10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q/A

Amendment No. 1

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to             

Commission file number 000-56544

CIM OPPORTUNITY ZONE FUND, L.P.

(Exact name of registrant as specified in its charter)

Delaware			83-2441037
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)
4700 Wilshire Boulevard
Los Angeles,	California		90010
(Address of principal executive offices)			(Zip code)
	(323)	860-4900
(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report) 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
None	None	None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐	Non-accelerated filer	☒
Smaller reporting company	☒	Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☒

As of April 8, 2024, there were 1,760,355 Limited Partnership Units of CIM Opportunity Zone Fund, L.P. outstanding.

1

CIM OPPORTUNITY ZONE FUND, L.P. AND SUBSIDIARIES

Table of Contents

	Page
PART I — FINANCIAL INFORMATION	4
Item 1. Financial Statements (Unaudited)	4
Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	4
Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022	4
Consolidated Statements of Changes in Partners’ Capital and Redeemable Partners’ Capital for the three and six months ended June 30, 2023 and 2022	5
Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	6
Notes to Consolidated Financial Statements	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3. Quantitative and Qualitative Disclosures About Market Risk	37
Item 4. Controls and Procedures	37
PART II — OTHER INFORMATION	39
Item 1. Legal Proceedings	39
Item 1A. Risk Factors	39
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3. Defaults Upon Senior Securities	39
Item 4. Mine Safety Disclosures	39
Item 5. Other Information	39
Item 6. Exhibits	40
Signatures	41

2

EXPLANATORY NOTE

This Amendment No. 1 to Form 10-Q (this “Amendment” or “Form 10-Q/A”) amends the Quarterly Report on Form 10-Q for the quarter and six months ended June 30, 2023 originally filed with the Securities and Exchange Commission (“SEC”) on August 10, 2023 (the “Original Filing”) by CIM Opportunity Zone Fund L.P. (the “Fund,” “we,” “our” or “us”).

Following the filing of the Fund’s initial Form 10 with the SEC, in May 2023 the staff of the SEC (the “Staff”) began a review of the Fund’s Form 10. Part of this review focused on the appropriateness of our application of ASC 946 to the Fund. Ultimately, the Staff advised the Fund that it did not agree with the Fund’s application of ASC 946 in its financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Following the review process and after further consideration, the Fund concluded that its historical annual audited financial statements (and audit report) included within its Form 10, as amended, and interim unaudited financial statements for each of the periods ended June 30, 2023 and September 30, 2023 included in its Forms 10-Q should be restated. In this amendment, the Fund has included restated consolidated financial statements for the three and six months ended June 30, 2023 and 2022 in accordance with U.S. GAAP. These restated interim financial statements will generally reflect the assets and liabilities of the Fund at historical cost rather than at fair value.

Except as described above, no attempt has been made in this Form 10-Q/A to reflect events occurring subsequent to the filing of the Original Report. Among other things, risk disclosures made in the Original Report have not been amended to reflect events that occurred or facts that became known to us subsequent to the filing of the Original Report (other than the restatement). Accordingly, this Form 10-Q/A should be read in conjunction with filings made with the SEC subsequent to the filing of the Original Report, including any amendment to those filings.

3

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (As Restated)

CIM OPPORTUNITY ZONE FUND, L.P.

CONSOLIDATED BALANCE SHEETS

(in thousands, except unit amounts) (unaudited)

	June 30, 2023		December 31, 2022
ASSETS	(As Restated)		(As Restated)
Land	$	168,376	$	139,631
Building and improvements	440,793		418,346
Intangible assets	13,248		11,983
Real estate under development	1,178,434		704,010
Total investments in real estate	1,800,851		1,273,970
Accumulated depreciation and amortization	(17,052)		(11,060)
Total investments in real estate, net	1,783,799		1,262,910
Investments in unconsolidated entities, at fair value	149,627		151,066
Cash and cash equivalents	279,379		685,234
Restricted cash	1,156		31
Accounts receivable, net	19,121		10,233
Contributions receivable	170		59
Right of use asset	33,738		34,153
Property acquisition deposits	12,000		46,727
Prepaid expenses and other assets	5,444		51,553
Total Assets	$	2,284,434	$	2,241,966
LIABILITIES
Notes payable, at fair value	$	261,938	$	232,937
Accounts payable and accrued expenses	95,842		169,622
Prepaid rent and other liabilities	361		224
Lease liability	35,206		34,975
Intangible liabilities, net	35,000		35,000
Due to related party	1,316		20,529
Total Liabilities	429,663		493,287
COMMITMENTS AND CONTINGENCIES (NOTE 11)
REDEEMABLE PARTNERS’ CAPITAL: 1,531,205 and 1,431,204 limited partnership units issued and outstanding as of June 30, 2023 and December 31, 2022	1,751,465		1,683,657
PARTNERS’ CAPITAL
GENERAL PARTNER: 537 and 523 limited partnership units issued and outstanding as of June 30, 2023 and December 31, 2022	952		956
Retained earnings (deficit)	(18,999)		(44,974)
Total partners’ capital excluding noncontrolling interests	(18,047)		(44,018)
Non-controlling interests	121,353		109,040
Total Partners’ Capital	103,306		65,022
TOTAL LIABILITIES, REDEEMABLE PARTNERS' CAPITAL AND PARTNERS’ CAPITAL	$	2,284,434	$	2,241,966

The accompanying notes are an integral part of these consolidated financial statements.

4

CIM OPPORTUNITY ZONE FUND, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands) (unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Rental and other property income	$	5,415	$	2,424	$	10,154	$	2,887
Total Revenues	5,415		2,424		10,154		2,887
Expenses:
Management fees to related party	7,934		5,624		15,669		10,490
Expense reimbursement to related parties	395		171		908		347
Interest expense and other	2,950		863		5,634		1,586
General and administrative expense	1,095		627		1,909		1,055
Depreciation and amortization expense	3,019		2,269		5,995		3,236
Real estate tax	1,391		376		2,800		217
Property operating expense	1,971		880		3,657		1,459
Total Expenses	18,755		10,810		36,572		18,390
Other income (expense):
Interest and other income	1,578		271		3,453		474
(Loss) gain on investments in unconsolidated entities	(2,240)		36,938		(1,439)		47,867
Change in fair value of notes payable	149		—		301		—
Total other (expense) income	(513)		37,209		2,315		48,341
Net (loss) income	(13,853)		28,823		(24,103)		32,838
Net (loss) income attributable to non-controlling interests	(1,361)		(639)		(2,580)		1,102
Net (loss) income attributable to CIM Opportunity Zone Fund, L.P.	$	(12,492)	$	29,462	$	(21,523)	$	31,736

The accompanying notes are an integral part of these consolidated financial statements.

4

CIM OPPORTUNITY ZONE FUND, L.P.

CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS’ CAPITAL AND REDEEMABLE PARTNERS’ CAPITAL

(in thousands) (unaudited)

	Redeemable Partners’ Capital
	Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners’ Capital
Balance as of January 1, 2023 — As Restated	$	1,656,821	$	26,836	$	956	$	(44,974)	$	109,040	$	65,022
Fixed return decrease	(338)		(5)		—		—		—		—
Fixed return increase	343		—		—		—		—		—
Capital contributions	63,785		—		—		—		11,827		11,827
Distributions	—		(4,900)		—		—		—
Net loss	(9,010)		(20)		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		14,928		—		14,928
Balance as of March 31, 2023 — As Restated	1,696,911		21,673		955		(30,046)		119,648		90,557
Fixed return decrease	(274)		(3)		—		—		—		—
Fixed return increase	277		—		—		—		—		—
Capital contributions	56,417		—		—		—		3,066		3,066
Net loss	(12,434)		(55)		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		11,047		—		11,047
Balance as of June 30, 2023 — As Restated	$	1,729,992	$	21,473	$	952	$	(18,999)	$	121,353	$	103,306

	Redeemable Partners’ Capital
	Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners’ Capital
Balance as of January 1, 2022 — As Restated	$	1,012,589	$	30,917	$	923	$	(11,662)	$	5,827	$	(4,912)
Fixed return decrease	(674)		(21)		—		—		—		—
Fixed return increase	695		—		—		—		—		—
Capital contributions	142,184		—		—		—		72		72
Distributions	—		(10,580)		—		—		—
Net change in unrealized incentive allocation	(2,648)		2,648		—		—		—		—
Net income	2,058		210		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		(13,256)		—		(13,256)
Balance as of March 31, 2022 — As Restated	1,167,098		23,536		929		(24,918)		7,640		(16,349)
Fixed return decrease	(736)		(13)		(1)		—		—		(1)
Fixed return increase	750		—		—		—		—		—
Capital contributions	162,111		—		—		—		81,240		81,240
Net change in unrealized incentive allocation	(7,956)		7,956		—		—		—		—
Net income (loss)	28,754		680		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		(11,628)		—		(11,628)
Balance as of June 30, 2022 — As Restated	$	1,361,511	$	32,297	$	956	$	(36,546)	$	88,241	$	52,651

The accompanying notes are an integral part of these consolidated financial statements.

5

CIM OPPORTUNITY ZONE FUND, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands) (unaudited)

	Six Months Ended June 30,
	2023		2022
CASH FLOWS FROM OPERATING ACTIVITIES	(As Restated)		(As Restated)
Net (loss) income	$	(24,103)	$	32,838
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation and amortization	5,995		3,236
Straight-line rental income	(5,413)		(1,948)
Amortization of right-of-use asset	415		70
Amortization of deferred financing costs	—		13
Loss (gain) on investments in unconsolidated entities	1,439		(47,867)
Change in fair value of notes payable	(301)		—
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,293		(921)
Accounts payable and accrued expenses	15,411		5,556
Lease liabilities	231		104
Due to related party	(11,753)		465
Prepaid rent and other liabilities	137		318
Accounts receivable	(3,475)		(1,483)
Net Cash Used In Operating Activities	(20,124)		(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments	(10,082)		(157,698)
Additions to investments	(533,910)		(124,580)
Payment of property acquisition deposits	—		(36,983)
Net Cash Used In Investing Activities	(543,992)		(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received	134,984		382,502
Distributions paid	(4,900)		(10,580)
Notes payable borrowing	29,302		3,920
Deferred financing costs paid	—		(1,284)
Net Cash Provided by Financing Activities	159,386		374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(404,730)		45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD	685,265		753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	$	280,535	$	799,482
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	$	279,379	$	799,481
Restricted cash	1,156		1
Total cash and cash equivalents and restricted cash	$	280,535	$	799,482

The accompanying notes are an integral part of these consolidated financial statements.

6

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

1. ORGANIZATION

CIM Opportunity Zone Fund, L.P., (the “Fund”), a Delaware limited partnership, was formed on November 1, 2018 and commenced operations on January 21, 2019 (the “Initial Closing”). The Fund is governed by the Fifth Amended and Restated Limited Partnership Agreement, dated as of March 18, 2024 (as amended and restated, the “Partnership Agreement”). The Fund is organized as an open-ended vehicle for the purpose of investing in infrastructure and real estate, through entities that acquire, own, develop or re-develop and operate infrastructure and real estate assets, including assets in low-income communities in the United States that have been designated as “Opportunity Zones” pursuant to Section 1400Z-1 of the Internal Revenue Code of 1986 (the “Code”) and which meet the criteria described in the Partnership Agreement. The Fund’s objective is generating returns from capital appreciation and operating income once development of these assets is complete. The Fund’s assets under development had plans in place or were operating at the time of the Fund’s acquisition that are strategic to each asset achieving current income and appreciation of value. The Fund engages third parties or affiliates of the Manager (also referred to as the “development manager”) to provide development management services and in consideration pays development management fees.

At least 90% of the Fund’s assets will consist of “qualified opportunity zone property”, which enables the Fund to be classified as a “qualified opportunity fund” within the meaning of Section 1400Z-2 of the Code (a “QOF”). The Fund qualified, and intends to continue to qualify, as a QOF beginning with its taxable year ended December 31, 2020.

The general partner of the Fund is CIM Opportunity Zone Fund GP, LLC, a Delaware limited liability company (the “General Partner”), and an affiliate of CIM Group, LLC (together with its controlled affiliates, “CIM”). One or more affiliates of CIM acts as the manager of the Fund (the “Manager”). The Fund also has limited partners (the “Limited “Partners”, affiliated limited partners (the “Affiliated Limited Partners”) and, together with the General Partner, the “Partners”)).

The Fund shall continue until it is dissolved and subsequently terminated upon (a) a determination made by the General Partner at any time in its discretion, (b) the bankruptcy, termination, dissolution or withdrawal of the General Partner, (c) the consent of a majority of the Limited Partners by number and the consent of 75% of Limited Partners by units to dissolve the Fund or (d) the entry of a decree of dissolution with respect to the Fund.

Subject to legal, tax, regulatory and other similar considerations, all calls for capital from the Limited Partners shall be made pursuant to a notice, and unless otherwise determined in the General Partner’s discretion, capital contributions will be drawn first from all commitments made during the same closing date pro rata, and 100% of such commitments will be funded prior to calling capital from partners admitted during subsequent closings.

As of June 30, 2023, total capital commitments and capital contributions from the partners are summarized as follows (in thousands):

Capital Commitments		Capital Contributions		Unfunded Commitments
$	1,710,674	$	1,710,674	$	—

7

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

2. CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT)

As disclosed in the Fund’s Current Report on Form 8-K filed on February 27, 2024, following the filing of the Fund’s Form 10, in May 2023 the staff of the Securities and Exchange Commission (the “Staff”) began a review of the Fund’s Form 10. Part of this review focused on the appropriateness of the Fund’s application of Accounting Standards Codification 946, Financial Services – Investment Companies (“ASC 946”). Ultimately, the Staff advised the Fund that it did not agree with the Fund’s application of ASC 946 in its financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Following the review process and after further consideration, the Fund concluded that its historical interim financial statements for the periods in this Quarterly Report on Form 10-Q should be restated.

Description of Restatement Adjustments

The Fund has historically presented its annual audited and interim unaudited financial statements using investment company accounting methods based on its interpretation of the criteria prescribed under ASC 946. These accounting and financial reporting methods generally resulted in the presentation of the assets and liabilities of the Fund on a fair value basis, rather than at historical cost. The restated financial statements will generally reflect the assets and liabilities of the Fund at historical cost, net of depreciation and amortization, rather than at fair value. Additionally, the restated financial statements include the consolidated accounts and results of operations for the entities in which the Fund has determined that it has controlling financial interest, and redeemable limited partners’ capital is classified as non-permanent equity. The Fund's financial statements previously included a Schedule of Investments, which is not a required schedule for a historical cost-basis entity.

Restatement Reconciliation Tables

In light of the foregoing, in accordance with ASC 250, Accounting Changes and Error Corrections, the Fund is restating the previously issued consolidated financial statements for the three and six months ended June 30, 2023 and 2022, to reflect the effects of the restatement adjustments, and to make certain corresponding disclosures. The following tables present a reconciliation of the consolidated balance sheets, consolidated statements of operations, consolidated statement of changes in partners’ capital, and consolidated statements of cash flows as previously reported for such prior periods to the restated amounts (in thousands).

8

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	As of June 30, 2023						As of December 31, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statement of Net Assets (as previously reported) / Consolidated Balance Sheets (as restated)
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	$	1,776,806	$	(1,776,806)	$	—	$	1,504,146	$	(1,504,146)	$	—
Investments in real estate, net	—		1,783,799		1,783,799		—		1,262,910		1,262,910
Investments in unconsolidated entities	—		149,627		149,627		—		151,066		151,066
Cash and cash equivalents	14,384		264,995		279,379		139,958		545,276		685,234
Restricted cash	—		1,156		1,156		—		31		31
Accounts receivable, net	—		19,121		19,121		—		10,233		10,233
Contributions receivable	—		170		170		—		59		59
Right of use asset	—		33,738		33,738		—		34,153		34,153
Property acquisition deposits	12,000		—		12,000		46,727		—		46,727
Prepaid expenses and other assets	135		5,309		5,444		32		51,521		51,553
Total Assets	$	1,803,325	$	481,109	$	2,284,434	$	1,690,863	$	551,103	$	2,241,966
Notes payable, at fair value	$	—	$	261,938	$	261,938	$	—	$	232,937	$	232,937
Accounts payable and accrued expenses	703		95,139		95,842		613		169,009		169,622
Interest Payable	625		(625)		—		—		—		—
Prepaid rent and other liabilities	—		361		361		—		224		224
Notes payable to Fund’s investments, at fair value	50,000		(50,000)		—		—		—		—
Lease liability	—		35,206		35,206		—		34,975		34,975
Intangible liabilities, net	—		35,000		35,000		—		35,000		35,000
Due to related party	11		1,305		1,316		295		20,234		20,529
Incentive fees payable to related party	—		—		—		5,516		(5,516)		—
Management fees payable to related party	14		(14)		—		263		(263)		—
Total Liabilities	$	51,353	$	378,310	$	429,663	$	6,687	$	486,600	$	493,287
Redeemable partners' capital	$	—	$	1,751,465	$	1,751,465	$	—	$	1,683,657	$	1,683,657
Net Assets (as previously reported) / Partners’ Capital (as restated)
Net Assets	$	1,751,972	$	(1,751,972)	$	—	$	1,684,176	$	(1,684,176)	$	—
General Partner	—		952		952		—		956		956
Retained earnings	—		(18,999)		(18,999)		—		(44,974)		(44,974)
Non-controlling interests	—		121,353		121,353		—		109,040		109,040
Total Partners’ Capital	$	1,751,972	$	(1,648,666)	$	103,306	$	1,684,176	$	(1,619,154)	$	65,022

9

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	5,415	$	5,415	$	—	$	10,154	$	10,154
Total Revenues	—		5,415		5,415		—		10,154		10,154
Management fees to related party	7,934		—		7,934		15,669		—		15,669
Expense reimbursement to related parties	—		395		395		—		908		908
Interest expense and other	625		2,325		2,950		625		5,009		5,634
General and administrative expense	—		1,095		1,095		—		1,909		1,909
Depreciation and amortization expense	—		3,019		3,019		—		5,995		5,995
Real estate tax	—		1,391		1,391		—		2,800		2,800
Property operating expense	—		1,971		1,971		—		3,657		3,657
Organization costs	12		(12)		—		81		(81)		—
Administrative expenses	965		(965)		—		1,987		(1,987)		—
Total Expenses	9,536		9,219		18,755		18,362		18,210		36,572
Other income (expense):
Interest and other income	27		1,551		1,578		244		3,209		3,453
Loss on investments in unconsolidated entities	—		(2,240)		(2,240)		—		(1,439)		(1,439)
Net change in unrealized (loss) gain on investments	(14,033)		14,033		—		(29,388)		29,388		—
Change in fair value of notes payable	—		149		149		—		301		301
Total other (expense) income	(14,006)		13,493		(513)		(29,144)		31,459		2,315
Net loss	(23,542)		9,689		(13,853)		(47,506)		23,403		(24,103)
Net loss attributable to non-controlling interests	—		(1,361)		(1,361)		—		(2,580)		(2,580)
Net loss attributable to CIM Opportunity Zone Fund, L.P.	$	(23,542)	$	11,050	$	(12,492)	$	(47,506)	$	25,983	$	(21,523)

10

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	2,424	$	2,424	$	—	$	2,887	$	2,887
Total Revenues	—		2,424		2,424		—		2,887		2,887
Management fees to affiliate	5,624		—		5,624		10,490		—		10,490
Expense reimbursement to related parties	—		171		171		—		347		347
Interest expense and other	—		863		863		—		1,586		1,586
General and administrative expense	—		627		627		—		1,055		1,055
Depreciation and amortization expense	—		2,269		2,269		—		3,236		3,236
Real estate tax	—		376		376		—		217		217
Property operating expense	—		880		880		—		1,459		1,459
Organization costs	18		(18)		—		73		(73)		—
Administrative expenses	840		(840)		—		1,379		(1,379)		—
Total Expenses	6,482		4,328		10,810		11,942		6,448		18,390
Other income (expense):
Interest and other income	272		(1)		271		474		—		474
Gain on investments in unconsolidated entities	—		36,938		36,938		—		47,867		47,867
Net change in unrealized (loss) gain on investments	47,295		(47,295)		—		67,088		(67,088)		—
Change in fair value of notes payable	—		—		—		—		—		—
Total other income	47,567		(10,358)		37,209		67,562		(19,221)		48,341
Net income	41,085		(12,262)		28,823		55,620		(22,782)		32,838
Net (loss) income attributable to non-controlling interests	—		(639)		(639)		—		1,102		1,102
Net income attributable to CIM Opportunity Zone Fund, L.P.	$	41,085	$	(11,623)	$	29,462	$	55,620	$	(23,884)	$	31,736

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as reported	$	—	$	—	$	1,656,821	$	26,836	$	519	$	—	$	—	$	1,684,176
Net investment loss before fixed return	—		—		(8,595)		(14)		—		—		—		(8,609)
Fixed return decrease	—		—		(338)		(5)		—		—		—		(343)
Fixed return increase	—		—		343		—		—		—		—		343
Net change in unrealized gain on investments	—		—		(15,105)		(244)		(6)		—		—		(15,355)
Capital contributions	—		—		63,785		—		—		—		—		63,785
Distributions	—		—		—		(4,900)		—		—		—		(4,900)
Balance as of March 31, 2023 - as reported	—		—		1,696,911		21,673		513		—		—		1,719,097
Net investment loss before fixed return	—		—		(9,488)		(20)		(1)		—		—		(9,509)
Fixed return decrease	—		—		(274)		(3)		—		—		—		(277)
Fixed return increase	—		—		277		—		—		—		—		277
Net change in unrealized gain on investments	—		—		(13,851)		(177)		(5)		—		—		(14,033)
Capital contributions	—		—		56,417		—		—		—		—		56,417
Balance as of June 30, 2023 - as reported	$	—	$	—	$	1,729,992	$	21,473	$	507	$	—	$	—	$	1,751,972

11

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023	$	1,656,821	$	26,836	$	(1,656,821)	$	(26,836)	$	437	$	(44,974)	$	109,040	$	(1,619,154)
Net investment income before fixed return	—		—		8,595		14		—		—		—		8,609
Fixed return decrease	(338)		(5)		338		5		—		—		—		343
Fixed return increase	343		—		(343)		—		—		—		—		(343)
Net change in unrealized gain on investments	—		—		15,105		244		6		—		—		15,355
Capital contributions	63,785		—		(63,785)		—		—		—		11,827		(51,958)
Distributions	—		(4,900)		—		4,900		—		—		—		4,900
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023	1,696,911		21,673		(1,696,911)		(21,673)		442		(30,046)		119,648		(1,628,540)
Net investment income before fixed return	—		—		9,488		20		1		—		—		9,509
Fixed return decrease	(274)		(3)		274		3		—		—		—		277
Fixed return increase	277		—		(277)		—		—		—		—		(277)
Net change in unrealized gain on investments	—		—		13,851		177		5		—		—		14,033
Capital contributions	56,417		—		(56,417)		—		—		—		3,066		(53,351)
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023	$	1,729,992	$	21,473	$	(1,729,992)	$	(21,473)	$	445	$	(18,999)	$	121,353	$	(1,648,666)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as restated	$	1,656,821	$	26,836	$	—	$	—	$	956	$	(44,974)	$	109,040	$	65,022
Fixed return decrease	(338)		(5)		—		—		—		—		—		—
Fixed return increase	343		—		—		—		—		—		—		—
Capital contributions	63,785		—		—		—		—		—		11,827		11,827
Distributions	—		(4,900)		—		—		—		—		—		—
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023 - as restated	1,696,911		21,673		—		—		955		(30,046)		119,648		90,557
Fixed return decrease	(274)		(3)		—		—		—		—		—		—
Fixed return increase	277		—		—		—		—		—		—		—
Capital contributions	56,417		—		—		—		—		—		3,066		3,066
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023 - as restated	$	1,729,992	$	21,473	$	—	$	—	$	952	$	(18,999)	$	121,353	$	103,306

12

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as reported	$	—	$	—	$	1,013,589	$	30,917	$	480	$	—	$	—	$	1,044,986
Net investment loss before fixed return	—		—		(5,246)		(12)		—		—		—		(5,258)
Fixed return decrease	—		—		(674)		(21)		—		—		—		(695)
Fixed return increase	—		—		695		—		—		—		—		695
Net change in unrealized gain on investments	—		—		19,198		584		11		—		—		19,793
Capital contributions	—		—		142,184		—		—		—		—		142,184
Distributions	—		—		—		(10,580)		—		—		—		(10,580)
Net change in unrealized incentive allocation	—		—		(2,648)		2,648		—		—		—		—
Balance as of March 31, 2022 - as reported	—		—		1,167,098		23,536		491		—		—		1,191,125
Net investment loss before fixed return	—		—		(6,200)		(10)		—		—		—		(6,210)
Fixed return decrease	—		—		(736)		(13)		(1)		—		—		(750)
Fixed return increase	—		—		750		—		—		—		—		750
Net change in unrealized gain on investments	—		—		46,443		828		24		—		—		47,295
Capital contributions	—		—		162,112		—		—		—		—		162,112
Net change in unrealized incentive allocation	—		—		(7,956)		7,956		—		—		—		—
Balance as of June 30, 2022 - as reported	$	—	$	—	$	1,361,511	$	32,297	$	514	$	—	$	—	$	1,394,322

