| | Price to the Public(1) | | | Underwriting Discounts and Commissions(2) | | | Dealer Manager Compensation(2) | | | Proceeds to Us, Before Expenses(3) | |
| | $24.61 | | | $— | | | $0.12 | | | $24.49 |
(1) | The price per share presented is based on our most recently published NAV per share based on the estimated market value of the Company’s assets less the estimated market value of the Company’s liabilities, divided by the number of fully-diluted shares of common stock outstanding as of March 31, 2021. Our board of directors will adjust the offering price of the shares during the course of the offering on a quarterly basis, to equal our most recently published NAV per share. Our board of directors generally anticipates that the NAV per share will be determined within 45 days after the end of each quarter, barring any extenuating circumstances. |
(2) | Investors will not pay upfront selling commissions in connection with the purchase of our shares of Class C common stock in this offering. Any required fees payable to the dealer manager will be paid by us. Given our investor-first focus, the benefit to investors of utilizing a dealer manager that is registered with the Financial Industry Regulatory Authority (“FINRA”) and complying with FINRA’s heightened regulatory standards outweigh the minimal costs. For providing compliance services as the dealer manager for this offering, North Capital (as defined below) will receive an amount equal to $10,000 per month until the cumulative, aggregate dollar amount of capital raised in this offering, our private offering under Regulation D promulgated under the Securities Act (as defined below) that commenced on February 1, 2021 and terminated on [ ], 2021, and our follow-on public offering that commenced on December 23, 2019 and terminated on January 27, 2021 equals $25,000,000; thereafter, we will pay to North Capital upfront monthly variable compensation equal to 0.50% of the purchase price of each incremental share of Class C common stock sold in this offering in excess of the aforementioned $25,000,000 threshold. See Plan of Distribution for further information. |
(3) | Proceeds are calculated before deducting organization and offering expenses, which are payable by us and will be paid over time as they are incurred. The net proceeds to us, after the payment of fees to the dealer manager and other organization and offering expenses, which shall not exceed 3%, are expected to be not less than $23.87 per share. |