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Distributions
12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Distributions

Note 9. Distributions

Since July 2013, the Company has paid monthly distributions for all classes of units. The following table summarizes the distributions paid for the year ended December 31, 2021:

 

 

 

 

 

Daily Rate

 

 

Cash

 

 

Distributions

 

 

Total

 

Month ended

 

Date Declared

 

Per Unit

 

 

Distributions

 

 

Reinvested

 

 

Declared

 

January 31, 2021

 

November 10, 2020

 

$

0.00168675

 

 

$

1,676,282

 

 

$

767,969

 

 

$

2,444,251

 

February 28, 2021

 

November 10, 2020

 

$

0.00168675

 

 

 

1,519,708

 

 

 

695,616

 

 

 

2,215,324

 

March 31, 2021

 

February 26, 2021

 

$

0.00168675

 

 

 

1,710,833

 

 

 

753,903

 

 

 

2,464,736

 

April 30, 2021

 

March 26, 2021

 

$

0.00168675

 

 

 

1,630,169

 

 

 

741,528

 

 

 

2,371,697

 

May 31, 2021

 

March 26, 2021

 

$

0.00145753

 

 

 

1,465,099

 

 

 

659,878

 

 

 

2,124,977

 

June 30, 2021

 

May 12, 2021

 

$

0.00144603

 

 

 

1,413,132

 

 

 

634,247

 

 

 

2,047,379

 

July 31, 2021

 

May 12, 2021

 

$

0.00144603

 

 

 

1,465,897

 

 

 

647,088

 

 

 

2,112,985

 

August 31, 2021

 

May 12, 2021

 

$

0.00144603

 

 

 

1,474,800

 

 

 

644,904

 

 

 

2,119,704

 

September 30, 2021

 

August 13, 2021

 

$

0.00140710

 

 

 

1,399,610

 

 

 

605,297

 

 

 

2,004,907

 

October 31, 2021

 

August 13, 2021

 

$

0.00140710

 

 

 

1,440,959

 

 

 

625,285

 

 

 

2,066,244

 

November 30, 2021

 

August 13, 2021

 

$

0.00140710

 

 

 

1,399,210

 

 

 

606,232

 

 

 

2,005,442

 

December 31, 2021

 

November 12, 2021

 

$

0.00139060

 

 

 

1,434,723

 

 

 

617,741

 

 

 

2,052,464

 

Total for 2021

 

 

 

 

 

 

 

$

18,030,422

 

 

$

7,999,688

 

 

$

26,030,110

 

 

On March 26, 2021, the Company’s board of managers determined that it is in the Company’s best interests, that, for periods on and after May 1, 2021, the Company’s daily distribution rate will be more closely tied to the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared. Accordingly, with the authorization of the Company’s board of managers, on March 31, 2021, the Company declared a daily distribution rate of $0.00145753 per unit (less the ongoing fees applicable to certain classes of units which reduce the amount of distributions paid to the applicable unitholders) for the month of May 2021, which is equal to an annualized rate of approximately 7.0% of the NAV of $7.600 per unit, determined as of December 31, 2020. This daily distribution rate is lower than the daily distribution rate of $0.00168675 per unit, per day that had been declared by the Company with respect to distributions from March 2018 through April 2021. The board of managers expects to maintain the declaration and payment of distributions at an annualized rate equal to approximately 7.0% of the most recently determined NAV per unit that the Company has disclosed in a public filing with the SEC at the time the distribution is declared, which means the distribution rate is expected to remain relatively constant as a percentage of the Company’s NAV per unit.  However, the board of managers may determine, in its discretion at any time, to change the rate at which distributions are paid or to not pay distributions at all. Given that the Company’s NAV per unit varies from quarter to quarter, it is expected that, even if the approximate annualized rate at which distributions are declared remains constant, the actual per unit dollar amount of distributions paid to unitholders may vary from time to time in concert with variations in the Company’s NAV. The payment of distributions is uncertain and cannot be guaranteed.

s

The Company’s board of managers authorized the declaration of distributions for December of 2021 and January and February of 2022. These distributions were or will be calculated based on unitholders of record for each day in an amount equal to $0.00139060 per unit per day (less the distribution fee with respect to Class C units, the ongoing dealer manager fee with respect to certain Class I units and Class W units and the ongoing service fee with respect to Class W units). On an annualized basis, these distributions are

equal to approximately 7.0% of the NAV per unit of $7.251, determined as of September 30, 2021. These distributions have been or will be paid in cash or reinvested in units, for those unitholders participating in the DRP, on or about the first day of the month following the month to which the distributions relate. There can be no assurances that distributions will continue to be paid at this rate in subsequent periods or at all.