The following table presents a reconciliation of the Company's basic and diluted earnings/(loss) per share for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Net loss	$	(2,601,903	)	$	(1,388,450	)	$	(5,387,310	)	$	(2,214,605	)
Less: Class A common stock cash distributions declared		84,122			81,956			169,363			165,068
Less: Class T common stock cash distributions declared		121,545			119,360			244,076			235,694
Less: Class R common stock cash distributions declared		1,047,968			530,248			2,034,919			908,929
Less: Class I common stock cash distributions declared		99,443			25,556			161,764			35,241
Undistributed net loss attributable to common stockholders	$	(3,954,981	)	$	(2,145,570	)	$	(7,997,432	)	$	(3,559,537	)

Class A common stock:
Undistributed net loss attributable to Class A common stockholders	$	(222,354	)	$	(236,156	)	$	(475,477	)	$	(437,649	)
Class A common stock cash distributions declared		84,122			81,956			169,363			165,068
Net loss attributable to Class A common stockholders	$	(138,232	)	$	(154,200	)	$	(306,114	)	$	(272,581	)
Net loss per Class A common share, basic and diluted	$	(0.22	)	$	(0.25	)	$	(0.48	)	$	(0.44	)
Weighted-average number of Class A common shares outstanding, basic and diluted (1)		635,764			626,103			635,630			624,518

Class T common stock:
Undistributed net loss attributable to Class T common stockholders	$	(391,026	)	$	(411,109	)	$	(834,933	)	$	(761,725	)
Class T common stock cash distributions declared		121,545			119,360			244,076			235,694
Net loss attributable to Class T common stockholders	$	(269,481	)	$	(291,749	)	$	(590,857	)	$	(526,031	)
Net loss per Class T common share, basic and diluted	$	(0.24	)	$	(0.27	)	$	(0.53	)	$	(0.48	)
Weighted-average number of Class T common shares outstanding, basic and diluted		1,118,038			1,089,943			1,116,159			1,086,970

Class R common stock:
Undistributed net loss attributable to Class R common stockholders	$	(3,136,689	)	$	(1,451,507	)	$	(6,325,262	)	$	(2,295,752	)
Class R common stock cash distributions declared		1,047,968			530,248			2,034,919			908,929
Net loss attributable to Class R common stockholders	$	(2,088,721	)	$	(921,259	)	$	(4,290,343	)	$	(1,386,823	)
Net loss per Class R common share, basic and diluted	$	(0.23	)	$	(0.24	)	$	(0.51	)	$	(0.42	)
Weighted-average number of Class R common shares outstanding, basic and diluted		8,968,558			3,848,272			8,455,769			3,280,470

Class I common stock:
Undistributed net loss attributable to Class I common stockholders	$	(204,912	)	$	(46,798	)	$	(361,760	)	$	(64,411	)
Class I common stock cash distributions declared		99,443			25,556			161,764			35,241
Net loss attributable to Class I common stockholders	$	(105,469	)	$	(21,242	)	$	(199,996	)	$	(29,170	)
Net loss per Class I common share, basic and diluted	$	(0.18	)	$	(0.16	)	$	(0.41	)	$	(0.32	)
Weighted-average number of Class I common shares outstanding, basic and diluted		585,893			133,309			483,610			91,914

(1)Weighted-average number of shares excludes the convertible stock as they are not participating securities.