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RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Jun. 30, 2021
RELATED PARTY TRANSACTIONS [Abstract]  
Base Management Fees
The asset management and base management fees mentioned above were based on the following quarter ended Invested Capital segregated in two columns based on the annual fee rate:
 
Asset/Base Management Fee Annual %
  
3.0%

  
2.0%

  
1.5%

 
Total Invested Capital
 
 
               
For the Year Ended June 30, 2021
               
Quarter ended:
               
September 30, 2020
 
$
20,000,000
  
$
80,000,000
  
$
28,769,486
  
$
128,769,486
 
December 31, 2020
  
20,000,000
   
80,000,000
   
33,997,317
   
133,997,317
 
March 31, 2021
  
20,000,000
   
80,000,000
   
34,120,859
   
134,120,859
 
June 30, 2021
  
20,000,000
   
80,000,000
   
33,648,965
   
133,648,965
 
 
                
For the Year Ended June 30, 2020
                
Quarter ended:
                
September 30, 2019
 
$
20,000,000
  
$
80,000,000
  
$
15,998,789
  
$
115,998,789
 
December 31, 2019
  
20,000,000
   
80,000,000
   
21,409,289
   
121,409,289
 
March 30, 2020
  
20,000,000
   
80,000,000
   
27,070,974
   
127,070,974
 
June 30, 2020
  
20,000,000
   
80,000,000
   
28,607,752
   
128,607,752
 
 
                
For the Year Ended June 30, 2019
                
Quarter ended:
                
September 30, 2018
 
$
20,000,000
  
$
72,435,844
  
$
-
  
$
92,435,844
 
December 31, 2018
  
20,000,000
   
78,322,307
   
-
   
98,322,307
 
March 31, 2019
  
20,000,000
   
80,000,000
   
4,719,872
   
104,719,872
 
June 30, 2019
  
20,000,000
   
80,000,000
   
9,263,200
   
109,263,200
 
Related Party Expenses
The table below outlines the related party expenses incurred for the six months ended June 30, 2021 and December 31, 2020, and years ended June 30, 2020 and 2019, and unpaid as of June 30, 2021, and 2020.
 
 
 
Six Months Ended
  
Six Months Ended
  
Incurred For The Year Ended
  
Unpaid as of
 
Types and Recipient
 
June 30, 2021
  
December 31, 2020
  
June 30, 2020
  
June 30, 2019
  
June 30, 2021
  
June 30, 2020
 
 
                  
Asset management fees- the
Real Estate Adviser
 
$
1,354,323
  
$
-
  
$
-
  
$
-
  
$
-
  
$
-
 
Base management fees- the
Investment Adviser
  
-
   
1,335,376
   
2,549,076
   
2,206,227
   
-
   
657,280
 
Asset acquisition fees- the Real
Estate Adviser (3)
  
343,750
   
-
   
-
   
-
   
-
     
Portfolio structuring fees- the
Investment Adviser
  
-
   
6,679
   
588,203
   
707,589
   
-
   
-
 
Subordinated Incentive fee - the
Adviser
  
-
   
-
   
-
   
1,789,870
   
-
   
-
 
Administrative cost reimbursements-
MacKenzie
  
310,400
   
310,400
   
680,000
   
570,667
   
-
   
-
 
Transfer agent cost reimbursements -
MacKenzie
  
61,600
   
61,600
   
80,000
   
23,333
   
-
   
-
 
Organization & Offering Cost (2) -
MacKenzie
  
-
   
342,015
   
444,935
   
550,908
   
-
   
52,492
 
Other expenses (1) - MacKenzie
      
-
   
-
   
-
   
1,937
   
8,492
 
 
                        
Due to related entities
                 
$
1,937
  
$
718,264
 
 
(1) Expenses paid by MacKenzie on behalf of the Company to be reimbursed to MacKenzie.
(2) Offering costs paid by MacKenzie - discussed in Note 6 under organization and offering costs reimbursements. These are amortized over twelve-month period as discussed in Note 2.
(3) Asset acquisition fees paid to the Real Estate Adviser were capitalized as a part of the real estate basis in accordance with the Company policy.
Investments in Controlled and Affiliated Investments
Under the 1940 Act, the Company generally is deemed to be an “affiliated person” of a portfolio company if it owns 5% or more of the portfolio company’s voting securities and generally is deemed to “control” a portfolio company if it owns more than 25% of the portfolio company’s voting securities or it has the power to exercise control over the management or policies of such portfolio company. As of June 30, 2020, the Company is deemed to be either “affiliated” with, or in “control” of, the below portfolio companies despite the fact that the Company does not have the power to exercise control over the management or policies of these portfolio companies.
 
