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Declaration of Distributions
3 Months Ended
Mar. 31, 2020
Declaration of Distributions [Abstract]  
Declaration of Distributions
Declaration of Distributions
During the quarter ended March 31, 2020, the Company paid cash distributions in the amount of $0.001502732 per day, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock for stockholders of such classes as of the close of business on each day during the period from January 1, 2020 through March 31, 2020. Such distributions were paid on a monthly basis, on or about the first day of the month, for the month then-ended.
During the quarter ended March 31, 2020, the Company paid stock distributions at a monthly rate of $0.008333333 worth of shares per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, $0.001 par value per share, (equivalent to a $0.10 per share annualized stock distribution), for stockholders of record at the close of business on February 3, 2020, March 2, 2020, and April 1, 2020. The Company paid such stock distributions on February 3, 2020, March 2, 2020, and April 1,2020, respectively.
On March 30, 2020, the Board elected to change from a quarterly to a monthly declaration of distributions commencing in April 2020 in order to give the Board maximum flexibility due to the current review of a strategic transaction and to monitor and evaluate the situation related to the financial impact of the outbreak of the novel strain of coronavirus ("COVID-19").  As noted elsewhere, the Company is continuing to closely monitor the impact of the COVID-19 outbreak and believes it is prudent to enact a more conservative cash management strategy due to the current environment.  In light of these considerations, on March 30, 2020, the Board declared a cash distribution for the month of April 2020, at a rate based on 366 days in the calendar year, of $0.000956284 per day ($0.35 per share annualized), subject to adjustments for class-specific expenses, per Class E share, Class T share, Class S share, Class D share, Class I share, Class A share, Class AA share and Class AAA share of common stock, for stockholders of record at the close of each business day for the period commencing on April 1, 2020 and ending on April 30, 2020. The Company paid such distributions to each stockholder of record on or about May 1, 2020.