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Related Party Transactions (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the year ended December 31, 2022 and the nine months ended September 30, 2023, as well as any related amounts payable as of December 31, 2022 and September 30, 2023.


	Year Ended December 31, 2022						Nine Months Ended September 30, 2023
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent fees	$	1,242,655	$	1,260,896	$	68,751	$	1,101,892	$	1,086,642	$	84,001
Additional paid-in capital
Transfer Agent expenses		100,000		100,000		—		—		—		—
Stockholder servicing fee		53,660		209,980		—		—		—		—
Other
Other		—		—		340,979		—		—		340,979

Total	$	1,396,315	$	1,570,876	$	409,730	$	1,101,892	$	1,086,642	$	424,980

Pursuant to the terms of the agreements described above, the following table summarizes related party costs incurred and paid by us for the years ended December 31, 2022 and 2021, as well as any related amounts payable as of December 31, 2022 and 2021.


	Year Ended December 31, 2021						Year Ended December 31, 2022
	Incurred		Paid		Payable		Incurred		Paid		Payable
Expensed
Transfer Agent	$	967,341	$	916,349	$	86,992	$	1,242,655	$	1,260,896	$	68,751
Additional paid-in capital fees
Transfer Agent expenses		150,000		150,000		—		100,000		100,000		—
Stockholder servicing fee (1)		161,545		636,654		156,320		53,660		209,980		—
Other
Other		1,155,887		814,908		340,979		—		—		340,979

Total	$	2,434,773	$	2,517,911	$	584,291	$	1,396,315	$	1,570,876	$	409,730

(1)

We paid our Dealer Manager an ongoing stockholder servicing fee that is payable monthly and accrues daily in an amount equal to 1/365

of 1% of the purchase price per share of the Class T Shares sold in the Primary Offering. The amount incurred during the years ended December 31, 2021 and 2022 represents an adjustment to the estimated stockholder servicing fee recorded at the time of the sale of the Class T Shares, based on the cessation date of such stockholder servicing fee of March 31, 2022.

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the three and nine months ended September 30, 2023 and 2022:


	Three Months Ended September 30,				Nine Months Ended September 30,
Managed REIT Platform Revenues	2023		2022		2023		2022
Asset Management:
SSGT II (1)	$	—	$	—	$	—	$	798,395
SST VI		1,062,242		401,078		2,378,167		875,618
SSGT III		295,529		50,142		689,526		50,142

		1,357,771		451,220		3,067,693		1,724,155
Property Management:
SSGT II (1)		—		—		—		407,706
SST VI		346,259		157,282		857,452		359,989
SSGT III		105,209		17,952		235,704		17,952
JV Properties		190,052		155,531		540,348		233,965

		641,520		330,765		1,633,504		1,019,612
Tenant Protection Program:
SSGT II (1)		—		—		—		250,156
SST VI		262,507		121,807		575,060		267,560
SSGT III		62,725		3,622		112,379		3,622
JV Properties		72,123		73,696		195,632		114,101

		397,355		199,125		883,071		635,439
Acquisition Fees:
SST VI		—		519,755		2,465,017		1,581,280
SSGT III		—		456,000		642,000		456,000

		—		975,755		3,107,017		2,037,280
Other Managed REIT revenue (2)		121,207		98,359		423,808		460,968

Total Managed REIT Platform Revenue	$	2,517,853	$	2,055,224	$	9,115,093	$	5,877,454

(1)	On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

(2)	Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the years ended December 31, 2022, 2021, and 2020:


Managed REIT Platform Revenues	Year Ended December 31, 2022		Year Ended December 31, 2021		Year Ended December 31, 2020
Asset Management:
SST IV (1)	$	—	$	716,278	$	3,211,661
SSGT II (2)		798,395		1,843,769		1,210,529
SST VI		1,348,314		178,282		—
SSGT III		145,622		—		—

