | Class A | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.104167 | 0.104167 | ||||||||
Subsequent Event [Member] | Class T | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.083333 | 0.083333 | ||||||||
Subsequent Event [Member] | Class D | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.093750 | 0.093750 | ||||||||
Subsequent Event [Member] | Class I | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | 0.104167 | 0.104167 | ||||||||
Subsequent Event [Member] | Common Class S- [Member] | ||||||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | ||||||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 |
Distributions - Declared on GAA
Distributions - Declared on GAAP Basis (Detail) - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | $ 3,518,302 | $ 9,929,353 | $ 5,845,584 |
% of Cash Distributions Declared | 100.00% | 100.00% | 100.00% |
Investment Company, Expense Offset Arrangement | $ 389,774 | $ 3,301,473 | $ 1,372,020 |
Net Investment Income | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | $ 3,389,372 | $ 7,493,472 | $ 4,981,264 |
% of Cash Distributions Declared | 96.30% | 75.50% | 85.20% |
Investment Company, Expense Offset Arrangement | $ (389,774) | $ 3,301,473 | $ 1,372,020 |
Distributions in excess of net investment income | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | $ 128,930 | $ 2,435,881 | $ 864,320 |
% of Cash Distributions Declared | 3.70% | 24.50% | 14.80% |
Class FA | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | $ 3,364,900 | $ 5,812,212 | $ 4,268,395 |
Class A | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | 21,184 | 1,052,079 | 549,420 |
Class T | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | 9,032 | 435,971 | 76,739 |
Class D | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | 39,313 | 404,787 | 222,967 |
Class I | |||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||
Amount | $ 83,873 | $ 1,609,683 | $ 728,063 |
Distributions - Additional Info
Distributions - Additional Information (Detail) - USD ($) | Feb. 25, 2021 | Jan. 28, 2021 | Mar. 07, 2018 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Investment Company, Expense Offset Arrangement | $ 389,774 | $ 3,301,473 | $ 1,372,020 | ||||
Class FA | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | $ 0.020604 | $ 0.024038 | $ 0.104167 | $ 0.104167 | |||
Class A | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.020604 | 0.024038 | 0.104167 | 0.104167 | |||
Class T | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.016484 | 0.019231 | 0.083333 | 0.083333 | |||
Class D | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.018544 | 0.021635 | 0.093750 | 0.093750 | |||
Class I | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | $ 0.020604 | $ 0.024038 | $ 0.104167 | $ 0.104167 | |||
Net Investment Income | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Investment Company, Expense Offset Arrangement | $ (389,774) | $ 3,301,473 | $ 1,372,020 | ||||
Subsequent Event [Member] | Class FA | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 | |||||
Subsequent Event [Member] | Class A | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.104167 | 0.104167 | |||||
Subsequent Event [Member] | Class T | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.083333 | 0.083333 | |||||
Subsequent Event [Member] | Class D | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | 0.093750 | 0.093750 | |||||
Subsequent Event [Member] | Class I | |||||||
Distribution Made to Limited Liability Company (LLC) Member [Line Items] | |||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 |
Capital Transactions -Additiona
Capital Transactions -Additional Information (Detail) - USD ($) | Mar. 07, 2018 | Jan. 31, 2020 | Apr. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Company, Capital Share Transactions [Line Items] | ||||||
Amount of share requested to be repurchased in excess of proceeds received from its distribution reinvestment plan | $ 7,800,000 | $ 300,000 | ||||
Shares Issued, Including Reinvestments | 3,854,515 | 4,444,642 | 2,524,449 | |||
Average Net Proceeds per Share | $ 25.17 | $ 27.95 | $ 26.93 | |||
Distributions reinvested, proceeds to company | $ 99,836 | $ 2,109,793 | $ 799,107 | |||
Net Proceeds to Company | 124,209,924 | $ 67,991,333 | ||||
2019 Private Placement and Follow On Private Placement [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares offered | $ 50,000,000 | |||||
Proceeds from Offerings | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 3,850,671 | 2,494,425 | ||||
Shares offered | $ 1,000,000,000 | |||||
Sale of stock offering, minimum requirement | $ 5,000 | |||||
Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares offered | 100,000,000 | |||||
Distributions reinvested, proceeds to company | $ 99,836 | $ 2,109,793 | $ 799,107 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 3,844 | 77,522 | 30,024 | |||
2019 Private Offering, Follow On Private Offering and Public Offering [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 4,367,120 | 2,494,425 | ||||
Gross Proceeds | $ 125,275,212 | $ 68,426,826 | ||||
Sales Load(2)(3) | (3,175,081) | (1,234,600) | ||||
Net Proceeds to Company | $ 122,100,131 | $ 67,192,226 | ||||
Class S Private Offering | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares offered | $ 50,000,000 | |||||
Class FA | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 3,258,260 | 569,642 | 1,008,488 | |||
