Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

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 by the Company for the three months ended March 31, 2022:

		Due to related parties as of		Three months ended March 31, 2022					Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2021		Incurred			Paid		March 31, 2022
Management Fees
Asset management fees	Management fees	$	223,602	$	755,941		$	710,746	$	268,797
Property management and oversight fees	Management fees		63,873		373,273			366,276		70,870
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		1,234,253		3,635,988			—		4,870,241
Organization expenses⁽²⁾	General and administrative expenses		—		—			—		—
Admin Fees⁽²⁾	General and administrative expenses		18,000		4,500			—		22,500
Offering costs⁽²⁾	Additional paid-in capital		100,391		493,760			412,600		181,551
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		152,064			152,064		—
Distribution fees⁽³⁾	Additional paid-in capital		267,284		(144,917	)		115,512		6,855
Investment Funding
Distribution due⁽⁴⁾	Additional paid-in capital		202,430		—			—		202,430
Total		$	2,109,833	$	5,270,609		$	1,757,198	$	5,623,244

Note:

(1) As of March 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $13,435,158 in Unreimbursed Operating Expenses, including a total of $706,913 for the three months ended March 31, 2022 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 March 31, 2022, the Advisor has incurred, on behalf of the Company, a total of $11,793,716 of O&O Costs, of which the Company’s obligation is limited to $181,551, pursuant to the 1% Cap.

(3) The incurred amount reflects the change in accrual.

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

The following table summarizes the above mentioned fees and expenses incurred by the Company for the year ended December 31, 2021:

		Due to related parties as of		Year ended December 31, 2021					Due to related parties as of
Type of Fee or Reimbursement	Financial Statement Location	December 31, 2020		Incurred			Paid		December 31, 2021
Management Fees
Asset management fees	Management fees	$	150,028	$	2,166,136		$	2,092,562	$	223,602
Property management and oversight fees	Management fees		37,055		676,908			650,090		63,873
Organization, Offering and Operating Expense Reimbursements
Operating expenses⁽¹⁾	General and administrative expenses		204,253		1,030,000			—		1,234,253
Organization expenses⁽²⁾	General and administrative expenses		17,879		—			17,879		—
Admin Fees⁽²⁾	General and administrative expenses		—		18,000			—		18,000
Offering costs⁽²⁾	Additional paid-in capital		294,405		763,027			957,041		100,391
Commissions and Fees
Selling commissions and dealer manager fees, net	Additional paid-in capital		—		403,547			403,547		—
Distribution fees⁽³⁾	Additional paid-in capital		734,830		(112,614	)		354,932		267,284
Investment Funding
Distribution due⁽⁴⁾	Additional paid-in capital		—		—			—		202,430
Total		$	1,438,450	$	4,945,004		$	4,476,051	$	2,109,833

Note:

(1) As of December 31, 2021, the Advisor has incurred, on behalf of the Company, a total of $12,728,245 in Unreimbursed Operating Expenses, including a total of $1,659,279 for the year ended December 31, 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 December 31, 2021, the Advisor has incurred, on behalf of the Company, a total of $11,460,817 of O&O Costs, of which the Company’s obligation is limited to $100,391, pursuant to the 1% Cap.

(3) The incurred amount reflects the change in accrual.

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