RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Asset Management Fees Calculation

Pursuant to the Investment Management Agreement, the asset management fee prior to January 1, 2022 fee was calculated (without giving effect to the Fee Waiver) 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 June 30,				Six Months Ended June 30, 2022
	2022		2021		2022		2021
Asset Management Fees:
Asset management fees(1)	$	920	$	2,260	$	1,841	$	4,519
Property Management Fees and Reimbursements:
Property management fees(2)	$	413	$	404	$	851	$	807
Onsite management and other cost reimbursement(3)	$	806	$	755	$	1,231	$	1,564
Leasing commissions	$	27	$	33	$	105	$	48
Construction management fees(4)	$	138	$	22	$	198	$	35
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	526	$	454	$	948	$	1,059
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(5)	$	604	$	433	$	1,073	$	1,164
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(6)	$	152	$	272	$	274	$	422
Non-issuance specific offering costs (7)	$	50	$	43	$	89	$	64

______________________

(1)The Company issued to the Operator 179,762 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the six months ended June 30, 2021. In July 2022, the Company issued to the Operator 36,843 shares of Series A1 Preferred Stock in lieu of cash payment of the asset management fee incurred during the three months ended March 31, 2022.

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Venture of $11,000 and $15,000 for the three and six months ended June 30, 2022, respectively.

(3)Does not include the company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Venture of $21,000 and $33,000 for the three and six months ended June 30, 2022, respectively.

(4)Does not include the company’s share of the construction management fees from the Unconsolidated Joint Venture of $2,000 and $3,000 for the three and six months ended June 30, 2022, respectively.

(5)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $105,000 and $174,000 for the six months ended June 30, 2022 and 2021, respectively.

(6)Represents fees earned by CCO Capital and allocated to Series A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock.

(7)As of June 30, 2022 and June 30, 2021, $2.3 million and $2.0 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 June 30, 2022 and December 31, 2021, due to related parties consisted of the following (in thousands):


	June 30, 2022		December 31, 2021
Asset management fees	$	4,083	$	2,244
Property management fees and reimbursements	865		320
Expense reimbursements - corporate	883		692
Expense reimbursements - lending segment	360		341
Upfront dealer manager and trailing dealer manager fees	555		638
Non-issuance specific offering costs	198		143
Other amounts due to the CIM Management Entities and certain of its affiliates	69		163
Total due to related parties	$	7,013	$	4,541