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MERGER AND SELF-MANAGEMENT TRANSACTION (FY) (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2021 | Dec. 31, 2020
Business Combinations [Abstract] |  |
Purchase Price Allocation |  | The following table summarizes the allocation of the purchase price to the fair values assigned to the REIT I assets acquired and liabilities assumed as of December 31, 2019, the Merger closing date. These fair values are based on internal Company and independent external third-party valuations:
Fair Values Assigned |  | December 31, 2019 |
Assets: |  |  |
Real estate property, including above/below lease intangibles |  | $ | 151,099,097 |
Cash and cash equivalents |  |  | 1,612,331 |
Tenant receivable |  |  | 310,169 |
Prepaid expenses and other assets |  |  | 51,924 |
Liabilities: |  |  |  |
Mortgage notes payable, net |  |  | (62,985,425 | )
Accounts payable and other liabilities |  |  | (2,243,156 | )
Net |  |  | 87,844,940 |
Less: Cancellation of investment in REIT I (Note 5) |  |  | (3,091,489 | )
Capitalized transaction-related costs |  |  | (3,044,480 | )
Net Assets Acquired |  | $ | 81,708,971 |
The following table summarizes the allocation of the purchase price to the fair values assigned to the BrixInvest assets acquired and liabilities assumed as of December 31, 2019, the closing date of the Self-Management Transaction. These fair values are based on internal Company and independent external third-party valuations:
Fair Values Assigned |  | December 31, 2019 |
Assets: |  |  |
Cash and cash equivalents |  | $ | (204,176 | )
Prepaid expenses and other assets |  |  | (305,212 | )
Operating lease right-of-use asset |  |  | (2,386,877 | )
Intangible assets |  |  | (7,700,000 | )
Liabilities: |  |  |  |
Short-term notes payable |  |  | 4,800,000 |
Due to affiliates |  |  | 630,820 |
Bank line of credit |  |  | 800,000 |
Accounts payable and other liabilities |  |  | 2,070,968 |
Operating lease liability |  |  | 2,386,877 |
Net |  |  | 92,400 |
Add: Cancellation of investment in the Company |  |  | (107,400 | )
Less: Contribution of Class M OP Units and Class P OP Units |  |  | 50,603,000 |
Goodwill |  | $ | (50,588,000 | )
Class M OP Units Conversion | In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below:
Date of Exchange |  | Early Conversion Rate
From December 31, 2020 to December 30, 2021 |  | 50% of the Class M conversion ratio
From December 31, 2021 to December 30, 2022 |  | 60% of the Class M conversion ratio
From December 31, 2022 to December 30, 2023 |  | 70% of the Class M conversion ratio
The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for AUM and AFFO in a given year as set forth below and as adjusted for the 1:3 reverse stock split:
|  | Hurdles |  |
|  | AUM ($ in billions) |  |  | AFFO Per Share ($) |  | Class M Conversion Ratio
Initial Conversion Ratio |  |  |  |  |  |  | 1:1.6667
Fiscal Year 2021 |  | $ | 0.860 |  |  | $ | 1.77 |  | 1:1.9167
Fiscal Year 2022 |  | $ | 1.175 |  |  | $ | 1.95 |  | 1:2.5000
Fiscal Year 2023 |  | $ | 1.551 |  |  | $ | 2.10 |  | 1:3.0000
| In the event that the Class M OP Units are converted into Class C OP Units prior to December 31, 2023, such Class M OP Units shall be exchanged at the rate indicated below:
Date of Exchange |  | Early Conversion Rate
From December 31, 2020 to December 30, 2021 |  | 50% of the Class M conversion ratio
From December 31, 2021 to December 30, 2022 |  | 60% of the Class M conversion ratio
From December 31, 2022 to December 30, 2023 |  | 70% of the Class M conversion ratio
The Class M OP Units are eligible for an increase in the conversion ratio (conversion ratio enhancement) if the Company achieves both of the targets for assets under management (“AUM”) and adjusted funds from operations (“AFFO”) in a given year as set forth below and as adjusted for the 1:3 reverse stock split:
|  | Hurdles |  |
|  | AUM ($ in billions) |  |  | AFFO Per Share ($) |  | Class M Conversion Ratio
Initial Conversion Ratio |  |  |  |  |  |  | 1:1.6667
Fiscal Year 2021 |  | $ | 0.860 |  |  | $ | 1.77 |  | 1:1.9167
Fiscal Year 2022 |  | $ | 1.175 |  |  | $ | 1.95 |  | 1:2.5000
Fiscal Year 2023 |  | $ | 1.551 |  |  | $ | 2.10 |  | 1:3.0000
Net Carrying Amount of Goodwill | The changes in carrying value of goodwill as of June 30, 2021 and December 31, 2020 are as follows:
|  | June 30, 2021 |  |  | December 31, 2020 |
Beginning balance |  | $ | 17,320,857 |  |  | $ | 50,588,000 |
Impairment of goodwill for the three and the 12 months period ended, respectively |  |  | — |  |  |  | (33,267,143 | )
Ending balance |  | $ | 17,320,857 |  |  | $ | 17,320,857 |
| The net carrying amount of goodwill as of December 31, 2020 and 2019 is as follows:
|  | December 31, |
|  | 2020 |  |  | 2019 |
Goodwill |  | $ | 17,320,857 |  |  | $ | 50,588,000 |
Intangible Assets Acquired |  | Intangible assets, net as of December 31, 2020 and 2019 and related useful lives were as follows:
Weighted- |  | December 31, |
Intangible Assets | Average Useful Life |  | 2020 |  |  | 2019 |
Investor list, net | 5.0 years |  | $ | 3,494,740 |  |  | $ | 4,800,000 |
Web services technology, domains and licenses | 3.0 years |  |  | 3,466,102 |  |  |  | 2,900,000 |
|  |  |  | 6,960,842 |  |  |  | 7,700,000 |
Accumulated amortization |  |  |  | (1,833,054 | ) |  |  | — |
Net |  |  | $ | 5,127,788 |  |  | $ | 7,700,000 |

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