Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Fees and Expenses Incurred and Amounts of Investment Funding Due

The following table summarizes the above mentioned fees and expenses incurred by the Company and amounts of investment funding due for the nine months ended September 30, 2021:

		Due to related parties as of		Nine months ended September 30, 2021					Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2020		Incurred			Paid		September 30, 2021
Management Fees
Asset management fees	Management fees	$	150,028	$	1,524,315		$	1,476,567	$	197,776
Property management and oversight fees	Management fees		37,055		397,364			376,495		57,924
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		204,253		—			—		204,253
Organization expenses⁽²⁾	General and administrative expenses		17,879		—			17,879		—
Admin Fees⁽²⁾	General and administrative expenses		—		12,600			—		12,600
Offering costs⁽²⁾	Additional paid-in capital		294,405		500,896			727,041		68,260
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		265,498			265,498		—
Distribution fees	Additional paid-in capital		734,830		(5,361	)		258,191		471,278
Investment Funding
Distribution due ⁽³⁾	Additional paid-in capital		—		—			—		84,000
Demand Note⁽⁴⁾	Prepaid expenses and other assets		—		—			—		720,000
Total		$	1,438,450	$	2,695,312		$	3,121,671	$	1,816,091

Note:

(1) As of September 30, 2021, the Advisor has incurred, on behalf of the Company, a total of $12,066,637 in Unreimbursed Operating Expenses, including a total of $2,027,671 for the nine months ended September 30, 2021 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) As of September 30, 2021, the Advisor has incurred, on behalf of the Company, a total of $11,030,568 of O&O Costs, of which the Company’s obligation is limited to $68,260, pursuant to the 1% Cap.

(3) Reflects distribution amount owed by the Company to the CF Keller Holdings LLC.

(4) On March 26, 2021, the Company entered into an agreement with the Summerfield MT JV to pay a non-negotiable promissory demand note (the “Demand Note”) for a principal amount of $720,000 to the Summerfield MT JV. The Demand Note bears no interest and it is due 5 business days from when the request for payment is made.

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2020:

		Due to related parties as of		Year ended December 31, 2020				Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2019		Incurred		Paid		December 31, 2020
Management Fees
Asset management fees	Management fees	$	123,179	$	1,663,624	$	1,636,775	$	150,028
Property management and oversight fees	Management fees		20,269		145,547		128,761		37,055
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		204,253		—		—		204,253
Organization expenses⁽²⁾	General and administrative expenses		71,162		444		53,727		17,879
Offering costs⁽²⁾	Additional paid-in capital		718,499		264,083		688,177		294,405
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		528,442		528,442		—
Distribution fees	Additional paid-in capital		919,819		117,042		302,031		734,830
Total		$	2,057,181	$	2,719,182	$	3,337,913	$	1,438,450

Note:

(1) As of December 31, 2020, the Advisor has incurred, on behalf of the Company, a total of $10,038,966 in Unreimbursed Operating Expenses, including a total of $2,594,741 for the year ended December 31, 2020 for which the Advisor has not invoiced the Company for reimbursement. The total amount of Unreimbursed Operating Expenses may, in future periods, be subject to reimbursement by the Company pursuant to the terms of the Advisory Agreement.

(2) As of December 31, 2020, the Advisor has incurred, on behalf of the Company, a total of $9,946,509 of O&O Costs, of which the Company’s obligation is limited to $312,284, pursuant to the 1% Cap.