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022	$	1,012,589	$	30,917	$	(1,013,589)	$	(30,917)	$	443	$	(11,662)	$	5,827	$	(1,049,898)
Net investment loss before fixed return	—		—		5,246		12		—		—		—		5,258
Fixed return decrease	(674)		(21)		674		21		—		—		—		695
Fixed return increase	695		—		(695)		—		—		—		—		(695)
Net change in unrealized gain on investments	—		—		(19,198)		(584)		(11)		—		—		(19,793)
Capital contributions	142,184		—		(142,184)		—		—		—		72		(142,112)
Distributions	—		(10,580)		—		10,580		—		—		—		10,580
Net change in unrealized incentive allocation	(2,648)		2,648		2,648		(2,648)		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022	1,167,098		23,536		(1,167,098)		(23,536)		438		(24,918)		7,640		(1,207,474)
Net investment loss before fixed return	—		—		6,200		10		—		—		—		6,210
Fixed return decrease	(736)		(13)		736		13		—		—		—		749
Fixed return increase	750		—		(750)		—		—		—		—		(750)
Net change in unrealized gain on investments	—		—		(46,443)		(828)		(24)		—		—		(47,295)
Capital contributions	162,111		—		(162,112)		—		—		—		81,240		(80,872)
Net change in unrealized incentive allocation	(7,956)		7,956		7,956		(7,956)		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022	$	1,361,511	$	32,297	$	(1,361,511)	$	(32,297)	$	442	$	(36,546)	$	88,241	$	(1,341,671)

13

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as restated	$	1,012,589	$	30,917	$	—	$	—	$	923	$	(11,662)	$	5,827	$	(4,912)
Fixed return decrease	(674)		(21)		—		—		—		—		—		—
Fixed return increase	695		—		—		—		—		—		—		—
Capital contributions	142,184		—		—		—		—		—		72		72
Distributions	—		(10,580)		—		—		—		—		—		—
Net change in unrealized incentive allocation	(2,648)		2,648		—		—		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022- as restated	1,167,098		23,536		—		—		929		(24,918)		7,640		(16,349)
Fixed return decrease	(736)		(13)		—		—		(1)		—		—		(1)
Fixed return increase	750		—		—		—		—		—		—		—
Capital contributions	162,111		—		—		—		—		—		81,240		81,240
Net change in unrealized incentive allocation	(7,956)		7,956		—		—		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022 - as restated	$	1,361,511	$	32,297	$	—	$	—	$	956	$	(36,546)	$	88,241	$	52,651

14

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Consolidated Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(47,506)	$	23,403	$	(24,103)	$	55,620	$	(22,782)	$	32,838
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments	(302,048)		302,048		—		(758,220)		758,220		—
Depreciation and amortization	—		5,995		5,995		—		3,236		3,236
Straight-line rental income	—		(5,413)		(5,413)		—		(1,948)		(1,948)
Amortization of right-of-use asset	—		415		415		—		70		70
Amortization of deferred financing costs	—		—		—		—		13		13
Loss (gain) on investments in unconsolidated entities	—		1,439		1,439		—		(47,867)		(47,867)
Net change in unrealized gain on investments	29,388		(29,388)		—		(67,088)		67,088		—
Change in fair value of notes payable	—		(301)		(301)		—		—		—
Changes in operating assets and liabilities:
Property acquisition deposits	34,727		(34,727)		—		—		—		—
Prepaid expenses and other assets	(103)		1,396		1,293		(36,988)		36,067		(921)
Accounts payable and accrued expenses	90		15,321		15,411		(2,692)		8,248		5,556
Lease liabilities	—		231		231		—		104		104
Due to related party	(284)		(11,469)		(11,753)		(536)		1,001		465
Prepaid rent and other liabilities	—		137		137		—		318		318
Accounts receivable	—		(3,475)		(3,475)		—		(1,483)		(1,483)
Management fees payable to related party	(249)		249		—		442		(442)		—
Interest payable	625		(625)		—		—		—		—
Net Cash Provided by (Used In) Operating Activities	(285,360)		265,236		(20,124)		(809,462)		799,843		(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments	—		(10,082)		(10,082)		—		(157,698)		(157,698)
Additions to investments	—		(533,910)		(533,910)		—		(124,580)		(124,580)
Payment of property acquisition deposits	—		—		—		—		(36,983)		(36,983)
Net Cash (Used In) Provided by Investing Activities	—		(543,992)		(543,992)		—		(319,261)		(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received	120,202		14,782		134,984		301,209		81,293		382,502
Distributions paid	(10,416)		5,516		(4,900)		(10,580)		—		(10,580)
Notes payable borrowing	—		29,302		29,302		—		3,920		3,920
Proceeds from notes payable to Fund’s investments	50,000		(50,000)		—		—		—		—
Deferred financing costs paid	—		—		—		—		(1,284)		(1,284)
Net Cash Provided by (Used In) Financing Activities	159,786		(400)		159,386		290,629		83,929		374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(125,574)		(279,156)		(404,730)		(518,833)		564,511		45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD	139,958		545,307		685,265		743,595		10,209		753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	14,384		264,995		279,379		224,762		574,719		799,481
Restricted cash	—		1,156		1,156		—		1		1
Total cash and cash equivalents and restricted cash	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482

15

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto of CIM Opportunity Zone Fund, L.P. for the fiscal year ended December 31, 2022.

Principles of Consolidation — The accompanying interim consolidated financial statements include the accounts of the Fund and its wholly-owned subsidiaries. The portions of equity in consolidated subsidiaries that are wholly-owned and are not attributable, directly or indirectly, to the Fund are presented as non-controlling interests. All intercompany balances and transactions have been eliminated in consolidation.

In determining whether the Fund has controlling interests in an entity and is required to consolidate the accounts in that entity, the Fund analyzes its investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Fund is the primary beneficiary. The Fund’s judgment with respect to its level of influence or control over an entity and whether the Fund is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Fund’s ownership interest, the Fund’s voting interest, the size of the Fund’s investment (including loans), and the Fund’s ability to participate in major policy-making decisions. The Fund’s ability to correctly assess its influence or control over an entity affects the presentation of its investments on the Fund’s consolidated financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Investments in Real Estate and Infrastructure — Investments in real estate and infrastructure are stated at cost, less accumulated depreciation and amortization. The Fund considers the period of future benefit of each respective asset to determine the appropriate useful life. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

Buildings and improvements	15 - 40 years
Furniture, fixtures, and equipment	3 - 5 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets and liabilities	Lease term
Solar batteries	13 years
Solar assets	35 years

Capitalized Project Costs

The Fund capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate and Infrastructure — The Fund continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate investments may not be recoverable. Investments in real estate and infrastructure are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an

16

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Fund as held for sale, the Fund will cease recording depreciation and amortization of the asset. The Fund did not recognize any impairment of long-lived assets during the three and six months ended June 30, 2023 and 2022. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 4 — Fair Value Measurements. See also Note 5 — Investments in Real Estate for further discussion regarding real estate investment activity.

Allocation of Purchase Price of Real Estate and Infrastructure Investments — The Fund determines whether a purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. Acquisition of real estate and infrastructure assets for development are generally recognized at cost, including the related transaction costs, as asset acquisitions. The Fund applies the acquisition method to all acquired real estate and infrastructure investments. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded on a relative fair value basis to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, above and below-market solar agreements, in-place leases and ground leases, if any, based in each case on their relative fair values. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market agreements, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Investments in Unconsolidated Entities, at Fair Value — The Fund accounts for its investments in unconsolidated entities under the equity method, as the Fund has the ability to exercise significant influence over the investments. The Fund’s investments in unconsolidated entities are carried under the fair value option pursuant to ASC 825, Financial Instruments on the Fund’s consolidated balance sheets, with any changes in the fair value of such investments recognized in the consolidated statements of operations.

The fair values of investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on applicable valuation techniques. Such valuation techniques include discounted cash flow analysis, applying market capitalization rates or earnings multiples to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow (“DCF”) and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

17

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

Notes Payable, at Fair Value — The Fund has elected the fair value option for its notes payable, and records the changes in fair value in the consolidated statements of operations. See Note 4 — Fair Value Measurements for further details on the assumptions used.

Accounts Payable and Accrued Expenses — Accounts payable and accrued expenses include accrued capital expenditures of $74.8 million and $164.0 million, respectively, as of June 30, 2023 and December 31, 2022.

Noncontrolling Interests — Noncontrolling interests represent the interests in various properties owned by third parties.

Leases — The Fund has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Fund has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components.

Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.

Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.

Redeemable Partners’ Capital — Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment. As such, the redeemable limited partnership units are presented at the redemption amount in temporary equity under redeemable partners’capital in the consolidated balance sheets. The redemption amount is initially recorded as the contribution amount and is subsequently remeasured at the net asset value as determined in accordance with the Partnership Agreement. Net asset value is calculated as U.S. GAAP partners’ equity adjusted for the redemption value of our limited partnership units. Increases or decreases in the value of limited partnership units will be reflected in retained earnings (deficit). The difference between the carrying amount and the redemption amount is reflected in change in fair value of redeemable limited partners’ capital in the consolidated statements of changes in partners’ capital.

Revenue Recognition and Lease Receivables — Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Fund acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Fund defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.

The Fund continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Fund will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate.

18

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

The Fund does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.

Cash and Cash Equivalents — Cash represents cash deposits held at high-quality financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have maturities of three months or less when purchased. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes.

Restricted Cash — Restricted cash for real estate taxes, insurance, and other miscellaneous reserves, is recorded on the consolidated financial statements in accordance with agreements that require segregation of funds related to the operations of the respective real estate investment or related mortgage payable agreements.

Concentration of Credit Risk — Cash held at major financial institutions is subject to credit risk to the extent those balances exceed the applicable Federal Deposit Insurance Corporation limitations, of up to $250,000 per financial institution.

Contributions Receivable — Contributions receivable represents contributions with an effective date before the period presented but received from investors subsequent to period end.

Property Acquisition Deposits — The Fund may advance certain amounts to acquirees as refundable deposits for impending acquisitions. Upon successful execution of the acquisition, amounts advanced will be reclassified to investments in real estate.

Risk Management — In the normal course of business, the Fund encounters economic risk such as market risk and concentration of investment risk. Market risk reflects changes in the valuation of investments in real estate and equity method investees held by the Fund. Concentration of investment risk represents the risk associated with investments that are concentrated in certain geographic regions and industries.

Income Taxes — The Fund intends to operate in a manner that will allow it to qualify as a partnership for U.S. federal income tax purposes. Generally, an entity that is treated as a partnership for U.S. federal income tax purposes is not a taxable entity and incurs no U.S. federal income tax liability. Accordingly, the Fund does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Fund’s income or loss on their income tax returns. If the Fund fails to qualify as a partnership for U.S. federal income tax purposes in any taxable year, and if the Fund is not entitled to relief under the Code for an inadvertent termination of its partnership status, the Fund will be subject to federal and state income tax on its taxable income at regular corporate income tax rates.

The Fund currently qualifies as a QOF commencing with its taxable year ended December 31, 2020 under Section 1400Z-2 of the Code. If, in future periods, the Fund does not satisfy the requirements to be a QOF, it may be subject to penalty taxes as provided under the Code (unless it is eligible for a reasonable-cause exception).

ASC 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current period.

Reportable Segments — The Fund’s real estate investments consist of infrastructure and real estate assets located within qualified opportunity zones. The Fund’s management evaluates operating performance on an overall portfolio level; therefore the Fund’s real estate investments are one reportable segment.

Recent Accounting Pronouncements — The Fund does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Fund’s consolidated financial statements.

4. FAIR VALUE MEASUREMENTS

In determining fair value, the Fund uses various valuation approaches. The definition of estimated fair value is applied on a consistent basis with that required by ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 establishes fair

19

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

value measurement framework, provides a single definition of fair value, and requires expanded disclosure summarizing fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability.

The FASB issued guidance that establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The guidance clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value in a market-based measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 — Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally developed valuation models.

In instances where the determination of a fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The following describes the methods the Fund uses to estimate the fair value of the Fund’s financial assets and liabilities:

Investments in unconsolidated entities, at fair value — Investments in unconsolidated entities are generally valued using Level 3 inputs. The Fund’s valuations are prepared by third-party valuation firms in accordance with the Uniform Standards of Professional Appraisal Practice (“USPAP”). The fair values of investments are estimated based on the price that would be received to sell the Fund’s interests in the unconsolidated entity in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on assumptions made and valuation techniques. Such valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or earnings multiples applied to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow (“DCF”) and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

Notes payable — The fair value of notes payable is determined by a third-party appraiser who discounts the difference between contract and market debt service cash flows using a market equity yield. The third-party appraiser also considers multiple valuation techniques (e.g., par, prepayment penalty) and applies a reconciliation among relevant methods. The fair value analysis is updated quarterly and reviewed by senior management. The market rate is determined by giving consideration to one or more of the following criteria, as appropriate: (i) interest rates for loan of comparable quality and maturity and (ii) the value of the underlying collateral. The Fund’s notes payable are classified within Level 3 of the fair value hierarchy.

Other financial instruments — The Fund considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

20

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Fund could realize, or be liable for, upon disposition of the financial assets and liabilities. The Fund evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Fund does not expect that changes in classifications between levels will be frequent.

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Fund’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, are as follows (in thousands):

Description	Total Fair Value as of June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	149,627	$	—	$	—	$	149,627
Notes payable	$	261,938	$	—	$	—	$	261,938

Description	Total Fair Value as of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	151,066	$	—	$	—	$	151,066
Notes payable	$	232,937	$	—	$	—	$	232,937

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2023:

Investment	Fair Value as of June 30, 2023 (in thousands)		Valuation Techniques		Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	149,627	Sales comparison		Value per acre	$	35,001
			Blended approach		Discounted cash flow weighting	60.0		%
					Cost approach weighting	40.0		%
			Discounted cash flow		Discount rate	7.0% - 12.4%
						(7.6%)
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	95		%
					Economic useful life	35 years
Debt
Notes Payable	$	261,938	Net present value		Market interest rate	6.0% - 8.7%
						(7.7%)
			Discounted cash flow	(1)	Discount rate	6.0		%
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	94.9		%
					Economic useful life	35 years

___________________

(1)Represents the valuation techniques and unobservable inputs for the underlying value of the solar project that the respective notes payable value is tied to.

21

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022:

Investment	Fair Value as of December 31, 2022 (in thousands)		Valuation Techniques	Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	151,066	Sales comparison	Value per acre	$	35,001
			Blended approach	Discounted cash flow weighting	60.0		%
				Cost approach weighting	40.0		%
			Discounted cash flow	Discount rate	6.0% - 12.4%
					(6.7%)
				Investment tax credit rate	30.0		%
				Investment tax credit eligibility	94.9		%
				Economic useful life	35 years
Debt
Notes Payable	$	232,937	Net present value	Market interest rate	5.8% - 7.5%
					(6.8%)

Under the sales comparison technique, the significant unobservable input used in the fair value measurement of the Fund’s investments is value per square foot. Increases or decreases in the value per square foot may result in a lower or higher fair value measurement, respectively.

Under the discounted cash flow technique, the significant unobservable input used in the fair value measurement of the Fund’s investments is the discount rate, terminal capitalization rate, and revenue growth rate, as applicable. Increases or decreases in the rates in isolation may result in a higher or lower fair value measurement, respectively. An increase or decrease in the discount rate used to determine fair value would result in a decrease or increase to the fair value, respectively. An increase or decrease in the terminal capitalization rate or revenue growth rate would result in an increase or decrease to the fair value, respectively.

The following table presents the changes in assets and liabilities classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2023 and 2022 (in thousands):

Description	Investments in Unconsolidated Entities		Notes Payable
Beginning balance, January 1, 2022	$	208,329	$	71,000
Consolidation of investment	(107,515)		91,435
Notes payable borrowing	—		3,920
Unrealized gain on investments in unconsolidated entities	47,867		—
Balance, June 30, 2022	$	148,681	$	166,355
Beginning balance, January 1, 2023	$	151,066	$	232,937
Notes payable borrowing	—		29,302
Unrealized loss on investments in unconsolidated entities	(1,439)		—
Change in fair value of notes payable	—		(301)
Ending balance, June 30, 2023	$	149,627	$	261,938

5. INVESTMENTS IN REAL ESTATE

2023 Transactions — During the six months ended June 30, 2023, the Fund acquired an interest in four properties for an aggregate purchase price of $44.8 million (the “2023 Property Acquisitions”), which were accounted for as asset acquisitions and includes $109,000 of acquisition-related expenses that were capitalized.

22

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Office — Los Angeles, CA	99%	March 1, 2023	$	7,022
Multifamily — Los Angeles, CA	99%	March 15, 2023	$	13,542
Multifamily — Los Angeles, CA	99%	March 30, 2023	$	19,903
Office — Los Angeles, CA	99%	April 20, 2023	$	4,342

2022 Transactions — During the six months ended June 30, 2022, the Fund acquired an interest in seven properties for an aggregate purchase price of $135.5 million (the “2022 Property Acquisitions”), which were accounted for as asset acquisitions and includes $306,000 of acquisition-related expenses that were capitalized.

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Solar — Lemoore, CA	88%	April 20, 2022	$	75,129
Office — Los Angeles, CA	99%	May 10, 2022	$	12,583
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	32,147
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	2,757
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	6,411
Hotel — Atlanta, GA	99%	June 30, 2022	$	3,592
Multifamily — Atlanta, GA	99%	June 30, 2022	$	2,892

The results of operations of the properties the Fund acquired have been included in the consolidated statements of operations from the dates of acquisition. The following table summarizes the purchase price allocation for the 2023 and 2022 Property Acquisitions (in thousands):

	2023 Property Acquisitions		2022 Property Acquisitions
Land	$	28,028	$	40,293
Building and improvements	16,771		94,401
Intangible assets(1)	10		817
Total purchase price	$	44,809	$	135,511

___________________

(1)The amortization period for acquired intangible assets is 5.1 years and 10.7 years, respectively, for the 2023 and 2022 Property Acquisitions.

Consolidated Joint Ventures — During the six months ended June 30, 2022,the Fund determined there was a change in control with respect to its investment in the office property located in Dallas, Texas due to the completion of construction. The investment is a variable interest entity, and completion of construction was considered to be a reconsideration event, resulting in the Fund determined to be the primary beneficiary. Accordingly, the Fund determined it should consolidate the investment, which was previously reflected as an investment in unconsolidated entities, at fair value. The Fund accounted for the consolidation as an asset acquisition. The tangible and intangible assets acquired and liabilities assumed in this transaction were recorded in the Fund’s consolidated balance sheets at their estimated fair value as of the consolidation date (the “Dallas Consolidated Joint Venture”). The Fund also recorded $22.5 million of non-controlling interest related to the Dallas Consolidated Joint Venture on the consolidation date.

As of June 30, 2023, the Fund had a 62% interest in the Consolidated Joint Venture with total assets of $322.6 million, which included $273.3 million of real estate assets, net of accumulated depreciation and amortization of $9.4 million, and total liabilities of $162.0 million, including debt outstanding of $122.3 million. The Company has the ability to control operating and financial policies of the Dallas Consolidated Joint Venture. There are restrictions on the use of these assets as the Fund may be required to obtain the partner’s (the “Dallas Consolidated Joint Venture Partner”) approval in accordance with the joint venture agreement for certain major transactions. The Fund and the Dallas Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

As of June 30, 2023, the Fund had a 91% interest in a joint venture (the “Washington D.C. Consolidated Joint Venture”) with total assets of $125.3 million, which included $122.5 million of real estate assets, net of accumulated depreciation and amortization of $7.7 million, and total liabilities of $66.0 million, including debt outstanding of $64.8

23

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

million. The Company has the ability to control operating and financial policies of the Washington D.C. Consolidated Joint Venture.

6. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consisted of the following as of June 30, 2023 and December 31, 2022 in thousands, except weighted average life remaining):

	As of June 30,		As of December 31,
	2023		2022
Intangible assets:
In-place leases and other intangibles, net of accumulated amortization of $1,380 and $776, respectively (with a weighted average life remaining of 9.8 years and 10.3 years, respectively)	$	11,868	$	11,207
Intangible liabilities:
Acquired below-market renewable energy certificate (“REC”) agreement (with a weighted average life remaining of 10.5 years and 11.0 years as of June 30, 2023 and December 31, 2022, respectively.)	$	35,000	$	35,000

Amortization expense for the in-place leases and other intangibles and the below-market REC agreement is included in depreciation and amortization in the accompanying consolidated statements of operations.

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
In-place lease and other intangible amortization	$	307	$	189	$	605	$	201

As of June 30, 2023, the estimated amortization relating to the intangible assets and liabilities is as follows (in thousands):

	Amortization
	In-Place Leases and Other Intangibles		Below-Market REC Agreement (1)
Remainder of 2023	$	606	$	432
2024	1,212		3,457
2025	1,212		3,457
2026	1,212		3,457
2027	1,212		3,457
Thereafter	6,414		20,740
Total	$	11,868	$	35,000

___________________

(1)As of June 30, 2023, the asset with the below-market REC agreement is not operational. The asset will commence operations during Q4 2023 and the below-market REC agreement will begin amortization.

24

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

7. INVESTMENTS IN UNCONSOLIDATED ENTITIES

The following table details the Fund’s investments in unconsolidated entities (dollars in thousands):

			Carrying Value
Property	Ownership	Acquisition Date	June 30, 2023		December 31, 2022
Solar — Lemoore, CA	27%	December 13, 2019	$	136,654	$	137,959
Solar — Lemoore, CA	15%	December 13, 2019	12,973		13,107
Total investments in unconsolidated entities			$	149,627	$	151,066

The Fund’s investments in unconsolidated entities includes debt of $12.9 million and $14.5 million, respectively, as of June 30, 2023 and December 31, 2022. The Fund’s proportional share of the asset level encumbrances are included in the Fund’s net equity investment within investments in unconsolidated entities in the consolidated balance sheets.

8. DEBT

The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands):

			During the Six Months Ended June 30, 2023
	December 31, 2022		Debt Issuances & Assumptions		Repayments		Fair Value Adjustment		June 30, 2023
Notes Payable:
Fixed rate mortgages payable	$	126,488	$	19,512	$	—	$	—	$	146,000
Variable rate mortgage payable	112,546		9,790		—		—		122,336
Total notes payable	239,034		29,302		—		—		268,336
Fair value adjustment	(6,097)		—		—		(301)		(6,398)
Total notes payable, at fair value	$	232,937	$	29,302	$	—	$	(301)	$	261,938

Fixed Rate Notes Payable

As of June 30, 2023, the Fund had a $71.0 million fixed rate note payable with an interest rate per annum of 3.23%, with monthly payments of interest only, maturing on August 12, 2031. As of June 30, 2023, the Fund had a non-interest bearing $75.0 million note payable maturing on December 31, 2047 (the “Convertible Note”) with an affiliated vehicle managed by CIM (the “Lender”). Under the loan agreement, the Lender may convert the outstanding principal balance into equity in the investment. The Convertible Note may be increased to $100 million upon securing a third-party senior construction loan. Payments under the Convertible Note will be made on each date that the Fund makes a distribution, in an amount equal to the Lender’s pro rata share of the total distribution.

Variable Rate Notes Payable

The Fund also had a $122.3 million variable rate note payable with an interest rate per annum of the one-month forward-looking SOFR rate plus a spread of 2.85%, with monthly payments of interest only, maturing on April 24, 2025.

As of June 30, 2023, the aggregate outstanding principal balance of the Fund’s notes payable was $268.3 million and the fair value was $261.9 million. The Fund’s mortgage notes payable are collateralized by the respective property on which the debt was placed. The mortgage notes payable are nonrecourse, and contain various restrictions and covenants with which the Fund was in compliance as of June 30, 2023. The Fund’s notes payable are held at fair value, as reflected on the consolidated balance sheets, as further described in Note 4 — Fair Value Measurements.

25

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

Maturities

The following table summarizes the scheduled aggregate principal repayments for the Fund’s outstanding debt subsequent to June 30, 2023 (in thousands):

	Principal Repayments
Remainder of 2023	$	—
2024	—
2025	122,336
2026	—
2027	—
Thereafter	146,000
Total	$	268,336

9. PARTNERS’ CAPITAL AND REDEEMABLE PARTNERS’ CAPITAL

Contributions

Admission, and timing thereof, of new partners into the Fund is at the general discretion of the General Partner. Each Limited Partner may be required on or soon after such Limited Partner’s admission to the Fund, to make a capital contribution to the Fund with respect to its capital commitment in an amount specified in a notice delivered by the General Partner at least three business days prior to the due date of such capital contribution. Thereafter, each Limited Partner shall generally make capital contributions at the discretion of the General Partner in an amount specified in a notice delivered by the General Partner at least ten business days prior to such date and only up to the amount of such Limited Partner’s undrawn commitment.

In connection with each capital contribution, a Limited Partner shall be issued Units based on the Fund’s net asset value (“NAV”) as of such quarter-end. If a Limited Partner makes a capital contribution on a date other than on or around the last day of a quarter, such capital contribution shall generate a fixed return equivalent to an effective rate of 3.0% per annum from the date of such capital contribution until the next date on which the NAV is determined (generally the last calendar day of the quarter in which such capital contribution was made) and such partner will not participate in any other profit or loss, other than management fees, with respect to such capital contributions. The intra-quarter contributions generated fixed returns of $277,000 and $620,000, respectively, for the three and six months ended June 30, 2023, and $750,000 and $1.4 million, respectively for the three and six months ended June 30, 2022, which are included in the statement of changes in net assets as fixed return increase and fixed return decrease. As of June 30, 2023, the Fund had $170,000 of contributions receivable in the consolidated balance sheet.

Distributions

The Fund will make distributions pro-rata to the Limited Partners at such time and in such amounts as determined by the General Partner in its discretion.

Redeemable Partners’ Capital

Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment, by providing written notice to the General Partner no later than the last calendar day of the quarter immediately preceding such redemption date, subject to certain restrictions as specified in the Partnership Agreement. Redemptions are only made to the extent that the Fund has sufficient cash available to honor redemption requests, as determined in the discretion of the General Partner. In addition, the General Partner or its affiliates may make a partial or total redemption of their units attributable to incentive allocation without notice to the Limited Partners at any time in their discretion.

26

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

10. MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS

Management fees

The Manager provides investment management services to the Fund. For these services, the Fund pays the Manager management fees in advance on a quarterly basis (the “Management Fees”). The Management Fees are calculated based on each Limited Partner’s Management Fee percentage, which ranged from 1.25% to 2.0% as of June 30, 2023, multiplied by their proportionate share of NAV as of the beginning of the quarter.

