e 5.

Summarized below are the related party costs incurred by the Company, including those incurred pursuant to the Advisory Agreement before its termination on December 31, 2019, for the years ended December 31, 2019 and 2018, respectively:



	Year Ended December 31, 2019			December 31, 2019				Year Ended December 31, 2018			December 31, 2018
	Incurred			Receivable		Payable		Incurred			Receivable		Payable
Expensed:
Asset management fees (1)	$	2,777,021		$	—	$	—	$	2,004,760		$	—	$	—
Reimbursable operating expense	528,000			—		—		—			—		—
Subordinated participation fees	—			—		—		839,050			—		839,050
Fees to affiliates	3,305,021			—		—		2,843,810			—		—
Property management fees*	224,922			—		—		174,529			—		96,792
Directors and officers insurance and other reimbursements **	250,892			—		—		128,512			—		30,164
Expense reimbursements (from) to Former Sponsor (2)	(332,337		)	—		—		(1,136,469		)	16,838		—
Capitalized:
Acquisition fees	746,459			—		—		2,752,339			—		—
Financing coordination fees	107,500			—		—		262,050			—		—
Reimbursable organizational and offering expenses (3)	1,206,881			—		—		1,503,062			—		13,168
Other:
Due from BRIX REIT (4)	—			1,378		—		—			—		—
Due from TIC	—			954		—		—			—		—
Notes due to Chairman of the Board	—			—		630,820		—			—		—
				$	2,332	$	630,820				$	16,838	$	979,174


*	Property management fees are classified within property expenses on the consolidated statements of operations.


**	Directors and officers insurance and other reimbursements are classified within general and administrative expenses on the consolidated statements of operations.


(1)	To the extent the Former Advisor elected, in its sole discretion, to defer all or any portion of its monthly asset management fee, the Former Advisor was deemed to have waived, not deferred, that portion up to 0.025% of the total investment value of the Company’s assets. For the years ended December 31, 2019 and 2018, no fees were waived by the Former Advisor.

(2)

Includes payroll costs related to Company employees that answer questions from prospective stockholders. See “Investor Relations Compensation Expense Reimbursements from Former Sponsor” below. The Former Sponsor agreed to reimburse the Company for these investor relations compensation costs which the Former Sponsor considered to be offering expenses in accordance with the Advisory Agreement through September 30, 2019. The expense reimbursements from the Former Sponsor for the years ended December 31, 2019 and December 31, 2018 also include a refund of $40,914 and the cost of $261,370 of employment related legal fees which the Former Sponsor also agreed to reimburse the Company, respectively. The receivable related to these costs is reflected in “Due from affiliates” in the consolidated balance sheet as of December 31, 2018.

(3)

The Former Sponsor incurred $9,224,997 of organizational and offering costs on behalf of the Company. The Company was only obligated to reimburse the Former Sponsor for such organizational and offering expenses to the extent of 3% of gross offering proceeds. The Company reimbursed a total of $5,429,105 through September 30, 2019, the effective termination date of the Former Sponsor's obligation to fund organizational and offering costs.


(4)	The amount includes unpaid asset management fees of $285,818 due from BRIX REIT, which have been fully offset by a reserve for uncollectable amounts due to BRIX REIT's early stage of operation and limited real estate assets.