Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2021

For the years ended December 31, 2021 and 2020, the High Water Marks were as follows:


For the year ended:	Class FA		Class A		Class T		Class D		Class I		Class S

December 31, 2020	$	27.64	$	26.91	$	27.01	$	26.61	$	27.15	$	27.64
December 31, 2021	29.97		28.76		28.67		28.24		29.06		30.08

Related party fees and expenses incurred for the years ended December 31, 2021 and 2020 are summarized below:


		Years Ended December 31,
Related Party	Source Agreement & Description	2021		2020
Managing Dealer /Placement Agent	Managing Dealer / Placement Agent Agreements: Commissions	$	1,524,232	$	1,918,852
	Dealer Manager / Placement Agent Fees	820,985		1,256,229
	Distribution and shareholder servicing fees	396,774		165,012
Manager and Sub-Manager	Management Agreement and Sub-Management Agreement: Organization and offering reimbursement(1)(2)	2,490,377		1,142,237
	Base management fees(1)	4,845,052		2,596,842
	Total return incentive fees(1)	7,282,840		4,150,562
Manager and Sub-Manager	Expense Support and Conditional Reimbursement Agreement: Expense support	—		(3,301,473)
	Reimbursement of expense support	1,830,920		—
Manager	Administrative Services Agreement: Reimbursement of third-party operating expenses(1)	104,195		191,070
Sub-Manager	Sub-Management Agreement: Reimbursement of third-party pursuit costs(1)(3)	651,362		154,727

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, 2021 and 2020:


	December 31,
	2021		2020
Due from related parties:
Expense Support	$	—	$	3,301,473
Total due from related parties	—		3,301,473
Due to related parties:
Total return incentive fees	(7,282,840)		(4,150,562)
Reimbursement of expense support	(1,830,920)		—
Base management fees	(577,538)		(271,983)
Organization and offering expenses	(175,749)		(122,779)
Distribution and shareholder servicing fees	(53,149)		(19,814)
Reimbursement of third-party operating expenses and pursuit costs	(1,330)		(212,793)
Total due to related parties	(9,921,526)		(4,777,931)
Net due to related parties	$	(9,921,526)	$	(1,476,458)

Schedule of Expense Support

The following table summarizes annual Expense Support received, estimate of Expense Support to be reimbursed, and the remaining Expense Support that may become reimbursable, subject to the conditions of reimbursement defined in the Expense Support and Conditional Reimbursement Agreement, as of December 31, 2021:


For the Year Ended	Amount of Expense Support Received		Expense Support Reimbursed(1)		Unreimbursed Expense Support(2)		Expiration
December 31, 2018	$	389,774	$	(352,653)	$	37,121	March 31, 2022
December 31, 2019	1,372,020		(969,591)		402,429		March 31, 2023
December 31, 2020	3,301,473		(508,676)		2,792,797		March 31, 2024
	$	5,063,267	$	(1,830,920)	$	3,232,347

FOOTNOTES:

(1) Represents amount accrued as of December 31, 2021 and paid to the Manager and Sub-Manager in March 2022. Expense support reimbursement is calculated by share class and subject to limitations as defined in the Expense Support and Conditional Reimbursement Agreement.

(2) Unreimbursed amounts of $37,121 related to the year ended December 31, 2018 will not be reimbursed in future periods. As of December 31, 2021, management believes that additional reimbursement payments by the Company to the Manager and Sub-Manager related to the years ended December 31, 2019 and 2020 are not probable under the terms of the Expense Support and Conditional Reimbursement Agreement.