Incentive allocation

Pursuant to the Partnership Agreement, the General Partner or an affiliate thereof or other designee of the General Partner, will be allocated net profits (the “Incentive Allocation”) from the Limited Partners at the end of an incentive allocation period, subject to certain performance hurdles being met. The General Partner receives an Incentive Allocation of 20% annually, which is the portion of profits or gains that the General Partner is entitled to above a minimum return threshold. The high watermark is a mechanism that ensures the General Partner only receives an Incentive Allocation if the Fund’s value surpasses the highest previous value. This means that if the Fund’s value decreases below the high watermark, the General Partner will not receive any Incentive Allocation until the value exceeds the previous high point. The hurdle rate, which is set at 6%, is a minimum rate of return that the Fund needs to achieve before the General Partner becomes eligible for the Incentive Allocation. The General Partner is entitled to an 80% catch-up provision once the hurdle rate is met, which means that once the hurdle rate is surpassed, the General Partner will receive 80% of the profits or gains until they have caught up to their entitled share.

The General Partner has designated CIM Opportunity Zone Fund SLP, LLC (the “SLP”), an affiliated Limited Partner, to receive the Incentive Allocation. The General Partner may, in its discretion, waive, reduce or defer Incentive Allocation of all or a portion of the Incentive Allocation attributable to any Units of any Limited Partner. Since inception through June 30, 2023, the Fund has realized an incentive allocation of $47.7 million.

Servicing Fees

The General Partner or its affiliates may also provide to the Fund and/or its investments part or all of other services (“Other Services”) that would otherwise be provided by a third party, including servicing fees and reimbursement of allocable costs and expenses incurred in connection with or relating to the performance of any Other Services. Pursuant to such provided services, the General Partner or its affiliates may receive from the Fund and/or its Portfolio Assets, (i) property management fees, (ii) development management fees, (iii) leasing brokerage fees, (iv) fees associated with arranging financings for Portfolio Assets, (v) multifamily residential sales fees, (vi) fees relating to servicing and administering the Portfolio Assets, including special servicing, (vii) fees in connection with or following a foreclosure on the Portfolio Asset and (viii) other related fees in connection with a Portfolio Asset (collectively, “Servicing Fees”). Such Servicing Fees will be either (x) at rates which do not exceed the limits set forth immediately below, (y) at rates that are no less favorable to the Partnership and/or such Portfolio Asset than the arm’s-length rates on which the Fund and/or such Portfolio Asset could obtain comparable services from an unaffiliated service provider taking into account the nature of the relevant asset type and the special services required or (z) at rates that receive the consent of a Review Agent or the Limited Partners:

Fee Type	Limit
Property Management Fees	Not to exceed 5.0% of gross property revenues, plus Allocable Costs and Expenses
Development Management Fees	Not to exceed 4.0% of gross contract price for development, tenant improvements or other capital expenditures, as applicable, plus Allocable Costs and Expenses
Leasing Brokerage Fees	Not to exceed 4.0% of base rent during lease years one through five; 2.0% of base rent after lease year five, in each case, plus Allocable Costs and Expenses. In transactions where there is a participating broker(s), not to exceed 2.0% of base rent during lease years one through five; 1.0% of base rent after year five, in each case, plus Allocable Costs and Expenses
Multifamily Residential Sales Fees	Not to exceed 6.0% of the gross sales price of a residential unit, plus Allocable Costs and Expenses.

27

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

The Fund recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Management fees	$	7,934	$	5,624	$	15,669	$	10,490
Expense reimbursement to related parties	$	395	$	171	$	908	$	347
Incentive allocation (1)	$	—	$	7,956	$	—	$	10,604
Organizational costs (2)	$	—	$	18	$	63	$	73
Development fees and allocable costs and expenses (3)	$	6,726	$	3,036	$	17,097	$	3,777

______________________

(1)Represents the change in unrealized Incentive Allocation to SLP within the Statements of Changes in Partners’ Capital during the three and six months ended June 30, 2022.

(2)Organizational costs are capitalized to prepaid expenses and other in the condensed consolidated balance sheets, and subsequently amortized over five years to general and administrative expenses in the consolidated statements of operations.

(3)Represents development fees and development-related Allocable Costs and Expenses incurred by the Fund’s consolidated investments. These amounts have been capitalized to real estate under development in the condensed consolidated balance sheets. Does not include $18,000 and $85,000, respectively, which were incurred by the Fund’s investments in unconsolidated entities that were allocated to the Fund based on its respective ownership percentage of the investment, for the three and six months ended June 30, 2023, and $85,000 and $192,000, respectively, that were incurred and allocated to the Fund based on its respective ownership percentage of the investment for the three and six months ended June 30, 2022.

Of the amounts shown above, the following amounts had been incurred, but not yet paid for services provided by related parties as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Management fees	$	14	$	263
Incentive allocation	$	—	$	5,516
Administration and other reimbursable expenses	$	11	$	295

Related Party Investments

To achieve the Fund’s stated investment program and meet timelines required under the Opportunity Zone legislation, a significant percentage of the investments in the Fund have been transferred into the Fund from CIM and its affiliates. In these instances, such investments and co-investments are reported as transactions with affiliates. Of the total Fund, 83% are investments acquired from entities that are related parties of CIM. As of June 30, 2023, investments incubated at CIM and its affiliates represented $400.1 million.

The Fund may coinvest with other entities under common control of the same General Partner or its affiliates. As of June 30, 2023, the Fund held investments with a total fair value of $702.4 million that was coinvested with affiliated funds. In addition, the General Partner owns a nominal interest in the Fund’s investments.

The Fund also enters into certain agreements with other CIM affiliated entities from time to time.

11. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Fund enters into contracts and agreements. These contracts and agreements commit the Fund to various specific and contingent obligations. In addition, the Fund may be subject to legal claims in the ordinary course of business. The Fund is not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business.

The Fund is subject to various environmental laws of federal, state, and local governments. Compliance with these laws has not had a material adverse effect on the consolidated financial statements, and management does not believe it will have such an impact in the future.

The Fund acts as a guarantor of certain debt obligations to its underlying investments. In certain scenarios, the Fund may have limited or full recourse exposure.

28

CIM OPPORTUNITY ZONE FUND, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2023 (Unaudited)

12. LEASES

Future minimum rental revenue under long-term operating leases as of June 30, 2023, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, are as follows (excludes unconsolidated properties, in thousands):

	Future Minimum Rental Income
Remainder of 2023	$	7,202
2024	19,227
2025	19,700
2026	20,105
2027	20,518
Thereafter	111,552
Total	$	198,304

The Fund has an investment in a real estate property that is subject to a ground lease with a remaining term of 95.5 years, for which a lease liability and right of use (“ROU”) asset of $33.7 million and $34.2 million was recorded as of June 30, 2023 and December 31, 2022, respectively. The ROU asset and lease liability were initially measured at the present value of the future minimum lease payments using a discount rate of 3.6%. This reflects the Fund’s incremental borrowing rate, which was calculated based on the interest rate the Fund would incur to borrow on a fully collateralized basis over a term similar to the lease.

The Fund recognized $511,000 and $1.0 million of ground lease expense during the three and six months ended June 30, 2023, respectively, of which $200,000 and $400,000, respectively, was paid in cash during the period it was recognized. As of June 30, 2023, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $400,000 for the remainder of 2023, $800,000 annually for 2024 through 2028, and $197.0 million thereafter through the maturity date of the lease in December 2118.

13. SUPPLEMENTAL CASH FLOW DISCLOSURES

Supplemental cash flow disclosures for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Six Months Ended June 30,
	2023		2022
	(As Restated)		(As Restated)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Contributions receivable	$	170	$	23
Accrued capital expenditures	$	76,150	$	8,241
Reclassification of property acquisition deposits to investments	$	34,727	$	842
Recognition of right-of-use asset and lease liability	$	—	$	34,643
Consolidation of real estate joint venture	$	—	$	198,950
Notes payable assumed recorded upon consolidation of joint venture	$	—	$	91,435
Supplemental Cash Flow Disclosures:
Interest Paid	$	5,386	$	863

14. SUBSEQUENT EVENTS

The following events have occurred subsequent to June 30, 2023:

The Fund accepted additional capital commitments of approximately $17.71 million.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with our financial statements and related notes and other financial information appearing elsewhere in this Quarterly Report on Form 10-Q. We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. Certain risks may cause our actual results, performance or achievements to differ materially from those expressed or implied by the following discussion. For a complete discussion of such risk factors, see Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and the Company’s Amendment No. 2 to the Form 10 Registration Statement filed with the SEC on July 28, 2023. Capitalized terms used herein, but not otherwise defined, shall have the meaning ascribed to those terms in “Part I — Financial Information” of this Quarterly Report on Form 10-Q, including the notes to the financial statements contained therein, and the terms “we,” “us,” “our” and the “Company” refer to CIM Opportunity Zone Fund, L.P.

Forward-Looking Statements

This Quarterly Report on Form 10-Q includes “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that reflect our expectations and projections about our future results, performance, prospects and opportunities. We have attempted to identify these forward-looking statements by the use of words such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects,” “plans” or similar expressions. These forward-looking statements are based on information currently available to us and are subject to a number of known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. In addition, these risks and uncertainties include those associated with general economic, market and other conditions. We intend for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. We do not undertake to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or new information, future events or otherwise, except as may be required to satisfy our obligations under federal securities law. The forward-looking statements should be read in light of the risk factors identified in Item 1A — Risk Factors of this Quarterly Report on Form 10-Q and our Amendment No. 4 (and any subsequent amendments thereto) to the Form 10 Registration Statement filed with the SEC on November 6, 2023.

The following are some, but not all, of the assumptions, risks, uncertainties and other factors that could cause our actual results to differ materially from those presented in our forward-looking statements:

•our future operating results;

•our business prospects and the prospects of the real estate and infrastructure in which we may invest;

•historic correlations among economic growth, inflation and rents resulting in the loss of the potential inflation hedging attributes of real estate;

•any recent perceived improvement in real estate fundamentals, corporate earnings, stock market performance and the supply and demand characteristics of commercial real estate, any one of which could adversely affect the performance of the Fund;

•the availability of capital markets, including the debt financing expected to be employed by the Fund;

•the predictive value of real estate and infrastructure capitalization rates compared with intermediate U.S. Treasury bonds;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•our ability to source adequate investment opportunities to efficiently deploy capital;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

30

•the timing and amount of cash flows, distributions and dividends, if any, from our properties;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with CIM or any of its affiliates;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage;

•the ability to locate suitable investments and to monitor and administer our investments;

•the ability to attract and retain highly talented professionals;

•our ability to structure investments in a tax-efficient manner and the effect of changes to tax legislation and our tax position; and

•the tax status of the enterprises in which we may invest.

Overview

The Fund was formed on November 1, 2018 and commenced operations on January 21, 2019, and is governed by the Partnership Agreement. The Fund is organized as an open-ended vehicle for the purpose of investing in infrastructure and real estate, through entities that acquire, own, develop or re-develop and operate infrastructure and real estate assets in Opportunity Zones, with the objective of generating returns from capital appreciation and operating income once development of these assets is complete. The Fund’s assets under development had plans in place or were developed at the time of the Fund’s acquisition that are strategic to each asset achieving current income and appreciation of value. The Fund engages third parties or affiliates of the Manager (also referred to as the “development manager”) to provide development management services, and in consideration the Fund pays development management fees.

Portfolio Information

As of June 30, 2023, we had investments in 19 assets, including investments in unconsolidated entities, with an aggregate net book value of $2.0 billion. During the six months ended June 30, 2023, we acquired 99% ownership interests in two office properties and two multifamily property located in Los Angeles, California.

Results of Operations

The impact of the restatement on the Company’s consolidated financial statements for the three and six months ended June 30, 2023 and 2022 is detailed in Note 2 — Change in Basis of Accounting (Restatement) to our consolidated financial statements. The following table provides summary information about our results of operations for the three and six months ended June 30, 2023 and 2022 (in thousands):

31

	Three Months Ended June 30,						Six Months Ended June 30,
	2023		2022		Change		2023		2022		Change
	(As Restated)		(As Restated)				(As Restated)		(As Restated)
Rental and other property income	$	5,415	$	2,424	$	2,991	$	10,154	$	2,887	$	7,267
Total Revenues	5,415		2,424		2,991		10,154		2,887		7,267
Management fees to related party	7,934		5,624		2,310		15,669		10,490		5,179
Expense reimbursement to related parties	395		171		224		908		347		561
Interest expense and other	2,950		863		2,087		5,634		1,586		4,048
General and administrative expense	1,095		627		468		1,909		1,055		854
Depreciation and amortization expense	3,019		2,269		750		5,995		3,236		2,759
Real estate tax	1,391		376		1,015		2,800		217		2,583
Property operating expense	1,971		880		1,091		3,657		1,459		2,198
Total Expenses	18,755		10,810		7,945		36,572		18,390		18,182
Interest and other income	1,578		271		1,307		3,453		474		2,979
(Loss) gain on investments in unconsolidated entities	(2,240)		36,938		(39,178)		(1,439)		47,867		(49,306)
Change in fair value of notes payable	149		—		149		301		—		301
Total other income	(513)		37,209		(37,722)		2,315		48,341		(46,026)
Net (loss) income	(13,853)		28,823		(42,676)		(24,103)		32,838		(56,941)
Net (loss) income attributable to non-controlling interests	(1,361)		(639)		(722)		(2,580)		1,102		(3,682)
Net (loss) income attributable to CIM Opportunity Zone Fund, L.P.	$	(12,492)	$	29,462	$	(41,954)	$	(21,523)	$	31,736	$	(53,259)

Rental and other property income

The increase in rental and other property income of $3.0 million and $7.3 million, respectively, during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to recognizing a full period of rental income at our office property located in Dallas, Texas. Additionally, rental income increased at our multifamily property located in Washington D.C. as a result of increased occupancy during the three and six months ended June 30, 2023.

Management fees to related party

Management fees to related party are calculated based on each Limited Partner’s Management Fee percentage multiplied by their proportionate share of NAV as of the beginning of the quarter.

The increase in management fees of $2.3 million and $5.2 million, respectively, during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to the additional capital raise that drove the NAV increase. From June 30, 2022 to June 30, 2023 the Fund accepted an additional $416.3 million in capital contributions.

Expense reimbursement to related parties

The Manager receives reimbursement for performing certain services for the Fund and its subsidiaries.

The increase in expense reimbursement to related parties of $224,000 and $561,000, respectively, during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to the increased assets at June 30, 2023 compared to at June 30, 2022. With an increase in total assets, the scale of operations and the complexity of managing the assets also increases.

Interest expense and other

Interest expense also includes amortization of deferred financing costs.

32

The increase in interest expense of $2.1 million and $4.0 million, respectively, during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to increased borrowings on our notes payable during the period.

General and administrative expenses

General and administrative expenses consist of legal, third-party administrator expenses, audit and tax expenses, banking fees and corporate expenses.

The increase in general and administrative expenses of $468,000 and $854,000, respectively, during the three and six months ended June 30, 2023, compared to the same period in 2022, was primarily due to the increase in total assets at June 30, 2023 compared to at June 30, 2022, as further described above. With an increase in total assets, the scale of operations and the complexity of managing the assets also increases. This generally leads to higher administrative expenses, as more resources and personnel are required. Additionally, the Fund’s third party administrator is compensated based on a fee structure that is tied to the asset value of the Fund. As the total asset value increases, the fee amount also increases proportionately.

Depreciation and amortization

The increase in depreciation and amortization expense of $750,000 and $2.8 million respectively, during the three and six months ended June 30, 2023, compared to the same period in 2022 was primarily due to recognizing a full period of depreciation and amortization at our office property located in Dallas, Texas after being placed into service.

Real estate tax

The increase in real estate tax of $1.0 million and $2.6 million respectively, during the three and six months ended June 30, 2023 compared to the same period in 2022 was primarily due to the recognition of a full period of real estate tax at our office property located in Dallas, Texas after being placed into service, in addition to the acquisition of four properties subsequent to June 30, 2022.

Property operating expense

The increase in property operating expense of $1.1 million and $2.2 million during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to the recognition of a full period of property operating expense at our office property located in Dallas, Texas after being placed into service, in addition to the acquisition of four properties subsequent to June 30, 2022.

Interest and other income

Interest income consists of amounts received on interest-bearing accounts.

The increase in interest income of $1.3 million and $3.0 million respectively, during the three and six months ended June 30, 2023 compared to the same period in 2022 was primarily due to higher balances in our interest-bearing accounts during the three and six months ended June 30, 2023.

(Loss) gain on investments in unconsolidated entities

(Loss) gain on investments in unconsolidated entities reflect the changes in fair value of the Fund’s investments in unconsolidated entities.

Loss on investments in unconsolidated entities was $2.2 million and $1.4 million during the three and six months ended June 30, 2023 due to the devaluation of the portfolio assets held by the unconsolidated entities.

Change in fair value of notes payable

We have elected the fair value option for our notes payable. Changes in fair value are recorded in the consolidated statements of operations.

The increase in the change in fair value of notes payable of $149,000 and $301,000 during the three and six months ended June 30, 2023, compared to the same periods in 2022 was primarily due to the impact of increasing interest rates throughout the three and six months ended June 30, 2023, impacting the value of our notes payable.

33

Net (loss) income attributable to non-controlling interests

The decrease in net income (loss) attributable to non-controlling interests was $1.4 million and $2.6 million during the three and six months ended June 30, 2023, as compared to the same period in 2022 was primarily due to the proportional allocation of net income (loss) to non-controlling interest holders during the three and six months ended June 30, 2023.

Financial Condition, Liquidity and Capital Resources

General

We expect to utilize proceeds from net cash provided by operations and capital contributions received to finance our future acquisitions of and additions to investments. The sources of our operating cash flow will primarily be provided by rental income received from current and future leased properties and solar income from infrastructure assets.

Liquidity and Capital Resources

We expect to generate cash primarily from the net proceeds from our continuous private offering of our Units in reliance on exemptions from the registration requirements of the Securities Act, cash flows from our operating assets, and any financing arrangements we may enter into in the future.

Our primary needs for liquidity and capital resources are to fund our investments in portfolio entities and other investments, pay our operating fees and expenses (including the Management Fee and Incentive Allocation), pay any distributions that we make to the holders of our units, periodic repurchases under the Redemption Program, and pay interest on any outstanding indebtedness that we incur.

We expect to obtain the liquidity and capital resources that we need over the short and long-term from cash on hand, the proceeds of our private offerings and from any undistributed funds from operations. For additional detail regarding our private offering, see “Part II, Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities-Use of Proceeds from Registered Sales of Securities” in the Company’s Annual Report 10-K for the year ended December 31, 2023.

We currently anticipate that our available capital resources, including the proceeds from our private offering and the proceeds from any financing arrangements we may enter into, when combined with cash flow generated from our operating assets, will be sufficient to meet our anticipated working capital and capital expenditure requirements over the next 12 months and beyond.

Contractual Obligations

As of June 30, 2023, we had fixed and variable rate mortgage loans payable with a carrying value of $268.3 million and fair value of $261.9 million. The Fund’s mortgage notes payable are collateralized by the respective property on which the debt was placed. The mortgage notes payable are nonrecourse, and contain various restrictions and covenants with which the Fund was in compliance as of June 30, 2023.

Cash Flows

The following table provides a breakdown of the net change in our cash and cash equivalents and restricted cash (amounts in thousands):

	Six Months Ended June 30,
	2023		2022
Net Cash Used In Operating Activities	$	(20,124)	$	(9,619)
Net Cash Used In Investing Activities	(543,992)		(319,261)
Net Cash Provided by Financing Activities	159,386		374,558
Net Change In Cash And Cash Equivalents And Restricted Cash	$	(404,730)	$	45,678

As of June 30, 2023 and 2022, cash and cash equivalents and restricted cash totaled $280.5 million and $799.5 million, respectively.

Cash flows used in operating activities for both the six months ended June 30, 2023 and 2022 primarily relates to the payment of management fees as well as payments for interest expense, property operating expenses and marketing, legal,

34

tax and accounting fees. These outflows were partially offset by rental income received and interest income received on our cash-bearing accounts during the period.

Cash flows used in investing activities for both the six months ended June 30, 2023 and 2022 primarily relates to acquisitions and additions to our investments.

Cash flows provided by financing activities for the six months ended June 30, 2023 primarily relates to proceeds from capital contributions and proceeds from notes payable borrowings, offset by distributions paid. Cash flows provided by financing activities for the six months ended June 30, 2022 primarily relates to proceeds from capital contributions, offset by distributions paid.

Related Parties

See “Note 10 — Management Fees, Incentive Allocation and Other Related-Party Transactions” for a description of certain transactions and relationships with related parties.

Critical Accounting Policies

Our accounting policies have been established to conform with U.S. GAAP. The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to use judgment in the application of accounting policies, including making estimates and assumptions. These judgments affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Management believes that we have made these estimates and assumptions in an appropriate manner and in a way that accurately reflects our financial condition. We continually test and evaluate these estimates and assumptions using our historical knowledge of the business, as well as other factors, to ensure that they are reasonable for reporting purposes. However, actual results may differ from these estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different, it is possible that different accounting policies would have been applied, thus resulting in a different presentation of the financial statements. Additionally, other companies may utilize different estimates that may impact comparability of our results of operations to those of companies in similar businesses.

We believe the following critical accounting policies govern the significant judgments and estimates used in the preparation of our consolidated financial statements, which should be read in conjunction with the more complete discussion of our significant accounting policies are described in “Note 3 — Summary of Significant Accounting Policies.”

Recoverability of Real Estate and Infrastructure Assets

As described in Note 3 to the consolidated financial statements included in this Annual Report on Form 10-K, investments in real estate and infrastructure are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and its eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. Assets held for sale are reported at the lower of the asset’s carrying amount or fair value, less cost to sell.

Our process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both.

Acquisitions and Initial Consolidation of VIEs

We account for property acquisitions as asset acquisitions. We allocate the purchase price for asset acquisitions, which includes the capitalized transaction costs, and for the properties upon the initial consolidation of VIEs not determined to be a business, on a relative fair value basis to the tangible and intangible assets acquired and liabilities assumed based on their respective relative fair values. The fair values of assets acquired and liabilities assumed are estimated based on the price that would be received to sell an investment in an orderly transaction between marketplace participants at the measurement date consistent with the guidance in ASC 820, Fair Value Measurements. Tangible assets consist of land, buildings, fixtures and tenant improvements. Intangible assets and liabilities consist of above- and below-market lease values, above-

35

and below-market solar agreements, and the value of in-place leases. Our purchase price allocations are developed utilizing third-party appraisal reports, industry standards and management experience, developed using valuation techniques consistent with the guidance in ASC 820. There are risks and uncertainties involved in applying the principles related to purchase price allocations. The value allocated to land, as opposed to buildings, fixtures and tenant improvements, affects the amount of depreciation expense we record. If more value is attributed to land, depreciation expense is lower than if more value is attributed to buildings, fixtures and tenant improvements. Intangible lease assets and liabilities can be significantly affected by estimates including market rent, lease terms including renewal options at rental rates below estimated market rental rates, carrying costs of the property during a hypothetical expected lease-up period, and current market conditions and costs, including tenant improvement allowances and rent concessions. We determine whether any financing assumed is above- or below-market based upon comparison to similar financing terms for similar types of debt financing with similar maturities.

Fair Value Measurements

Investments in unconsolidated entities, at Fair Value — We have elected the fair value option for our other real estate related investments for which such election is permitted, as provided for under ASC 825, Financial Instruments (“ASC 825”). Electing the fair value option allows us to record changes in fair value in our consolidated statement of operations. The valuation of the Fund’s investments in unconsolidated entities are prepared by third-party valuation firms in accordance with the Uniform Standards of Professional Appraisal Practice (“USPAP”). The fair values of investments are estimated based on the price that would be received to sell an investment in an orderly transaction between marketplace participants at the measurement date consistent with the guidance in ASC 820, Fair Value Measurements. Investments without a public market are valued based on applicable valuation techniques. Such valuation techniques include discounted cash flow analysis, applying market capitalization rates or earnings multiples to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the discounted cash flow (“DCF”) and comparative sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

The weighting of valuation methodologies occurs in the reconciliation phase of the appraisal process and represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date. In the reconciliation process, appraisers weight the various approaches based on the quantity and quality of the data that was available for the analysis, including the number of relevant comparable sales and other data points, as well as the degree to which the appraisers were able to verify them. Appraisers also consider the typical behavior and attributes of the most likely purchasers of the property, including whether they would most likely be local, regional or national in size, and whether they are expected to be investors, owner-users, or partial owner-users. It is up to the appraisers to determine which approaches to value are applicable and what weight to apply to each approach utilized. In arriving at an as-is value, appraisers reflect how market participants would value a property by viewing it as a typical buyer would. For income-producing properties, the income approach, and specifically the DCF analysis, receives primary consideration. Comparable sales are also analyzed as a secondary method, providing indications of reasonable value per square foot as well as cap rates. The “Cost Method” is relied upon less frequently, but will receive a heavier weighting in situations where the subject asset has been recently developed or is under construction. Ultimately, assuming that there is sufficient data in the market to support the appraisers’ analysis, all three approaches should broadly support the concluded value, even if the appraisers place primarily weight on one approach in order to mirror investor behavior.

Redeemable Partners’ Capital — Redeemable limited partnership units are initially recorded as the contribution amount under redeemable partners’ capital in the consolidated balance sheets and is subsequently remeasured at the net asset value as determined in accordance with the Partnership Agreement. Net asset value is calculated as U.S. GAAP partners’ equity adjusted for the redemption value of our limited partnership units. The judgements involved in the valuation are the same as those described above in “investments in unconsolidated entities, at fair value”.

