RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

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%

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 June 30,				Six Months Ended June 30, 2024
	2024		2023		2024		2023
Asset Management Fees:
Asset management fees	$	425	$	627	$	819	$	1,347
Property Management Fees and Reimbursements:
Property management fees(1)	$	577	$	551	$	1,160	$	1,028
Onsite management and other cost reimbursements(2)	$	1,739	$	1,461	$	3,469	$	2,531
Leasing commissions(3)	$	183	$	37	$	238	$	76
Construction management fees(4)	$	138	$	52	$	190	$	170
Development management reimbursements(5)	$	591	$	653	$	1,013	$	653
Administrative Fees and Expenses:
Expense reimbursements to related parties - corporate	$	612	$	677	$	1,217	$	1,205
Lending Segment Expenses:
Expense reimbursements to related parties - lending segment(6)	$	673	$	910	$	1,236	$	1,518
Offering-Related Fees:
Upfront dealer manager and trailing dealer manager fees(7)	$	110	$	370	$	377	$	690
Non-issuance specific offering costs (8)	$	213	$	162	$	423	$	306

______________________

(1)Does not include the Company’s share of the property management fees from the Unconsolidated Joint Ventures of $25,000 and $50,000 for the three and six months ended June 30, 2024, respectively, and $20,000 and $37,000 for the three and six months ended June 30, 2023, respectively.

(2)Does not include the Company’s share of the onsite management and other cost reimbursements from the Unconsolidated Joint Ventures of $131,000 and $238,000 for the three and six months ended June 30, 2024, respectively, and $112,000 and $141,000 for the three and six months ended June 30, 2023, respectively.

(3)Does not include the Company’s share of the leasing commissions from the Unconsolidated Joint Ventures of $6,000 and $10,000 for the three and six months ended June 30, 2024, respectively, and $2,000 and $14,000 for the three and six months ended June 30, 2023, respectively.

(4)Does not include the Company’s share of the construction management fees from the Unconsolidated Joint Ventures of $35,000 and $122,000 for the three and six months ended June 30, 2024, respectively, and $55,000 and $59,000 for the three and six months ended June 30, 2023, respectively.

(5)Does not include the Company’s share of the development management reimbursements from the Unconsolidated Joint Ventures of $205,000 and $384,000 for the three and six months ended June 30, 2024, respectively, and $187,000 for the three and six months ended June 30, 2023.

(6)Expense reimbursements to related parties - lending segment do not include personnel costs capitalized to deferred loan origination costs of $30,000 and $60,000 for the three and six months ended June 30, 2024, respectively, and $30,000 and $61,000 for the three and six months ended June 30, 2023, 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 June 30, 2024 and June 30, 2023, $3.0 million and $2.5 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 June 30, 2024 and December 31, 2023, due to related parties consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Asset management fees	$	819	$	555
Property management fees and reimbursements	3,185		1,505
Expense reimbursements - corporate	612		613
Expense reimbursements - lending segment	679		156
Upfront dealer manager and trailing dealer manager fees	205		283
Non-issuance specific offering costs	157		61
Other amounts due to the CIM Management Entities and certain of its affiliates	246		290
Total due to related parties	$	5,903	$	3,463