RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Asset Management Fees Calculation

Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 (the “Prior Asset Management Fee”) was calculated as a percentage of the daily average adjusted fair value of CIM Urban’s assets as follows (dollar amounts in thousands):


Daily Average Adjusted Fair Value of CIM Urban’s Assets
				Quarterly Fee Percentage
From Greater of		To and Including

$	—	$	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 (in thousands):


	Three Months Ended March 31,
	2022		2021
Asset Management Fees:
Asset management fees (1)	$	921	$	2,259
Property Management Fees and Reimbursements:
Property management fees	$	438	$	403
Onsite management and other cost reimbursement	$	425	$	809
Leasing commissions	$	78	$	15
Construction management fees	$	60	$	13
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	422	$	605
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(2)	$	469	$	731
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(3)	$	122	$	150
Non-issuance specific offering costs (4)	$	39	$	21

______________________

(1)The Company issued to the Operator 89,338 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the three months ended March 31, 2021.

(2)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $81,000 and $62,000 for the three months ended March 31, 2022 and 2021, respectively.

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

(4)As of March 31, 2022 and March 31, 2021, $2.2 million and $1.7 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 March 31, 2022 and December 31, 2021, due to related parties consisted of the following (in thousands):


	March 31, 2022		December 31, 2021
Asset management fees	$	3,164	$	2,244
Property management fees and reimbursements	605		320
Expense reimbursements - corporate	722		692
Expense reimbursements - lending segment	525		341
Upfront dealer manager and trailing dealer manager fees	598		638
Non-issuance specific offering costs	134		143
Other amounts due to the CIM Management Entities and certain of its affiliates	64		163
Total due to related parties	$	5,812	$	4,541