Notes payable — We have elected the fair value option for our notes payable pursuant to ASC 825 Financial Instruments. The fair value of notes payable is determined by a third-party appraiser who discounts the difference between contract and market debt service cash flows using a market equity yield. The third-party appraiser also considers multiple valuation techniques (e.g., par, prepayment penalty) and applies a reconciliation among relevant methods. The fair value

36

analysis is updated quarterly and reviewed by senior management. The market rate is determined by giving consideration to one or more of the following criteria, as appropriate: (i) interest rates for loan of comparable quality and maturity and (ii) the value of the underlying collateral.

CIM maintains a Valuation Committee to oversee the valuation process. The committee is comprised of the Chief Valuation Officer, the Chief Financial Officer, a member of Senior Management and the Chief Compliance Officer of CIM. The Valuation Committee typically obtains a full appraisal on each asset at least annually, and limited scope updates at least quarterly, from a qualified third-party appraiser as part of the valuation process. CIM’s valuation policy described above is in place at the time of this filing, but is subject to change in the discretion of CIM.

Estimates

Many of our accounting policies require judgment and the use of estimates and assumptions when applying these policies in the preparation of our consolidated financial statements. On a quarterly basis, we evaluate these estimates and judgments based on historical experience as well as other factors that we believe to be reasonable under the circumstances. Any differences of opinion that arise as to assumptions and metrics utilized in the valuation are discussed and resolved through analysis and comparison to published benchmarks and reference to recent market transactions. These estimates are subject to change in the future if underlying assumptions or factors change. Certain accounting policies, while significant, may not require the use of estimates. The recent accounting changes that may potentially impact our business, if any, are described under “Recent Accounting Pronouncements” in “Note 3 — Summary of Significant Accounting Policies.”

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Pursuant to Item 305 of Regulation S-K, the Fund, as a smaller reporting company, is not required to provide the information required by this item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms, and that such information is accumulated and communicated to us, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, we recognize that no controls and procedures, no matter how well designed and operated, can provide absolute assurance of achieving the desired control objectives.

During the process of preparing the Fund’s annual financial statements for the year ended December 31, 2023, management identified the material weakness described in ‘Material Weakness in Internal Control Over Financial Reporting’ below. The material weakness resulted in the restatement of previously issued financial statements for fiscal years ended December 31, 2021 and 2022 included in the Fund’s Form 10, as amended, and for fiscal quarters ending June 30, 2023 and September 30, 2023 contained in the Fund’s Form 10-Qs. In response to these conditions, management has developed and begun implementing a remediation plan for the related controls and procedures as of December 31, 2023.

As required by Rules 13a-15(b) and 15d-15(b) of the Exchange Act, an evaluation as of June 30, 2023 was conducted under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act).

Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures, as of June 30, 2023, were not effective due to the material weakness in our internal control over financial reporting described below. Consistent with the Internal Control Over Financial Reporting remediation plan outlined below, management will monitor and test its Disclosure Controls and Procedures for a sufficient period of time to enable management to conclude on the effectiveness of the controls and procedures.

Material Weakness in Internal Control Over Financial Reporting

During the process of preparing the Fund’s annual financial statements for the year ended December 31, 2023, management identified a material weakness in our internal control over financial reporting related to a failure to design and maintain an effective risk assessment process to identify and analyze significant internal and external circumstances and

37

events to enable the identification and assessment of risks of material misstatements. Specifically, the Fund did not design and maintain effective controls to identify that certain business objectives involve substantive activities which are inconsistent with the definition of an investment company under the accounting standards. As a result, the Fund misinterpreted and misapplied investment company accounting standards in its financial statements. The Fund financial statements should have been presented under historical cost and consolidation accounting standards. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

This material weakness resulted in the restatement of previously issued financial statements for fiscal years ended December 31, 2021 and 2022 included in the Fund’s Form 10, as amended, and for fiscal quarters ending June 30, 2023 and 2022 and September 30, 2023 and 2022 contained in the Fund’s Form 10-Qs. If not remediated, this material weakness could result in further misstatements of account balances or disclosures that could result in additional material misstatements of the annual or interim consolidated financial statements that would not be prevented or detected.

In response to the identified material weakness, management has developed and begun implementing a remediation plan to enhance its internal controls over financial reporting, which generally includes an enhanced risk assessment, additional employee training and implementation of additional control activities. Management will continue to monitor its internal controls over financial reporting until the controls have operated for a sufficient period of time to enable management to adequately test and conclude on the operating effectiveness of the controls.

Changes in Internal Control Over Financial Reporting

In connection with the changes to the Fund’s financial statements as described above, the Fund has implemented incremental internal controls specific to historical cost-basis accounting, including, among other things, controls over purchase price allocations, impairments, depreciation and amortization, straight-line rent, and consolidations. Management implemented these controls as of December 31, 2023 and will continue to monitor and test these controls for a sufficient period of time to enable management to conclude on their operating effectiveness.

With the exception of the above items, no other change occurred in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during the three months ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

In the ordinary course of business, we may become subject to litigation or claims. We are not aware of any material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or our subsidiaries are a party or to which our properties are the subject.

ITEM 1A. RISK FACTORS

For a discussion of our potential risks and uncertainties, see the information under the heading “Risk Factors” in Amendment No. 4 (and any subsequent amendments thereto) to the Form 10 Registration Statement filed with the SEC on November 6, 2023 (File No. 000-56544) and our Annual Report on Form 10-K for the year ended December 31, 2023 filed concurrently herewith. There have been no material changes from the risk factors previously disclosed. The risks described in our Form 10 Registration Statement and our Annual Report on Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES

Since March 2019, we have commenced and continue to commence, various private placement offerings of our Units. We are offering these securities in reliance upon exemption from the registration requirements provided by Section 4(2) of the Securities Act and Regulation D under the Securities Act relating to sales not involving any public offering. The securities are being offered and sold only to purchasers who are “accredited investors,” as defined in Rule 501 of Regulation D of the Securities Act, without the use of general solicitation, as that concept is embodied in Regulation D. As of June 30, 2023, we have sold 1,556,616 units resulting in gross offering proceeds of approximately $1.71 billion. The following table represents units sold during the three and six months ended June 30, 2023 and 2022:

Quarter Ended	Number of Units	Amount
March 31, 2022	126,746.58	$	142,183,621
June 30, 2022	141,919.52	$	162,112,676
March 31, 2023	54,160.88	$	63,785,007
June 30, 2023	48,650.76	$	56,416,686

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None of our officers or directors had any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c ) or any “non-Rule 10b5-1 trading arrangement” in effect at any time during the three months ended June 30, 2023.

The staff of the SEC’s Division of Corporation Finance (the “Staff”) is in the process of reviewing the Fund’s Registration Statement pursuant to the initial filing of its Form 10-12G, and the Fund’s response to the most recent comment letter is under review. The Staff’s most recent comment letter to the Fund advised, among other things, that it did not agree with the Fund’s application of ASC 946 in its financial statements prepared in accordance with U.S. GAAP, as further described in “Note 2 — Change in Basis of Accounting (Restatement).” The Staff’s comment letter process is ongoing, and as of the date of the filing of this Quarterly Report, the Company has not received further comments or questions from the Staff nor a closing letter.

39

ITEM 6. EXHIBITS

Exhibit Number	Exhibit Description
31.1*	Certifications of the Principal Executive Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certifications of the Principal Financial Officer of the Company pursuant to Exchange Act Rule 13a-14(a) or 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certifications of the Principal Executive Officer and Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document.
101.SCH*	XBRL Taxonomy Extension Schema Document.
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document.
104*	Cover Page Interactive Data File (formatted as InLine XBRL and contained in Exhibit 101).

_______________

*Filed herewith.

**    In accordance with Item 601(b)(32) of Regulation S-K, this Exhibit is not deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section. Such certifications will not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference.

40

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	CIM Opportunity Zone Fund, L.P.
By:	/s/ Nathan D. DeBacker
Name:	Nathan D. DeBacker
Title:	Chief Accounting Officer (Principal Financial Officer)

	CIM Opportunity Zone Fund, L.P.
By:	/s/ David Thompson
Name:	David Thompson
Title:	Chief Financial Officer (Principal Executive Officer)

Date: April 19, 2024

41

EX-31.1

Exhibit 31.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Thompson, certify that:

1.I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of CIM Opportunity Zone Fund, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)[Reserved];

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 19, 2024	/s/ DAVID THOMPSON
		Name:	David Thompson
		Title:	Chief Financial Officer (Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATIONS OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nathan D. DeBacker, certify that:

1.I have reviewed this Amendment No. 1 to the Quarterly Report on Form 10-Q of CIM Opportunity Zone Fund, L.P.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)[Reserved];

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	April 19, 2024	/s/ NATHAN D. DEBACKER
		Name:	Nathan D. DeBacker
		Title:	Chief Accounting Officer (Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATIONS OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. § 1350)

Each of the undersigned officers of CIM Opportunity Zone, L.P. (the “Company”) hereby certifies, for purposes of Section 1350 of Chapter 63 of Title 18 of the United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

(i)the accompanying Amendment No. 1 to the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and

(ii)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

		/s/ David Thompson
		Name:	David Thompson
		Title:	Chief Financial Officer (Principal Executive Officer)
		/s/ Nathan D. DeBacker
		Name:	Nathan D. DeBacker
Date:	April 19, 2024	Title:	Chief Accounting Officer (Principal Financial Officer)

The foregoing certification is being furnished with the Company’s Amendment No. 1 to the Quarterly Report on Form 10-Q for the period ended June 30, 2023 pursuant to 18 U.S.C. § 1350. It is not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, except to the extent the Company specifically incorporates this certification by reference.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Apr. 08, 2024
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	000-56544
Entity Registrant Name	CIM OPPORTUNITY ZONE FUND, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2441037
Entity Address, Address Line One	4700 Wilshire Boulevard
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90010
City Area Code	(323)
Local Phone Number	860-4900
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,760,355
Amendment Flag	true
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001765107
Current Fiscal Year End Date	--12-31
Amendment Description	EXPLANATORY NOTEThis Amendment No. 1 to Form 10-Q (this “Amendment” or “Form 10-Q/A”) amends the Quarterly Report on Form 10-Q for the quarter and six months ended June 30, 2023 originally filed with the Securities and Exchange Commission (“SEC”) on August 10, 2023 (the “Original Filing”) by CIM Opportunity Zone Fund L.P. (the “Fund,” “we,” “our” or “us”).Following the filing of the Fund’s initial Form 10 with the SEC, in May 2023 the staff of the SEC (the “Staff”) began a review of the Fund’s Form 10. Part of this review focused on the appropriateness of our application of ASC 946 to the Fund. Ultimately, the Staff advised the Fund that it did not agree with the Fund’s application of ASC 946 in its financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Following the review process and after further consideration, the Fund concluded that its historical annual audited financial statements (and audit report) included within its Form 10, as amended, and interim unaudited financial statements for each of the periods ended June 30, 2023 and September 30, 2023 included in its Forms 10-Q should be restated. In this amendment, the Fund has included restated consolidated financial statements for the three and six months ended June 30, 2023 and 2022 in accordance with U.S. GAAP. These restated interim financial statements will generally reflect the assets and liabilities of the Fund at historical cost rather than at fair value. Except as described above, no attempt has been made in this Form 10-Q/A to reflect events occurring subsequent to the filing of the Original Report. Among other things, risk disclosures made in the Original Report have not been amended to reflect events that occurred or facts that became known to us subsequent to the filing of the Original Report (other than the restatement). Accordingly, this Form 10-Q/A should be read in conjunction with filings made with the SEC subsequent to the filing of the Original Report, including any amendment to those filings.

XML

CONSOLIDATE BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate Investment Property, at Cost [Abstract]
Land	$ 168,376	$ 139,631
Building and improvements	440,793	418,346
Intangible assets	13,248	11,983
Real estate under development	1,178,434	704,010
Total investments in real estate	1,800,851	1,273,970
Accumulated depreciation and amortization	(17,052)	(11,060)
Total investments in real estate, net	1,783,799	1,262,910
Investments in unconsolidated entities, at fair value	149,627	151,066
Cash and cash equivalents	279,379	685,234
Restricted cash	1,156	31
Accounts receivable, net	19,121	10,233
Contributions receivable	170	59
Right of use asset	33,738	34,153
Property acquisition deposits	12,000	46,727
Prepaid expenses and other assets	5,444	51,553
Total Assets	2,284,434	2,241,966
LIABILITIES
Notes payable, at fair value	261,938	232,937
Accounts payable and accrued expenses	95,842	169,622
Prepaid rent and other liabilities	361	224
Lease liability	35,206	34,975
Intangible liabilities, net	35,000	35,000
Due to related party	1,316	20,529
Total Liabilities	429,663	493,287
Commitments and Contingencies
Redeemable partners' capital	1,751,465	1,683,657
PARTNERS’ CAPITAL
GENERAL PARTNER: $537 and $523 limited partnership units issued and outstanding as of June 30, 2023 and December 31, 2022	952	956
Retained earnings (deficit)	(18,999)	(44,974)
Total partners’ capital excluding noncontrolling units	(18,047)	(44,018)
Non-controlling interests	121,353	109,040
Total Partners’ Capital	103,306	65,022
TOTAL LIABILITIES AND PARTNERS’ CAPITAL	$ 2,284,434	$ 2,241,966

XML

CONSOLIDATE BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Redeemable partners' capital, units issued (in units)	1,531,205	1,431,204
Temporary equity, limited units outstanding (in units)	1,531,205	1,431,204
Units issued (in units)	537	523
Units outstanding (in units)	537	523

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and other property income	$ 5,415	$ 2,424	$ 10,154	$ 2,887
Total Revenues	5,415	2,424	10,154	2,887
Expenses:
Management fees to related party	7,934	5,624	15,669	10,490
Expense reimbursement to related parties	395	171	908	347
Interest expense and other	2,950	863	5,634	1,586
General and administrative expense	1,095	627	1,909	1,055
Depreciation and amortization expense	3,019	2,269	5,995	3,236
Real estate tax	1,391	376	2,800	217
Property operating expense	1,971	880	3,657	1,459
Total Expenses	18,755	10,810	36,572	18,390
Other income (expense):
Interest and other income	1,578	271	3,453	474
(Loss) gain on investments in unconsolidated entities	(2,240)	36,938	(1,439)	47,867
Change in fair value of notes payable	149	0	301	0
Total other (expense) income	(513)	37,209	2,315	48,341
Net (loss) income	(13,853)	28,823	(24,103)	32,838
Net (loss) income attributable to non-controlling interests	(1,361)	(639)	(2,580)	1,102
Net (loss) income attributable to CIM Opportunity Zone Fund, L.P.	$ (12,492)	$ 29,462	$ (21,523)	$ 31,736

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CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($) $ in Thousands	Total	General Partner	Limited Partners	Affiliated Limited Partners	Parent	Retained Earnings	Non-Controlling Interests
Beginning balance at Dec. 31, 2021			$ 1,012,589	$ 30,917
Increase (Decrease) in Temporary Equity [Roll Forward]
Fixed return decrease			(674)	(21)
Fixed return increase			695
Capital contributions			142,184
Distributions				(10,580)
Net change in unrealized incentive allocation			(2,648)	2,648
Net income (loss)			2,058	210
Change in fair value of redeemable Limited Partners' capital			12,894	362
Ending balance at Mar. 31, 2022			1,167,098	23,536
Beginning balance at Dec. 31, 2021		$ 923	0	0	$ (4,912)	$ (11,662)	$ 5,827
Investment Company, Net Assets [Roll Forward]
Capital contributions					72		72
Net loss		6			1,747		1,741
Change in fair value of redeemable Limited Partners' capital					(13,256)	(13,256)	0
Ending balance at Mar. 31, 2022		929	0	0	(16,349)	(24,918)	7,640
Beginning balance at Dec. 31, 2021			1,012,589	30,917
Ending balance at Jun. 30, 2022			1,361,511	32,297
Beginning balance at Dec. 31, 2021		923	0	0	(4,912)	(11,662)	5,827
Investment Company, Net Assets [Roll Forward]
Net loss	$ 32,838
Ending balance at Jun. 30, 2022		956	0	0	52,651	(36,546)	88,241
Beginning balance at Mar. 31, 2022			1,167,098	23,536
Increase (Decrease) in Temporary Equity [Roll Forward]
Fixed return decrease			(736)	(13)
Fixed return increase			750
Capital contributions			162,111
Net change in unrealized incentive allocation			(7,956)	7,956
Net income (loss)			28,754	680
Change in fair value of redeemable Limited Partners' capital			11,490	138
Ending balance at Jun. 30, 2022			1,361,511	32,297
Beginning balance at Mar. 31, 2022		929	0	0	(16,349)	(24,918)	7,640
Investment Company, Net Assets [Roll Forward]
Capital contributions	(162,112)				81,240		81,240
Net loss	28,823	28			(611)		(639)
Fixed return decrease		(1)			(1)
Change in fair value of redeemable Limited Partners' capital					(11,628)	(11,628)	0
Ending balance at Jun. 30, 2022		956	0	0	52,651	(36,546)	88,241
Beginning balance at Dec. 31, 2022			1,656,821	26,836
Increase (Decrease) in Temporary Equity [Roll Forward]
Fixed return decrease			(338)	(5)
Fixed return increase			343
Capital contributions			63,785
Distributions				(4,900)
Net income (loss)			(9,010)	(20)
Change in fair value of redeemable Limited Partners' capital			(14,690)	(238)
Ending balance at Mar. 31, 2023			1,696,911	21,673
Beginning balance at Dec. 31, 2022	65,022	956	0	0	65,022	(44,974)	109,040
Investment Company, Net Assets [Roll Forward]
Capital contributions					11,827		11,827
Net loss		(1)			(1,220)		(1,219)
Change in fair value of redeemable Limited Partners' capital					14,928	14,928	0
Ending balance at Mar. 31, 2023		955	0	0	90,557	(30,046)	119,648
Beginning balance at Dec. 31, 2022			1,656,821	26,836
Ending balance at Jun. 30, 2023			1,729,992	21,473
Beginning balance at Dec. 31, 2022	65,022	956	0	0	65,022	(44,974)	109,040
Investment Company, Net Assets [Roll Forward]
Net loss	(24,103)
Ending balance at Jun. 30, 2023	103,306	952	0	0	103,306	(18,999)	121,353
Beginning balance at Mar. 31, 2023			1,696,911	21,673
Increase (Decrease) in Temporary Equity [Roll Forward]
Fixed return decrease			(274)	(3)
Fixed return increase			277
Capital contributions			56,417
Net income (loss)			(12,434)	(55)
Change in fair value of redeemable Limited Partners' capital			(10,905)	(142)
Ending balance at Jun. 30, 2023			1,729,992	21,473
Beginning balance at Mar. 31, 2023		955	0	0	90,557	(30,046)	119,648
Investment Company, Net Assets [Roll Forward]
Capital contributions	(56,417)				3,066		3,066
Net loss	(13,853)	(3)			(1,364)		(1,361)
Change in fair value of redeemable Limited Partners' capital					11,047	11,047	0
Ending balance at Jun. 30, 2023	$ 103,306	$ 952	$ 0	$ 0	$ 103,306	$ (18,999)	$ 121,353

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (24,103)	$ 32,838
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Depreciation and amortization	5,995	3,236
Straight-line rental income	(5,413)	(1,948)
Amortization of right-of-use asset	415	70
Amortization of deferred financing costs	0	13
Loss (gain) on investments in unconsolidated entities	1,439	(47,867)
Change in fair value of notes payable	(301)	0
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,293	(921)
Accounts payable and accrued expenses	15,411	5,556
Lease liabilities	231	104
Due to related party	(11,753)	465
Prepaid rent and other liabilities	137	318
Accounts receivable	(3,475)	(1,483)
Net Cash Used In Operating Activities	(20,124)	(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments	(10,082)	(157,698)
Additions to investments	(533,910)	(124,580)
Payment of property acquisition deposits	0	36,983
Net Cash Used In Investing Activities	(543,992)	(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received	134,984	382,502
Distributions paid	(4,900)	(10,580)
Notes payable borrowing	29,302	3,920
Deferred financing costs paid	0	(1,284)
Net Cash Provided by Financing Activities	159,386	374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(404,730)	45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD	685,265	753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	280,535	799,482
Cash and cash equivalents	279,379	799,481
Restricted cash	1,156	1
Contributions receivable	$ 170	$ 23

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SUPPLEMENTAL CASH FLOW DISCLOSURES

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW DISCLOSURES

13. SUPPLEMENTAL CASH FLOW DISCLOSURES

Supplemental cash flow disclosures for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Six Months Ended June 30,
	2023		2022
	(As Restated)		(As Restated)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Contributions receivable	$	170	$	23
Accrued capital expenditures	$	76,150	$	8,241
Reclassification of property acquisition deposits to investments	$	34,727	$	842
Recognition of right-of-use asset and lease liability	$	—	$	34,643
Consolidation of real estate joint venture	$	—	$	198,950
Notes payable assumed recorded upon consolidation of joint venture	$	—	$	91,435
Supplemental Cash Flow Disclosures:
Interest Paid	$	5,386	$	863

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ORGANIZATION

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

1. ORGANIZATION

CIM Opportunity Zone Fund, L.P., (the “Fund”), a Delaware limited partnership, was formed on November 1, 2018 and commenced operations on January 21, 2019 (the “Initial Closing”). The Fund is governed by the Fifth Amended and Restated Limited Partnership Agreement, dated as of March 18, 2024 (as amended and restated, the “Partnership Agreement”). The Fund is organized as an open-ended vehicle for the purpose of investing in infrastructure and real estate, through entities that acquire, own, develop or re-develop and operate infrastructure and real estate assets, including assets in low-income communities in the United States that have been designated as “Opportunity Zones” pursuant to Section 1400Z-1 of the Internal Revenue Code of 1986 (the “Code”) and which meet the criteria described in the Partnership Agreement. The Fund’s objective is generating returns from capital appreciation and operating income once development of these assets is complete. The Fund’s assets under development had plans in place or were operating at the time of the Fund’s acquisition that are strategic to each asset achieving current income and appreciation of value. The Fund engages third parties or affiliates of the Manager (also referred to as the “development manager”) to provide development management services and in consideration pays development management fees.

At least 90% of the Fund’s assets will consist of “qualified opportunity zone property”, which enables the Fund to be classified as a “qualified opportunity fund” within the meaning of Section 1400Z-2 of the Code (a “QOF”). The Fund qualified, and intends to continue to qualify, as a QOF beginning with its taxable year ended December 31, 2020.

The general partner of the Fund is CIM Opportunity Zone Fund GP, LLC, a Delaware limited liability company (the “General Partner”), and an affiliate of CIM Group, LLC (together with its controlled affiliates, “CIM”). One or more affiliates of CIM acts as the manager of the Fund (the “Manager”). The Fund also has limited partners (the “Limited “Partners”, affiliated limited partners (the “Affiliated Limited Partners”) and, together with the General Partner, the “Partners”)).

The Fund shall continue until it is dissolved and subsequently terminated upon (a) a determination made by the General Partner at any time in its discretion, (b) the bankruptcy, termination, dissolution or withdrawal of the General Partner, (c) the consent of a majority of the Limited Partners by number and the consent of 75% of Limited Partners by units to dissolve the Fund or (d) the entry of a decree of dissolution with respect to the Fund.

Subject to legal, tax, regulatory and other similar considerations, all calls for capital from the Limited Partners shall be made pursuant to a notice, and unless otherwise determined in the General Partner’s discretion, capital contributions will be drawn first from all commitments made during the same closing date pro rata, and 100% of such commitments will be funded prior to calling capital from partners admitted during subsequent closings.

As of June 30, 2023, total capital commitments and capital contributions from the partners are summarized as follows (in thousands):

Capital Commitments		Capital Contributions		Unfunded Commitments
$	1,710,674	$	1,710,674	$	—

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CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT)

2. CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT)

As disclosed in the Fund’s Current Report on Form 8-K filed on February 27, 2024, following the filing of the Fund’s Form 10, in May 2023 the staff of the Securities and Exchange Commission (the “Staff”) began a review of the Fund’s Form 10. Part of this review focused on the appropriateness of the Fund’s application of Accounting Standards Codification 946, Financial Services – Investment Companies (“ASC 946”). Ultimately, the Staff advised the Fund that it did not agree with the Fund’s application of ASC 946 in its financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Following the review process and after further consideration, the Fund concluded that its historical interim financial statements for the periods in this Quarterly Report on Form 10-Q should be restated.

Description of Restatement Adjustments

The Fund has historically presented its annual audited and interim unaudited financial statements using investment company accounting methods based on its interpretation of the criteria prescribed under ASC 946. These accounting and financial reporting methods generally resulted in the presentation of the assets and liabilities of the Fund on a fair value basis, rather than at historical cost. The restated financial statements will generally reflect the assets and liabilities of the Fund at historical cost, net of depreciation and amortization, rather than at fair value. Additionally, the restated financial statements include the consolidated accounts and results of operations for the entities in which the Fund has determined that it has controlling financial interest, and redeemable limited partners’ capital is classified as non-permanent equity. The Fund's financial statements previously included a Schedule of Investments, which is not a required schedule for a historical cost-basis entity.

Restatement Reconciliation Tables

In light of the foregoing, in accordance with ASC 250, Accounting Changes and Error Corrections, the Fund is restating the previously issued consolidated financial statements for the three and six months ended June 30, 2023 and 2022, to reflect the effects of the restatement adjustments, and to make certain corresponding disclosures. The following tables present a reconciliation of the consolidated balance sheets, consolidated statements of operations, consolidated statement of changes in partners’ capital, and consolidated statements of cash flows as previously reported for such prior periods to the restated amounts (in thousands).