Average Net Proceeds per Share | $ 25 | $ 27.53 | $ 27.35 | |||
Net Proceeds to Company | $ 81,456,500 | $ 15,685,040 | $ 27,586,447 | |||
Class FA | 2019 Private Placement and Follow On Private Placement [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 569,642 | 1,008,488 | ||||
Gross Proceeds | $ 15,853,000 | $ 27,628,371 | ||||
Net Proceeds to Company | $ 15,685,040 | 27,586,447 | ||||
Class FA | 2019 Private Offering [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 300,000 | |||||
Number of shares offered in 2019 Private Offering | 50,000,000 | |||||
Class FA | Follow On Private Placement [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Sales Load(2)(3) | $ (167,960) | (41,924) | ||||
Placement Agent Fee on Share Sold Percentage | 3.00% | |||||
Class FA | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 0 | $ 0 | $ 0 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | 0 | 0 | |||
Class A | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 192,388 | 369,816 | 477,054 | |||
Average Net Proceeds per Share | $ 26.33 | $ 27.29 | $ 26.59 | |||
Net Proceeds to Company | $ 5,064,779 | $ 10,091,122 | $ 12,682,767 | |||
Class A | Proceeds from Offerings | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 190,046 | 334,440 | 463,565 | |||
Gross Proceeds | $ 5,435,093 | $ 9,808,964 | $ 13,294,279 | |||
Sales Load(2)(3) | (430,953) | $ (679,465) | (970,592) | |||
Share price (usd per share) | $ 30.99 | |||||
Net Proceeds to Company | 5,004,140 | $ 9,129,499 | 12,323,687 | |||
Class A | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 60,639 | $ 961,623 | $ 359,080 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,342 | 35,376 | 13,489 | |||
Class T | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 31,452 | 481,784 | 167,210 | |||
Average Net Proceeds per Share | $ 26.09 | $ 27.14 | $ 26.78 | |||
Net Proceeds to Company | $ 820,613 | $ 13,075,429 | $ 4,478,330 | |||
Class T | Proceeds from Offerings | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 31,432 | 473,344 | 166,277 | |||
Gross Proceeds | $ 861,000 | $ 13,486,208 | $ 4,675,452 | |||
Sales Load(2)(3) | (40,897) | $ (640,595) | (222,084) | |||
Share price (usd per share) | $ 29.70 | |||||
Net Proceeds to Company | 820,103 | $ 12,845,613 | 4,453,368 | |||
Class T | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 510 | $ 229,816 | $ 24,962 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 20 | 8,440 | 933 | |||
Class D | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 122,889 | 152,248 | 182,928 | |||
Average Net Proceeds per Share | $ 25.95 | $ 27.05 | $ 26.36 | |||
Net Proceeds to Company | $ 3,188,533 | $ 4,118,666 | $ 4,822,008 | |||
Class D | Proceeds from Offerings | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 121,797 | 143,074 | 176,604 | |||
Gross Proceeds | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | |||
Sales Load(2)(3) | 0 | $ 0 | 0 | |||
Share price (usd per share) | $ 27.85 | |||||
Net Proceeds to Company | 3,160,000 | $ 3,873,660 | 4,655,674 | |||
Class D | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 28,533 | $ 245,006 | $ 166,334 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,092 | 9,174 | 6,324 | |||
Class I | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 249,526 | 1,100,766 | 688,769 | |||
Average Net Proceeds per Share | $ 26.06 | $ 27.77 | $ 26.75 | |||
Net Proceeds to Company | $ 6,502,654 | $ 30,567,081 | $ 18,421,781 | |||
Class I | Proceeds from Offerings | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 249,136 | 1,076,234 | 679,491 | |||
Gross Proceeds | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | |||
Sales Load(2)(3) | 0 | $ 0 | 0 | |||
Share price (usd per share) | $ 28.65 | |||||
Net Proceeds to Company | 6,492,500 | $ 29,893,733 | 18,173,050 | |||
Class I | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 10,154 | $ 673,348 | $ 248,731 | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 390 | 24,532 | 9,278 | |||
Common Class S- [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares Issued, Including Reinvestments | 1,770,386 | |||||
Average Net Proceeds per Share | $ 28.62 | |||||
Net Proceeds to Company | $ 50,672,586 | |||||
Common Class S- [Member] | Distribution Reinvestment Plan [Member] | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Distributions reinvested, proceeds to company | $ 0 | |||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | |||||
Common Class S- [Member] | Class S Private Offering | ||||||
Investment Company, Capital Share Transactions [Line Items] | ||||||
Shares (in shares) | 1,770,386 | |||||
Gross Proceeds | $ 52,359,647 | |||||
Sales Load(2)(3) | (1,687,061) | |||||
Net Proceeds to Company | $ 50,672,586 | |||||
Number of shares offered in 2019 Private Offering | 50,000,000 | |||||
Placement Agent Fee on Share Sold Percentage | 1.50% |
Capital Transactions - Summary
Capital Transactions - Summary of Shares Issued and Proceeds Received in Connection with Private Placement (Detail) - USD ($) | Feb. 07, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Investment Company, Capital Share Transactions [Line Items] | ||||
Distributions reinvested, proceeds to company | $ 99,836 | $ 2,109,793 | $ 799,107 | |
Shares Issued, Including Reinvestments | 3,854,515 | 4,444,642 | 2,524,449 | |
Net Proceeds to Company | $ 124,209,924 | $ 67,991,333 | ||
Average Net Proceeds per Share | $ 25.17 | $ 27.95 | $ 26.93 | |
