Distributions

The following table reflects the total distributions declared during the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31,
	2020						2019
Distribution Period⁽⁵⁾	Distributions Declared ⁽¹⁾⁽²⁾		Distributions Reinvested ⁽³⁾		Cash Distributions Net of Distributions Reinvested		Distributions Declared ⁽¹⁾	Distributions Reinvested ⁽⁴⁾	Cash Distributions Net of Distributions Reinvested
First Quarter	$	2,091,351	$	419,855	$	1,671,496	1,235,971	121,011	1,114,960

FOOTNOTES:


⁽¹⁾	The Company’s board of directors declared distributions per share on a monthly basis. See Note 11. “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 - March 31, 2019 (3 record dates)	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167
January 1, 2020 - March 31, 2020 (3 record dates)	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167


⁽²⁾	The Company’s board of directors also declared monthly distributions of $0.104167 per Class S share for record date March 30, 2020. The Class S shares were first sold on March 31, 2020 and therefore no distributions were declared for this class.


⁽³⁾	Includes distributions reinvested in April 2020 of $153,758 related to distributions declared based on record dates in March 2020 and excludes distributions reinvested in January 2020 of $114,090 related to distributions declared based on record dates in December 2019.


⁽⁴⁾	Includes distributions reinvested in April 2019 of $46,596 related to distributions declared based on record dates in March 2019 and excluded 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:



	Three Months Ended March 31,
	2020				2019
	Amount		% of Cash Distributions Declared		Amount		% of Cash Distributions Declared
Net investment income⁽¹⁾	$	1,645,964	78.7	%	$	1,130,385	91.5	%
Distributions in excess of net investment income⁽²⁾	445,387		21.3	%	105,586		8.5	%
Total distributions declared	$	2,091,351	100.0	%	$	1,235,971	100.0	%

FOOTNOTES:


⁽¹⁾	Net investment income includes expense support from the Manager and Sub-Manager of $607,630 and $216,073 for the three months ended March 31, 2020 and 2019, respectively. See Note 5. “Related Party Transactions” for additional information.


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

In 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 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.