Distributions

6 Months Ended

Jun. 30, 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 six months ended June 30, 2022 and 2021 (six record dates). Declared distributions are paid and reinvested monthly in arrears. The following table reflects the total distributions declared during the six months ended June 30, 2022 and 2021 (in thousands except per share data):

	Six Months Ended June 30,
	2022						2021
Distribution Period	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
Second Quarter	5,259		1,819		3,440		3,618		972		2,646
	$	10,187	$	3,449	$	6,738	$	6,908	$	1,761	$	5,147

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 - June 30, 2022	$	0.104167	$	0.104167	$	0.083333	$	0.093750	$	0.104167	$	0.104167
January 1, 2021 - June 30, 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):

	Six Months Ended June 30,
	2022				2021
	Amount		% of Distributions Declared		Amount		% of Distributions Declared
Net investment income(1)	$	7,431	72.9	%	$	4,833	70.0	%
Distributions in excess of net investment income(2)	2,756		27.1		2,075		30.0
Total distributions declared	$	10,187	100.0	%	$	6,908	100.0	%

FOOTNOTES:

(1)     Net investment income includes Expense Support (reimbursement) of $(2,352) and $4,495 for the six months ended June 30, 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 June 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 July 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.