Proceeds from Offerings | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 3,850,671 | 2,494,425 | ||
Public Offering and Private Placement | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 3,850,671 | 4,367,120 | ||
Gross Proceeds | $ 97,405,093 | |||
Up-front Selling Commissions and Dealer Manager Fees | (471,850) | |||
Net Proceeds to Company | 96,933,243 | |||
Net Proceeds to Company | $ 97,033,079 | |||
Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 3,844 | 77,522 | 30,024 | |
Distributions reinvested, proceeds to company | $ 99,836 | $ 2,109,793 | $ 799,107 | |
2019 Private Offering, Follow On Private Offering and Public Offering [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 4,367,120 | 2,494,425 | ||
Gross Proceeds | $ 125,275,212 | $ 68,426,826 | ||
Up-front Selling Commissions and Dealer Manager Fees | (3,175,081) | (1,234,600) | ||
Net Proceeds to Company | $ 122,100,131 | $ 67,192,226 | ||
Class FA | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued, Including Reinvestments | 3,258,260 | 569,642 | 1,008,488 | |
Net Proceeds to Company | $ 81,456,500 | $ 15,685,040 | $ 27,586,447 | |
Average Net Proceeds per Share | $ 25 | $ 27.53 | $ 27.35 | |
Class FA | 2019 Private Offering [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 300,000 | |||
Class FA | Private Placement | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 3,300,000 | 3,258,260 | ||
Gross Proceeds | $ 81,700,000 | $ 81,456,500 | ||
Up-front Selling Commissions and Dealer Manager Fees | 0 | |||
Net Proceeds to Company | $ 81,456,500 | |||
Class FA | Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 0 | 0 | 0 | |
Distributions reinvested, proceeds to company | $ 0 | $ 0 | $ 0 | |
Class FA | 2019 Private Placement and Follow On Private Placement [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 569,642 | 1,008,488 | ||
Gross Proceeds | $ 15,853,000 | $ 27,628,371 | ||
Net Proceeds to Company | 15,685,040 | 27,586,447 | ||
Class FA | Follow On Private Placement [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Up-front Selling Commissions and Dealer Manager Fees | $ (167,960) | $ (41,924) | ||
Class A | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued, Including Reinvestments | 192,388 | 369,816 | 477,054 | |
Net Proceeds to Company | $ 5,064,779 | $ 10,091,122 | $ 12,682,767 | |
Average Net Proceeds per Share | $ 26.33 | $ 27.29 | $ 26.59 | |
Class A | Proceeds from Offerings | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 190,046 | 334,440 | 463,565 | |
Gross Proceeds | $ 5,435,093 | $ 9,808,964 | $ 13,294,279 | |
Up-front Selling Commissions and Dealer Manager Fees | (430,953) | (679,465) | (970,592) | |
Net Proceeds to Company | $ 5,004,140 | $ 9,129,499 | $ 12,323,687 | |
Class A | Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,342 | 35,376 | 13,489 | |
Distributions reinvested, proceeds to company | $ 60,639 | $ 961,623 | $ 359,080 | |
Class T | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued, Including Reinvestments | 31,452 | 481,784 | 167,210 | |
Net Proceeds to Company | $ 820,613 | $ 13,075,429 | $ 4,478,330 | |
Average Net Proceeds per Share | $ 26.09 | $ 27.14 | $ 26.78 | |
Class T | Proceeds from Offerings | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 31,432 | 473,344 | 166,277 | |
Gross Proceeds | $ 861,000 | $ 13,486,208 | $ 4,675,452 | |
Up-front Selling Commissions and Dealer Manager Fees | (40,897) | (640,595) | (222,084) | |
Net Proceeds to Company | $ 820,103 | $ 12,845,613 | $ 4,453,368 | |
Class T | Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 20 | 8,440 | 933 | |
Distributions reinvested, proceeds to company | $ 510 | $ 229,816 | $ 24,962 | |
Class D | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued, Including Reinvestments | 122,889 | 152,248 | 182,928 | |
Net Proceeds to Company | $ 3,188,533 | $ 4,118,666 | $ 4,822,008 | |
Average Net Proceeds per Share | $ 25.95 | $ 27.05 | $ 26.36 | |
Class D | Proceeds from Offerings | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 121,797 | 143,074 | 176,604 | |
Gross Proceeds | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | |
Up-front Selling Commissions and Dealer Manager Fees | 0 | 0 | 0 | |
Net Proceeds to Company | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | |
Class D | Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 1,092 | 9,174 | 6,324 | |
Distributions reinvested, proceeds to company | $ 28,533 | $ 245,006 | $ 166,334 | |
Class I | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued, Including Reinvestments | 249,526 | 1,100,766 | 688,769 | |
Net Proceeds to Company | $ 6,502,654 | $ 30,567,081 | $ 18,421,781 | |
Average Net Proceeds per Share | $ 26.06 | $ 27.77 | $ 26.75 | |
Class I | Proceeds from Offerings | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Shares Issued | 249,136 | 1,076,234 | 679,491 | |
Gross Proceeds | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | |
Up-front Selling Commissions and Dealer Manager Fees | 0 | 0 | 0 | |
Net Proceeds to Company | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | |
Class I | Distribution Reinvestment Plan [Member] | ||||
Investment Company, Capital Share Transactions [Line Items] | ||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 390 | 24,532 | 9,278 | |
Distributions reinvested, proceeds to company | $ 10,154 | $ 673,348 | $ 248,731 |
Capital Transactions Capital Tr
