RELATED-PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 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:

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,
	2022		2021
	(in thousands)
Asset Management Fees:
Asset management fees (1)	$	3,570	$	9,030
Property Management Fees and Reimbursements:
Property management fees(2)	$	1,747	$	1,641
Onsite management and other cost reimbursement(3)	$	2,838	$	2,687
Leasing commissions(4)	$	794	$	162
Construction management fees(5)	$	398	$	226
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	1,925	$	2,050
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment (6)	$	1,929	$	1,921
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees (7)	$	1,996	$	690
Non-issuance specific offering costs (8)	$	689	$	106

(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 110,285 shares of Series A1 Preferred Stock in lieu of cash payment for the asset management fees incurred during the nine months ended September 30, 2022.

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Venture of $40,000 for the year ended December 31, 2022.

(3)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Venture of $94,000 for the year ended December 31, 2022.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Venture of $4,000 for the year ended December 31, 2022.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Venture of $21,000 for the year ended December 31, 2022, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $136,000 and $347,000 for the years ended December 31, 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 December 31, 2022 and 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 A1 Preferred Stock, Series A Preferred Stock and Series D Preferred Stock on a pro rata basis for each issuance as a percentage of the total offering.

As of December 31, 2022 and 2021, due to related parties consisted of the following:

	December 31,
	2022		2021
	(in thousands)
Asset management fees	$	812	$	2,244
Property management fees and reimbursements	1,214		320
Expense reimbursements - corporate	466		692
Expense reimbursements - lending segment	124		341
Upfront dealer manager and trailing dealer manager fees	454		638
Non-issuance specific offering costs	17		143
Other amounts due to the CIM Management Entities and certain of its affiliates	68		163
Total due to related parties	$	3,155	$	4,541