Item 2. Unregistered Sales of Equity Securities
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Our Amended Share Redemption Program permits our stockholders to sell their shares of common stock back to us, subject to significant conditions and limitations. Funding for the redemption of shares will be limited to the cumulative net proceeds we receive from the sale of shares under the Secondary DRIP Offering, net of shares redeemed to date. In addition, generally we will limit quarterly redemptions to approximately 1.25% of the weighted average number of shares outstanding during the trailing 12-month period ending on the last day of the fiscal quarter for which the redemptions are being paid, and to the net proceeds we receive from the sale of shares in the respective quarter under the Secondary DRIP Offering. Any of the foregoing limits might prevent us from accommodati ng all redemption requests made in any fiscal quarter or in any 12-month period. In connection with the CCIT III and CCPT V Mergers, our Board suspended our Amended Share Redemption Program on August 30, 2020, and therefore, no shares were redeemed from our stockholders until our Board reinstated the Amended Share Redemption Program effective April 1, 2021 . As of September 30, 2021, the estimated per share NAV was $7.20, which was determined by the Board on May 25, 2021 using a valuation date of March 31, 2021. This estimated per share NAV serves as the most recent estimated value for purposes of the Amended Share Redemption Program, effective May 26, 2021, until such time as the Board determines a new estimated per share NAV.
In general, we redeem shares on a quarterly basis. During the three months ended September 30, 2021, we redeemed shares, including those redeemable due to death, as follows:
Period Total Number
of Shares
Redeemed Average Price
Paid per Share Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
July 1, 2021 - July 31, 2021 — $ — — (1)
August 1, 2021 - August 31, 2021 1,699,924 $ 7.20 1,699,924 (1)
September 1, 2021 - September 30, 2021 12,872 $ 7.20 12,872 (1)
Total 1,712,796 1,712,796 (1)
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(1) A description of the maximum number of shares that may be purchased under our Amended Share Redemption Program is included in the narrative preceding this table.
Unregistered Sales of Equity Securities
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
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