Capital Transactions Capital Transactions - Summary of Shares Repurchased (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | |||
Payable for shares repurchased | $ 1,968,732 | $ 223,738 | $ 0 |
Total consideration | $ 9,646,917 | $ 868,932 | |
Price paid per share (in dollars per share) | $ 28.27 | $ 27.04 | |
Shares repurchased (in shares) | 341,225 | 32,133 | |
Class I | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total consideration | $ 1,732,971 | $ 254,746 | |
Price paid per share (in dollars per share) | $ 27.48 | $ 26.96 | |
Shares repurchased (in shares) | 63,062 | 9,448 | |
Class FA | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total consideration | $ 7,037,470 | $ 521,971 | |
Price paid per share (in dollars per share) | $ 28.53 | $ 27.19 | |
Shares repurchased (in shares) | 246,653 | 19,200 | |
Class A | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total consideration | $ 123,038 | $ 8,040 | |
Price paid per share (in dollars per share) | $ 26.86 | $ 26.76 | |
Shares repurchased (in shares) | 4,580 | 300 | |
Class D | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total consideration | $ 32,212 | $ 84,175 | |
Price paid per share (in dollars per share) | $ 27.85 | $ 26.43 | |
Shares repurchased (in shares) | 1,156 | 3,185 | |
Common Class S- [Member] | Class S Private Offering | |||
Equity, Class of Treasury Stock [Line Items] | |||
Selling Commission on Share Sold Percentage | 2.00% | ||
Placement Agent Fee on Share Sold Percentage | 1.50% | ||
Class T | |||
Equity, Class of Treasury Stock [Line Items] | |||
Total consideration | $ 721,226 | $ 0 | |
Price paid per share (in dollars per share) | $ 27.98 | $ 0 | |
Shares repurchased (in shares) | 25,774 | 0 |
Borrowings (Details)
Borrowings (Details) - Line of Credit | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Line of Credit Facility [Line Items] | |
Line of credit amount | $ 20,000,000 |
Fee required on each borrowing | 0.05% |
Maximum fee | $ 20,000 |
Line of Credit Minimum Interest Rate | 3.00% |
Compensating Balance, Amount | $ 2,500,000 |
Line of Credit Facility, Commitment Fee Amount | $ 60,000 |
Line of Credit Minimum Interest Rate | 3.00% |
Compensating Balance, Amount | $ 2,500,000 |
LIBOR | |
Line of Credit Facility [Line Items] | |
Basis spread on variable rate | 2.75% |
Commitment & Contingences Commi
Commitment & Contingences Commitment & Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2020 | |
Long-term Purchase Commitment [Line Items] | ||
Cost | $ 133,274,339 | $ 197,457,113 |
Resolution Economics | ||
Long-term Purchase Commitment [Line Items] | ||
Committed funding for co-investment with affiliate | $ 10,000,000 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Financial Highlights (Detail) - USD ($) | 9 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 07, 2018 | |
OPERATING PERFORMANCE PER SHARE | ||||||
Net investment income (usd per share) | $ 1 | $ 0.93 | $ 1.05 | |||
Net assets at end of period | $ 308,962,908 | $ 102,829,810 | $ 308,962,908 | $ 174,282,891 | $ 102,829,810 | $ 200,000 |
Investment Company, Dividend Distribution | $ 3,518,302 | $ 9,929,353 | $ 5,845,584 | |||
Class D | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 25.26 | $ 26.61 | $ 26.23 | |||
Net investment income, before expense support (usd per shares) | 0.02 | 0.03 | 0.46 | |||
Expense support (usd per shares) | 0 | 0.26 | 0 | |||
Net investment income (usd per share) | 0.02 | 0.29 | 0.46 | |||
Net realized and unrealized gains (usd per shares) | 1.53 | 2.47 | 1.04 | |||
Net increase resulting from investment operations (usd per shares) | 1.55 | 2.76 | 1.50 | |||
Distributions from net investment income (usd per share) | (0.58) | (1.13) | (1.12) | |||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (0.58) | (1.13) | (1.12) | |||
Net Asset Value, End of Period (usd per shares) | $ 28.24 | $ 26.23 | $ 28.24 | $ 26.61 | $ 26.23 | |
Net assets at end of period | $ 12,813,290 | $ 3,222,865 | $ 12,813,290 | $ 8,053,103 | $ 3,222,865 | |
Shares outstanding end of period (in shares) | 453,724 | 122,889 | 453,724 | 302,632 | 122,889 | |
Investment Company, Dividend Distribution | $ 39,313 | $ 404,787 | $ 222,967 | |||
Total investment return based on net asset value before total return incentive fee | 6.80% | 11.99% | 5.87% | |||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 4.86% | 3.93% | 4.97% | |||
Investment Company, Expense Ratio after Incentive Allocation | 5.92% | 6.48% | 4.97% | |||
Investment Company, Total Return after Incentive Fees | 6.19% | 10.67% | 5.87% | |||
Investment Company, Expense Ratio Including Incentive Fee | 5.92% | 5.52% | 4.97% | |||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 1.15% | 2.67% | 1.74% | |||
Net investment income after total return incentive fee | 0.09% | 1.08% | 1.74% | |||
Average Net Assets | $ 9,674,927 | $ 5,248,921 | $ 1,732,979 | |||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 0.00% | 38.00% | ||||
Class FA | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 25 | $ 27.64 | $ 26.65 | |||
Net investment income, before expense support (usd per shares) | 0.93 | 0.79 | 0.90 | |||
Expense support (usd per shares) | 0.08 | 0.35 | 0.31 | |||
Net investment income (usd per share) | 1.01 | 1.14 | 1.21 | |||
Net realized and unrealized gains (usd per shares) | 1.67 | 2.44 | 1.03 | |||
Net increase resulting from investment operations (usd per shares) | 2.68 | 3.58 | 2.24 | |||
