The following table reflects the total distributions declared during the year ended December 31, 2019 and the period from February 7, 2018 (commencement of operations) through December 31, 2018:



	Year Ended December 31, 2019						Period from February 7, 2018 (Commencement of Operations) to December 31, 2018
Distribution Period⁽⁵⁾	Distributions Declared ⁽¹⁾		Distributions Reinvested ⁽²⁾		Cash Distributions Net of Distributions Reinvested		Distributions Declared ⁽³⁾		Distributions Reinvested ⁽⁴⁾		Cash Distributions Net of Distributions Reinvested
First Quarter	$	1,235,971	$	121,011	$	1,114,960	$	302,841	$	2,299	$	300,542
Second Quarter	1,360,259		192,894		1,167,365		1,026,590		19,766		1,006,824
Third Quarter	1,526,864		253,162		1,273,702		1,059,027		35,556		1,023,471
Fourth Quarter	1,722,490		319,341		1,403,149		1,129,844		69,004		1,060,840
	$	5,845,584	$	886,408	$	4,959,176	$	3,518,302	$	126,625	$	3,391,677

FOOTNOTES:


⁽¹⁾	During 2019, the Company’s board of directors declared distributions per share on a monthly basis. See Note 12. “Financial Highlights” for distributions declared by share class. Distributions declared per share for each share class were as follows:



Record Date Period	Class FA		Class A		Class T		Class D		Class I
January 1, 2019 - December 31, 2019 (12 record dates)	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167


⁽²⁾	Includes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 2019 and excludes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018.


⁽³⁾	During 2018, the Company’s board of directors declared distributions per share on a weekly basis. See Note 12. “Financial Highlights” for distributions declared by share class. Distributions declared per share for each share class were as follows:



Record Date Period	Class FA		Class A		Class T		Class D		Class I
March 7, 2018	$	0.020604	$	0.020604	$	0.016484	$	0.018544	$	0.020604
March 13, 2018 - December 28, 2018 (42 record dates)	0.024038		0.024038		0.019231		0.021635		0.024038


⁽⁴⁾	Includes distributions reinvested in January 2019 of $26,789 related to distributions declared based on record dates in December 2018.


⁽⁵⁾	Distributions declared are paid and reinvested monthly in arrears.

The sources of declared distributions on a GAAP basis were as follows:



	Year Ended December 31, 2019				Period from February 7, 2018 (Commencement of Operations) to December 31, 2018
	Amount		% of Cash Distributions Declared		Amount		% of Cash Distributions Declared
Net investment income⁽¹⁾	$	4,981,264	85.2	%	$	3,389,372	96.3	%
Distributions in excess of net investment income⁽²⁾	864,320		14.8	%	128,930		3.7	%
Total distributions declared	$	5,845,584	100.0	%	$	3,518,302	100.0	%

FOOTNOTES:


⁽¹⁾	Net investment income includes expense support from the Manager and Sub-Manager of $1,372,020 and $389,774 for the year ended December 31, 2019 and for the period from February 7, 2018 (commencement of operations) to December 31, 2018, respectively. See Note 5. “Related Party Transactions” for additional information.


⁽²⁾	Consists of distributions made from offering proceeds for the periods presented.