Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Schedule of Amount Contractually Due and Forgiven in Connection with Operation Related Services

The following table reflects related party fees incurred during the three and six months ended June 30, 2023:

	Three Months Ended June 30,			Six Months Ended June 30,
		2023		2023
(In thousands)		Incurred		Incurred
Fees (1):
Asset management fees (2)		$	8,145	$	16,289
Property management fees		1,965		3,922
Total related party operational fees and reimbursements		$	10,110	$	20,211

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(1)The Company incurred general and administrative costs and other expense reimbursements of approximately $0.3 million and $0.6 million for the three and six months ended June 30, 2023, respectively, which are recorded within general and administrative expenses in the consolidated statements of operations and are not reflected in the table above.

(2)The former Advisor, in accordance with the Advisory Agreement, received asset management fees in cash each quarter equal to one quarter of the annual Minimum Base Management Fee of $18.0 million and the Variable Base Management Fee. The Variable Base Management Fee was $3.6 million and $7.3 million for the three and six months ended June 30, 2023, respectively.