Class N Redeemable Common Stock

6 Months Ended

Jun. 30, 2023

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


$ in thousands, except share amounts	As of June 30, 2023			As of December 31, 2022
	Shares	Amount		Shares	Amount
Class N Redeemable Common Stock issued	16,061,114	$	473,415	16,061,114	$	473,415
Class N Redeemable Common Stock repurchased	2,537,790	$	74,795	2,537,790	$	74,795

For the three and six months ended June 30, 2023, we recorded a decrease to Class N redeemable common stock and an increase to additional paid-in capital of $3.9 million and $16.8 million, respectively, to adjust the value of the Class N shares held by MassMutual to our June 30, 2023 NAV per Class N share. 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 Class N shares held by MassMutual to our June 30, 2022 NAV per Class N share. The change in the redemption value does not affect income available to common stockholders.

MassMutual committed to purchase $400.0 million of Class N common stock in our Class N Private Offering and fully met its commitment as of June 30, 2023.

Exchange Rights and Registration Agreement

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.