	As of June 30, 2023						As of December 31, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statement of Net Assets (as previously reported) / Consolidated Balance Sheets (as restated)
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	$	1,776,806	$	(1,776,806)	$	—	$	1,504,146	$	(1,504,146)	$	—
Investments in real estate, net	—		1,783,799		1,783,799		—		1,262,910		1,262,910
Investments in unconsolidated entities	—		149,627		149,627		—		151,066		151,066
Cash and cash equivalents	14,384		264,995		279,379		139,958		545,276		685,234
Restricted cash	—		1,156		1,156		—		31		31
Accounts receivable, net	—		19,121		19,121		—		10,233		10,233
Contributions receivable	—		170		170		—		59		59
Right of use asset	—		33,738		33,738		—		34,153		34,153
Property acquisition deposits	12,000		—		12,000		46,727		—		46,727
Prepaid expenses and other assets	135		5,309		5,444		32		51,521		51,553
Total Assets	$	1,803,325	$	481,109	$	2,284,434	$	1,690,863	$	551,103	$	2,241,966
Notes payable, at fair value	$	—	$	261,938	$	261,938	$	—	$	232,937	$	232,937
Accounts payable and accrued expenses	703		95,139		95,842		613		169,009		169,622
Interest Payable	625		(625)		—		—		—		—
Prepaid rent and other liabilities	—		361		361		—		224		224
Notes payable to Fund’s investments, at fair value	50,000		(50,000)		—		—		—		—
Lease liability	—		35,206		35,206		—		34,975		34,975
Intangible liabilities, net	—		35,000		35,000		—		35,000		35,000
Due to related party	11		1,305		1,316		295		20,234		20,529
Incentive fees payable to related party	—		—		—		5,516		(5,516)		—
Management fees payable to related party	14		(14)		—		263		(263)		—
Total Liabilities	$	51,353	$	378,310	$	429,663	$	6,687	$	486,600	$	493,287
Redeemable partners' capital	$	—	$	1,751,465	$	1,751,465	$	—	$	1,683,657	$	1,683,657
Net Assets (as previously reported) / Partners’ Capital (as restated)
Net Assets	$	1,751,972	$	(1,751,972)	$	—	$	1,684,176	$	(1,684,176)	$	—
General Partner	—		952		952		—		956		956
Retained earnings	—		(18,999)		(18,999)		—		(44,974)		(44,974)
Non-controlling interests	—		121,353		121,353		—		109,040		109,040
Total Partners’ Capital	$	1,751,972	$	(1,648,666)	$	103,306	$	1,684,176	$	(1,619,154)	$	65,022

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	5,415	$	5,415	$	—	$	10,154	$	10,154
Total Revenues	—		5,415		5,415		—		10,154		10,154
Management fees to related party	7,934		—		7,934		15,669		—		15,669
Expense reimbursement to related parties	—		395		395		—		908		908
Interest expense and other	625		2,325		2,950		625		5,009		5,634
General and administrative expense	—		1,095		1,095		—		1,909		1,909
Depreciation and amortization expense	—		3,019		3,019		—		5,995		5,995
Real estate tax	—		1,391		1,391		—		2,800		2,800
Property operating expense	—		1,971		1,971		—		3,657		3,657
Organization costs	12		(12)		—		81		(81)		—
Administrative expenses	965		(965)		—		1,987		(1,987)		—
Total Expenses	9,536		9,219		18,755		18,362		18,210		36,572
Other income (expense):
Interest and other income	27		1,551		1,578		244		3,209		3,453
Loss on investments in unconsolidated entities	—		(2,240)		(2,240)		—		(1,439)		(1,439)
Net change in unrealized (loss) gain on investments	(14,033)		14,033		—		(29,388)		29,388		—
Change in fair value of notes payable	—		149		149		—		301		301
Total other (expense) income	(14,006)		13,493		(513)		(29,144)		31,459		2,315
Net loss	(23,542)		9,689		(13,853)		(47,506)		23,403		(24,103)
Net loss attributable to non-controlling interests	—		(1,361)		(1,361)		—		(2,580)		(2,580)
Net loss attributable to CIM Opportunity Zone Fund, L.P.	$	(23,542)	$	11,050	$	(12,492)	$	(47,506)	$	25,983	$	(21,523)

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	2,424	$	2,424	$	—	$	2,887	$	2,887
Total Revenues	—		2,424		2,424		—		2,887		2,887
Management fees to affiliate	5,624		—		5,624		10,490		—		10,490
Expense reimbursement to related parties	—		171		171		—		347		347
Interest expense and other	—		863		863		—		1,586		1,586
General and administrative expense	—		627		627		—		1,055		1,055
Depreciation and amortization expense	—		2,269		2,269		—		3,236		3,236
Real estate tax	—		376		376		—		217		217
Property operating expense	—		880		880		—		1,459		1,459
Organization costs	18		(18)		—		73		(73)		—
Administrative expenses	840		(840)		—		1,379		(1,379)		—
Total Expenses	6,482		4,328		10,810		11,942		6,448		18,390
Other income (expense):
Interest and other income	272		(1)		271		474		—		474
Gain on investments in unconsolidated entities	—		36,938		36,938		—		47,867		47,867
Net change in unrealized (loss) gain on investments	47,295		(47,295)		—		67,088		(67,088)		—
Change in fair value of notes payable	—		—		—		—		—		—
Total other income	47,567		(10,358)		37,209		67,562		(19,221)		48,341
Net income	41,085		(12,262)		28,823		55,620		(22,782)		32,838
Net (loss) income attributable to non-controlling interests	—		(639)		(639)		—		1,102		1,102
Net income attributable to CIM Opportunity Zone Fund, L.P.	$	41,085	$	(11,623)	$	29,462	$	55,620	$	(23,884)	$	31,736

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as reported	$	—	$	—	$	1,656,821	$	26,836	$	519	$	—	$	—	$	1,684,176
Net investment loss before fixed return	—		—		(8,595)		(14)		—		—		—		(8,609)
Fixed return decrease	—		—		(338)		(5)		—		—		—		(343)
Fixed return increase	—		—		343		—		—		—		—		343
Net change in unrealized gain on investments	—		—		(15,105)		(244)		(6)		—		—		(15,355)
Capital contributions	—		—		63,785		—		—		—		—		63,785
Distributions	—		—		—		(4,900)		—		—		—		(4,900)
Balance as of March 31, 2023 - as reported	—		—		1,696,911		21,673		513		—		—		1,719,097
Net investment loss before fixed return	—		—		(9,488)		(20)		(1)		—		—		(9,509)
Fixed return decrease	—		—		(274)		(3)		—		—		—		(277)
Fixed return increase	—		—		277		—		—		—		—		277
Net change in unrealized gain on investments	—		—		(13,851)		(177)		(5)		—		—		(14,033)
Capital contributions	—		—		56,417		—		—		—		—		56,417
Balance as of June 30, 2023 - as reported	$	—	$	—	$	1,729,992	$	21,473	$	507	$	—	$	—	$	1,751,972

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023	$	1,656,821	$	26,836	$	(1,656,821)	$	(26,836)	$	437	$	(44,974)	$	109,040	$	(1,619,154)
Net investment income before fixed return	—		—		8,595		14		—		—		—		8,609
Fixed return decrease	(338)		(5)		338		5		—		—		—		343
Fixed return increase	343		—		(343)		—		—		—		—		(343)
Net change in unrealized gain on investments	—		—		15,105		244		6		—		—		15,355
Capital contributions	63,785		—		(63,785)		—		—		—		11,827		(51,958)
Distributions	—		(4,900)		—		4,900		—		—		—		4,900
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023	1,696,911		21,673		(1,696,911)		(21,673)		442		(30,046)		119,648		(1,628,540)
Net investment income before fixed return	—		—		9,488		20		1		—		—		9,509
Fixed return decrease	(274)		(3)		274		3		—		—		—		277
Fixed return increase	277		—		(277)		—		—		—		—		(277)
Net change in unrealized gain on investments	—		—		13,851		177		5		—		—		14,033
Capital contributions	56,417		—		(56,417)		—		—		—		3,066		(53,351)
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023	$	1,729,992	$	21,473	$	(1,729,992)	$	(21,473)	$	445	$	(18,999)	$	121,353	$	(1,648,666)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as restated	$	1,656,821	$	26,836	$	—	$	—	$	956	$	(44,974)	$	109,040	$	65,022
Fixed return decrease	(338)		(5)		—		—		—		—		—		—
Fixed return increase	343		—		—		—		—		—		—		—
Capital contributions	63,785		—		—		—		—		—		11,827		11,827
Distributions	—		(4,900)		—		—		—		—		—		—
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023 - as restated	1,696,911		21,673		—		—		955		(30,046)		119,648		90,557
Fixed return decrease	(274)		(3)		—		—		—		—		—		—
Fixed return increase	277		—		—		—		—		—		—		—
Capital contributions	56,417		—		—		—		—		—		3,066		3,066
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023 - as restated	$	1,729,992	$	21,473	$	—	$	—	$	952	$	(18,999)	$	121,353	$	103,306

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as reported	$	—	$	—	$	1,013,589	$	30,917	$	480	$	—	$	—	$	1,044,986
Net investment loss before fixed return	—		—		(5,246)		(12)		—		—		—		(5,258)
Fixed return decrease	—		—		(674)		(21)		—		—		—		(695)
Fixed return increase	—		—		695		—		—		—		—		695
Net change in unrealized gain on investments	—		—		19,198		584		11		—		—		19,793
Capital contributions	—		—		142,184		—		—		—		—		142,184
Distributions	—		—		—		(10,580)		—		—		—		(10,580)
Net change in unrealized incentive allocation	—		—		(2,648)		2,648		—		—		—		—
Balance as of March 31, 2022 - as reported	—		—		1,167,098		23,536		491		—		—		1,191,125
Net investment loss before fixed return	—		—		(6,200)		(10)		—		—		—		(6,210)
Fixed return decrease	—		—		(736)		(13)		(1)		—		—		(750)
Fixed return increase	—		—		750		—		—		—		—		750
Net change in unrealized gain on investments	—		—		46,443		828		24		—		—		47,295
Capital contributions	—		—		162,112		—		—		—		—		162,112
Net change in unrealized incentive allocation	—		—		(7,956)		7,956		—		—		—		—
Balance as of June 30, 2022 - as reported	$	—	$	—	$	1,361,511	$	32,297	$	514	$	—	$	—	$	1,394,322

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022	$	1,012,589	$	30,917	$	(1,013,589)	$	(30,917)	$	443	$	(11,662)	$	5,827	$	(1,049,898)
Net investment loss before fixed return	—		—		5,246		12		—		—		—		5,258
Fixed return decrease	(674)		(21)		674		21		—		—		—		695
Fixed return increase	695		—		(695)		—		—		—		—		(695)
Net change in unrealized gain on investments	—		—		(19,198)		(584)		(11)		—		—		(19,793)
Capital contributions	142,184		—		(142,184)		—		—		—		72		(142,112)
Distributions	—		(10,580)		—		10,580		—		—		—		10,580
Net change in unrealized incentive allocation	(2,648)		2,648		2,648		(2,648)		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022	1,167,098		23,536		(1,167,098)		(23,536)		438		(24,918)		7,640		(1,207,474)
Net investment loss before fixed return	—		—		6,200		10		—		—		—		6,210
Fixed return decrease	(736)		(13)		736		13		—		—		—		749
Fixed return increase	750		—		(750)		—		—		—		—		(750)
Net change in unrealized gain on investments	—		—		(46,443)		(828)		(24)		—		—		(47,295)
Capital contributions	162,111		—		(162,112)		—		—		—		81,240		(80,872)
Net change in unrealized incentive allocation	(7,956)		7,956		7,956		(7,956)		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022	$	1,361,511	$	32,297	$	(1,361,511)	$	(32,297)	$	442	$	(36,546)	$	88,241	$	(1,341,671)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as restated	$	1,012,589	$	30,917	$	—	$	—	$	923	$	(11,662)	$	5,827	$	(4,912)
Fixed return decrease	(674)		(21)		—		—		—		—		—		—
Fixed return increase	695		—		—		—		—		—		—		—
Capital contributions	142,184		—		—		—		—		—		72		72
Distributions	—		(10,580)		—		—		—		—		—		—
Net change in unrealized incentive allocation	(2,648)		2,648		—		—		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022- as restated	1,167,098		23,536		—		—		929		(24,918)		7,640		(16,349)
Fixed return decrease	(736)		(13)		—		—		(1)		—		—		(1)
Fixed return increase	750		—		—		—		—		—		—		—
Capital contributions	162,111		—		—		—		—		—		81,240		81,240
Net change in unrealized incentive allocation	(7,956)		7,956		—		—		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022 - as restated	$	1,361,511	$	32,297	$	—	$	—	$	956	$	(36,546)	$	88,241	$	52,651

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Consolidated Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(47,506)	$	23,403	$	(24,103)	$	55,620	$	(22,782)	$	32,838
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments	(302,048)		302,048		—		(758,220)		758,220		—
Depreciation and amortization	—		5,995		5,995		—		3,236		3,236
Straight-line rental income	—		(5,413)		(5,413)		—		(1,948)		(1,948)
Amortization of right-of-use asset	—		415		415		—		70		70
Amortization of deferred financing costs	—		—		—		—		13		13
Loss (gain) on investments in unconsolidated entities	—		1,439		1,439		—		(47,867)		(47,867)
Net change in unrealized gain on investments	29,388		(29,388)		—		(67,088)		67,088		—
Change in fair value of notes payable	—		(301)		(301)		—		—		—
Changes in operating assets and liabilities:
Property acquisition deposits	34,727		(34,727)		—		—		—		—
Prepaid expenses and other assets	(103)		1,396		1,293		(36,988)		36,067		(921)
Accounts payable and accrued expenses	90		15,321		15,411		(2,692)		8,248		5,556
Lease liabilities	—		231		231		—		104		104
Due to related party	(284)		(11,469)		(11,753)		(536)		1,001		465
Prepaid rent and other liabilities	—		137		137		—		318		318
Accounts receivable	—		(3,475)		(3,475)		—		(1,483)		(1,483)
Management fees payable to related party	(249)		249		—		442		(442)		—
Interest payable	625		(625)		—		—		—		—
Net Cash Provided by (Used In) Operating Activities	(285,360)		265,236		(20,124)		(809,462)		799,843		(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments	—		(10,082)		(10,082)		—		(157,698)		(157,698)
Additions to investments	—		(533,910)		(533,910)		—		(124,580)		(124,580)
Payment of property acquisition deposits	—		—		—		—		(36,983)		(36,983)
Net Cash (Used In) Provided by Investing Activities	—		(543,992)		(543,992)		—		(319,261)		(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received	120,202		14,782		134,984		301,209		81,293		382,502
Distributions paid	(10,416)		5,516		(4,900)		(10,580)		—		(10,580)
Notes payable borrowing	—		29,302		29,302		—		3,920		3,920
Proceeds from notes payable to Fund’s investments	50,000		(50,000)		—		—		—		—
Deferred financing costs paid	—		—		—		—		(1,284)		(1,284)
Net Cash Provided by (Used In) Financing Activities	159,786		(400)		159,386		290,629		83,929		374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(125,574)		(279,156)		(404,730)		(518,833)		564,511		45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD	139,958		545,307		685,265		743,595		10,209		753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	14,384		264,995		279,379		224,762		574,719		799,481
Restricted cash	—		1,156		1,156		—		1		1
Total cash and cash equivalents and restricted cash	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482

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SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto of CIM Opportunity Zone Fund, L.P. for the fiscal year ended December 31, 2022.

Principles of Consolidation — The accompanying interim consolidated financial statements include the accounts of the Fund and its wholly-owned subsidiaries. The portions of equity in consolidated subsidiaries that are wholly-owned and are not attributable, directly or indirectly, to the Fund are presented as non-controlling interests. All intercompany balances and transactions have been eliminated in consolidation.

In determining whether the Fund has controlling interests in an entity and is required to consolidate the accounts in that entity, the Fund analyzes its investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Fund is the primary beneficiary. The Fund’s judgment with respect to its level of influence or control over an entity and whether the Fund is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Fund’s ownership interest, the Fund’s voting interest, the size of the Fund’s investment (including loans), and the Fund’s ability to participate in major policy-making decisions. The Fund’s ability to correctly assess its influence or control over an entity affects the presentation of its investments on the Fund’s consolidated financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Investments in Real Estate and Infrastructure — Investments in real estate and infrastructure are stated at cost, less accumulated depreciation and amortization. The Fund considers the period of future benefit of each respective asset to determine the appropriate useful life. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

Buildings and improvements	15 - 40 years
Furniture, fixtures, and equipment	3 - 5 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets and liabilities	Lease term
Solar batteries	13 years
Solar assets	35 years

Capitalized Project Costs

The Fund capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate and Infrastructure — The Fund continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate investments may not be recoverable. Investments in real estate and infrastructure are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an

impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Fund as held for sale, the Fund will cease recording depreciation and amortization of the asset. The Fund did not recognize any impairment of long-lived assets during the three and six months ended June 30, 2023 and 2022. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 4 — Fair Value Measurements. See also Note 5 — Investments in Real Estate for further discussion regarding real estate investment activity.

Allocation of Purchase Price of Real Estate and Infrastructure Investments — The Fund determines whether a purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. Acquisition of real estate and infrastructure assets for development are generally recognized at cost, including the related transaction costs, as asset acquisitions. The Fund applies the acquisition method to all acquired real estate and infrastructure investments. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded on a relative fair value basis to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, above and below-market solar agreements, in-place leases and ground leases, if any, based in each case on their relative fair values. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates.

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market agreements, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Investments in Unconsolidated Entities, at Fair Value — The Fund accounts for its investments in unconsolidated entities under the equity method, as the Fund has the ability to exercise significant influence over the investments. The Fund’s investments in unconsolidated entities are carried under the fair value option pursuant to ASC 825, Financial Instruments on the Fund’s consolidated balance sheets, with any changes in the fair value of such investments recognized in the consolidated statements of operations.

The fair values of investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on applicable valuation techniques. Such valuation techniques include discounted cash flow analysis, applying market capitalization rates or earnings multiples to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow (“DCF”) and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

Notes Payable, at Fair Value — The Fund has elected the fair value option for its notes payable, and records the changes in fair value in the consolidated statements of operations. See Note 4 — Fair Value Measurements for further details on the assumptions used.

Accounts Payable and Accrued Expenses — Accounts payable and accrued expenses include accrued capital expenditures of $74.8 million and $164.0 million, respectively, as of June 30, 2023 and December 31, 2022.

Noncontrolling Interests — Noncontrolling interests represent the interests in various properties owned by third parties.

Leases — The Fund has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Fund has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components.

Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.

Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.

Redeemable Partners’ Capital — Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment. As such, the redeemable limited partnership units are presented at the redemption amount in temporary equity under redeemable partners’capital in the consolidated balance sheets. The redemption amount is initially recorded as the contribution amount and is subsequently remeasured at the net asset value as determined in accordance with the Partnership Agreement. Net asset value is calculated as U.S. GAAP partners’ equity adjusted for the redemption value of our limited partnership units. Increases or decreases in the value of limited partnership units will be reflected in retained earnings (deficit). The difference between the carrying amount and the redemption amount is reflected in change in fair value of redeemable limited partners’ capital in the consolidated statements of changes in partners’ capital.

Revenue Recognition and Lease Receivables — Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Fund acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Fund defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.

The Fund continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Fund will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate.

The Fund does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.

Cash and Cash Equivalents — Cash represents cash deposits held at high-quality financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have maturities of three months or less when purchased. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes.

Restricted Cash — Restricted cash for real estate taxes, insurance, and other miscellaneous reserves, is recorded on the consolidated financial statements in accordance with agreements that require segregation of funds related to the operations of the respective real estate investment or related mortgage payable agreements.

Concentration of Credit Risk — Cash held at major financial institutions is subject to credit risk to the extent those balances exceed the applicable Federal Deposit Insurance Corporation limitations, of up to $250,000 per financial institution.

Contributions Receivable — Contributions receivable represents contributions with an effective date before the period presented but received from investors subsequent to period end.

Property Acquisition Deposits — The Fund may advance certain amounts to acquirees as refundable deposits for impending acquisitions. Upon successful execution of the acquisition, amounts advanced will be reclassified to investments in real estate.

Risk Management — In the normal course of business, the Fund encounters economic risk such as market risk and concentration of investment risk. Market risk reflects changes in the valuation of investments in real estate and equity method investees held by the Fund. Concentration of investment risk represents the risk associated with investments that are concentrated in certain geographic regions and industries.

Income Taxes — The Fund intends to operate in a manner that will allow it to qualify as a partnership for U.S. federal income tax purposes. Generally, an entity that is treated as a partnership for U.S. federal income tax purposes is not a taxable entity and incurs no U.S. federal income tax liability. Accordingly, the Fund does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Fund’s income or loss on their income tax returns. If the Fund fails to qualify as a partnership for U.S. federal income tax purposes in any taxable year, and if the Fund is not entitled to relief under the Code for an inadvertent termination of its partnership status, the Fund will be subject to federal and state income tax on its taxable income at regular corporate income tax rates.

The Fund currently qualifies as a QOF commencing with its taxable year ended December 31, 2020 under Section 1400Z-2 of the Code. If, in future periods, the Fund does not satisfy the requirements to be a QOF, it may be subject to penalty taxes as provided under the Code (unless it is eligible for a reasonable-cause exception).

ASC 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current period.

Reportable Segments — The Fund’s real estate investments consist of infrastructure and real estate assets located within qualified opportunity zones. The Fund’s management evaluates operating performance on an overall portfolio level; therefore the Fund’s real estate investments are one reportable segment.

Recent Accounting Pronouncements — The Fund does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Fund’s consolidated financial statements.

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FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4. FAIR VALUE MEASUREMENTS

In determining fair value, the Fund uses various valuation approaches. The definition of estimated fair value is applied on a consistent basis with that required by ASC 820, Fair Value Measurements (“ASC 820”). ASC 820 establishes fair

value measurement framework, provides a single definition of fair value, and requires expanded disclosure summarizing fair value measurements. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing an asset or liability.

The FASB issued guidance that establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. The guidance clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value in a market-based measurement should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the FASB established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 — Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally developed valuation models.

In instances where the determination of a fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The following describes the methods the Fund uses to estimate the fair value of the Fund’s financial assets and liabilities:

Investments in unconsolidated entities, at fair value — Investments in unconsolidated entities are generally valued using Level 3 inputs. The Fund’s valuations are prepared by third-party valuation firms in accordance with the Uniform Standards of Professional Appraisal Practice (“USPAP”). The fair values of investments are estimated based on the price that would be received to sell the Fund’s interests in the unconsolidated entity in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on assumptions made and valuation techniques. Such valuation techniques include discounted cash flow analysis, prevailing market capitalization rates or earnings multiples applied to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow (“DCF”) and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

Notes payable — The fair value of notes payable is determined by a third-party appraiser who discounts the difference between contract and market debt service cash flows using a market equity yield. The third-party appraiser also considers multiple valuation techniques (e.g., par, prepayment penalty) and applies a reconciliation among relevant methods. The fair value analysis is updated quarterly and reviewed by senior management. The market rate is determined by giving consideration to one or more of the following criteria, as appropriate: (i) interest rates for loan of comparable quality and maturity and (ii) the value of the underlying collateral. The Fund’s notes payable are classified within Level 3 of the fair value hierarchy.

Other financial instruments — The Fund considers the carrying values of its cash and cash equivalents, restricted cash, tenant receivables, accounts payable and accrued expenses, other liabilities, due to affiliates and distributions payable to approximate their fair values because of the short period of time between their origination and their expected realization as well as their highly-liquid nature. Due to the short-term maturities of these instruments, Level 1 inputs are utilized to estimate the fair value of these financial instruments.

Considerable judgment is necessary to develop estimated fair values of financial assets and liabilities. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Fund could realize, or be liable for, upon disposition of the financial assets and liabilities. The Fund evaluates its hierarchy disclosures each quarter and depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. The Fund does not expect that changes in classifications between levels will be frequent.

Items Measured at Fair Value on a Recurring Basis

In accordance with the fair value hierarchy described above, the following tables show the fair value of the Fund’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, are as follows (in thousands):

Description	Total Fair Value as of June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	149,627	$	—	$	—	$	149,627
Notes payable	$	261,938	$	—	$	—	$	261,938

Description	Total Fair Value as of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	151,066	$	—	$	—	$	151,066
Notes payable	$	232,937	$	—	$	—	$	232,937

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2023:

Investment	Fair Value as of June 30, 2023 (in thousands)		Valuation Techniques		Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	149,627	Sales comparison		Value per acre	$	35,001
			Blended approach		Discounted cash flow weighting	60.0		%
					Cost approach weighting	40.0		%
			Discounted cash flow		Discount rate	7.0% - 12.4%
						(7.6%)
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	95		%
					Economic useful life	35 years
Debt
Notes Payable	$	261,938	Net present value		Market interest rate	6.0% - 8.7%
						(7.7%)
			Discounted cash flow	(1)	Discount rate	6.0		%
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	94.9		%
					Economic useful life	35 years

___________________

(1)Represents the valuation techniques and unobservable inputs for the underlying value of the solar project that the respective notes payable value is tied to.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022:

Investment	Fair Value as of December 31, 2022 (in thousands)		Valuation Techniques	Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	151,066	Sales comparison	Value per acre	$	35,001
			Blended approach	Discounted cash flow weighting	60.0		%
				Cost approach weighting	40.0		%
			Discounted cash flow	Discount rate	6.0% - 12.4%
					(6.7%)
				Investment tax credit rate	30.0		%
				Investment tax credit eligibility	94.9		%
				Economic useful life	35 years
Debt
Notes Payable	$	232,937	Net present value	Market interest rate	5.8% - 7.5%
					(6.8%)

Under the sales comparison technique, the significant unobservable input used in the fair value measurement of the Fund’s investments is value per square foot. Increases or decreases in the value per square foot may result in a lower or higher fair value measurement, respectively.

Under the discounted cash flow technique, the significant unobservable input used in the fair value measurement of the Fund’s investments is the discount rate, terminal capitalization rate, and revenue growth rate, as applicable. Increases or decreases in the rates in isolation may result in a higher or lower fair value measurement, respectively. An increase or decrease in the discount rate used to determine fair value would result in a decrease or increase to the fair value, respectively. An increase or decrease in the terminal capitalization rate or revenue growth rate would result in an increase or decrease to the fair value, respectively.

