RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Related Party Transactions [Abstract]

Schedule of Asset Management Fees Calculation

The fee is calculated as a percentage of the daily average adjusted fair value of CIM Urban’s assets:

Daily Average Adjusted Fair Value of CIM Urban’s Assets				Quarterly Fee
From Greater of		To and Including		Percentage
(in thousands)
$	—	$	500,000	0.2500%
$	500,000	$	1,000,000	0.2375%
$	1,000,000	$	1,500,000	0.2250%
$	1,500,000	$	4,000,000	0.2125%
$	4,000,000	$	20,000,000	0.1000%

Schedule of Related Party Transactions

The Company recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated:

	Year Ended December 31,
	2021		2020
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	9,030	$	9,511
Property Management Fees and Reimbursements:
Property management fees	$	1,641	$	1,670
Onsite management and other cost reimbursement	$	2,687	$	3,356
Leasing commissions	$	162	$	112
Construction management fees	$	226	$	344
Administrative Fees and Expenses:
Base service fee (2)	$	—	$	282
Expense reimbursements to related parties - corporate	$	2,050	$	2,243
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (3)	$	1,921	$	3,491
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (4)	$	690	$	1,149
Non-issuance specific offering costs (5)	$	106	$	99

(1)The Company issued to the Operator an aggregate of 270,209 shares of its Series A Preferred Stock, in lieu of cash payment of the asset management fees incurred during the year ended December 31, 2021. The Company issued to the Operator 203,349 shares of its Common Stock and 287,199 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the year ended December 31, 2020.

(2)For the year ended December 31, 2020, the Company issued to the Administrator 11,273 shares of our Series A Preferred Stock, in lieu of cash as payment of the Base Service Fee for the first quarter of 2020.

(3)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $347,000 and $136,000 for the years ended December 31, 2021 and 2020, respectively.

(4)Represents fees earned by CCO Capital and allocated to Series A Preferred Stock and Series D Preferred Stock.

(5)As of December 31, 2021 and 2020, $2.0 million and $1.5 million, respectively, was included in deferred costs as reimbursable expenses incurred pursuant to the Master Services Agreement and the then applicable dealer manager agreement with CCO Capital. These non-issuance specific costs are allocated against the gross proceeds from the sale of the Series A Preferred Stock and the Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of December 31, 2021 and 2020, due to related parties consisted of the following:

	December 31,
	2021		2020
	(in thousands)
Asset management fees	$	2,244	$	2,386
Property management fees and reimbursements	320		1,662
Expense reimbursements - corporate	692		647
Expense reimbursements - lending segment	341		690
Upfront dealer manager and trailing dealer manager fees	638		493
Non-issuance specific offering costs	143		668
Other amounts due to the CIM Management Entities and certain of its affiliates	163		160
Total due to related parties	$	4,541	$	6,706