Capital Transactions (Tables)

12 Months Ended

Dec. 31, 2021

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 years ended December 31, 2021 and 2020:


	Year Ended December 31, 2021
	Proceeds from Offerings							Distributions Reinvested(1)			Total
Share Class	Shares Issued	Gross Proceeds		Sales Load(2)		Net Proceeds to Company		Shares	Proceeds to Company		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class A	403,267	$	13,195,644	$	(958,829)	$	12,236,815	43,744	$	1,322,539	447,011	$	13,559,354	$	30.33
Class T	954,157	30,411,622		(1,386,388)		29,025,234		19,417	585,294		973,574	29,610,528		30.41
Class D	547,808	16,473,300		—		16,473,300		13,798	409,939		561,606	16,883,239		30.06
Class I	3,419,158	105,230,820		—		105,230,820		60,472	1,856,610		3,479,630	107,087,430		30.78
	5,324,390	$	165,311,386	$	(2,345,217)	$	162,966,169	137,431	$	4,174,382	5,461,821	$	167,140,551	$	30.60


	Year Ended December 31, 2020
	Proceeds from Offerings							Distributions Reinvested(1)			Total
Share Class	Shares Issued	Gross Proceeds		Sales Load(2)(3)		Net Proceeds to Company		Shares	Proceeds to Company		Shares	Net Proceeds to Company		Average Net Proceeds per Share
Class FA	569,642	$	15,853,000	$	(167,960)	$	15,685,040	—	$	—	569,642	$	15,685,040	$	27.53
Class A	334,440	9,808,964		(679,465)		9,129,499		35,376	961,623		369,816	10,091,122		27.29
Class T	473,344	13,486,208		(640,595)		12,845,613		8,440	229,816		481,784	13,075,429		27.14
Class D	143,074	3,873,660		—		3,873,660		9,174	245,006		152,248	4,118,666		27.05
Class I	1,076,234	29,893,733		—		29,893,733		24,532	673,348		1,100,766	30,567,081		27.77
Class S	1,770,386	52,359,647		(1,687,061)		50,672,586		—	—		1,770,386	50,672,586		28.62
	4,367,120	$	125,275,212	$	(3,175,081)	$	122,100,131	77,522	$	2,109,793	4,444,642	$	124,209,924	$	27.95

FOOTNOTES:

(1)Amounts are based on distribution reinvestment date. Distributions are declared monthly and paid or reinvested one month in arrears.

(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 incurs selling commissions and dealer manager fees on the sale of Class A and Class T shares sold through the Public Offerings. 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 approximately 0.3 million Class FA shares sold under the terms of the Class FA Private Offering during the year ended December 31, 2020.

Summary of Shares Repurchased


	Years Ended December 31,
	2021					2020
Share Class	Number of Shares	Total Consideration		Average Price Paid per Share		Number of Shares	Total Consideration		Average Price Paid per Share
Class FA	19,637	$	630,608	$	32.11	246,653	$	7,037,470	$	28.53
Class A	20,876	627,150		30.04		4,580	123,038		26.86
Class T	19,158	574,225		29.97		25,774	721,226		27.98
Class D	6,711	198,484		29.58		1,156	32,212		27.85
Class I	36,349	1,118,904		30.78		63,062	1,732,971		27.48
Class S	4,307	141,497		32.85		—	—		—
Total	107,038	$	3,290,868	$	30.74	341,225	$	9,646,917	$	28.27