Capital Transactions (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Shares Issued and Proceeds Received in Connection with Private Placement

The following table summarizes the total shares issued and proceeds received by share class in connection with the Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the three months ended March 31, 2020 and 2019:



	Three Months Ended March 31, 2020
	Proceeds from Offerings								Distributions Reinvested⁽¹⁾			Total
Share Class	Shares Issued	Gross Proceeds		Sales Load ⁽²⁾⁽³⁾			Net Proceeds to Company⁽⁵⁾		Shares	Proceeds to Company		Shares	Net Proceeds to Company⁽⁵⁾		Average Net Proceeds per Share
Class FA	474,091	$	13,209,000	$	(117,975	)	$	13,091,025	—	$	—	474,091	$	13,091,025	$	27.61
Class A	120,775	3,461,287		(224,005		)	3,237,282		6,600	176,976		127,375	3,414,258		26.80
Class T	134,641	3,802,228		(180,606		)	3,621,622		1,012	27,216		135,653	3,648,838		26.90
Class D	27,873	738,000		—			738,000		2,033	53,846		29,906	791,846		26.48
Class I	181,784	4,914,955		—			4,914,955		4,515	122,149		186,299	5,037,104		27.04
Class S	9,030	255,000		(6,125		)	248,875		—	—		9,030	248,875		27.56
	948,194	$	26,380,470	$	(528,711	)	$	25,851,759	14,160	$	380,187	962,354	$	26,231,946	$	27.26



	Three Months Ended March 31, 2019
	Proceeds from Offerings								Distributions Reinvested⁽⁴⁾			Total
Share Class	Shares Issued	Gross Proceeds		Sales Load			Net Proceeds to Company		Shares	Proceeds to Company		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class A	177,162	5,072,865		(392,249		)	4,680,616		1,769	46,687		178,931	4,727,303		26.42
Class T	24,231	675,000		(32,062		)	642,938		56	1,488		24,287	644,426		26.53
Class D	13,749	360,000		—			360,000		1,226	32,096		14,975	392,096		26.18
Class I	184,330	4,889,500		—			4,889,500		790	20,933		185,120	4,910,433		26.53
	399,472	$	10,997,365	$	(424,311	)	$	10,573,054	3,841	$	101,204	403,313	$	10,674,258	$	26.47

FOOTNOTES:


⁽¹⁾	Amounts exclude distributions reinvested in April 2020 related to the payment of distributions declared in March 2020 and include distributions reinvested in January 2020 related to the payment of distributions declared in December 2019.

⁽²⁾

The Company incurred selling commissions and placement agent fees on the sale of Class FA shares sold in the Follow-On Class FA Private Offering and on the sale of Class S shares sold in the Class S Private Offering. The Company also incurred selling commissions and dealer manager fees on the sale of Class A and Class T shares sold in the Public Offering. See Note 5. “Related Party Transactions” for additional information regarding up-front selling commissions and dealer manager/placement agent fees.


⁽³⁾	The Company did not incur any selling commissions or placement agent fees from the sale of the approximately 0.3 million Class FA shares sold in the Class FA Private Offering.


⁽⁴⁾	Amounts exclude distributions reinvested in April 2019 related to the payment of distributions declared in March 2019 and include distributions reinvested in January 2019 related to the payment of distributions declared in December 2018.

Summary of Shares Repurchased

he following table summarizes the shares repurchased during the three months ended March 31, 2020:



	Shares Repurchased	Total Consideration		Price Paid per Share
Class FA	54,800	$	1,510,288	$	27.56
Class A	2,242	59,969		26.75
Class I	13,780	371,909		26.99
March 31, 2020 Total	70,822	$	1,942,166	$	27.42