XML 38 R29.htm IDEA: XBRL DOCUMENT v3.22.1
Financial Highlights (Tables)
 3 Months Ended
Mar. 31, 2022
Investment Company [Abstract]  
Schedule of Financial Highlights
The following are schedules of financial highlights of the Company attributed to each class of shares for the three months ended March 31, 2022 and 2021 (in thousands except per share data):
 Three Months Ended March 31, 2022
 Class FA 
Shares		Class A
Shares		Class T
Shares		Class D
Shares		Class I
Shares		Class S
Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period$32.62 $30.78 $30.66 $30.35 $31.18 $32.84 
Net investment income, before reimbursement of Expense Support(1)
0.49 0.29 0.21 0.24 0.28 0.47 
Reimbursement of Expense Support(1)(2)
(0.20)(0.13)— — (0.10)— 
Net investment income(1)
0.29 0.16 0.21 0.24 0.18 0.47 
Net realized and unrealized gains, net of taxes(1)(3)
0.68 0.68 0.66 0.66 0.68 0.67 
Net increase resulting from investment operations0.97 0.84 0.87 0.90 0.86 1.14 
Distributions to shareholders(4)
(0.31)(0.31)(0.25)(0.28)(0.31)(0.31)
Net decrease resulting from distributions to shareholders(0.31)(0.31)(0.25)(0.28)(0.31)(0.31)
Net Asset Value, End of Period$33.28 $31.31 $31.28 $30.97 $31.73 $33.67 
Net assets, end of period$147,112 $50,399 $53,038 $36,225 $195,476 $59,460 
Average net assets(5)
$149,800 $46,920 $50,365 $31,922 $178,731 $58,456 
Shares outstanding, end of period4,421 1,610 1,695 1,170 6,160 1,766 
Distributions declared$1,424 $473 $408 $294 $1,777 $552 
Total investment return based on net asset value before total return incentive fee(6)
3.34 %3.40 %3.55 %3.68 %3.43 %3.88 %
Total investment return based on net asset value after total return incentive fee(6)
2.95 %2.75 %2.85 %2.98 %2.78 %3.49 %
RATIOS/SUPPLEMENTAL DATA (not annualized):
Ratios to average net assets:(5)(7)
Total operating expenses before total return incentive fee0.33 %0.80 %0.98 %1.00 %0.83 %0.37 %
Total operating expenses before reimbursement of Expense Support0.66 %1.49 %1.71 %1.77 %1.53 %0.75 %
Total operating expenses after reimbursement of Expense Support1.24 %1.91 %1.71 %1.77 %1.85 %0.75 %
Net investment income before total return incentive fee(8)
1.22 %1.20 %1.41 %1.55 %1.28 %1.80 %
Net investment income0.90 %0.52 %0.68 %0.78 %0.58 %1.42 %
 Three Months Ended March 31, 2021
Class FA 
Shares		Class A
Shares		Class T
Shares		Class D
Shares		Class I
Shares		Class S
Shares
OPERATING PERFORMANCE PER SHARE
Net Asset Value, Beginning of Period$29.97 $28.76 $28.67 $28.24 $29.06 $30.08 
Net investment income (loss) before Expense Support(1)
0.10 (0.13)(0.21)(0.17)(0.20)0.06 
Expense Support(1)(2)
0.18 0.28 0.24 0.25 0.37 0.25 
Net investment income(1)
0.28 0.15 0.03 0.08 0.17 0.31 
Net realized and unrealized gains, net of taxes(1)(3)
1.28 1.28 1.29 1.29 1.29 1.27 
Net increase resulting from investment operations1.56 1.43 1.32 1.37 1.46 1.58 
Distributions to shareholders(4)
(0.31)(0.31)(0.25)(0.28)(0.31)(0.31)
Net decrease resulting from distributions to shareholders(0.31)(0.31)(0.25)(0.28)(0.31)(0.31)
Net Asset Value, End of Period$31.22 $29.88 $29.74 $29.33 $30.21 $31.35 
Net assets, end of period$142,896 $33,685 $22,485 $15,062 $76,841 $55,510 
Average net assets(5)
$139,658 $31,449 $19,893 $13,486 $63,678 $54,199 
Shares outstanding, end of period4,577 1,127 756 514 2,544 1,770 
Distributions declared$1,431 $335 $170 $132 $668 $553 
Total investment return based on net asset value before total return incentive fee(6)(8)
5.20 %5.05 %4.73 %4.99 %5.06 %5.29 %
Total investment return based on net asset value after total return incentive fee(6)
5.20 %5.01 %4.63 %4.88 %5.06 %5.29 %
RATIOS/SUPPLEMENTAL DATA (not annualized):
Ratios to average net assets:(5)(7)
Total operating expenses before total return incentive fee and Expense Support0.34 %0.72 %1.08 %0.89 %0.98 %0.44 %
Total operating expenses before Expense Support0.85 %1.72 %2.04 %1.90 %2.01 %0.96 %
Total operating expenses after Expense Support0.25 %0.75 %1.20 %1.03 %0.76 %0.16 %
Net investment income before total return incentive fee(8)
0.92 %0.54 %0.22 %0.42 %0.57 %1.02 %
Net investment income 0.92 %0.51 %0.10 %0.28 %0.57 %1.02 %
FOOTNOTES:
(1)The per share amounts presented are based on weighted average shares outstanding.
(2)Expense support (reimbursement) is accrued throughout the year and is subject to a final calculation as of the last business day of the calendar year.
(3)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio investments for the period because of the timing of sales and repurchases of the Company’s shares in relation to fluctuating fair values for the portfolio investments.
(4)The per share data for distributions is the actual amount of distributions paid or payable per common share outstanding during the entire period; distributions per share are rounded to the nearest $0.01.
(5)The computation of average net assets during the period is based on net assets measured at each month end, adjusted for capital contributions or withdrawals during the month.
(6)Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Class FA assumes distributions are reinvested in Class A shares and all other share classes assume distributions are reinvested in the same share class, including Class S shares which do not participate in the distribution reinvestment plan. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee described in Note 5. “Related Party Transactions.” Total returns before total return incentive fees also exclude related Expense Support, if applicable. See footnote (8) below for information regarding the percentage of total return 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.
(7)Actual results may not be indicative of future results. Additionally, an individual investor’s ratios may vary from the ratios presented for a share class as a whole.
(8)Amounts represent net investment income before total return incentive fee and related Expense Support as a percentage of average net assets. For the three months ended March 31, 2022, none of the total return incentive fees were covered by Expense Support as the Company recorded reimbursement of Expense Support during this period. For the three months ended March 31, 2021, 100% of total return incentive fees for Class FA, Class I and Class S shares were covered by Expense Support and approximately 97%, 88% and 86% of total return incentive fees for Class A, Class T and Class D shares, respectively, were covered by Expense Support.