Distributions from net investment income (usd per share) | (1.03) | (1.25) | (1.25) | |||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (1.03) | (1.25) | (1.25) | |||
Net Asset Value, End of Period (usd per shares) | $ 29.97 | $ 26.65 | $ 29.97 | $ 27.64 | $ 26.65 | |
Net assets at end of period | $ 137,237,594 | $ 87,061,758 | $ 137,237,594 | $ 117,637,467 | $ 87,061,758 | |
Shares outstanding end of period (in shares) | 4,578,537 | 3,266,260 | 4,578,537 | 4,255,548 | 3,266,260 | |
Investment Company, Dividend Distribution | $ 3,364,900 | $ 5,812,212 | $ 4,268,395 | |||
Total investment return based on net asset value before total return incentive fee | 11.72% | 13.27% | 8.46% | |||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 2.87% | 1.81% | 2.08% | |||
Investment Company, Expense Ratio after Incentive Allocation | 4.00% | 3.10% | 2.92% | |||
Investment Company, Total Return after Incentive Fees | 10.88% | 13.16% | 8.46% | |||
Investment Company, Expense Ratio Including Incentive Fee | 3.66% | 1.85% | 1.77% | |||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 4.73% | 4.09% | 4.47% | |||
Net investment income after total return incentive fee | 3.94% | 4.05% | 4.47% | |||
Average Net Assets | $ 130,939,855 | $ 92,567,951 | $ 83,797,239 | |||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 30.00% | 97.00% | ||||
Class A | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 25 | $ 26.91 | $ 26.44 | |||
Net investment income, before expense support (usd per shares) | (1.26) | 0.10 | 0.50 | |||
Expense support (usd per shares) | 1.74 | 0.53 | 0.13 | |||
Net investment income (usd per share) | 0.48 | 0.63 | 0.63 | |||
Net realized and unrealized gains (usd per shares) | 1.87 | 2.47 | 1.09 | |||
Net increase resulting from investment operations (usd per shares) | 2.35 | 3.10 | 1.72 | |||
Distributions from net investment income (usd per share) | (0.91) | (1.25) | (1.25) | |||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (0.91) | (1.25) | (1.25) | |||
Net Asset Value, End of Period (usd per shares) | $ 28.76 | $ 26.44 | $ 28.76 | $ 26.91 | $ 26.44 | |
Net assets at end of period | $ 29,747,587 | $ 5,086,607 | $ 29,747,587 | $ 18,008,048 | $ 5,086,607 | |
Shares outstanding end of period (in shares) | 1,034,377 | 192,388 | 1,034,377 | 669,141 | 192,388 | |
Investment Company, Dividend Distribution | $ 21,184 | $ 1,052,079 | $ 549,420 | |||
Total investment return based on net asset value before total return incentive fee | 9.56% | 12.43% | 6.66% | |||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 18.09% | 3.51% | 4.89% | |||
Investment Company, Expense Ratio after Incentive Allocation | 19.62% | 6.09% | 4.89% | |||
Investment Company, Total Return after Incentive Fees | 9.56% | 11.89% | 6.66% | |||
Investment Company, Expense Ratio Including Incentive Fee | 13.02% | 4.14% | 4.38% | |||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 1.81% | 2.96% | 2.36% | |||
Net investment income after total return incentive fee | 1.81% | 2.32% | 2.36% | |||
Average Net Assets | $ 22,983,588 | $ 11,801,755 | $ 562,185 | |||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 75.00% | |||||
Class T | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 25.16 | $ 27.01 | $ 26.54 | |||
Net investment income, before expense support (usd per shares) | (0.11) | (0.33) | (0.10) | |||
Expense support (usd per shares) | 0.52 | 0.47 | 0.42 | |||
Net investment income (usd per share) | 0.41 | 0.14 | 0.32 | |||
Net realized and unrealized gains (usd per shares) | 1.57 | 2.52 | 1.15 | |||
Net increase resulting from investment operations (usd per shares) | 1.98 | 2.66 | 1.47 | |||
Distributions from net investment income (usd per share) | (0.60) | (1) | (1) | |||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (0.60) | (1) | (1) | |||
Net Asset Value, End of Period (usd per shares) | $ 28.67 | $ 26.54 | $ 28.67 | $ 27.01 | $ 26.54 | |
Net assets at end of period | $ 18,771,713 | $ 834,576 | $ 18,771,713 | $ 5,366,259 | $ 834,576 | |
Shares outstanding end of period (in shares) | 654,672 | 31,452 | 654,672 | 198,662 | 31,452 | |
Investment Company, Dividend Distribution | $ 9,032 | $ 435,971 | $ 76,739 | |||
Total investment return based on net asset value before total return incentive fee | 7.94% | 10.79% | 5.65% | |||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 6.15% | 5.54% | 7.71% | |||
Investment Company, Expense Ratio after Incentive Allocation | 7.34% | 8.21% | 7.71% | |||
Investment Company, Total Return after Incentive Fees | 7.94% | 10.11% | 5.65% | |||
Investment Company, Expense Ratio Including Incentive Fee | 5.37% | 6.49% | 6.14% | |||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 1.55% | 1.46% | 1.20% | |||
Net investment income after total return incentive fee | 1.55% | 0.51% | 1.20% | |||
Average Net Assets | $ 11,991,453 | $ 2,079,541 | $ 385,874 | |||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 64.00% | |||||
Class I | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 25 | $ 27.15 | $ 26.55 | |||
Net investment income, before expense support (usd per shares) | 0.06 | 0.02 | 0.40 | |||
Expense support (usd per shares) | 0.69 | 0.66 | 0.36 | |||
Net investment income (usd per share) | 0.75 | 0.68 | 0.76 | |||
Net realized and unrealized gains (usd per shares) | 1.69 | 2.48 | 1.09 | |||
Net increase resulting from investment operations (usd per shares) | 2.44 | 3.16 | 1.85 | |||