The following table presents the changes in assets and liabilities classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2023 and 2022 (in thousands):

Description	Investments in Unconsolidated Entities		Notes Payable
Beginning balance, January 1, 2022	$	208,329	$	71,000
Consolidation of investment	(107,515)		91,435
Notes payable borrowing	—		3,920
Unrealized gain on investments in unconsolidated entities	47,867		—
Balance, June 30, 2022	$	148,681	$	166,355
Beginning balance, January 1, 2023	$	151,066	$	232,937
Notes payable borrowing	—		29,302
Unrealized loss on investments in unconsolidated entities	(1,439)		—
Change in fair value of notes payable	—		(301)
Ending balance, June 30, 2023	$	149,627	$	261,938

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INVESTMENTS IN REAL ESTATE

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

INVESTMENTS IN REAL ESTATE

5. INVESTMENTS IN REAL ESTATE

2023 Transactions — During the six months ended June 30, 2023, the Fund acquired an interest in four properties for an aggregate purchase price of $44.8 million (the “2023 Property Acquisitions”), which were accounted for as asset acquisitions and includes $109,000 of acquisition-related expenses that were capitalized.

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Office — Los Angeles, CA	99%	March 1, 2023	$	7,022
Multifamily — Los Angeles, CA	99%	March 15, 2023	$	13,542
Multifamily — Los Angeles, CA	99%	March 30, 2023	$	19,903
Office — Los Angeles, CA	99%	April 20, 2023	$	4,342

2022 Transactions — During the six months ended June 30, 2022, the Fund acquired an interest in seven properties for an aggregate purchase price of $135.5 million (the “2022 Property Acquisitions”), which were accounted for as asset acquisitions and includes $306,000 of acquisition-related expenses that were capitalized.

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Solar — Lemoore, CA	88%	April 20, 2022	$	75,129
Office — Los Angeles, CA	99%	May 10, 2022	$	12,583
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	32,147
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	2,757
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	6,411
Hotel — Atlanta, GA	99%	June 30, 2022	$	3,592
Multifamily — Atlanta, GA	99%	June 30, 2022	$	2,892

The results of operations of the properties the Fund acquired have been included in the consolidated statements of operations from the dates of acquisition. The following table summarizes the purchase price allocation for the 2023 and 2022 Property Acquisitions (in thousands):

	2023 Property Acquisitions		2022 Property Acquisitions
Land	$	28,028	$	40,293
Building and improvements	16,771		94,401
Intangible assets(1)	10		817
Total purchase price	$	44,809	$	135,511

___________________

(1)The amortization period for acquired intangible assets is 5.1 years and 10.7 years, respectively, for the 2023 and 2022 Property Acquisitions.

Consolidated Joint Ventures — During the six months ended June 30, 2022,the Fund determined there was a change in control with respect to its investment in the office property located in Dallas, Texas due to the completion of construction. The investment is a variable interest entity, and completion of construction was considered to be a reconsideration event, resulting in the Fund determined to be the primary beneficiary. Accordingly, the Fund determined it should consolidate the investment, which was previously reflected as an investment in unconsolidated entities, at fair value. The Fund accounted for the consolidation as an asset acquisition. The tangible and intangible assets acquired and liabilities assumed in this transaction were recorded in the Fund’s consolidated balance sheets at their estimated fair value as of the consolidation date (the “Dallas Consolidated Joint Venture”). The Fund also recorded $22.5 million of non-controlling interest related to the Dallas Consolidated Joint Venture on the consolidation date.

As of June 30, 2023, the Fund had a 62% interest in the Consolidated Joint Venture with total assets of $322.6 million, which included $273.3 million of real estate assets, net of accumulated depreciation and amortization of $9.4 million, and total liabilities of $162.0 million, including debt outstanding of $122.3 million. The Company has the ability to control operating and financial policies of the Dallas Consolidated Joint Venture. There are restrictions on the use of these assets as the Fund may be required to obtain the partner’s (the “Dallas Consolidated Joint Venture Partner”) approval in accordance with the joint venture agreement for certain major transactions. The Fund and the Dallas Consolidated Joint Venture Partner are subject to the provisions of the joint venture agreement, which includes provisions for when additional contributions may be required to fund certain cash shortfalls.

As of June 30, 2023, the Fund had a 91% interest in a joint venture (the “Washington D.C. Consolidated Joint Venture”) with total assets of $125.3 million, which included $122.5 million of real estate assets, net of accumulated depreciation and amortization of $7.7 million, and total liabilities of $66.0 million, including debt outstanding of $64.8

million. The Company has the ability to control operating and financial policies of the Washington D.C. Consolidated Joint Venture.

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INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

Intangible assets and liabilities consisted of the following as of June 30, 2023 and December 31, 2022 in thousands, except weighted average life remaining):

	As of June 30,		As of December 31,
	2023		2022
Intangible assets:
In-place leases and other intangibles, net of accumulated amortization of $1,380 and $776, respectively (with a weighted average life remaining of 9.8 years and 10.3 years, respectively)	$	11,868	$	11,207
Intangible liabilities:
Acquired below-market renewable energy certificate (“REC”) agreement (with a weighted average life remaining of 10.5 years and 11.0 years as of June 30, 2023 and December 31, 2022, respectively.)	$	35,000	$	35,000

Amortization expense for the in-place leases and other intangibles and the below-market REC agreement is included in depreciation and amortization in the accompanying consolidated statements of operations.

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
In-place lease and other intangible amortization	$	307	$	189	$	605	$	201

As of June 30, 2023, the estimated amortization relating to the intangible assets and liabilities is as follows (in thousands):

	Amortization
	In-Place Leases and Other Intangibles		Below-Market REC Agreement (1)
Remainder of 2023	$	606	$	432
2024	1,212		3,457
2025	1,212		3,457
2026	1,212		3,457
2027	1,212		3,457
Thereafter	6,414		20,740
Total	$	11,868	$	35,000

___________________

(1)As of June 30, 2023, the asset with the below-market REC agreement is not operational. The asset will commence operations during Q4 2023 and the below-market REC agreement will begin amortization.

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INVESTMENTS IN UNCONSOLIDATED ENTITIES

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS IN UNCONSOLIDATED ENTITIES

7. INVESTMENTS IN UNCONSOLIDATED ENTITIES

The following table details the Fund’s investments in unconsolidated entities (dollars in thousands):

			Carrying Value
Property	Ownership	Acquisition Date	June 30, 2023		December 31, 2022
Solar — Lemoore, CA	27%	December 13, 2019	$	136,654	$	137,959
Solar — Lemoore, CA	15%	December 13, 2019	12,973		13,107
Total investments in unconsolidated entities			$	149,627	$	151,066

The Fund’s investments in unconsolidated entities includes debt of $12.9 million and $14.5 million, respectively, as of June 30, 2023 and December 31, 2022. The Fund’s proportional share of the asset level encumbrances are included in the Fund’s net equity investment within investments in unconsolidated entities in the consolidated balance sheets.

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DEBT

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

DEBT

8. DEBT

The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands):

			During the Six Months Ended June 30, 2023
	December 31, 2022		Debt Issuances & Assumptions		Repayments		Fair Value Adjustment		June 30, 2023
Notes Payable:
Fixed rate mortgages payable	$	126,488	$	19,512	$	—	$	—	$	146,000
Variable rate mortgage payable	112,546		9,790		—		—		122,336
Total notes payable	239,034		29,302		—		—		268,336
Fair value adjustment	(6,097)		—		—		(301)		(6,398)
Total notes payable, at fair value	$	232,937	$	29,302	$	—	$	(301)	$	261,938

Fixed Rate Notes Payable

As of June 30, 2023, the Fund had a $71.0 million fixed rate note payable with an interest rate per annum of 3.23%, with monthly payments of interest only, maturing on August 12, 2031. As of June 30, 2023, the Fund had a non-interest bearing $75.0 million note payable maturing on December 31, 2047 (the “Convertible Note”) with an affiliated vehicle managed by CIM (the “Lender”). Under the loan agreement, the Lender may convert the outstanding principal balance into equity in the investment. The Convertible Note may be increased to $100 million upon securing a third-party senior construction loan. Payments under the Convertible Note will be made on each date that the Fund makes a distribution, in an amount equal to the Lender’s pro rata share of the total distribution.

Variable Rate Notes Payable

The Fund also had a $122.3 million variable rate note payable with an interest rate per annum of the one-month forward-looking SOFR rate plus a spread of 2.85%, with monthly payments of interest only, maturing on April 24, 2025.

As of June 30, 2023, the aggregate outstanding principal balance of the Fund’s notes payable was $268.3 million and the fair value was $261.9 million. The Fund’s mortgage notes payable are collateralized by the respective property on which the debt was placed. The mortgage notes payable are nonrecourse, and contain various restrictions and covenants with which the Fund was in compliance as of June 30, 2023. The Fund’s notes payable are held at fair value, as reflected on the consolidated balance sheets, as further described in Note 4 — Fair Value Measurements.

Maturities

The following table summarizes the scheduled aggregate principal repayments for the Fund’s outstanding debt subsequent to June 30, 2023 (in thousands):

	Principal Repayments
Remainder of 2023	$	—
2024	—
2025	122,336
2026	—
2027	—
Thereafter	146,000
Total	$	268,336

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CONTRIBUTIONS, DISTRIBUTIONS AND REDEMPTIONS

6 Months Ended

Jun. 30, 2023

Investment Company [Abstract]

CONTRIBUTIONS, DISTRIBUTIONS AND REDEMPTIONS

9. PARTNERS’ CAPITAL AND REDEEMABLE PARTNERS’ CAPITAL

Contributions

Admission, and timing thereof, of new partners into the Fund is at the general discretion of the General Partner. Each Limited Partner may be required on or soon after such Limited Partner’s admission to the Fund, to make a capital contribution to the Fund with respect to its capital commitment in an amount specified in a notice delivered by the General Partner at least three business days prior to the due date of such capital contribution. Thereafter, each Limited Partner shall generally make capital contributions at the discretion of the General Partner in an amount specified in a notice delivered by the General Partner at least ten business days prior to such date and only up to the amount of such Limited Partner’s undrawn commitment.

In connection with each capital contribution, a Limited Partner shall be issued Units based on the Fund’s net asset value (“NAV”) as of such quarter-end. If a Limited Partner makes a capital contribution on a date other than on or around the last day of a quarter, such capital contribution shall generate a fixed return equivalent to an effective rate of 3.0% per annum from the date of such capital contribution until the next date on which the NAV is determined (generally the last calendar day of the quarter in which such capital contribution was made) and such partner will not participate in any other profit or loss, other than management fees, with respect to such capital contributions. The intra-quarter contributions generated fixed returns of $277,000 and $620,000, respectively, for the three and six months ended June 30, 2023, and $750,000 and $1.4 million, respectively for the three and six months ended June 30, 2022, which are included in the statement of changes in net assets as fixed return increase and fixed return decrease. As of June 30, 2023, the Fund had $170,000 of contributions receivable in the consolidated balance sheet.

Distributions

The Fund will make distributions pro-rata to the Limited Partners at such time and in such amounts as determined by the General Partner in its discretion.

Redeemable Partners’ Capital

Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment, by providing written notice to the General Partner no later than the last calendar day of the quarter immediately preceding such redemption date, subject to certain restrictions as specified in the Partnership Agreement. Redemptions are only made to the extent that the Fund has sufficient cash available to honor redemption requests, as determined in the discretion of the General Partner. In addition, the General Partner or its affiliates may make a partial or total redemption of their units attributable to incentive allocation without notice to the Limited Partners at any time in their discretion.

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS

10. MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS

Management fees

The Manager provides investment management services to the Fund. For these services, the Fund pays the Manager management fees in advance on a quarterly basis (the “Management Fees”). The Management Fees are calculated based on each Limited Partner’s Management Fee percentage, which ranged from 1.25% to 2.0% as of June 30, 2023, multiplied by their proportionate share of NAV as of the beginning of the quarter.

Incentive allocation

Pursuant to the Partnership Agreement, the General Partner or an affiliate thereof or other designee of the General Partner, will be allocated net profits (the “Incentive Allocation”) from the Limited Partners at the end of an incentive allocation period, subject to certain performance hurdles being met. The General Partner receives an Incentive Allocation of 20% annually, which is the portion of profits or gains that the General Partner is entitled to above a minimum return threshold. The high watermark is a mechanism that ensures the General Partner only receives an Incentive Allocation if the Fund’s value surpasses the highest previous value. This means that if the Fund’s value decreases below the high watermark, the General Partner will not receive any Incentive Allocation until the value exceeds the previous high point. The hurdle rate, which is set at 6%, is a minimum rate of return that the Fund needs to achieve before the General Partner becomes eligible for the Incentive Allocation. The General Partner is entitled to an 80% catch-up provision once the hurdle rate is met, which means that once the hurdle rate is surpassed, the General Partner will receive 80% of the profits or gains until they have caught up to their entitled share.

The General Partner has designated CIM Opportunity Zone Fund SLP, LLC (the “SLP”), an affiliated Limited Partner, to receive the Incentive Allocation. The General Partner may, in its discretion, waive, reduce or defer Incentive Allocation of all or a portion of the Incentive Allocation attributable to any Units of any Limited Partner. Since inception through June 30, 2023, the Fund has realized an incentive allocation of $47.7 million.

Servicing Fees

The General Partner or its affiliates may also provide to the Fund and/or its investments part or all of other services (“Other Services”) that would otherwise be provided by a third party, including servicing fees and reimbursement of allocable costs and expenses incurred in connection with or relating to the performance of any Other Services. Pursuant to such provided services, the General Partner or its affiliates may receive from the Fund and/or its Portfolio Assets, (i) property management fees, (ii) development management fees, (iii) leasing brokerage fees, (iv) fees associated with arranging financings for Portfolio Assets, (v) multifamily residential sales fees, (vi) fees relating to servicing and administering the Portfolio Assets, including special servicing, (vii) fees in connection with or following a foreclosure on the Portfolio Asset and (viii) other related fees in connection with a Portfolio Asset (collectively, “Servicing Fees”). Such Servicing Fees will be either (x) at rates which do not exceed the limits set forth immediately below, (y) at rates that are no less favorable to the Partnership and/or such Portfolio Asset than the arm’s-length rates on which the Fund and/or such Portfolio Asset could obtain comparable services from an unaffiliated service provider taking into account the nature of the relevant asset type and the special services required or (z) at rates that receive the consent of a Review Agent or the Limited Partners:

Fee Type	Limit
Property Management Fees	Not to exceed 5.0% of gross property revenues, plus Allocable Costs and Expenses
Development Management Fees	Not to exceed 4.0% of gross contract price for development, tenant improvements or other capital expenditures, as applicable, plus Allocable Costs and Expenses
Leasing Brokerage Fees	Not to exceed 4.0% of base rent during lease years one through five; 2.0% of base rent after lease year five, in each case, plus Allocable Costs and Expenses. In transactions where there is a participating broker(s), not to exceed 2.0% of base rent during lease years one through five; 1.0% of base rent after year five, in each case, plus Allocable Costs and Expenses
Multifamily Residential Sales Fees	Not to exceed 6.0% of the gross sales price of a residential unit, plus Allocable Costs and Expenses.

The Fund recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Management fees	$	7,934	$	5,624	$	15,669	$	10,490
Expense reimbursement to related parties	$	395	$	171	$	908	$	347
Incentive allocation (1)	$	—	$	7,956	$	—	$	10,604
Organizational costs (2)	$	—	$	18	$	63	$	73
Development fees and allocable costs and expenses (3)	$	6,726	$	3,036	$	17,097	$	3,777

______________________

(1)Represents the change in unrealized Incentive Allocation to SLP within the Statements of Changes in Partners’ Capital during the three and six months ended June 30, 2022.

(2)Organizational costs are capitalized to prepaid expenses and other in the condensed consolidated balance sheets, and subsequently amortized over five years to general and administrative expenses in the consolidated statements of operations.

(3)Represents development fees and development-related Allocable Costs and Expenses incurred by the Fund’s consolidated investments. These amounts have been capitalized to real estate under development in the condensed consolidated balance sheets. Does not include $18,000 and $85,000, respectively, which were incurred by the Fund’s investments in unconsolidated entities that were allocated to the Fund based on its respective ownership percentage of the investment, for the three and six months ended June 30, 2023, and $85,000 and $192,000, respectively, that were incurred and allocated to the Fund based on its respective ownership percentage of the investment for the three and six months ended June 30, 2022.

Of the amounts shown above, the following amounts had been incurred, but not yet paid for services provided by related parties as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Management fees	$	14	$	263
Incentive allocation	$	—	$	5,516
Administration and other reimbursable expenses	$	11	$	295

Related Party Investments

To achieve the Fund’s stated investment program and meet timelines required under the Opportunity Zone legislation, a significant percentage of the investments in the Fund have been transferred into the Fund from CIM and its affiliates. In these instances, such investments and co-investments are reported as transactions with affiliates. Of the total Fund, 83% are investments acquired from entities that are related parties of CIM. As of June 30, 2023, investments incubated at CIM and its affiliates represented $400.1 million.

The Fund may coinvest with other entities under common control of the same General Partner or its affiliates. As of June 30, 2023, the Fund held investments with a total fair value of $702.4 million that was coinvested with affiliated funds. In addition, the General Partner owns a nominal interest in the Fund’s investments.

The Fund also enters into certain agreements with other CIM affiliated entities from time to time.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

In the normal course of business, the Fund enters into contracts and agreements. These contracts and agreements commit the Fund to various specific and contingent obligations. In addition, the Fund may be subject to legal claims in the ordinary course of business. The Fund is not currently involved in any material pending or threatened legal proceedings nor, to our knowledge, are any material legal proceedings currently threatened against us, other than routine litigation arising in the ordinary course of business.

The Fund is subject to various environmental laws of federal, state, and local governments. Compliance with these laws has not had a material adverse effect on the consolidated financial statements, and management does not believe it will have such an impact in the future.

The Fund acts as a guarantor of certain debt obligations to its underlying investments. In certain scenarios, the Fund may have limited or full recourse exposure.

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LEASES

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

LEASES

12. LEASES

Future minimum rental revenue under long-term operating leases as of June 30, 2023, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, are as follows (excludes unconsolidated properties, in thousands):

	Future Minimum Rental Income
Remainder of 2023	$	7,202
2024	19,227
2025	19,700
2026	20,105
2027	20,518
Thereafter	111,552
Total	$	198,304

The Fund has an investment in a real estate property that is subject to a ground lease with a remaining term of 95.5 years, for which a lease liability and right of use (“ROU”) asset of $33.7 million and $34.2 million was recorded as of June 30, 2023 and December 31, 2022, respectively. The ROU asset and lease liability were initially measured at the present value of the future minimum lease payments using a discount rate of 3.6%. This reflects the Fund’s incremental borrowing rate, which was calculated based on the interest rate the Fund would incur to borrow on a fully collateralized basis over a term similar to the lease.

The Fund recognized $511,000 and $1.0 million of ground lease expense during the three and six months ended June 30, 2023, respectively, of which $200,000 and $400,000, respectively, was paid in cash during the period it was recognized. As of June 30, 2023, the Company’s scheduled future minimum rental payments related to its operating ground lease is approximately $400,000 for the remainder of 2023, $800,000 annually for 2024 through 2028, and $197.0 million thereafter through the maturity date of the lease in December 2118.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS

The following events have occurred subsequent to June 30, 2023:

The Fund accepted additional capital commitments of approximately $17.71 million.

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SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation — The accompanying interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Accordingly, these financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements and notes thereto of CIM Opportunity Zone Fund, L.P. for the fiscal year ended December 31, 2022.

Principles of Consolidation

Principles of Consolidation — The accompanying interim consolidated financial statements include the accounts of the Fund and its wholly-owned subsidiaries. The portions of equity in consolidated subsidiaries that are wholly-owned and are not attributable, directly or indirectly, to the Fund are presented as non-controlling interests. All intercompany balances and transactions have been eliminated in consolidation.

In determining whether the Fund has controlling interests in an entity and is required to consolidate the accounts in that entity, the Fund analyzes its investments in accordance with standards set forth in GAAP to determine whether the entities are variable interest entities (“VIEs”), and if so, whether the Fund is the primary beneficiary. The Fund’s judgment with respect to its level of influence or control over an entity and whether the Fund is the primary beneficiary of a VIE involves consideration of various factors, including the form of the Fund’s ownership interest, the Fund’s voting interest, the size of the Fund’s investment (including loans), and the Fund’s ability to participate in major policy-making decisions. The Fund’s ability to correctly assess its influence or control over an entity affects the presentation of its investments on the Fund’s consolidated financial statements.

Use of Estimates

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Investments in Real Estate and Infrastructure

Investments in Real Estate and Infrastructure — Investments in real estate and infrastructure are stated at cost, less accumulated depreciation and amortization. The Fund considers the period of future benefit of each respective asset to determine the appropriate useful life. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows:

Buildings and improvements	15 - 40 years
Furniture, fixtures, and equipment	3 - 5 years
Tenant improvements	Lesser of useful life or lease term
Intangible lease assets and liabilities	Lease term
Solar batteries	13 years
Solar assets	35 years

Capitalized Project Costs

The Fund capitalizes project costs, including pre-construction costs, interest expense, property taxes, insurance, and other costs directly related and essential to the development, redevelopment, or construction of a project, while activities are ongoing to prepare an asset for its intended use. Costs incurred after a project is substantially complete and ready for its intended use are expensed as incurred. Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Ordinary repairs and maintenance are expensed as incurred.

Recoverability of Investments in Real Estate and Infrastructure — The Fund continually monitors events and changes in circumstances that could indicate that the carrying amounts of its real estate investments may not be recoverable. Investments in real estate and infrastructure are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If, and when, such events or changes in circumstances are present, the recoverability of assets to be held and used requires significant judgment and estimates and is measured by a comparison of the carrying amount to the future undiscounted cash flows expected to be generated by the assets and their eventual disposition. If the undiscounted cash flows are less than the carrying amount of the assets, an

impairment is recognized to the extent the carrying amount of the assets exceeds the estimated fair value of the assets. The process for evaluating real estate impairment requires management to make significant assumptions related to certain inputs, including rental rates, lease-up period, occupancy, estimated holding periods, capital expenditures, growth rates, market discount rates and terminal capitalization rates. These inputs require a subjective evaluation based on the specific property and market. Changes in the assumptions could have a significant impact on either the fair value, the amount of impairment charge, if any, or both. Any asset held for sale is reported at the lower of the asset’s carrying amount or fair value, less costs to sell. When an asset is identified by the Fund as held for sale, the Fund will cease recording depreciation and amortization of the asset. The Fund did not recognize any impairment of long-lived assets during the three and six months ended June 30, 2023 and 2022. The assumptions and uncertainties utilized in the evaluation of the impairment of real estate assets are discussed in detail in Note 4 — Fair Value Measurements. See also Note 5 — Investments in Real Estate for further discussion regarding real estate investment activity.

Allocation of Purchase Price of Real Estate and Infrastructure Investments — The Fund determines whether a purchase qualifies as an asset acquisition or meets the definition of an acquisition of a business. Acquisition of real estate and infrastructure assets for development are generally recognized at cost, including the related transaction costs, as asset acquisitions. The Fund applies the acquisition method to all acquired real estate and infrastructure investments. The purchase consideration of the real estate, which includes the transaction costs incurred in connection with such acquisitions, is recorded on a relative fair value basis to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of acquired above-market and below-market leases, above and below-market solar agreements, in-place leases and ground leases, if any, based in each case on their relative fair values. Assumed debt is recorded at fair value based upon the present value of the expected future payments and current interest rates.

Investment Valuation

In allocating the purchase consideration of the identified intangible assets and liabilities of an acquired property, above-market, below-market, and in-place lease values are recorded based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases measured over a period equal to the remaining non-cancelable term of the lease, and for below-market agreements, over a period equal to the initial term plus any below-market fixed-rate renewal periods. Acquired above-market and below-market leases are amortized and recorded to rental and other property income over the initial terms of the respective leases.

The aggregate value of other acquired intangible assets, consisting of in-place leases and tenant relationships, is measured by the estimated cost of operations during a theoretical lease-up period to replace in-place leases, including lost revenues and any unreimbursed operating expenses, plus an estimate of deferred leasing commissions for in-place leases. The value of in-place leases is amortized over the remaining non-cancelable periods of the respective leases. If a lease is terminated prior to its stated expiration, all unamortized amounts relating to that lease are written-off.

Investments in Unconsolidated Entities, at Fair Value

Investments in Unconsolidated Entities, at Fair Value — The Fund accounts for its investments in unconsolidated entities under the equity method, as the Fund has the ability to exercise significant influence over the investments. The Fund’s investments in unconsolidated entities are carried under the fair value option pursuant to ASC 825, Financial Instruments on the Fund’s consolidated balance sheets, with any changes in the fair value of such investments recognized in the consolidated statements of operations.

The fair values of investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Investments without a public market are valued based on applicable valuation techniques. Such valuation techniques include discounted cash flow analysis, applying market capitalization rates or earnings multiples to earnings from the investment, analysis of recent comparable sales transactions, actual sale negotiations and bona fide purchase offers received from third parties, consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence, as well as independent external appraisals. In general, multiple valuation techniques are taken into consideration when measuring the fair value of an investment. However, in certain circumstances, a single valuation may be appropriate, such as during the development phase of the project, where the “Cost Method” may be most appropriate for construction in progress, with the “Comparative Sales Approach” applied to the value of the underlying land. Upon completion, the investment would typically be valued utilizing the Discounted Cash Flow (“DCF”) and Comparative Sales approaches. Weighting of the appraisal methods represents an approximation of how marketplace participants would underwrite the investment in current market conditions as of the measurement date.

