RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Dec. 31, 2021

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

Quarter ended:
September 30, 2021	$	20,000,000	$	80,000,000	$	33,927,634	$	133,927,634
December 31, 2021	$	20,000,000	$	80,000,000	$	34,242,127	$	134,242,127

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

Related Party Expenses

The table below outlines the related party expenses incurred for the six months ended December 31, 2021 and 2020, and unpaid as of December 31, 2021, and June 30, 2021.

	Six Months Ended				Unpaid as of
Types and Recipient	December 31, 2021		December 31, 2020		December 31, 2021		June 30, 2021

Asset management fees- the Real Estate Adviser	$	1,354,174	$	-	$	-	$	-
Base management fees- the Investment Adviser		-		1,335,376		-		-
Portfolio structuring fees- the Investment Adviser		-		6,679		-		-
Administrative cost reimbursements- MacKenzie		304,800		310,400		-		-
Transfer agent cost reimbursements - MacKenzie		53,201		61,600		-		-
Organization & Offering Cost⁽²⁾ - MacKenzie		242,409		46,136		81,763		-
Other expenses⁽¹⁾- MacKenzie		-		-		-		1,937
Due to related entities					$	81,763	$	1,937

⁽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.