RELATED-PARTY TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2022

Related Party Transactions [Abstract]

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 September 30,				Nine Months Ended September 30, 2022
	2022		2021		2022		2021
Asset Management Fees:
Asset management fees(1)	$	916	$	2,262	$	2,757	$	6,781
Property Management Fees and Reimbursements:
Property management fees(2)	$	442	$	416	$	1,293	$	1,223
Onsite management and other cost reimbursement(3)	$	922	$	385	$	2,153	$	1,949
Leasing commissions(4)	$	635	$	59	$	740	$	107
Construction management fees(5)	$	102	$	70	$	300	$	105
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	511	$	533	$	1,459	$	1,592
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(6)	$	539	$	55	$	1,612	$	1,219
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(7)	$	778	$	145	$	1,052	$	567
Non-issuance specific offering costs (8)	$	230	$	13	$	319	$	77

______________________

(1)The Company issued to the Operator 270,209 shares of Series A Preferred Stock in lieu of cash payment of the asset management fees incurred during the nine months ended September 30, 2021.The Company issued to the Operator 36,843 and 36,779 shares of Series A1 Preferred Stock in lieu of cash payment for the asset management fees incurred during the three months ended March 31, 2022 and June 30, 2022, respectively.

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Venture of $13,000 and $28,000 for the three and nine months ended September 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 $33,000 and $66,000 for the three and nine months ended September 30, 2022, respectively.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Venture of $4,000 for the three and nine months ended September 30, 2022.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Venture of $6,000 and $9,000 for the three and nine months ended September 30, 2022, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $118,000 and $316,000 for the nine months ended September 30, 2022 and 2021, respectively.

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

(8)As of September 30, 2022 and September 30, 2021, $2.6 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 September 30, 2022 and December 31, 2021, due to related parties consisted of the following (in thousands):

	September 30, 2022		December 31, 2021
Asset management fees	$	917	$	2,244
Property management fees and reimbursements	1,267		320
Expense reimbursements - corporate	511		692
Expense reimbursements - lending segment	343		341
Upfront dealer manager and trailing dealer manager fees	811		638
Non-issuance specific offering costs	24		143
Other amounts due to the CIM Management Entities and certain of its affiliates	111		163
Total due to related parties	$	3,984	$	4,541