RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2022

Pursuant to the terms of the Advisory Agreement, summarized below are the related-party costs incurred by the Company for the three months ended March 31, 2022 and 2021, respectively, and any related amounts payable as of March 31, 2022 and December 31, 2021 (in thousands):




	Incurred during the three months ended March 31,				Payable as of
	2022		2021			March 31, 2022	December 31, 2021
Expensed
Asset management fees	$	3,127	$	3,852			$	3,850	$	1,903
Property management fees (1)	125		120				31		—



Change in subordinated performance fee due upon termination to affiliate (2)	—		461				(2)		(2)
Capitalized
Acquisition fees on real estate (3)	—		20				—		—
Disposition fees on real estate	107		—				—		—
Acquisition fee on investment in unconsolidated entities	—		29				—		—
	$	3,359	$	4,482			$	3,881	$	1,903

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(1) Property management fees are for single-family homes under Battery Point Trust Inc. (“Battery Point”) and paid to a subsidiary of the Advisor (“DayMark”). These fees are included in the line item “Operating, maintenance, and management cost” in the consolidated statement of operations.

(2) Change in estimate of fees payable to the Company’s previous advisor, KBS Capital Advisors LLC (“KBS Capital Advisors) due to the termination of the former advisory agreement with KBS Capital Advisors.

(3) Acquisition fees associated with asset acquisitions are capitalized, while costs associated with business combinations expensed as incurred.