RELATED-PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Asset Management Fees:
Asset management fees(1)	$	720	$	921
Property Management Fees and Reimbursements:
Property management fees(2)	$	477	$	438
Onsite management and other cost reimbursement(3)	$	1,070	$	425
Leasing commissions(4)	$	39	$	78
Construction management fees(5)	$	118	$	60
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	528	$	422
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(6)	$	608	$	469
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(7)	$	320	$	122
Non-issuance specific offering costs (8)	$	144	$	39

______________________

(1)The Company issued to the Operator 36,843 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.

(2)Does not include the company’s share of the property management fees from the Unconsolidated Joint Ventures of $17,000 and $4,000 for the three months ended March 31, 2023 and March 31, 2022, respectively.

(3)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $29,000 and $12,000 for the three months ended March 31, 2023 and March 31, 2022, respectively.

(4)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $12,000 for the three months ended March 31, 2023.

(5)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $4,000 and $1,000 for the three months ended March 31, 2023 and March 31, 2022, respectively.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $65,000 and $81,000 for the three months ended March 31, 2023 and 2022, 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 March 31, 2023 and March 31, 2022, $2.5 million and $2.2 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 March 31, 2023 and December 31, 2022, due to related parties consisted of the following (in thousands):


	March 31, 2023		December 31, 2022
Asset management fees	$	720	$	812
Property management fees and reimbursements	1,690		1,214
Expense reimbursements - corporate	528		466
Expense reimbursements - lending segment	275		124
Upfront dealer manager and trailing dealer manager fees	413		454
Non-issuance specific offering costs	75		17
Other amounts due to the CIM Management Entities and certain of its affiliates	176		68
Total due to related parties	$	3,877	$	3,155