Distributions from net investment income (usd per share) | (0.89) | (1.25) | (1.25) | |||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (0.89) | (1.25) | (1.25) | |||
Net Asset Value, End of Period (usd per shares) | $ 29.06 | $ 26.55 | $ 29.06 | $ 27.15 | $ 26.55 | |
Net assets at end of period | $ 57,147,617 | $ 6,624,004 | $ 57,147,617 | $ 25,218,014 | $ 6,624,004 | |
Shares outstanding end of period (in shares) | 1,966,552 | 249,526 | 1,966,552 | 928,848 | 249,526 | |
Investment Company, Dividend Distribution | $ 83,873 | $ 1,609,683 | $ 728,063 | |||
Total investment return based on net asset value before total return incentive fee | 9.90% | 12.23% | 7.14% | |||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 6.68% | 4.02% | 4.81% | |||
Investment Company, Expense Ratio after Incentive Allocation | 8.40% | 6.72% | 5.26% | |||
Investment Company, Total Return after Incentive Fees | 9.90% | 12.01% | 7.14% | |||
Investment Company, Expense Ratio Including Incentive Fee | 5.75% | 4.34% | 3.89% | |||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 2.87% | 2.78% | 2.84% | |||
Net investment income after total return incentive fee | 2.87% | 2.46% | 2.84% | |||
Average Net Assets | $ 35,671,564 | $ 15,749,822 | $ 2,381,673 | |||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 88.00% | |||||
Common Class S- [Member] | ||||||
OPERATING PERFORMANCE PER SHARE | ||||||
Net Asset Value, Beginning of Period (usd per shares) | $ 27.56 | |||||
Net investment income, before expense support (usd per shares) | $ 0.82 | |||||
Expense support (usd per shares) | 0.10 | |||||
Net investment income (usd per share) | 0.92 | |||||
Net realized and unrealized gains (usd per shares) | 2.64 | |||||
Net increase resulting from investment operations (usd per shares) | 3.56 | |||||
Distributions from net investment income (usd per share) | (1.04) | |||||
Net Decrease Resulting From Distributions to Shareholders, Per Share (usd per shares) | (1.04) | |||||
Net Asset Value, End of Period (usd per shares) | $ 30.08 | $ 30.08 | $ 27.56 | |||
Net assets at end of period | $ 53,245,107 | $ 53,245,107 | $ 0 | |||
Shares outstanding end of period (in shares) | 1,770,386 | 1,770,386 | ||||
Investment Company, Dividend Distribution | $ 614,619 | |||||
Total investment return based on net asset value before total return incentive fee | 13.36% | |||||
Ratios to average net assets: | ||||||
Investment Company, Expense Ratio before Incentive Allocation | 2.35% | |||||
Investment Company, Expense Ratio after Incentive Allocation | 4.15% | |||||
Investment Company, Total Return after Incentive Fees | 12.80% | |||||
Investment Company, Expense Ratio Including Incentive Fee | 3.79% | |||||
Investment Company, Investment Income (Loss) Ratio, before Incentive Allocation | 4.61% | |||||
Net investment income after total return incentive fee | 3.17% | |||||
Average Net Assets | $ 19,256,767 | |||||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 20.00% | |||||
Common Class FA and Class I | ||||||
Ratios to average net assets: | ||||||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 100.00% | |||||
Common Class A, Class T and Class I | ||||||
Ratios to average net assets: | ||||||
Investment Company, Total Return Incentive Fees Covered By Expense Support | 100.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - $ / shares | Feb. 25, 2021 | Jan. 28, 2021 | Mar. 07, 2018 | Apr. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 29, 2021 | Mar. 22, 2021 | Jan. 27, 2021 | Jan. 31, 2020 |
Subsequent Event [Line Items] | |||||||||||
Common stock, shares authorized (in shares) | 4,000,000 | 100,000,000 | |||||||||
Average Net Proceeds per Share | $ 25.17 | $ 27.95 | $ 26.93 | ||||||||
Class FA | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | $ 0.020604 | 0.024038 | 0.104167 | 0.104167 | |||||||
Average Net Proceeds per Share | 25 | 27.53 | 27.35 | ||||||||
Class A | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.020604 | 0.024038 | 0.104167 | 0.104167 | |||||||
Average Net Proceeds per Share | 26.33 | 27.29 | 26.59 | ||||||||
Class T | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.016484 | 0.019231 | 0.083333 | 0.083333 | |||||||
Average Net Proceeds per Share | 26.09 | 27.14 | 26.78 | ||||||||
Class D | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.018544 | 0.021635 | 0.093750 | 0.093750 | |||||||
Average Net Proceeds per Share | 25.95 | 27.05 | 26.36 | ||||||||
Class I | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.020604 | 0.024038 | 0.104167 | 0.104167 | |||||||
Average Net Proceeds per Share | 26.06 | 27.77 | 26.75 | ||||||||
Common Class S- [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | $ 0 | $ 0 | $ 0 | ||||||||
Average Net Proceeds per Share | $ 28.62 | ||||||||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Average Net Proceeds per Share | $ 29.22 | ||||||||||
Subsequent Event [Member] | Class FA | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 | |||||||||
Subsequent Event [Member] | Class A | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.104167 | 0.104167 | |||||||||
Average Net Proceeds per Share | 32.01 | 28.97 | $ 32.40 | $ 31.43 | |||||||
Subsequent Event [Member] | Class T | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.083333 | 0.083333 | |||||||||
Average Net Proceeds per Share | 30.64 | 28.93 | 31 | 30.10 | |||||||
