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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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