Distributions

3 Months Ended

Mar. 31, 2022

Distributions Made to Members or Limited Partners [Abstract]

Distributions

Distributions

The Company’s board of directors declared distributions on a monthly basis in each of the three months ended March 31, 2022 and 2021 (three record dates). Declared distributions are paid and reinvested monthly in arrears. The following table reflects the total distributions declared during the three months ended March 31, 2022 and 2021 (in thousands except per share data):

	Three Months Ended March 31,
	2022						2021
Distribution Period(5)	Distributions Declared(1)		Distributions Reinvested(2)		Cash Distributions Net of Distributions Reinvested (2)		Distributions Declared(1)(2)		Distributions Reinvested (2)		Cash Distributions Net of Distributions Reinvested (2)
First Quarter	$	4,928	$	1,630	$	3,298	$	3,290	$	789	$	2,501
	$	4,928	$	1,630	$	3,298	$	3,290	$	789	$	2,501

FOOTNOTES:

(1)    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. Monthly 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, 2022 - March 31, 2022	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167	$	0.104167
January 1, 2021 - March 31, 2021	0.104167		0.104167		0.083333		0.093750		0.104167		0.104167

(2)    Amounts based on distribution record date.

The sources of declared distributions on a GAAP basis were as follows (in thousands):

	Three Months Ended March 31,
	2022				2021
	Amount		% of Distributions Declared		Amount		% of Distributions Declared
Net investment income(1)	$	4,046	82.1	%	$	2,421	73.6	%
Distributions in excess of net investment income(2)	882		17.9		869		26.4
Total distributions declared	$	4,928	100.0	%	$	3,290	100.0	%

FOOTNOTES:

(1)     Net investment income includes Expense Support (reimbursement) of $(1,630) and $2,650 for the three months ended March 31, 2022 and 2021, respectively. See Note 5. “Related Party Transactions” for additional information.

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

In March 2022, 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 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.