Related party fees and expenses incurred for the year ended December 31, 2019 and the period from February 7, 2018 (commencement of operations) through December 31, 2018 are summarized below:



Related Party	Source Agreement & Description	Year Ended December 31, 2019			Period from February 7, 2018 (Commencement of Operations) to December 31, 2018
Managing Dealer /Placement Agent	Managing Dealer / Placement Agent Agreements: Commissions	$	816,330		$	321,905
	Dealer Manager / Placement Agent Fees	418,270			149,945
	Distribution and shareholder servicing fees	46,400			6,774
Manager and Sub-Manager	Management Agreement and Sub-Management Agreement: Organization and offering reimbursement ⁽¹⁾⁽²⁾	654,803			948,032
	Base management fees ⁽¹⁾	1,327,920			722,233
	Total return incentive fees ⁽¹⁾	847,863			1,015,228
Manager and Sub-Manager	Expense Support and Conditional Reimbursement Agreement: Expense support	(1,372,020		)	(389,774		)
Manager	Administrative Services Agreement: Reimbursement of third-party operating expenses⁽¹⁾	164,744			160,291
Sub-Manager	Sub-Management Agreement: Reimbursement of third-party pursuit costs⁽³⁾	76,052			—

FOOTNOTE:


⁽¹⁾	Expenses subject to Expense Support.


⁽²⁾	Organization reimbursements are expensed on the Company’s statements of operations as incurred. Offering reimbursements are capitalized on the Company’s statements of assets and liabilities as deferred offering expenses and expensed to the Company’s statements of operations over the lesser of the offering period or 12 months.


⁽³⁾	Includes reimbursement of third-party fees incurred for investments that did not close, including fees and expenses associated with performing the due diligence reviews.

The following table presents amounts due from (to) related parties as of December 31, 2019 and December 31, 2018:



	December 31, 2019			December 31, 2018
Due from related parties:
Expense Support	$	1,372,020		$	389,774
Total due from related parties	1,372,020			389,774
Due to related parties:
Organization and offering expenses	(56,888		)	(66,894		)
Base management fees	(165,338		)	(78,967		)
Total return incentive fee	(847,863		)	(1,015,228		)
Reimbursement of third-party operating expenses	(16,677		)	(9,101		)
Distribution and shareholder servicing fees	(6,690		)	(1,866		)
Total due to related parties	(1,093,456		)	(1,172,056		)
Net due from (to) related parties	$	278,564		$	(782,282	)