Class N Redeemable Common Stock

6 Months Ended

Jun. 30, 2022

The following table details our Class N redeemable common stock activity with MassMutual:


$ in thousands	As of June 30, 2022			As of December 31, 2021
	Shares	Amount		Shares	Amount
Class N Redeemable Common Stock issued	12,557,919	$	358,726	9,760,987	$	271,526
Class N Redeemable Common Stock repurchased	2,537,790	$	74,795	2,388,175	$	70,000

For the three and six months ended June 30, 2022, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.2 million and $20.3 million, respectively, to adjust the value of the MassMutual shares to our June 30, 2022 NAV per Class N share. For the three and six months ended June 30, 2021, we recorded an increase to Class N redeemable common stock and a decrease to additional paid-in capital of $10.2 million for both periods to adjust the value of the MassMutual shares to our June 30, 2021 NAV per Class N share. We will limit any adjustment to the carrying amount of the Class N redeemable common stock so as to not reduce the carrying amount below the initial amount reported as Class N redeemable common stock. The change in the redemption value does not affect income available to common stockholders. MassMutual has committed to purchase an additional $41.3 million of Class N common stock at our request prior to January 20, 2023.

We have entered into an exchange rights and registration agreement with MassMutual (the “Registration Rights Agreement”). After September 28, 2025, MassMutual may require us to exchange all or a portion of its Class N shares for any class of shares of our common stock being sold in the Primary Offering and file and maintain an effective registration statement with the SEC (for no longer than three years) registering the offer and sale of the new shares issued in the exchange. MassMutual's rights under the Registration Rights Agreement will terminate when its shares of our common stock have an aggregate NAV of less than $20.0 million.