Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

A rollforward of the due (to) from related parties balance, net as of June 30, 2017, is as follows:

	Due to Advisor – Mgmt. Fees		Due to Advisor – Other Funds		Due (to) from Other Related Party		Total Due (To) From Related Parties, Net
Balance as of January 1, 2017	$	(620,709)	$	(586)	$	40,384	$	(580,911)
Management fee expense incurred ^(a)		(1,255,521)		-		-		(1,255,521)
Management fees paid to Advisor ^(a)		1,247,856		-		-		1,247,856
Loan received from Advisor ^(b)		-		(9,830)		-		(9,830)
Loan received from other related party ^(c)		-		-		(40,384)		(40,384)
Balance as of June 30, 2017	$	(628,374)		(10,416)		-		(638,790)

(a)

Net amount accrued of $7,665 consists of $1,255,521 in management fee expense incurred, net of $1,247,856 of accrued management fees that were paid to the Advisor. This represents a cash flow operating activity.

(b)

Amount represents expenses paid by the Advisor on the Company’s behalf. This represents a cash flow financing activity.

(c)

Amount represents the repayment of previous loans made by the Company to related parties This represents a cash flow investing activity.