Capital Transactions (Tables)

3 Months Ended

Mar. 31, 2022

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

The following tables summarize the total shares issued and proceeds received by share class in connection with the Public Offerings, excluding shares repurchased through the Share Repurchase Program described further below, for the three months ended March 31, 2022 and 2021 (in thousands except per share data):


	Three Months Ended March 31, 2022
	Proceeds from Public 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(3)		Average Net Proceeds per Share

Class A	140	$	4,658	$	(307)	$	4,351	12	$	375	152	$	4,726	$	31.01
Class T	85	2,744		(128)		2,616		8	253		93	2,869		30.85
Class D	156	4,773		—		4,773		5	164		161	4,937		30.58
Class I	737	23,144		—		23,144		25	774		762	23,918		31.37

	1,118	$	35,319	$	(435)	$	34,884	50	$	1,566	1,168	$	36,450	$	31.21


	Three Months Ended March 31, 2021
	Proceeds from Public 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	96	$	3,040	$	(226)	$	2,814	10	$	303	106	$	3,117	$	29.19
Class T	109	3,347		(159)		3,188		3	97		112	3,285		29.25
Class D	61	1,763		—		1,763		3	76		64	1,839		28.81
Class I	578	17,093		—		17,093		10	282		588	17,375		29.60

	844	$	25,243	$	(385)	$	24,858	26	$	758	870	$	25,616	$	29.45

FOOTNOTES:

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

(2)The Company 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 fees.

(3)Approximately $12.9 million of net proceeds for shares sold and issued on March 31, 2022 was received in cash in April 2022. The proceeds are recorded in receivable for shares sold in the condensed consolidated statement of assets and liabilities as of March 31, 2022.

Summary of Shares Repurchased

The following table summarizes the shares repurchased during the three months ended March 31, 2022 and 2021 (in thousands except per share data):


	Shares Repurchased	Total Consideration		Average Price Paid per Share
Class FA	138	$	4,555	$	33.00
Class A	5	147		31.08
Class T	5	157		30.90
Class D	—	8		30.62
Class I	12	373		31.49
Three Months Ended March 31, 2022	160	$	5,240	$	32.76


	Shares Repurchased	Total Consideration		Average Price Paid per Share
Class FA	2	$	62	$	30.95
Class A	14	411		29.65
Class T	11	325		29.53
Class D	4	116		29.11
Class I	10	297		29.97
Three Months Ended March 31, 2021	41	$	1,211	$	29.71