The following table presents the fees and reimbursements incurred to the Advisor Entities and the Dealer Manager for the years ended December 31, 2016 and 2015 and the amount due to related party as of December 31, 2016 and 2015:



Type of Fee or Reimbursement		Due to Related Party as of		Year Ended December 31, 2016				Due to Related Party as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2015		Incurred		Paid		December 31, 2016
Fees to Advisor Entities
Asset management	Asset management and other fees-related party	$	—	$	38,272	$	37,653	$	619
Acquisition⁽¹⁾	Asset management and other fees-related party	—		110,098		110,098		—
Disposition⁽¹⁾	Real estate debt investments, net	—		—		—		—
Reimbursements to Advisor Entities
Operating costs⁽²⁾	General and administrative expenses	—		83,665		27,590		56,075
Organization⁽³⁾	General and administrative expenses	1,000		4,259		3,823		1,436
Offering⁽³⁾	Cost of capital⁽⁴⁾	19,000		80,819		72,645		27,174
Selling commissions	Cost of capital⁽⁴⁾	—		354,699		354,699		—
Dealer Manager Fees	Cost of capital⁽⁴⁾	—		228,931		228,931		—
Distribution Fees	Cost of capital⁽⁴⁾	—		145,565		2,039		143,526
Total		$	20,000	$	1,046,308	$	837,478	$	228,830

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(1)

Acquisition fees related to investments in unconsolidated joint ventures are generally included in investments in unconsolidated ventures on the consolidated balance sheets when the fair value option is not elected for the investment, but is expensed as incurred when the fair value option is elected. The Advisor Entities may determine to defer fees or seek reimbursement. From inception through December 31, 2016, the Advisor waived $0.1 million of acquisition fees.

(2)

As of December 31, 2016, the Advisor Entities have incurred unreimbursed operating costs on behalf of the Company of $11.1 million that remain eligible to allocate to the Company. For the year ended December 31, 2016, total operating expenses included in the 2%/25% Guidelines represented 3.2% of average invested assets and 25.0% of net income without reduction for any additions to reserves for depreciation, loan losses or other similar non-cash reserves.


(3)	As of December 31, 2016, the Advisor Entities have incurred unreimbursed organization and offering costs on behalf of the Company of $4.7 million that remain eligible to allocate to the Company.


(4)	Cost of capital is included in net proceeds from issuance of common stock in the Company’s consolidated statements of equity. For the year ended December 31, 2016, the ratio of offering costs to total capital raised was 9.5%