RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Jun. 30, 2024

The asset management fees mentioned above were based on the following quarter ended Invested Capital segregated in three columns based on the annual fee rate:

Asset Management Fee Annual %	3.0%		2.0%		1.5%		Total Invested Capital

Quarter ended:
September 30, 2023	$	20,000,000	$	80,000,000	$	64,229,944	$	164,229,944
December 31, 2023	$	20,000,000	$	80,000,000	$	64,735,338	$	164,735,338
March 31, 2024	$	20,000,000	$	80,000,000	$	74,236,629	$	174,236,629
June 30, 2024	$	20,000,000	$	80,000,000	$	78,833,574	$	178,833,574

Quarter ended:
September 30, 2022	$	20,000,000	$	80,000,000	$	48,639,649	$	148,639,649
December 31, 2022	$	20,000,000	$	80,000,000	$	52,470,792	$	152,470,792
March 31, 2023	$	20,000,000	$	80,000,000	$	60,153,751	$	160,153,751
June 30, 2023	$	20,000,000	$	80,000,000	$	62,313,487	$	162,313,487

Related Party Expenses

The table below outlines the related party expenses incurred for the years ended June 30, 2024 and 2023, and unpaid as of June 30, 2024 and 2023.

	Year ended				Unpaid as of
Types and Recipient	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Asset management fees- the Real Estate Adviser	$	3,224,834	$	3,004,725	$	-	$	-
Administrative cost reimbursements- MacKenzie		756,733		726,000		-		-
Asset acquisition fees- the Real Estate Adviser ⁽¹⁾		1,075,048		1,878,356		-		-
Transfer agent cost reimbursements - MacKenzie		66,267		92,000		-		-
Organization & Offering Cost ⁽²⁾ - MacKenzie		102,871		499,689		79,632		151,132
Other expenses ⁽³⁾- MacKenzie and Subsidiary’s GPs		-		-		91,987		5,232
Due to related entities					$	171,619	$	156,364

⁽¹⁾

Asset acquisition fees paid to the Real Estate Adviser were capitalized as a part of the real estate basis in accordance with our policy. The acquisition fee paid during the year ended June 30, 2024 was for the acquisition of 220 Campus Lane and Campus Lane Residential in September 2023, Green Valley Executive Center in January 2024 and One Harbor Center in May 2024.

⁽²⁾	Offering costs paid by MacKenzie - discussed in this Note under organization and offering costs reimbursements.

⁽³⁾	Expenses paid by MacKenzie and General Partner of a subsidiary on behalf of us and subsidiary.