Distributions

9 Months Ended

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

	Nine Months Ended September 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
Third Quarter	5,627		2,036		3,591		4,037		1,224		2,813
	$	15,814	$	5,485	$	10,329	$	10,945	$	2,985	$	7,960

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

	Nine Months Ended September 30,
	2022				2021
	Amount		% of Distributions Declared		Amount		% of Distributions Declared
Net investment income(1)	$	12,040	76.1	%	$	6,944	63.4	%
Distributions in excess of net investment income(2)	3,774		23.9		4,001		36.6
Total distributions declared	$	15,814	100.0	%	$	10,945	100.0	%

FOOTNOTES:

(1)     Net investment income includes reimbursement of Expense Support of $2,535 and $1,055 for the nine months ended September 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 September 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 October 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.