Notes Payable, at Fair Value

Notes Payable, at Fair Value — The Fund has elected the fair value option for its notes payable, and records the changes in fair value in the consolidated statements of operations. See Note 4 — Fair Value Measurements for further details on the assumptions used.

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Expenses — Accounts payable and accrued expenses include accrued capital expenditures

Leases

Leases — The Fund has lease agreements with lease and non-lease components. The Company has elected to not separate non-lease components from lease components for all classes of underlying assets (primarily real estate assets) and will account for the combined components as rental and other property income. Non-lease components included in rental and other property income include certain tenant reimbursements for maintenance services (including common-area maintenance services or “CAM”), real estate taxes, insurance and utilities paid for by the lessor but consumed by the lessee. As a lessor, the Fund has further determined that this policy will be effective only on a lease that has been classified as an operating lease and the revenue recognition pattern and timing is the same for both types of components.

Significant judgments and assumptions are inherent in not only determining if a contract contains a lease, but also the lease classification, terms, payments, and, if needed, discount rates. Judgments include the nature of any options, including if they will be exercised, evaluation of implicit discount rates and the assessment and consideration of “fixed” payments for straight-line rent revenue calculations.

Lease costs represent the initial direct costs incurred in the origination, negotiation and processing of a lease agreement. Such costs include outside broker commissions and other independent third-party costs and are amortized over the life of the lease on a straight-line basis. Costs related to salaries and benefits, supervision, administration, unsuccessful origination efforts and other activities not directly related to completed lease agreements are expensed as incurred. Upon successful lease execution, leasing commissions are capitalized.

Redeemable Partners’ Capital

Redeemable Partners’ Capital — Limited Partners may request a partial or total redemption of their units upon the expiration of the applicable lock-up period, which is four years from the date of the initial capital contribution made by such limited partner in respect of such capital commitment. As such, the redeemable limited partnership units are presented at the redemption amount in temporary equity under redeemable partners’capital in the consolidated balance sheets. The redemption amount is initially recorded as the contribution amount and is subsequently remeasured at the net asset value as determined in accordance with the Partnership Agreement. Net asset value is calculated as U.S. GAAP partners’ equity adjusted for the redemption value of our limited partnership units. Increases or decreases in the value of limited partnership units will be reflected in retained earnings (deficit). The difference between the carrying amount and the redemption amount is reflected in change in fair value of redeemable limited partners’ capital in the consolidated statements of changes in partners’ capital.

Revenue Recognition and Lease Receivables

Revenue Recognition and Lease Receivables — Rental and other property income is primarily derived from fixed contractual payments from operating leases, and therefore, is generally recognized on a straight-line basis over the term of the lease, which typically begins the date the tenant takes control of the space. When the Fund acquires a property, the terms of existing leases are considered to commence as of the acquisition date for the purpose of this calculation. Variable rental and other property income consists primarily of tenant reimbursements for recoverable real estate taxes and operating expenses which are included in rental and other property income in the period when such costs are incurred, with offsetting expenses in real estate taxes and property operating expenses, respectively, within the consolidated statements of operations. The Fund defers the recognition of variable rental and other property income, such as percentage rents, until the specific target that triggers the contingent rental income is achieved.

The Fund continually reviews whether collection of lease-related receivables, including any straight-line rent, and current and future operating expense reimbursements from tenants is probable. The determination of whether collectability is probable takes into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. Upon the determination that the collectability of a receivable is not probable, the Fund will record a reduction to rental and other property income for amounts previously recorded and a decrease in the outstanding receivable. Revenue from leases where collection is deemed to be not probable is recorded on a cash basis until collectability becomes probable. Management’s estimate of the collectability of lease-related receivables is based on the best information available at the time of estimate.

The Fund does not use a general reserve approach and lease-related receivables are adjusted and taken against rental and other property income only when collectability becomes not probable.

Cash and Cash Equivalents

Cash and Cash Equivalents — Cash represents cash deposits held at high-quality financial institutions. Cash equivalents include short-term, highly liquid investments of sufficient credit quality that are readily convertible to known amounts of cash and have maturities of three months or less when purchased. Cash equivalents are carried at cost, plus accrued interest, which approximates fair value. Cash equivalents are held to meet short-term liquidity requirements, rather than for investment purposes.

Restricted Cash — Restricted cash for real estate taxes, insurance, and other miscellaneous reserves, is recorded on the consolidated financial statements in accordance with agreements that require segregation of funds related to the operations of the respective real estate investment or related mortgage payable agreements.

Concentration of Credit Risk

Concentration of Credit Risk — Cash held at major financial institutions is subject to credit risk to the extent those balances exceed the applicable Federal Deposit Insurance Corporation limitations, of up to $250,000 per financial institution.

Contributions Receivable

Contributions Receivable — Contributions receivable represents contributions with an effective date before the period presented but received from investors subsequent to period end.

Property Acquisition Deposits

Property Acquisition Deposits — The Fund may advance certain amounts to acquirees as refundable deposits for impending acquisitions. Upon successful execution of the acquisition, amounts advanced will be reclassified to investments in real estate.

Risk Management

Risk Management — In the normal course of business, the Fund encounters economic risk such as market risk and concentration of investment risk. Market risk reflects changes in the valuation of investments in real estate and equity method investees held by the Fund. Concentration of investment risk represents the risk associated with investments that are concentrated in certain geographic regions and industries.

Income Taxes

Income Taxes — The Fund intends to operate in a manner that will allow it to qualify as a partnership for U.S. federal income tax purposes. Generally, an entity that is treated as a partnership for U.S. federal income tax purposes is not a taxable entity and incurs no U.S. federal income tax liability. Accordingly, the Fund does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Fund’s income or loss on their income tax returns. If the Fund fails to qualify as a partnership for U.S. federal income tax purposes in any taxable year, and if the Fund is not entitled to relief under the Code for an inadvertent termination of its partnership status, the Fund will be subject to federal and state income tax on its taxable income at regular corporate income tax rates.

The Fund currently qualifies as a QOF commencing with its taxable year ended December 31, 2020 under Section 1400Z-2 of the Code. If, in future periods, the Fund does not satisfy the requirements to be a QOF, it may be subject to penalty taxes as provided under the Code (unless it is eligible for a reasonable-cause exception).

ASC 740, Income Taxes (“ASC 740”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the consolidated financial statements. ASC 740 requires the evaluation of tax positions taken in the course of preparing the Fund’s tax returns to determine whether tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current period.

Reportable Segments — The Fund’s real estate investments consist of infrastructure and real estate assets located within qualified opportunity zones. The Fund’s management evaluates operating performance on an overall portfolio level; therefore the Fund’s real estate investments are one reportable segment.

Recent Accounting Pronouncements

Recent Accounting Pronouncements — The Fund does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Fund’s consolidated financial statements.

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ORGANIZATION (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Capital Commitments and Capital Contributions

As of June 30, 2023, total capital commitments and capital contributions from the partners are summarized as follows (in thousands):

Capital Commitments		Capital Contributions		Unfunded Commitments
$	1,710,674	$	1,710,674	$	—

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CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT) (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Reclassifications

The following tables present a reconciliation of the consolidated balance sheets, consolidated statements of operations, consolidated statement of changes in partners’ capital, and consolidated statements of cash flows as previously reported for such prior periods to the restated amounts (in thousands).

	As of June 30, 2023						As of December 31, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statement of Net Assets (as previously reported) / Consolidated Balance Sheets (as restated)
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	$	1,776,806	$	(1,776,806)	$	—	$	1,504,146	$	(1,504,146)	$	—
Investments in real estate, net	—		1,783,799		1,783,799		—		1,262,910		1,262,910
Investments in unconsolidated entities	—		149,627		149,627		—		151,066		151,066
Cash and cash equivalents	14,384		264,995		279,379		139,958		545,276		685,234
Restricted cash	—		1,156		1,156		—		31		31
Accounts receivable, net	—		19,121		19,121		—		10,233		10,233
Contributions receivable	—		170		170		—		59		59
Right of use asset	—		33,738		33,738		—		34,153		34,153
Property acquisition deposits	12,000		—		12,000		46,727		—		46,727
Prepaid expenses and other assets	135		5,309		5,444		32		51,521		51,553
Total Assets	$	1,803,325	$	481,109	$	2,284,434	$	1,690,863	$	551,103	$	2,241,966
Notes payable, at fair value	$	—	$	261,938	$	261,938	$	—	$	232,937	$	232,937
Accounts payable and accrued expenses	703		95,139		95,842		613		169,009		169,622
Interest Payable	625		(625)		—		—		—		—
Prepaid rent and other liabilities	—		361		361		—		224		224
Notes payable to Fund’s investments, at fair value	50,000		(50,000)		—		—		—		—
Lease liability	—		35,206		35,206		—		34,975		34,975
Intangible liabilities, net	—		35,000		35,000		—		35,000		35,000
Due to related party	11		1,305		1,316		295		20,234		20,529
Incentive fees payable to related party	—		—		—		5,516		(5,516)		—
Management fees payable to related party	14		(14)		—		263		(263)		—
Total Liabilities	$	51,353	$	378,310	$	429,663	$	6,687	$	486,600	$	493,287
Redeemable partners' capital	$	—	$	1,751,465	$	1,751,465	$	—	$	1,683,657	$	1,683,657
Net Assets (as previously reported) / Partners’ Capital (as restated)
Net Assets	$	1,751,972	$	(1,751,972)	$	—	$	1,684,176	$	(1,684,176)	$	—
General Partner	—		952		952		—		956		956
Retained earnings	—		(18,999)		(18,999)		—		(44,974)		(44,974)
Non-controlling interests	—		121,353		121,353		—		109,040		109,040
Total Partners’ Capital	$	1,751,972	$	(1,648,666)	$	103,306	$	1,684,176	$	(1,619,154)	$	65,022

	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	5,415	$	5,415	$	—	$	10,154	$	10,154
Total Revenues	—		5,415		5,415		—		10,154		10,154
Management fees to related party	7,934		—		7,934		15,669		—		15,669
Expense reimbursement to related parties	—		395		395		—		908		908
Interest expense and other	625		2,325		2,950		625		5,009		5,634
General and administrative expense	—		1,095		1,095		—		1,909		1,909
Depreciation and amortization expense	—		3,019		3,019		—		5,995		5,995
Real estate tax	—		1,391		1,391		—		2,800		2,800
Property operating expense	—		1,971		1,971		—		3,657		3,657
Organization costs	12		(12)		—		81		(81)		—
Administrative expenses	965		(965)		—		1,987		(1,987)		—
Total Expenses	9,536		9,219		18,755		18,362		18,210		36,572
Other income (expense):
Interest and other income	27		1,551		1,578		244		3,209		3,453
Loss on investments in unconsolidated entities	—		(2,240)		(2,240)		—		(1,439)		(1,439)
Net change in unrealized (loss) gain on investments	(14,033)		14,033		—		(29,388)		29,388		—
Change in fair value of notes payable	—		149		149		—		301		301
Total other (expense) income	(14,006)		13,493		(513)		(29,144)		31,459		2,315
Net loss	(23,542)		9,689		(13,853)		(47,506)		23,403		(24,103)
Net loss attributable to non-controlling interests	—		(1,361)		(1,361)		—		(2,580)		(2,580)
Net loss attributable to CIM Opportunity Zone Fund, L.P.	$	(23,542)	$	11,050	$	(12,492)	$	(47,506)	$	25,983	$	(21,523)

	Three Months Ended June 30, 2022						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Statements of Operations / Consolidated Statements of Operations
Rental and other property income	$	—	$	2,424	$	2,424	$	—	$	2,887	$	2,887
Total Revenues	—		2,424		2,424		—		2,887		2,887
Management fees to affiliate	5,624		—		5,624		10,490		—		10,490
Expense reimbursement to related parties	—		171		171		—		347		347
Interest expense and other	—		863		863		—		1,586		1,586
General and administrative expense	—		627		627		—		1,055		1,055
Depreciation and amortization expense	—		2,269		2,269		—		3,236		3,236
Real estate tax	—		376		376		—		217		217
Property operating expense	—		880		880		—		1,459		1,459
Organization costs	18		(18)		—		73		(73)		—
Administrative expenses	840		(840)		—		1,379		(1,379)		—
Total Expenses	6,482		4,328		10,810		11,942		6,448		18,390
Other income (expense):
Interest and other income	272		(1)		271		474		—		474
Gain on investments in unconsolidated entities	—		36,938		36,938		—		47,867		47,867
Net change in unrealized (loss) gain on investments	47,295		(47,295)		—		67,088		(67,088)		—
Change in fair value of notes payable	—		—		—		—		—		—
Total other income	47,567		(10,358)		37,209		67,562		(19,221)		48,341
Net income	41,085		(12,262)		28,823		55,620		(22,782)		32,838
Net (loss) income attributable to non-controlling interests	—		(639)		(639)		—		1,102		1,102
Net income attributable to CIM Opportunity Zone Fund, L.P.	$	41,085	$	(11,623)	$	29,462	$	55,620	$	(23,884)	$	31,736

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as reported	$	—	$	—	$	1,656,821	$	26,836	$	519	$	—	$	—	$	1,684,176
Net investment loss before fixed return	—		—		(8,595)		(14)		—		—		—		(8,609)
Fixed return decrease	—		—		(338)		(5)		—		—		—		(343)
Fixed return increase	—		—		343		—		—		—		—		343
Net change in unrealized gain on investments	—		—		(15,105)		(244)		(6)		—		—		(15,355)
Capital contributions	—		—		63,785		—		—		—		—		63,785
Distributions	—		—		—		(4,900)		—		—		—		(4,900)
Balance as of March 31, 2023 - as reported	—		—		1,696,911		21,673		513		—		—		1,719,097
Net investment loss before fixed return	—		—		(9,488)		(20)		(1)		—		—		(9,509)
Fixed return decrease	—		—		(274)		(3)		—		—		—		(277)
Fixed return increase	—		—		277		—		—		—		—		277
Net change in unrealized gain on investments	—		—		(13,851)		(177)		(5)		—		—		(14,033)
Capital contributions	—		—		56,417		—		—		—		—		56,417
Balance as of June 30, 2023 - as reported	$	—	$	—	$	1,729,992	$	21,473	$	507	$	—	$	—	$	1,751,972

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023	$	1,656,821	$	26,836	$	(1,656,821)	$	(26,836)	$	437	$	(44,974)	$	109,040	$	(1,619,154)
Net investment income before fixed return	—		—		8,595		14		—		—		—		8,609
Fixed return decrease	(338)		(5)		338		5		—		—		—		343
Fixed return increase	343		—		(343)		—		—		—		—		(343)
Net change in unrealized gain on investments	—		—		15,105		244		6		—		—		15,355
Capital contributions	63,785		—		(63,785)		—		—		—		11,827		(51,958)
Distributions	—		(4,900)		—		4,900		—		—		—		4,900
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023	1,696,911		21,673		(1,696,911)		(21,673)		442		(30,046)		119,648		(1,628,540)
Net investment income before fixed return	—		—		9,488		20		1		—		—		9,509
Fixed return decrease	(274)		(3)		274		3		—		—		—		277
Fixed return increase	277		—		(277)		—		—		—		—		(277)
Net change in unrealized gain on investments	—		—		13,851		177		5		—		—		14,033
Capital contributions	56,417		—		(56,417)		—		—		—		3,066		(53,351)
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023	$	1,729,992	$	21,473	$	(1,729,992)	$	(21,473)	$	445	$	(18,999)	$	121,353	$	(1,648,666)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2023 - as restated	$	1,656,821	$	26,836	$	—	$	—	$	956	$	(44,974)	$	109,040	$	65,022
Fixed return decrease	(338)		(5)		—		—		—		—		—		—
Fixed return increase	343		—		—		—		—		—		—		—
Capital contributions	63,785		—		—		—		—		—		11,827		11,827
Distributions	—		(4,900)		—		—		—		—		—		—
Net income	(9,010)		(20)		—		—		(1)		—		(1,219)		(1,220)
Change in fair value of redeemable Limited Partners' capital	(14,690)		(238)		—		—		—		14,928		—		14,928
Balance as of March 31, 2023 - as restated	1,696,911		21,673		—		—		955		(30,046)		119,648		90,557
Fixed return decrease	(274)		(3)		—		—		—		—		—		—
Fixed return increase	277		—		—		—		—		—		—		—
Capital contributions	56,417		—		—		—		—		—		3,066		3,066
Net income	(12,434)		(55)		—		—		(3)		—		(1,361)		(1,364)
Change in fair value of redeemable Limited Partners' capital	(10,905)		(142)		—		—		—		11,047		—		11,047
Balance as of June 30, 2023 - as restated	$	1,729,992	$	21,473	$	—	$	—	$	952	$	(18,999)	$	121,353	$	103,306

	Redeemable Partners’ Capital
Statement of Changes in Net Assets - As Previously Reported	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as reported	$	—	$	—	$	1,013,589	$	30,917	$	480	$	—	$	—	$	1,044,986
Net investment loss before fixed return	—		—		(5,246)		(12)		—		—		—		(5,258)
Fixed return decrease	—		—		(674)		(21)		—		—		—		(695)
Fixed return increase	—		—		695		—		—		—		—		695
Net change in unrealized gain on investments	—		—		19,198		584		11		—		—		19,793
Capital contributions	—		—		142,184		—		—		—		—		142,184
Distributions	—		—		—		(10,580)		—		—		—		(10,580)
Net change in unrealized incentive allocation	—		—		(2,648)		2,648		—		—		—		—
Balance as of March 31, 2022 - as reported	—		—		1,167,098		23,536		491		—		—		1,191,125
Net investment loss before fixed return	—		—		(6,200)		(10)		—		—		—		(6,210)
Fixed return decrease	—		—		(736)		(13)		(1)		—		—		(750)
Fixed return increase	—		—		750		—		—		—		—		750
Net change in unrealized gain on investments	—		—		46,443		828		24		—		—		47,295
Capital contributions	—		—		162,112		—		—		—		—		162,112
Net change in unrealized incentive allocation	—		—		(7,956)		7,956		—		—		—		—
Balance as of June 30, 2022 - as reported	$	—	$	—	$	1,361,511	$	32,297	$	514	$	—	$	—	$	1,394,322

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- Adjustments	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022	$	1,012,589	$	30,917	$	(1,013,589)	$	(30,917)	$	443	$	(11,662)	$	5,827	$	(1,049,898)
Net investment loss before fixed return	—		—		5,246		12		—		—		—		5,258
Fixed return decrease	(674)		(21)		674		21		—		—		—		695
Fixed return increase	695		—		(695)		—		—		—		—		(695)
Net change in unrealized gain on investments	—		—		(19,198)		(584)		(11)		—		—		(19,793)
Capital contributions	142,184		—		(142,184)		—		—		—		72		(142,112)
Distributions	—		(10,580)		—		10,580		—		—		—		10,580
Net change in unrealized incentive allocation	(2,648)		2,648		2,648		(2,648)		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022	1,167,098		23,536		(1,167,098)		(23,536)		438		(24,918)		7,640		(1,207,474)
Net investment loss before fixed return	—		—		6,200		10		—		—		—		6,210
Fixed return decrease	(736)		(13)		736		13		—		—		—		749
Fixed return increase	750		—		(750)		—		—		—		—		(750)
Net change in unrealized gain on investments	—		—		(46,443)		(828)		(24)		—		—		(47,295)
Capital contributions	162,111		—		(162,112)		—		—		—		81,240		(80,872)
Net change in unrealized incentive allocation	(7,956)		7,956		7,956		(7,956)		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022	$	1,361,511	$	32,297	$	(1,361,511)	$	(32,297)	$	442	$	(36,546)	$	88,241	$	(1,341,671)

	Redeemable Partners’ Capital
Statement of Changes in Partners’ Capital and Redeemable Partners’ Capital- As Restated	Limited Partners		Affiliated Limited Partners		Limited Partners		Affiliated Limited Partners		General Partner		Retained Earnings (Deficit)		Non-Controlling Interests		Total Partners' Capital
Balance as of January 1, 2022 - as restated	$	1,012,589	$	30,917	$	—	$	—	$	923	$	(11,662)	$	5,827	$	(4,912)
Fixed return decrease	(674)		(21)		—		—		—		—		—		—
Fixed return increase	695		—		—		—		—		—		—		—
Capital contributions	142,184		—		—		—		—		—		72		72
Distributions	—		(10,580)		—		—		—		—		—		—
Net change in unrealized incentive allocation	(2,648)		2,648		—		—		—		—		—		—
Net income	2,058		210		—		—		6		—		1,741		1,747
Change in fair value of redeemable Limited Partners' capital	12,894		362		—		—		—		(13,256)		—		(13,256)
Balance as of March 31, 2022- as restated	1,167,098		23,536		—		—		929		(24,918)		7,640		(16,349)
Fixed return decrease	(736)		(13)		—		—		(1)		—		—		(1)
Fixed return increase	750		—		—		—		—		—		—		—
Capital contributions	162,111		—		—		—		—		—		81,240		81,240
Net change in unrealized incentive allocation	(7,956)		7,956		—		—		—		—		—		—
Net income	28,754		680		—		—		28		—		(639)		(611)
Change in fair value of redeemable Limited Partners' capital	11,490		138		—		—		—		(11,628)		—		(11,628)
Balance as of June 30, 2022 - as restated	$	1,361,511	$	32,297	$	—	$	—	$	956	$	(36,546)	$	88,241	$	52,651

	Six Months Ended June 30, 2023						Six Months Ended June 30, 2022
	As Previously Reported		Adjustment		As Restated		As Previously Reported		Adjustment		As Restated
Consolidated Statement of Cash Flows
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$	(47,506)	$	23,403	$	(24,103)	$	55,620	$	(22,782)	$	32,838
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments	(302,048)		302,048		—		(758,220)		758,220		—
Depreciation and amortization	—		5,995		5,995		—		3,236		3,236
Straight-line rental income	—		(5,413)		(5,413)		—		(1,948)		(1,948)
Amortization of right-of-use asset	—		415		415		—		70		70
Amortization of deferred financing costs	—		—		—		—		13		13
Loss (gain) on investments in unconsolidated entities	—		1,439		1,439		—		(47,867)		(47,867)
Net change in unrealized gain on investments	29,388		(29,388)		—		(67,088)		67,088		—
Change in fair value of notes payable	—		(301)		(301)		—		—		—
Changes in operating assets and liabilities:
Property acquisition deposits	34,727		(34,727)		—		—		—		—
Prepaid expenses and other assets	(103)		1,396		1,293		(36,988)		36,067		(921)
Accounts payable and accrued expenses	90		15,321		15,411		(2,692)		8,248		5,556
Lease liabilities	—		231		231		—		104		104
Due to related party	(284)		(11,469)		(11,753)		(536)		1,001		465
Prepaid rent and other liabilities	—		137		137		—		318		318
Accounts receivable	—		(3,475)		(3,475)		—		(1,483)		(1,483)
Management fees payable to related party	(249)		249		—		442		(442)		—
Interest payable	625		(625)		—		—		—		—
Net Cash Provided by (Used In) Operating Activities	(285,360)		265,236		(20,124)		(809,462)		799,843		(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments	—		(10,082)		(10,082)		—		(157,698)		(157,698)
Additions to investments	—		(533,910)		(533,910)		—		(124,580)		(124,580)
Payment of property acquisition deposits	—		—		—		—		(36,983)		(36,983)
Net Cash (Used In) Provided by Investing Activities	—		(543,992)		(543,992)		—		(319,261)		(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received	120,202		14,782		134,984		301,209		81,293		382,502
Distributions paid	(10,416)		5,516		(4,900)		(10,580)		—		(10,580)
Notes payable borrowing	—		29,302		29,302		—		3,920		3,920
Proceeds from notes payable to Fund’s investments	50,000		(50,000)		—		—		—		—
Deferred financing costs paid	—		—		—		—		(1,284)		(1,284)
Net Cash Provided by (Used In) Financing Activities	159,786		(400)		159,386		290,629		83,929		374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(125,574)		(279,156)		(404,730)		(518,833)		564,511		45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD	139,958		545,307		685,265		743,595		10,209		753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH TO THE CONSOLIDATED BALANCE SHEETS:
Cash and cash equivalents	14,384		264,995		279,379		224,762		574,719		799,481
Restricted cash	—		1,156		1,156		—		1		1
Total cash and cash equivalents and restricted cash	$	14,384	$	266,151	$	280,535	$	224,762	$	574,720	$	799,482

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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Levels

and December 31, 2022, are as follows (in thousands):

Description	Total Fair Value as of June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	149,627	$	—	$	—	$	149,627
Notes payable	$	261,938	$	—	$	—	$	261,938

Description	Total Fair Value as of December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Investments in unconsolidated entities	$	151,066	$	—	$	—	$	151,066
Notes payable	$	232,937	$	—	$	—	$	232,937

Schedule of Valuation Techniques and Unobservable Inputs

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of June 30, 2023:

Investment	Fair Value as of June 30, 2023 (in thousands)		Valuation Techniques		Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	149,627	Sales comparison		Value per acre	$	35,001
			Blended approach		Discounted cash flow weighting	60.0		%
					Cost approach weighting	40.0		%
			Discounted cash flow		Discount rate	7.0% - 12.4%
						(7.6%)
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	95		%
					Economic useful life	35 years
Debt
Notes Payable	$	261,938	Net present value		Market interest rate	6.0% - 8.7%
						(7.7%)
			Discounted cash flow	(1)	Discount rate	6.0		%
					Investment tax credit rate	30.0		%
					Investment tax credit eligibility	94.9		%
					Economic useful life	35 years

___________________

(1)Represents the valuation techniques and unobservable inputs for the underlying value of the solar project that the respective notes payable value is tied to.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund’s financial assets and liabilities that are categorized within Level 3 of the fair value hierarchy as of December 31, 2022:

Investment	Fair Value as of December 31, 2022 (in thousands)		Valuation Techniques	Unobservable Input	Range/Amount (Weighted Average)
Investments in Unconsolidated Entities
Renewable Energy	$	151,066	Sales comparison	Value per acre	$	35,001
			Blended approach	Discounted cash flow weighting	60.0		%
				Cost approach weighting	40.0		%
			Discounted cash flow	Discount rate	6.0% - 12.4%
					(6.7%)
				Investment tax credit rate	30.0		%
				Investment tax credit eligibility	94.9		%
				Economic useful life	35 years
Debt
Notes Payable	$	232,937	Net present value	Market interest rate	5.8% - 7.5%
					(6.8%)

Schedule of Changes in Assets Classified as Level 3

The following table presents the changes in assets and liabilities classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2023 and 2022 (in thousands):

Description	Investments in Unconsolidated Entities		Notes Payable
Beginning balance, January 1, 2022	$	208,329	$	71,000
Consolidation of investment	(107,515)		91,435
Notes payable borrowing	—		3,920
Unrealized gain on investments in unconsolidated entities	47,867		—
Balance, June 30, 2022	$	148,681	$	166,355
Beginning balance, January 1, 2023	$	151,066	$	232,937
Notes payable borrowing	—		29,302
Unrealized loss on investments in unconsolidated entities	(1,439)		—
Change in fair value of notes payable	—		(301)
Ending balance, June 30, 2023	$	149,627	$	261,938

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INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Asset Acquisitions

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Office — Los Angeles, CA	99%	March 1, 2023	$	7,022
Multifamily — Los Angeles, CA	99%	March 15, 2023	$	13,542
Multifamily — Los Angeles, CA	99%	March 30, 2023	$	19,903
Office — Los Angeles, CA	99%	April 20, 2023	$	4,342

Real Estate Investment	Ownership	Acquisition Date	Purchase Price
Solar — Lemoore, CA	88%	April 20, 2022	$	75,129
Office — Los Angeles, CA	99%	May 10, 2022	$	12,583
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	32,147
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	2,757
Multifamily — Los Angeles, CA	99%	June 1, 2022	$	6,411
Hotel — Atlanta, GA	99%	June 30, 2022	$	3,592
Multifamily — Atlanta, GA	99%	June 30, 2022	$	2,892

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the purchase price allocation for the 2023 and 2022 Property Acquisitions (in thousands):

	2023 Property Acquisitions		2022 Property Acquisitions
Land	$	28,028	$	40,293
Building and improvements	16,771		94,401
Intangible assets(1)	10		817
Total purchase price	$	44,809	$	135,511

___________________

(1)The amortization period for acquired intangible assets is 5.1 years and 10.7 years, respectively, for the 2023 and 2022 Property Acquisitions.