June 30, 2020:
 
Name of Issuer and Title of Issue
 
Fair Value at
June 30, 2019
  
Gross
Additions
  
Transfers
  
Gross
Reductions (1)
  
Net Realized Gains/(Losses)
  
Net Change in
Unrealized
Gains/(Losses)
  
Fair Value at
June 30, 2020
  
Interest/Dividend/Other income
Year Ended
June 30, 2020
 
 
                        
Affiliated Investments:
                        
5210 Fountaingate, LP
 
$
552,693
  
$
-
  
$
-
  
$
-
  
$
-
  
$
(126,897
)
 
$
425,796
  
$
-
 
Arrowpoint Burlington LLC
  
1,088,910
   
-
   
-
   
(1,333,331
)
  
583,331
   
(338,910
)
  
-
   
-
 
BP3 Affiliate, LLC
  
1,350,000
   
318,000
   
-
   
-
   
-
   
-
   
1,668,000
   
-
 
BR Desota Investment Co, LLC
  
4,250,000
   
-
   
-
   
(4,250,000
)
  
-
   
-
   
-
   
46,623
 
BR Everwood Investment Co, LLC
  
-
   
3,750,000
   
-
   
-
   
-
   
-
   
3,750,000
   
479,871
 
BR Quinn35 Investment Co, LLC
  
4,000,000
   
-
   
-
   
(4,000,000
)
  
-
   
-
   
-
   
167,768
 
BR Sunrise Parc Investment Co, LLC
  
-
   
2,720,911
   
-
   
-
   
-
   
-
   
2,720,911
   
253,410
 
BR Westerly Investment Co, LLC
  
-
   
4,120,667
   
-
   
(4,120,667
)
  
-
   
-
   
-
   
-
 
FSP Energy Tower I Corp. Liquidating Trust
  
57,566
   
-
   
-
   
(49,637
)
  
-
   
1,881
   
9,810
   
37,438
 
FSP Satellite Place
  
712,585
   
41,693
   
-
   
-
   
-
   
(221,699
)
  
532,579
   
-
 
Lakemont Partners, LLC
  
1,007,700
   
-
   
-
   
(58,820
)
  
-
   
(91,720
)
  
857,160
   
26,135
 
MPF Pacific Gateway - Class B
  
7,316
   
-
   
-
   
-
   
-
   
(152
)
  
7,164
   
-
 
Secured Income, LP
  
302,009
   
-
   
-
   
-
   
-
   
(40,095
)
  
261,914
   
-
 
Summit Healthcare REIT, Inc.
  
2,587,408
   
4,488
   
-
   
-
   
-
   
(717,346
)
  
1,874,550
   
-
 
 
                                
 
 
$
15,916,187
  
$
10,955,759
  
$
-
  
$
(13,812,455
)
 
$
583,331
  
$
(1,534,938
)
 
$
12,107,884
  
$
1,011,245
 
Controlled Investments:
                                
Addison NC, LLC
  
3,600,000
  
$
-
  
$
(2,000,000
)
 
$
-
  
$
-
  
$
(1,600,000
)
 
$
-
  
$
-
 
Addison Property Member, LLC
  
7,314,855
   
-
   
(7,316,326
)
  
-
   
-
   
1,471
   
-
   
1,176,187
 
Bishop Berkeley, LLC
  
4,051,013
   
-
   
-
   
-
   
-
   
(196,790
)
  
3,854,223
   
69,034
 
Britannia Preferred Members, LLC -Class 1
  
2,986,550
   
-
   
-
   
-
   
-
   
519,400
   
3,505,950
   
-
 
Britannia Preferred Members, LLC -Class 2
  
7,758,915
   
-
   
-
   
-
   
-
   
(669,316
)
  
7,089,599
   
-
 
Capitol Hill Partners, LLC
  
1,852,500
   
-
   
-
   
-
   
-
   
(383,800
)
  
1,468,700
   
-
 
Citrus Park Hotel Holdings, LLC
  
-
   
5,000,000
   
-
   
-
   
-
   
-
   
5,000,000
   
287,500
 
Coastal Realty Business Trust, REEP, Inc. - A
  
39,053
   
-
   
-
   
-
   
-
   
(5,063
)
  
33,990
   
-
 
Dimensions28 LLP
  
10,886,076
   
-
   
-
   
-
   
-
   
63,612
   
10,949,688
   
485,321
 
MacKenzie Realty Operating Partnership, LP
  
-
   
2,829,579
   
9,316,326
   
-
   
-
   
(532,764
)
  
11,613,141
   
-
 
Sunlit Holdings, LLC
  
-
   
5,000,000
   
-
   
(5,000,000
)
  
-
   
-
   
-
   
334,111
 
 
                                
 
 
$
38,488,962
  
$
12,829,579
  
$
-
  
$
(5,000,000
)
 
$
-
  
$
(2,803,250
)
 
$
43,515,291
  
$
2,352,153
 
Related Party Investment Purchases
The details of these purchases are as follows:
 
Name of the Securities
 
Purchase Price per Unit
  
Units Purchased
  
Total Price Paid
 
Britannia Preferred Members, LLC - Class 1
 
$
36,250.00
   
62.52
  
$
2,266,350
 
Britannia Preferred Members, LLC - Class 2
 
$
10.40
   
106,000.00
   
1,102,400
 
FSP Satellite Place LLC
 
$
46,895.00
   
19.01
   
891,709
 
          
$
4,260,459