RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Jun. 30, 2023

The asset management and base management fees mentioned above were based on the following quarter ended Invested Capital segregated in three columns based on the annual fee rate:

Asset Management Fee Annual %	3.0%		2.0%		1.5%		Total Invested Capital

Quarter ended:
September 30, 2022	$	20,000,000	$	80,000,000	$	48,639,649	$	148,639,649
December 31, 2022	$	20,000,000	$	80,000,000	$	52,470,792	$	152,470,792
March 31, 2023	$	20,000,000	$	80,000,000	$	60,153,751	$	160,153,751
June 30, 2023	$	20,000,000	$	80,000,000	$	62,313,487	$	162,313,487

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
March 31, 2022	$	20,000,000	$	80,000,000	$	35,848,952	$	135,848,952
June 30, 2022	$	20,000,000	$	80,000,000	$	41,870,274	$	141,870,274

Related Party Expenses

The table below outlines the related party expenses incurred for the years ended June 30, 2023 and 2022, and unpaid as of June 30, 2023 and 2022.

	Year ended				Unpaid as of
Types and Recipient	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022

Asset management fees- the Real Estate Adviser	$	3,004,725	$	2,725,588	$	-	$	-
Asset acquisition fees- the Real Estate Adviser ⁽³⁾		1,878,356		793,919		-		-
Administrative cost reimbursements- MacKenzie		726,000		609,600		-		-
Transfer agent cost reimbursements - MacKenzie		92,000		106,401		-		-
Organization & Offering Cost ⁽²⁾ - MacKenzie		499,689		480,076		151,132		141,397
Other expenses ⁽¹⁾- MacKenzie and Subsidiary’s GPs		-		-		5,232		72,697

Due to related entities					$	156,364	$	214,094

⁽¹⁾	Expenses paid by MacKenzie and General Partner of a subsidiary on behalf of us and subsidiary.

⁽²⁾	Offering costs paid by MacKenzie - discussed in this note under organization and offering costs reimbursements.

⁽³⁾

Asset acquisition fees paid to the Real Estate Adviser were capitalized as a part of the real estate basis in accordance with our policy. The acquisition fee paid during the year ended June 30, 2023 was for the acquisition of First & Main in July 2022, 1300 Main in October 2022, Woodland Corporate Center Two in January 2023 and Main Street West in February 2023.