As of June 30, 2020, the Company had six classes of units: Class A, Class C, Class I, Class W, Class Y and Class Z units. The unit classes have been sold with different upfront sales commissions and dealer manager fees as well as different ongoing distribution fees, dealer manager fees and/or service fees with respect to certain classes of units, including a distribution fee with respect to Class C units, an ongoing dealer manager fee with respect to Class I and Class W units, and an ongoing service fee with respect to Class W units. As of June 30, 2020, the Company recorded a liability in the aggregate amount of $489,000 for the estimated future amount of ongoing distribution fees, dealer manager fees and service fees payable. The estimated liability as of June 30, 2020 is calculated based on a net asset value per Class C, Class I and Class W units of $7.804 with a distribution fee of 0.80% for Class C units, an ongoing dealer manager fee of 0.50% for Class I units, and ongoing aggregate dealer and service fees of 0.75% for Class W units, per annum applied to the net asset value, during the expected period that Class C, Class W and Class I units remain outstanding, and discounted using an annual rate of 4%. All units participate in the income and expenses of the Company on a pro-rata basis based on the number of units outstanding. The following table is a summary of unit activity during the six months ended June 30, 2020:

	Units							Units
	Outstanding				Units			Outstanding
	as of		Units Issued		Repurchased			as of
	December 31,		During		During			June 30,
	2019		the Period		the Period			2020
Class A units		17,861,312		254,288		(205,662	)		17,909,938
Class C units		8,067,787		31,003		(115,855	)		7,982,935
Class I units		10,468,162		297,965		(259,650	)		10,506,478
Class W units		24,555		-		-			24,555
Class Y units		1,297,897		322,131		(3,176	)		1,616,852
Class Z units		8,423,851		-		-			8,423,851
Total		46,143,564		905,388		(584,343	)		46,464,609

The total of 905,388 units issued during the six months ended June 30, 2020 included 583,304 units issued under the DRP at a value of $4,647,000 and 322,131 units sold pursuant to our private placement for aggregate gross proceeds of $2,606,000.

Beginning June 11, 2014, the Company commenced a unit repurchase program pursuant to which the Company may conduct quarterly unit repurchases of up to 5% of the weighted average number of outstanding units in any 12-month period to allow the Company’s unitholders, who have held units for a minimum of one year, to sell their units back to the Company at a price equal to the most recently determined net asset value per unit for each class of units, as most recently disclosed by the Company in a public filing with the SEC at the time of repurchase. Repurchases for the second quarter of 2020 have been made at a price equal to $7.804 per units, which was the net asset value per unit of each class as of March 31, 2020, the most recently disclosed net asset value at the time of repurchase.

The unit repurchase program includes numerous restrictions, including a one-year holding period, that limit the ability of the Company’s unitholders to sell their units. Unless the Company’s board of managers determines otherwise, the Company will limit the number of units to be repurchased during any calendar year to the number of units that can be repurchased with the proceeds the Company receives from the sale of units under the Company’s DRP. At the sole discretion of the Company’s board of managers, the Company may also use cash on hand, cash available from borrowings and cash from the repayment or liquidation of investments as of the end of the applicable quarter to repurchase units.

During the six months ended June 30, 2020, the Company received repurchase requests for a total of 584,343 units at a weighted average repurchase price per unit of $7.914 for an aggregate repurchase price of $4,624,739. As of June 30, 2020, $2,305,807 of these repurchase requests were pending processing and were completed by the Company in July 2020. For the quarter ended June 30, 2020, eligible repurchase requests exceeded the limitations of our unit repurchase program described above and the requests were fulfilled on a pro rata basis, such that we fulfilled 14.53% of eligible repurchase requests (based on the number of units submitted for repurchase). Pursuant to the terms of our unit repurchase program, the unsatisfied portion of repurchase requests that were not fulfilled at quarter-end will be carried over to the next quarter and treated as a request for repurchase at the next quarter-end repurchase date, unless the repurchase request is withdrawn.