Distributions Since February 2019, we have declared monthly distributions for each class of our common stock, which are generally paid three days after month-end. Each class of our common stock received the same gross distribution per share, which was an aggregate of $1.2420 per share for the year ended December 31, 2024. The net distribution varies for each class based on the applicable stockholder servicing fee, which is deducted from the gross distribution per share and paid to the Dealer Manager. The table below details the net distribution for each of our share classes for the year ended December 31, 2024:
Class T Shares
Class S Shares
Class D Shares
Class I Shares
January 31, 2024 February 29, 2024 March 31, 2024 April 30, 2024 May 31, 2024 June 30, 2024 July 31, 2024 August 31, 2024 September 30, 2024 October 31, 2024 November 30, 2024 December 31, 2024
$ 0.0869 $ 0.0869 $ 0.0987 $ 0.1035
0.0880 0.0868 0.0874 0.0869 0.0876 0.0872 0.0873 0.0880 0.0876 0.0882 0.0878
0.0879 0.0867 0.0873 0.0869 0.0875 0.0872 0.0872 0.0879 0.0876 0.0882 0.0878
0.0990 0.0987 0.0988 0.0987 0.0989 0.0988 0.0988 0.0990 0.0989 0.0991 0.0990
0.1035 0.1035 0.1035 0.1035 0.1035 0.1035 0.1035 0.1035 0.1035 0.1035 0.1035
Total
$ 1.0497 $ 1.0491 $ 1.1864 $ 1.2420
The following table summarizes our distributions declared during the years ended December 31, 2024, 2023, and 2022 ($ in thousands):
For the Year Ended December 31, 2024
For the Year Ended December 31, 2023
For the Year Ended December 31, 2022
Amount
%
Amount
%
Amount
%
Distributions Payable in cash
$
339,007 155,250 494,257
69 % $
367,954 189,498 557,452
66 % $
343,184 206,308 549,492
62 % 38 % 100 %
Reinvested in shares Total distributions
31 %
34 %
$
100 % $
100 % $
Sources of Distributions Cash flows from operating activities (1)
$
494,257
100 % $
557,452
100 % $
549,492
100 %
Offering proceeds
— — %
— — %
— — %
Total sources of distributions $
494,257
100 % $
557,452
100 % $
549,492
100 %
Cash flows from operating activities Funds from operations
$
429,191
$
556,567
$
594,911
$ 795,926 (1) As of December 31, 2024, our inception to date cash flows from operating activities funded 100% of our distributions. Funds from Operations and Adjusted Funds from Operations 171,897 $ 111,043 $ We believe funds from operations (“FFO”) is a meaningful supplemental non-GAAP operating metric. Our consolidated financial statements are presented under historical cost accounting which, among other things, requires depreciation of real estate investments to be calculated on a straight-line basis. As a result, our operating results imply that the value of our real estate investments will decrease evenly over a set time period. However, we believe that the value of real estate investments will change over time based on market conditions and as such, depreciation under historical cost accounting may be less informative. FFO is a standard REIT industry metric defined by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO, as defined by NAREIT and presented below, is calculated as net income or loss (computed in accordance with GAAP), excluding (i) gains or losses from sales of depreciable real property, (ii) impairment write-downs on depreciable real property, (iii)
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