Equity and Non-Controlling Interest (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Stock by Class

The following details the selling commissions, dealer manager fees, and shareholder servicing fees for each applicable share class as of December 31, 2023:

	Class S	Class D	Class I
Transaction fees (% of transaction price)	up to 3.50%	up to 1.50%	—	%
Shareholder servicing fees (% of NAV)	0.85%	0.25%	—	%

The following table details the movement in the Company’s outstanding shares of common shares:

	Class S	Class D	Class I	Total
Balance at Inception	–	–	–	–
Common shares issued	43,177,286	1,382,244	31,566,203	76,125,733
Distribution reinvestment	224,400	3,177	102,056	329,633
Common shares repurchased	—	—	—	—
December 31, 2022	43,401,686	1,385,421	31,668,259	76,455,366
Common stock issued	48,158,608	3,247,573	70,130,943	121,537,124
Distribution reinvestment	1,982,704	93,689	1,886,855	3,963,248
Common stock repurchased	(1,474,835)	(237,865)	(2,034,326)	(3,747,026)
December 31, 2023	92,068,163	4,488,818	101,651,731	198,208,712

Aggregate Distributions Declared for Each Applicable Class of Common Shares

The following tables detail the aggregate distributions declared for each applicable class of common shares for the year ended December 31, 2023 and for the period from Inception through December 31, 2022:

	Year Ended December 31, 2023
	Class S		Class D		Class I
Aggregate gross distributions declared per share of common shares	$	0.7000	$	0.7000	$	0.7000
Shareholder servicing fee per share of common shares	(0.0870)		(0.0253)		—
Net distributions declared per share of common shares	$	0.6130	$	0.6747	$	0.7000

	From Inception through December 31, 2022
	Class S		Class D		Class I
Aggregate gross distributions declared per share of common shares	$	0.2333	$	0.2333	$	0.2333
Shareholder servicing fee per share of common shares	(0.0285)		(0.0083)		—
Net distributions declared per share of common shares	$	0.2048	$	0.2250	$	0.2333

Redeemable Noncontrolling Interest

The following table details the redeemable non-controlling interest activity related to the Special Limited Partner for the period from Inception through December 31, 2022 and the year ended December 31, 2023:

Balance at Inception	$	–
Settlement of current year performance participation allocation	1,685
Repurchases	–
Conversion to Class I shares	–
GAAP income allocation	(26)
Other comprehensive income	–
Distributions	(15)
Fair value allocation	42
Reallocation between additional paid-in-capital and non-controlling interests due to changes in NLT OP ownership	(29)
December 31, 2022	$	1,657
Settlement of prior performance participation allocation	16,428
Repurchases	—
Conversion to Class I shares	—
GAAP income allocation	(210)
Other comprehensive income (loss)	(121)
Distributions	(561)
Fair value allocation	586
Reallocation between additional paid-in capital and non-controlling interests due to changes in NLT OP ownership	197
December 31, 2023	$	17,976