		2,292,331		2,738,329		4,422,190
Property Management:
SST IV (1)		—		346,179		1,429,632
SSGT II (2)		407,706		709,533		371,751
SST VI		551,493		99,602		—
SSGT III		62,426		—		—

		1,021,625		1,155,314		1,801,383
Tenant Protection Program:
SST IV (1)		—		285,959		893,315
SSGT II (2)		250,156		636,671		257,602
SST VI		396,758		158,662		—
SSGT III		8,119		—		—

		655,033		1,081,292		1,150,917
Acquisition Fees:
SST VI		1,846,168		649,623		—
SSGT III		846,000		—		—

		2,692,168		649,623		—
Other revenue (3)		1,158,059		698,412		674,140

Total Managed REIT Platform Revenue	$	7,819,216	$	6,322,970	$	8,048,630

(1)	On March 17, 2021, we acquired SST IV and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SST IV is now included in ancillary operating revenue in our consolidated statements of operations.

(2)	On June 1, 2022, we acquired SSGT II and no longer earn such fees. Additionally, the Tenant Protection Program revenue for SSGT II is now included in ancillary operating revenue in our consolidated statements of operations.

(3)	Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.

SST VI

The following table summarizes the carrying value of our investments in and advances to SST VI as of September 30, 2023 and December 31, 2022:


Receivables:	As of September 30, 2023		As of December 31, 2022
Receivables and advances due	$	6,681,025	$	1,828,990
Debt:
SST VI Mezzanine Loan (1)		—		35,000,000
SST VI Note		15,000,000		—
Equity:
SST VI OP Units and SST VI SLP		2,241,986		3,221,410

Total investments in and advances		$23,923,011	$	40,050,400

(1)	As of May 2, 2023, the SST VI Mezzanine Loan was terminated.

The following table summarizes the carrying value of our investments in and advances to SST VI as of December 31, 2022 and 2021:


	As of December 31,
Receivables:	2022		2021
Receivables and advances due	$	1,828,990	$	801,233
Debt:
SST VI Mezzanine Loan (1)		35,000,000		6,800,000
Equity:
SST VI OP Units and SLP		3,221,410		4,200,905

Total investments in and advances	$	40,050,400	$	11,802,138

(1)	As of December 31, 2022 and 2021, $20.0 million and $38.2 million, respectively was available to be drawn on the SST VI Mezzanine Loan. Subsequent to December 31, 2022, on January 30, 2023, SST VI borrowed

an additional $15.0 million on the SST VI Mezzanine Loan. Additionally, on January 30, 2023, we invested $15.0 million in preferred limited partnership interests in SST VI OP. Please see Note 14 – Subsequent Events, of the Notes to the Consolidated Financial Statements for more information.

SSGT III OP

The following table summarizes the carrying value of our investments in and advances to SSGT III OP as of September 30, 2023 and December 31, 2022:


Receivables:	As of September 30, 2023		As of December 31, 2022
Receivables and advances due	$	1,523,558	$	156,081
Debt:
SSGT III Mezzanine Loan (1)		5,000,000		17,500,000
Equity:
SSGT III OP Units and SSGT III SLP		3,885,160		4,664,687

Total investments in and advances	$	10,408,718	$	22,320,768

(1)	As of September 30, 2023 and December 31, 2022, $9.5 million and $17.5 million was available to be drawn on the SSGT III Mezzanine Loan. On October 18, 2023, SSGT III drew an additional $8.0 million.

The following table summarizes the carrying value our investments in and advances to SSGT III OP as of December 31, 2022 and 2021:


	As of December 31,
Receivables:	2022		2021
Receivables and advances due	$	156,082	$	—
Debt:
SSGT III Mezzanine Loan (1)		17,500,000		—
Equity:
SSGT III OP Units and SLP		4,664,687		—

Total investments in and advances	$	22,320,769	$	—

(1)	As of December 31, 2022, $17.5 million was available to be drawn on the SSGT III Mezzanine Loan. On January 26, 2023, SSGT III fully repaid the $17.5 million outstanding principal, plus accrued interest.