Subsequent Event [Member] | Class D | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.093750 | 0.093750 | |||||||||
Average Net Proceeds per Share | 28.75 | 28.40 | 29.11 | 28.24 | |||||||
Subsequent Event [Member] | Class I | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | 0.104167 | 0.104167 | |||||||||
Average Net Proceeds per Share | 29.60 | $ 29.37 | $ 29.97 | $ 29.06 | |||||||
Subsequent Event [Member] | Common Class S- [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Declared distribution (in dollars per share) | $ 0.104167 | $ 0.104167 | |||||||||
2019 Private Offering [Member] | Class FA | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Number of shares offered in 2019 Private Offering | 50,000,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of New Public Offering Prices and Applicable Upfront Selling Commissions and Dealer Manager Fees (Detail) - $ / shares | Mar. 22, 2021 | Feb. 25, 2021 | Jan. 27, 2021 | Mar. 18, 2021 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 29, 2021 |
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | $ 25.17 | $ 27.95 | $ 26.93 | |||||
Class FA | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 25 | 27.53 | 27.35 | |||||
Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 26.33 | 27.29 | 26.59 | |||||
Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 26.09 | 27.14 | 26.78 | |||||
Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 25.95 | 27.05 | 26.36 | |||||
Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | $ 26.06 | $ 27.77 | $ 26.75 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | $ 29.22 | |||||||
Subsequent Event [Member] | Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | $ 32.40 | $ 32.01 | $ 31.43 | 28.97 | ||||
Selling Commissions, Per Share (in dollars per share) | 1.94 | 1.92 | 1.89 | |||||
Dealer Manager Fees, Per Share (in dollars per share) | 0.81 | 0.80 | 0.78 | |||||
Subsequent Event [Member] | Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 31 | 30.64 | 30.10 | 28.93 | ||||
Selling Commissions, Per Share (in dollars per share) | 0.93 | 0.92 | 0.90 | |||||
Dealer Manager Fees, Per Share (in dollars per share) | 0.54 | 0.54 | 0.53 | |||||
Subsequent Event [Member] | Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 29.11 | 28.75 | 28.24 | 28.40 | ||||
Selling Commissions, Per Share (in dollars per share) | 0 | 0 | 0 | |||||
Dealer Manager Fees, Per Share (in dollars per share) | 0 | 0 | 0 | |||||
Subsequent Event [Member] | Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Public Offering Price, Per Share (in dollars per share) | 29.97 | 29.60 | 29.06 | $ 29.37 | ||||
Selling Commissions, Per Share (in dollars per share) | 0 | 0 | 0 | |||||
Dealer Manager Fees, Per Share (in dollars per share) | $ 0 | $ 0 | $ 0 | |||||
2019 Private Offering [Member] | Class FA | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 300,000 | |||||||
Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 3,850,671 | 2,494,425 | ||||||
Proceeds from Offerings | Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 190,046 | 334,440 | 463,565 | |||||
Proceeds from Offerings | Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 31,432 | 473,344 | 166,277 | |||||
Proceeds from Offerings | Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 121,797 | 143,074 | 176,604 | |||||
Proceeds from Offerings | Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 249,136 | 1,076,234 | 679,491 | |||||
Proceeds from Offerings | Subsequent Event [Member] | Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 63,736 | |||||||
Proceeds from Offerings | Subsequent Event [Member] | Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 48,302 | |||||||
Proceeds from Offerings | Subsequent Event [Member] | Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 23,949 | |||||||
Proceeds from Offerings | Subsequent Event [Member] | Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares Issued | 352,840 | |||||||
Follow On Private Placement [Member] | Class FA | ||||||||
Subsequent Event [Line Items] | ||||||||
Selling Commission on Share Sold Percentage | 5.50% | |||||||
Placement Agent Fee on Share Sold Percentage | 3.00% |
Subsequent Events - Gross Proce
Subsequent Events - Gross Proceeds (Detail) - USD ($) | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Mar. 18, 2021 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 29, 2021 | Mar. 22, 2021 | Feb. 25, 2021 | Jan. 27, 2021 | |
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 3,854,515 | 4,444,642 | 2,524,449 | |||||
Net Proceeds to Company | $ 124,209,924 | $ 67,991,333 | ||||||
Average Net Proceeds Per Share (in dollars per share) | $ 25.17 | $ 27.95 | $ 26.93 | |||||
Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 3,850,671 | 2,494,425 | ||||||
Class FA | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 3,258,260 | 569,642 | 1,008,488 | |||||
Net Proceeds to Company | $ 81,456,500 | $ 15,685,040 | $ 27,586,447 | |||||
Average Net Proceeds Per Share (in dollars per share) | $ 25 | $ 27.53 | $ 27.35 | |||||
Class FA | 2019 Private Placement and Follow On Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 569,642 | 1,008,488 | ||||||
Gross Proceeds | $ 15,853,000 | $ 27,628,371 | ||||||
Net Proceeds to Company | 15,685,040 | 27,586,447 | ||||||
Class FA | Follow On Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Sales Load(2)(3) | $ (167,960) | $ (41,924) | ||||||
Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 192,388 | 369,816 | 477,054 | |||||
Net Proceeds to Company | $ 5,064,779 | $ 10,091,122 | $ 12,682,767 | |||||
Average Net Proceeds Per Share (in dollars per share) | $ 26.33 | $ 27.29 | $ 26.59 | |||||
Class A | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 190,046 | 334,440 | 463,565 | |||||
Gross Proceeds | $ 5,435,093 | $ 9,808,964 | $ 13,294,279 | |||||
Sales Load(2)(3) | (430,953) | (679,465) | (970,592) | |||||
Net Proceeds to Company | $ 5,004,140 | $ 9,129,499 | $ 12,323,687 | |||||
Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 249,526 | 1,100,766 | 688,769 | |||||
Net Proceeds to Company | $ 6,502,654 | $ 30,567,081 | $ 18,421,781 | |||||
Average Net Proceeds Per Share (in dollars per share) | $ 26.06 | $ 27.77 | $ 26.75 | |||||
Class I | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 249,136 | 1,076,234 | 679,491 | |||||
Gross Proceeds | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | |||||
Sales Load(2)(3) | 0 | 0 | 0 | |||||
Net Proceeds to Company | $ 6,492,500 | $ 29,893,733 | $ 18,173,050 | |||||
Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 31,452 | 481,784 | 167,210 | |||||
Net Proceeds to Company | $ 820,613 | $ 13,075,429 | $ 4,478,330 | |||||
Average Net Proceeds Per Share (in dollars per share) | $ 26.09 | $ 27.14 | $ 26.78 | |||||
Class T | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 31,432 | 473,344 | 166,277 | |||||
Gross Proceeds | $ 861,000 | $ 13,486,208 | $ 4,675,452 | |||||
Sales Load(2)(3) | (40,897) | (640,595) | (222,084) | |||||
Net Proceeds to Company | $ 820,103 | $ 12,845,613 | $ 4,453,368 | |||||
Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 122,889 | 152,248 | 182,928 | |||||
Net Proceeds to Company | $ 3,188,533 | $ 4,118,666 | $ 4,822,008 | |||||
Average Net Proceeds Per Share (in dollars per share) | $ 25.95 | $ 27.05 | $ 26.36 | |||||
Class D | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 121,797 | 143,074 | 176,604 | |||||
Gross Proceeds | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | |||||
Sales Load(2)(3) | 0 | 0 | 0 | |||||
Net Proceeds to Company | $ 3,160,000 | $ 3,873,660 | $ 4,655,674 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 513,509 | |||||||
Net Proceeds to Company | $ 15,004,539 | |||||||
Average Net Proceeds Per Share (in dollars per share) | $ 29.22 | |||||||
Subsequent Event [Member] | Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 24,682 | |||||||
Gross Proceeds | $ 713,030 | |||||||
Subsequent Event [Member] | 2019 Private Offering and Public Offering [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 488,827 | |||||||
Gross Proceeds | $ 14,512,311 | |||||||
Sales Load(2)(3) | (220,802) | |||||||
Net Proceeds to Company | $ 14,291,509 | |||||||
Subsequent Event [Member] | Class A | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 72,652 | |||||||
Net Proceeds to Company | $ 2,104,840 | |||||||
Average Net Proceeds Per Share (in dollars per share) | 28.97 | $ 32.40 | $ 32.01 | $ 31.43 | ||||
Subsequent Event [Member] | Class A | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 63,736 | |||||||
Gross Proceeds | $ 1,998,369 | |||||||
Sales Load(2)(3) | (151,086) | |||||||
Net Proceeds to Company | $ 1,847,283 | |||||||
Subsequent Event [Member] | Class A | Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 8,916 | |||||||
Gross Proceeds | $ 257,557 | |||||||
Subsequent Event [Member] | Class I | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 362,516 | |||||||
Net Proceeds to Company | $ 10,647,499 | |||||||
Average Net Proceeds Per Share (in dollars per share) | 29.37 | 29.97 | 29.60 | 29.06 | ||||
Subsequent Event [Member] | Class I | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 352,840 | |||||||
Gross Proceeds | $ 10,365,742 | |||||||
Sales Load(2)(3) | 0 | |||||||
Net Proceeds to Company | $ 10,365,742 | |||||||
Subsequent Event [Member] | Class I | Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 9,676 | |||||||
Gross Proceeds | $ 281,757 | |||||||
Subsequent Event [Member] | Class T | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 51,686 | |||||||
Net Proceeds to Company | $ 1,495,182 | |||||||
Average Net Proceeds Per Share (in dollars per share) | 28.93 | 31 | 30.64 | 30.10 | ||||
Subsequent Event [Member] | Class T | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 48,302 | |||||||
Gross Proceeds | $ 1,467,700 | |||||||
Sales Load(2)(3) | (69,716) | |||||||
Net Proceeds to Company | $ 1,397,984 | |||||||
Subsequent Event [Member] | Class T | Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 3,384 | |||||||
Gross Proceeds | $ 97,198 | |||||||
Subsequent Event [Member] | Class D | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 26,655 | |||||||
Net Proceeds to Company | $ 757,018 | |||||||
Average Net Proceeds Per Share (in dollars per share) | $ 28.40 | $ 29.11 | $ 28.75 | $ 28.24 | ||||
Subsequent Event [Member] | Class D | Proceeds from Offerings | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 23,949 | |||||||
Gross Proceeds | $ 680,500 | |||||||
Sales Load(2)(3) | 0 | |||||||
Net Proceeds to Company | $ 680,500 | |||||||
Subsequent Event [Member] | Class D | Distribution Reinvestment Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares (in shares) | 2,706 | |||||||
Gross Proceeds | $ 76,518 |
Uncategorized Items - cnl-20201
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 199,683 |