Equity

Subscription Proceeds — As of September 30, 2018 and 2017, the Company had received aggregate subscription proceeds of approximately $51.2 million (4.9 million shares) and $23.3 million (2.2 million shares), respectively, both of which include $200,000 (20,000 shares) of subscription proceeds received from the Advisor prior to the commencement of the Offering, approximately $251,250 (25,125 shares) of subscription proceeds received in connection with a private placement made in 2016 and approximately $1.2 million (0.1 million shares) and $221,000 (22,100 shares), respectively, of subscription proceeds pursuant to the Reinvestment Plan. The Company terminated and closed its Primary Offering effective October 1, 2018 and concurrently suspended the Reinvestment Plan.

Distributions — For the nine months ended September 30, 2018 and 2017, the Company declared and paid cash distributions of approximately $1.4 million and $0.5 million, respectively, which were net of class-specific expenses. In addition, the Company declared and issued stock dividends of approximately 35,000 and 14,000 shares of common stock during the nine months ended September 30, 2018 and 2017, respectively.

For the nine months ended September 30, 2018 and 2017, 100.0% of the cash distributions paid to stockholders were considered a return of capital to stockholders for federal income tax purposes. No amounts distributed to stockholders for the nine months ended September 30, 2018 and 2017 were required to be or have been treated by the Company as a return of capital for purposes of calculating the stockholders’ return on their invested capital as described in the Company’s advisory agreement. The distribution of new common stock shares to recipients is non-taxable.

In September 2018, the Company’s board of directors declared a monthly cash distribution of $0.0480, less class-specific expenses, on each outstanding share of common stock on October 1, 2018, November 1, 2018 and December 1, 2018. These distributions are to be paid and distributed by December 31, 2018. In connection with the termination of the Offering effective October 1, 2018, the Company’s board of directors determined that it does not intend to authorize additional stock dividends at this time. Refer to Note 12. “Subsequent Events” for additional information.

Redemptions — During the nine months ended September 30, 2018, the Company received requests for the redemption of common stock under its Redemption Plan of approximately $59,000 in Class T shares and $127,000 in Class A shares, which were approved for redemption at a weighted average price per share of $10.05 and paid in March 2018, June 2018, and September 2018, respectively. There were no redemptions requested during the nine months ended September 30, 2017. In connection with the termination of the Offering and the board of directors’ decision to consider possible strategic alternatives available to the Company, the Redemption Plan was suspended effective October 1, 2018 and the Company no longer accepts or processes any redemption requests received after such date.