Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2022

For the years ended December 31, 2022 and 2021, 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, 2022	$	32.62	$	30.78	$	30.66	$	30.35	$	31.18	$	32.84
December 31, 2021	29.97		28.76		28.67		28.24		29.06		30.08

Related party fees and expenses incurred for the quarter and nine months ended September 30, 2022 and 2021 are summarized below (in thousands):


		Quarter Ended September 30,				Nine Months Ended September 30,
Related Party	Source Agreement & Description	2022		2021		2022		2021
Managing Dealer	Managing Dealer Agreement: Commissions	$	565	$	542	$	1,335	$	1,084
	Dealer manager fees	288		296		689		580
	Distribution and shareholder servicing fees	210		104		549		247
Manager and Sub-Manager	Management Agreement and Sub-Management Agreement: Organization and offering reimbursement(1)(2)	756		688		2,002		1,741
	Base management fees(1)	2,425		1,287		6,417		3,277
	Total return incentive fees(1)	3,090		1,419		7,723		6,289
Manager and Sub-Manager	Expense Support and Conditional Reimbursement Agreement: Expense Support	—		4,495		—		—

	Reimbursement of Expense Support	183		1,055		2,535		1,055
Manager	Administrative Services Agreement: Reimbursement of third-party operating expenses(1)	13		41		70		97
Sub-Manager	Sub-Management Agreement: Reimbursement of third-party pursuit costs(1)(3)	—		137		339		651

FOOTNOTES:

(1)Expenses subject to Expense Support.

(2)Organization reimbursements are expensed on the Company’s condensed consolidated statements of operations as incurred. Offering reimbursements are capitalized on the Company’s condensed consolidated statements of assets and liabilities as deferred offering expenses and expensed to the Company’s condensed consolidated statements of operations over the lesser of the offering period or 12 months.

(3)Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing due diligence reviews.

The following table presents amounts due to related parties as of September 30, 2022 and December 31, 2021 (in thousands):


	September 30, 2022		December 31, 2021




Total return incentive fee	$	7,723	$	7,283
Reimbursement of Expense Support	2,535		1,831
Base management fees	774		578
Organization and offering expenses	259		176
Distribution and shareholder servicing fees	72		53
Reimbursement of third-party operating expenses and pursuit costs	9		1
Total due to related parties	$	11,372	$	9,922

The following table summarizes Expense Support received (excluding years for which reimbursement eligibility has expired), Expense Support 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 September 30, 2022 (in thousands):


For the Year Ended	Amount of Expense Support Received		Expense Support Reimbursed(1)		Expense Support Subject to Reimbursement(2)		Reimbursement Eligibility Expiration
December 31, 2019	$	1,372	$	(970)	$	402	March 31, 2023
December 31, 2020	3,301		(509)		2,792		March 31, 2024
	$	4,673	$	(1,479)	$	3,194

FOOTNOTES:

(1)Represents Expense Support reimbursed to the Manager and Sub-Manager accrued as of December 31, 2021 and paid during the nine months ended September 30, 2022, related to Expense Support received for the years ended December 31, 2020 and 2019. The Company also reimbursed $(353) related to Expense Support received for the year ended December 31, 2018.

(2)Represents remaining Expense Support that is subject to reimbursement, which is calculated by share class and subject to limitations as defined in the Expense Support and Conditional Reimbursement Agreement. During the nine months ended September 30, 2022, management accrued reimbursement of expense support of $2,535. Management believes that Expense Support reimbursement payments by the Company to the Manager and Sub-Manager for unreimbursed Expense Support in excess of this accrual amount are not probable under the terms of the Expense Support and Conditional Reimbursement Agreement as of September 30, 2022.