Subsequent Events

Distributions

In January 2020, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on February 27, 2020 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, and $0.104167 per share for Class I shares.

In February and March 2020, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on March 30, 2020 and April 29, 2020 of $0.104167 per share for Class FA shares, $0.104167 per share for Class A shares, $0.083333 per share for Class T shares, $0.093750 per share for Class D shares, $0.104167 per share for Class I shares and $0.104167 per share for Class S shares.

Offerings

On January 21, 2020, the Company’s board of directors approved an extension of the Public Offering until March 7, 2021. Subject to requirements under the Securities Act and the applicable state securities laws of any jurisdiction, the Company intends to conduct the Public Offering until March 7, 2021. However, the Company reserves the right to further extend the outside date of the Public Offering or terminate the Public Offering at any time in its sole discretion.

In January, February and March 2020, the Company’s board of directors approved new per share offering prices for each share class in the Public Offering, Class FA Private Offerings and Class S Private Offering. The new offering prices are effective as of January 28, 2020, February 28, 2020 and March 23, 2020, respectively. The following table provides the new offering prices and applicable upfront selling commissions and placement agent / dealer manager fees for each share class available in the Public Offering, Class FA Private Offerings and Class S Private Offering:



	Class FA		Class A		Class T		Class D		Class I		Class S
Effective January 28, 2020:
Offering Price, Per Share	⁽¹⁾⁽²⁾		$	29.41	$	28.36	$	26.61	$	27.15	N/A
Selling Commissions, Per Share	⁽²⁾		1.76		0.85		—		—		N/A
Placement Agent / Dealer Manager Fees, Per Share	⁽²⁾		0.74		0.50		—		—		N/A
Effective February 28, 2020:
Offering Price, Per Share	$	30.09	$	29.25	$	28.19	$	26.44	$	27.00	$	28.53
Selling Commissions, Per Share	1.66		1.76		0.85		—		—		0.57
Dealer Manager Fees, Per Share	0.90		0.73		0.49		—		—		0.43
Effective March 23, 2020:
Offering Price, Per Share	$	30.12	$	29.23	$	28.16	$	26.40	$	26.99	$	28.56
Selling Commissions, Per Share	1.66		1.75		0.85		—		—		0.57
Dealer Manager Fees, Per Share	0.90		0.73		0.49		—		—		0.43

FOOTNOTES:

⁽¹⁾

The offering price per Class FA share in the Class FA Private Offering was $27.64 as of January 28, 2020. Shares sold in the Class FA Private Offering are not subject to selling commissions or placement agent fees. The Class FA Private Offering closed on December 31, 2019; however, subscriptions received after December 28, 2019, the last date the Company accepted subscriptions in 2019, but on or before December 31, 2019 were accepted by the Company in January 2020.


⁽²⁾	The offering price per Class FA share in the Follow-On Class FA Private Offering was $30.21 effective January 28, 2020. Shares sold in the Follow-On Class FA Private Offering are subject to a selling commission of up to 5.5% and placement agent fee of up to 3.0% of the sale price.

Capital Transactions

During the period January 1, 2020 through March 25, 2020, the Company received additional net proceeds from the Class FA Private Offerings, Public Offering and its distribution reinvestment plan of:



	Class FA Private Offering, Follow-On Class FA Private Offering and Public Offering								Distribution Reinvestment Plan			Total
Share Class	Shares	Gross Proceeds		Up-front Selling Commissions and Placement Agent / Dealer Manager Fees			Net Proceeds to Company		Shares	Gross Proceeds		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class FA	407,607	$	11,339,000	$	(80,275	)	$	11,258,725	—	$	—	407,607	$	11,258,725	$	27.62
Class A	92,163	2,632,286		(160,299		)	2,471,987		5,265	141,362		97,428	2,613,349		26.82
Class T	85,475	2,417,694		(114,840		)	2,302,854		1,011	27,216		86,486	2,330,070		26.94
Class D	18,763	497,500		—			497,500		2,032	53,846		20,795	551,346		26.51
Class I	145,326	3,930,955		—			3,930,955		4,515	122,149		149,841	4,053,104		27.05
	749,334	$	20,817,435	$	(355,414	)	$	20,462,021	12,823	$	344,573	762,157	$	20,806,594	$	27.30

Acquisition

In January 2020, the Company, through wholly-owned subsidiaries, made a co-investment in Resolution Economics comprised of approximately $7.2 million in common equity and approximately $2.8 million in senior secured subordinated notes.

In March 2020, the Company, through wholly-owned subsidiaries, made a co-investment in Transition Finance Strategies, LLC, doing business as Blue Ridge ESOP Associates, comprised of approximately $9.9 million in common equity and approximately $2.6 million in senior secured subordinated notes.

COVID-19

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to spread throughout the United States and globally. As a result of the outbreak and a “stay-at-home” order issued by the state of Illinois, the manufacturing facility used by Polyform temporarily closed starting in late March 2020. The ultimate extent of the impact of COVID-19 on the financial performance of the Company and its portfolio companies will depend on future developments, including the duration and spread of COVID-19, and the overall economy, all of which are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company's investment results may be materially adversely affected.