Distributions

12 Months Ended

Dec. 31, 2021

Distributions Made to Members or Limited Partners [Abstract]

Distributions

Distributions

The Company’s board of directors declared distributions on a monthly basis (12 record dates) in each of the years ended December 31, 2021 and 2020. Declared distributions are paid monthly in arrears. The following table reflects the total distributions declared during the years ended December 31, 2021 and 2020:

Distribution Period	Distributions Declared(1)(2)		Distributions Reinvested(3)		Cash Distributions Net of Distributions Reinvested
Year ended December 31, 2021	$	15,489,084	$	4,428,799	$	11,060,285
Year ended December 31, 2020	9,929,353		2,240,547		7,688,806

FOOTNOTES:

(1)     Distributions declared per share for each share class were as follows:    

Record Date Period	Class FA		Class A		Class T		Class D		Class I		Class S
January 1, 2021 - December 31, 2021	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167	$	0.104167
January 1, 2020 - December 31, 2020	0.104167		0.104167		0.083333		0.093750		0.104167		0.104167

(2)     The Company’s board of directors began declaring monthly distributions per Class S share for record date March 30, 2020. The Class S shares were first sold on March 31, 2020.

(3)    Amounts based on distribution record date.

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

	Years Ended December 31,
	2021				2020
	Amount		% of Cash Distributions Declared		Amount		% of Cash Distributions Declared
Net investment income(1)	$	10,092,849	65.2	%	$	7,493,472	75.5	%
Distributions in excess of net investment income(2)	5,396,235		34.8		2,435,881		24.5
Total distributions declared	$	15,489,084	100.0	%	$	9,929,353	100.0	%

FOOTNOTES:

(1)     Net investment income includes expense support (reimbursement) of $(1,830,920) and $3,301,473 for the years ended December 31, 2021 and 2020, respectively. See Note 5. “Related Party Transactions” for additional information.

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

In December 2021, the Company’s board of directors declared a monthly cash distribution on the outstanding shares of all classes of common shares of record on January 28, 2022 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.