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INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Assets And Liabilities

Intangible assets and liabilities consisted of the following as of June 30, 2023 and December 31, 2022 in thousands, except weighted average life remaining):

	As of June 30,		As of December 31,
	2023		2022
Intangible assets:
In-place leases and other intangibles, net of accumulated amortization of $1,380 and $776, respectively (with a weighted average life remaining of 9.8 years and 10.3 years, respectively)	$	11,868	$	11,207
Intangible liabilities:
Acquired below-market renewable energy certificate (“REC”) agreement (with a weighted average life remaining of 10.5 years and 11.0 years as of June 30, 2023 and December 31, 2022, respectively.)	$	35,000	$	35,000

Schedule of Amortization Expense Related to Intangible Lease Assets and Liabilities

The following table summarizes the amortization related to the intangible lease assets and liabilities for the three and six months ended June 30, 2023 and 2022 (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
In-place lease and other intangible amortization	$	307	$	189	$	605	$	201

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

As of June 30, 2023, the estimated amortization relating to the intangible assets and liabilities is as follows (in thousands):

	Amortization
	In-Place Leases and Other Intangibles		Below-Market REC Agreement (1)
Remainder of 2023	$	606	$	432
2024	1,212		3,457
2025	1,212		3,457
2026	1,212		3,457
2027	1,212		3,457
Thereafter	6,414		20,740
Total	$	11,868	$	35,000

___________________

(1)As of June 30, 2023, the asset with the below-market REC agreement is not operational. The asset will commence operations during Q4 2023 and the below-market REC agreement will begin amortization.

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INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Investments in Unconsolidated Entities

The following table details the Fund’s investments in unconsolidated entities (dollars in thousands):

			Carrying Value
Property	Ownership	Acquisition Date	June 30, 2023		December 31, 2022
Solar — Lemoore, CA	27%	December 13, 2019	$	136,654	$	137,959
Solar — Lemoore, CA	15%	December 13, 2019	12,973		13,107
Total investments in unconsolidated entities			$	149,627	$	151,066

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following table summarizes the debt balances as of June 30, 2023 and December 31, 2022, and the debt activity for the six months ended June 30, 2023 (in thousands):

			During the Six Months Ended June 30, 2023
	December 31, 2022		Debt Issuances & Assumptions		Repayments		Fair Value Adjustment		June 30, 2023
Notes Payable:
Fixed rate mortgages payable	$	126,488	$	19,512	$	—	$	—	$	146,000
Variable rate mortgage payable	112,546		9,790		—		—		122,336
Total notes payable	239,034		29,302		—		—		268,336
Fair value adjustment	(6,097)		—		—		(301)		(6,398)
Total notes payable, at fair value	$	232,937	$	29,302	$	—	$	(301)	$	261,938

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Schedule of Related Party Transactions

Such Servicing Fees will be either (x) at rates which do not exceed the limits set forth immediately below, (y) at rates that are no less favorable to the Partnership and/or such Portfolio Asset than the arm’s-length rates on which the Fund and/or such Portfolio Asset could obtain comparable services from an unaffiliated service provider taking into account the nature of the relevant asset type and the special services required or (z) at rates that receive the consent of a Review Agent or the Limited Partners:

Fee Type	Limit
Property Management Fees	Not to exceed 5.0% of gross property revenues, plus Allocable Costs and Expenses
Development Management Fees	Not to exceed 4.0% of gross contract price for development, tenant improvements or other capital expenditures, as applicable, plus Allocable Costs and Expenses
Leasing Brokerage Fees	Not to exceed 4.0% of base rent during lease years one through five; 2.0% of base rent after lease year five, in each case, plus Allocable Costs and Expenses. In transactions where there is a participating broker(s), not to exceed 2.0% of base rent during lease years one through five; 1.0% of base rent after year five, in each case, plus Allocable Costs and Expenses
Multifamily Residential Sales Fees	Not to exceed 6.0% of the gross sales price of a residential unit, plus Allocable Costs and Expenses.

The Fund recorded fees and expense reimbursements as shown in the table below for services provided by related parties related to the services described above during the periods indicated (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Management fees	$	7,934	$	5,624	$	15,669	$	10,490
Expense reimbursement to related parties	$	395	$	171	$	908	$	347
Incentive allocation (1)	$	—	$	7,956	$	—	$	10,604
Organizational costs (2)	$	—	$	18	$	63	$	73
Development fees and allocable costs and expenses (3)	$	6,726	$	3,036	$	17,097	$	3,777

______________________

(1)Represents the change in unrealized Incentive Allocation to SLP within the Statements of Changes in Partners’ Capital during the three and six months ended June 30, 2022.

(2)Organizational costs are capitalized to prepaid expenses and other in the condensed consolidated balance sheets, and subsequently amortized over five years to general and administrative expenses in the consolidated statements of operations.

(3)Represents development fees and development-related Allocable Costs and Expenses incurred by the Fund’s consolidated investments. These amounts have been capitalized to real estate under development in the condensed consolidated balance sheets. Does not include $18,000 and $85,000, respectively, which were incurred by the Fund’s investments in unconsolidated entities that were allocated to the Fund based on its respective ownership percentage of the investment, for the three and six months ended June 30, 2023, and $85,000 and $192,000, respectively, that were incurred and allocated to the Fund based on its respective ownership percentage of the investment for the three and six months ended June 30, 2022.

Of the amounts shown above, the following amounts had been incurred, but not yet paid for services provided by related parties as of June 30, 2023 and December 31, 2022 (in thousands):

	June 30, 2023		December 31, 2022
Management fees	$	14	$	263
Incentive allocation	$	—	$	5,516
Administration and other reimbursable expenses	$	11	$	295

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LEASES (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Lessor, Operating Lease, Payment to be Received, Maturity

Future minimum rental revenue under long-term operating leases as of June 30, 2023, assuming no exercise of renewal options for the succeeding five fiscal years and thereafter, are as follows (excludes unconsolidated properties, in thousands):

	Future Minimum Rental Income
Remainder of 2023	$	7,202
2024	19,227
2025	19,700
2026	20,105
2027	20,518
Thereafter	111,552
Total	$	198,304

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SUPPLEMENTAL CASH FLOW DISCLOSURES (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental cash flow disclosures for the six months ended June 30, 2023 and 2022 are as follows (in thousands):

	Six Months Ended June 30,
	2023		2022
	(As Restated)		(As Restated)
Supplemental Disclosures of Non-Cash Investing and Financing Activities:
Contributions receivable	$	170	$	23
Accrued capital expenditures	$	76,150	$	8,241
Reclassification of property acquisition deposits to investments	$	34,727	$	842
Recognition of right-of-use asset and lease liability	$	—	$	34,643
Consolidation of real estate joint venture	$	—	$	198,950
Notes payable assumed recorded upon consolidation of joint venture	$	—	$	91,435
Supplemental Cash Flow Disclosures:
Interest Paid	$	5,386	$	863

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ORGANIZATION (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Minimum required percentage of Limited Partners by units to dissolve the Fund	75.00%
Percentage of commitments to be funded during the same closing date	100.00%
Capital Commitments	$ 1,710,674
Capital Contributions	1,710,674
Unfunded Commitments	$ 0

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CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT) - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
ASSETS
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	$ 0	$ 0
Investments owned at cost	1,652,939	1,350,892
Total investments in real estate, net	1,783,799	1,262,910
Investments in unconsolidated entities, at fair value	149,627	151,066
Cash and cash equivalents	279,379	685,234	$ 799,481
Restricted cash	1,156	31	1
Accounts receivable, net	19,121	10,233
Contributions receivable	170	59	23
Right of use asset	33,738	34,153
Property acquisition deposits	12,000	46,727
Prepaid expenses and other assets	5,444	51,553
Total Assets	2,284,434	2,241,966
LIABILITIES
Notes payable, at fair value	261,938	232,937
Accounts payable and accrued expenses	95,842	169,622
Interest Payable	0	0
Prepaid rent and other liabilities	361	224
Lease liability	35,206	34,975
Intangible liabilities, net	35,000	35,000
Due to related party	1,316	20,529
Incentive fees payable to related party	0	0
Management fees payable to related party	0	0
Total Liabilities	429,663	493,287
Redeemable partners' capital	1,751,465	1,683,657
PARTNERS’ CAPITAL
Net Assets	0	0
General Partner	952	956
Retained earnings (deficit)	(18,999)	(44,974)
Non-controlling interests	121,353	109,040
Total Partners’ Capital	103,306	65,022
Related Party
LIABILITIES
Notes payable, at fair value	0	0
Due to related party	11	295
Incentive fees payable to related party	0	5,516
Management fees payable to related party	14	263
Nonrelated Party
LIABILITIES
Notes payable, at fair value	261,938	232,937
Previously Reported
ASSETS
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	1,776,806	1,504,146
Total investments in real estate, net	0	0
Investments in unconsolidated entities, at fair value	0	0
Cash and cash equivalents	14,384	139,958	224,762
Restricted cash	0	0	0
Accounts receivable, net	0	0
Contributions receivable	0	0
Right of use asset	0	0
Property acquisition deposits	12,000	46,727
Prepaid expenses and other assets	135	32
Total Assets	1,803,325	1,690,863
LIABILITIES
Accounts payable and accrued expenses	703	613
Interest Payable	625	0
Prepaid rent and other liabilities	0	0
Lease liability	0	0
Intangible liabilities, net	0	0
Due to related party	11	295
Incentive fees payable to related party	0	5,516
Management fees payable to related party	14	263
Total Liabilities	51,353	6,687
Redeemable partners' capital	0	0
PARTNERS’ CAPITAL
Net Assets	1,751,972	1,684,176
General Partner	0	0
Retained earnings (deficit)	0	0
Non-controlling interests	0	0
Total Partners’ Capital	1,751,972	1,684,176
Previously Reported | Related Party
LIABILITIES
Notes payable, at fair value	50,000	0
Previously Reported | Nonrelated Party
LIABILITIES
Notes payable, at fair value	0	0
Revision of Prior Period, Adjustment
ASSETS
Investments - at fair value (cost of $1,652,939 and $1,350,892, respectively)	(1,776,806)	(1,504,146)
Total investments in real estate, net	1,783,799	1,262,910
Investments in unconsolidated entities, at fair value	149,627	151,066
Cash and cash equivalents	264,995	545,276	574,719
Restricted cash	1,156	31	$ 1
Accounts receivable, net	19,121	10,233
Contributions receivable	170	59
Right of use asset	33,738	34,153
Property acquisition deposits	0	0
Prepaid expenses and other assets	5,309	51,521
Total Assets	481,109	551,103
LIABILITIES
Accounts payable and accrued expenses	95,139	169,009
Interest Payable	(625)	0
Prepaid rent and other liabilities	361	224
Lease liability	35,206	34,975
Intangible liabilities, net	35,000	35,000
Due to related party	1,305	20,234
Incentive fees payable to related party	0	(5,516)
Management fees payable to related party	(14)	(263)
Total Liabilities	378,310	486,600
Redeemable partners' capital	1,751,465	1,683,657
PARTNERS’ CAPITAL
Net Assets	(1,751,972)	(1,684,176)
General Partner	952	956
Retained earnings (deficit)	(18,999)	(44,974)
Non-controlling interests	121,353	109,040
Total Partners’ Capital	(1,648,666)	(1,619,154)
Revision of Prior Period, Adjustment | Related Party
LIABILITIES
Notes payable, at fair value	(50,000)	0
Revision of Prior Period, Adjustment | Nonrelated Party
LIABILITIES
Notes payable, at fair value	$ 261,938	$ 232,937

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CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT) - Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental and other property income	$ 5,415	$ 2,424	$ 10,154	$ 2,887
Total Revenues	5,415	2,424	10,154	2,887
Expenses:
Management fees to related party	7,934	5,624	15,669	10,490
Expense reimbursement to related parties	395	171	908	347
Interest expense and other	2,950	863	5,634	1,586
General and administrative expense	1,095	627	1,909	1,055
Depreciation and amortization expense	3,019	2,269	5,995	3,236
Real estate tax	1,391	376	2,800	217
Property operating expense	1,971	880	3,657	1,459
Organization costs	0	0	0	0
Administrative Fees Expense	0	0	0	0
Total Expenses	18,755	10,810	36,572	18,390
Other income (expense):
Interest and other income	1,578	271	3,453	474
(Loss) gain on investments in unconsolidated entities	(2,240)	36,938	(1,439)	47,867
Net change in unrealized (loss) gain on investments	0	0	0	0
Change in fair value of notes payable	149	0	301	0
Total other (expense) income	(513)	37,209	2,315	48,341
Net loss	(13,853)	28,823	(24,103)	32,838
Net (loss) income attributable to non-controlling interests	(1,361)	(639)	(2,580)	1,102
Net loss attributable to CIM Opportunity Zone Fund, L.P.	(12,492)	29,462	(21,523)	31,736
Previously Reported
Revenues:
Rental and other property income	0	0	0	0
Total Revenues	0	0	0	0
Expenses:
Management fees to related party	7,934	5,624	15,669	10,490
Expense reimbursement to related parties	0	0	0	0
Interest expense and other	625	0	625	0
General and administrative expense	0	0	0	0
Depreciation and amortization expense	0	0	0	0
Real estate tax	0	0	0	0
Property operating expense	0	0	0	0
Organization costs	12	18	81	73
Administrative Fees Expense	965	840	1,987	1,379
Total Expenses	9,536	6,482	18,362	11,942
Other income (expense):
Interest and other income	27	272	244	474
(Loss) gain on investments in unconsolidated entities	0	0	0	0
Net change in unrealized (loss) gain on investments	(14,033)	47,295	(29,388)	67,088
Change in fair value of notes payable	0	0	0	0
Total other (expense) income	(14,006)	47,567	(29,144)	67,562
Net loss	(23,542)	41,085	(47,506)	55,620
Net (loss) income attributable to non-controlling interests	0	0	0	0
Net loss attributable to CIM Opportunity Zone Fund, L.P.	(23,542)	41,085	(47,506)	55,620
Revision of Prior Period, Adjustment
Revenues:
Rental and other property income	5,415	2,424	10,154	2,887
Total Revenues	5,415	2,424	10,154	2,887
Expenses:
Management fees to related party	0	0	0	0
Expense reimbursement to related parties	395	171	908	347
Interest expense and other	2,325	863	5,009	1,586
General and administrative expense	1,095	627	1,909	1,055
Depreciation and amortization expense	3,019	2,269	5,995	3,236
Real estate tax	1,391	376	2,800	217
Property operating expense	1,971	880	3,657	1,459
Organization costs	(12)	(18)	(81)	(73)
Administrative Fees Expense	(965)	(840)	(1,987)	(1,379)
Total Expenses	9,219	4,328	18,210	6,448
Other income (expense):
Interest and other income	1,551	(1)	3,209	0
(Loss) gain on investments in unconsolidated entities	(2,240)	36,938	(1,439)	47,867
Net change in unrealized (loss) gain on investments	14,033	(47,295)	29,388	(67,088)
Change in fair value of notes payable	149	0	301	0
Total other (expense) income	13,493	(10,358)	31,459	(19,221)
Net loss	9,689	(12,262)	23,403	(22,782)
Net (loss) income attributable to non-controlling interests	(1,361)	(639)	(2,580)	1,102
Net loss attributable to CIM Opportunity Zone Fund, L.P.	$ 11,050	$ (11,623)	$ 25,983	$ (23,884)

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CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT) - Consolidated Statements of Changes in Partners' Capital (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Company, Net Assets [Roll Forward]
Beginning balance		$ 65,022,000			$ 65,022,000
Fixed return increase	$ 277,000		$ 750,000		620,000	$ 1,400,000
Net change in unrealized (loss) gain on investments	0		0		0	0
Capital contributions	(56,417,000)		(162,112,000)
Net income (loss)	(13,853,000)		28,823,000		(24,103,000)	32,838,000
Ending balance	103,306,000				103,306,000
Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,696,911,000	1,656,821,000	1,167,098,000	$ 1,012,589,000	1,656,821,000	1,012,589,000
Fixed return decrease	(274,000)	(338,000)	(736,000)	(674,000)
Fixed return increase	277,000	343,000	750,000	695,000
Capital contributions	56,417,000	63,785,000	162,111,000	142,184,000
Realized incentive allocation				(2,648,000)
Net income (loss)	(12,434,000)	(9,010,000)	28,754,000	2,058,000
Change in fair value of redeemable Limited Partners' capital	(10,905,000)	(14,690,000)	11,490,000	12,894,000
Ending balance	1,729,992,000	1,696,911,000	1,361,511,000	1,167,098,000	1,729,992,000	1,361,511,000
Investment Company, Net Assets [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
Affiliated Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	21,673,000	26,836,000	23,536,000	30,917,000	26,836,000	30,917,000
Fixed return decrease	(3,000)	(5,000)	(13,000)	(21,000)
Distributions		(4,900,000)		(10,580,000)
Realized incentive allocation				2,648,000
Net income (loss)	(55,000)	(20,000)	680,000	210,000
Change in fair value of redeemable Limited Partners' capital	(142,000)	(238,000)	138,000	362,000
Ending balance	21,473,000	21,673,000	32,297,000	23,536,000	21,473,000	32,297,000
Investment Company, Net Assets [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
General Partner
Investment Company, Net Assets [Roll Forward]
Beginning balance	955,000	956,000	929,000	923,000	956,000	923,000
Fixed return decrease			(1,000)
Net income (loss)	(3,000)	(1,000)	28,000	6,000
Ending balance	952,000	955,000	956,000	929,000	952,000	956,000
Previously Reported
Investment Company, Net Assets [Roll Forward]
Beginning balance		1,684,176,000			1,684,176,000
Net change in unrealized (loss) gain on investments	(14,033,000)		47,295,000		(29,388,000)	67,088,000
Net income (loss)	(23,542,000)		41,085,000		(47,506,000)	55,620,000
Ending balance	1,751,972,000				1,751,972,000
Previously Reported | Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
Investment Company, Net Assets [Roll Forward]
Beginning balance	1,696,911,000	1,656,821,000	1,167,098,000	1,013,589,000	1,656,821,000	1,013,589,000
Net investment (loss) income before fixed return	(9,488,000)	(8,595,000)	(6,200,000)	(5,246,000)
Fixed return decrease	(274,000)	(338,000)	(736,000)	(674,000)
Fixed return increase	277,000	343,000	750,000	695,000
Net change in unrealized (loss) gain on investments	(13,851,000)	(15,105,000)	46,443,000	19,198,000
Capital contributions	56,417,000	63,785,000	162,112,000	142,184,000
Realized incentive allocation			(7,956,000)	(2,648,000)
Ending balance	1,729,992,000	1,696,911,000	1,361,511,000	1,167,098,000	1,729,992,000	1,361,511,000
Previously Reported | Affiliated Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
Investment Company, Net Assets [Roll Forward]
Beginning balance	21,673,000	26,836,000	23,536,000	30,917,000	26,836,000	30,917,000
Net investment (loss) income before fixed return	(20,000)	(14,000)	(10,000)	(12,000)
Fixed return decrease	(3,000)	(5,000)	(13,000)	(21,000)
Net change in unrealized (loss) gain on investments	(177,000)	(244,000)	828,000	584,000
Distributions		(4,900,000)		(10,580,000)
Realized incentive allocation			7,956,000	2,648,000
Ending balance	21,473,000	21,673,000	32,297,000	23,536,000	21,473,000	32,297,000
Previously Reported | General Partner
Investment Company, Net Assets [Roll Forward]
Beginning balance	513,000	519,000	491,000	480,000	519,000	480,000
Net investment (loss) income before fixed return	(1,000)
Fixed return decrease			(1,000)
Net change in unrealized (loss) gain on investments	(5,000)	(6,000)	24,000	11,000
Ending balance	507,000	513,000	514,000	491,000	507,000	514,000
Revision of Prior Period, Adjustment
Investment Company, Net Assets [Roll Forward]
Beginning balance		(1,619,154,000)			(1,619,154,000)
Net change in unrealized (loss) gain on investments	14,033,000		(47,295,000)		29,388,000	(67,088,000)
Net income (loss)	9,689,000		(12,262,000)		23,403,000	(22,782,000)
Ending balance	(1,648,666,000)				(1,648,666,000)
Revision of Prior Period, Adjustment | Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,696,911,000	1,656,821,000	1,167,098,000	1,012,589,000	1,656,821,000	1,012,589,000
Fixed return decrease	(274,000)	(338,000)	(736,000)	(674,000)
Fixed return increase	277,000	343,000	750,000	695,000
Capital contributions	56,417,000	63,785,000	162,111,000	142,184,000
Realized incentive allocation			(7,956,000)	(2,648,000)
Net income (loss)	(12,434,000)	(9,010,000)	28,754,000	2,058,000
Change in fair value of redeemable Limited Partners' capital	(10,905,000)	(14,690,000)	11,490,000	12,894,000
Ending balance	1,729,992,000	1,696,911,000	1,361,511,000	1,167,098,000	1,729,992,000	1,361,511,000
Investment Company, Net Assets [Roll Forward]
Beginning balance	(1,696,911,000)	(1,656,821,000)	(1,167,098,000)	(1,013,589,000)	(1,656,821,000)	(1,013,589,000)
Net investment (loss) income before fixed return	9,488,000	8,595,000	6,200,000	5,246,000
Fixed return decrease	274,000	338,000	736,000	674,000
Fixed return increase	(277,000)	(343,000)	(750,000)	(695,000)
Net change in unrealized (loss) gain on investments	13,851,000	15,105,000	(46,443,000)	(19,198,000)
Capital contributions		(63,785,000)		(142,184,000)
Realized incentive allocation			7,956,000	2,648,000
Ending balance	(1,729,992,000)	(1,696,911,000)	(1,361,511,000)	(1,167,098,000)	(1,729,992,000)	(1,361,511,000)
Revision of Prior Period, Adjustment | Affiliated Limited Partners
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	21,673,000	26,836,000	23,536,000	30,917,000	26,836,000	30,917,000
Fixed return decrease	(3,000)	(5,000)	(13,000)	(21,000)
Distributions		(4,900,000)		(10,580,000)
Realized incentive allocation			7,956,000	2,648,000
Net income (loss)	(55,000)	(20,000)	680,000	210,000
Change in fair value of redeemable Limited Partners' capital	(142,000)	(238,000)	138,000	362,000
Ending balance	21,473,000	21,673,000	32,297,000	23,536,000	21,473,000	32,297,000
Investment Company, Net Assets [Roll Forward]
Beginning balance	(21,673,000)	(26,836,000)	(23,536,000)	(30,917,000)	(26,836,000)	(30,917,000)
Net investment (loss) income before fixed return	20,000	14,000	10,000	12,000
Fixed return decrease	3,000	5,000	13,000	21,000
Net change in unrealized (loss) gain on investments	177,000	244,000	(828,000)	(584,000)
Distributions		4,900,000		10,580,000
Realized incentive allocation			(7,956,000)	(2,648,000)
Ending balance	(21,473,000)	(21,673,000)	(32,297,000)	(23,536,000)	(21,473,000)	(32,297,000)
Revision of Prior Period, Adjustment | General Partner
Investment Company, Net Assets [Roll Forward]
Beginning balance	442,000	437,000	438,000	443,000	437,000	443,000
Net investment (loss) income before fixed return	1,000
Net change in unrealized (loss) gain on investments	5,000	6,000	(24,000)	(11,000)
Net income (loss)	(3,000)	(1,000)	28,000	6,000
Ending balance	445,000	442,000	442,000	438,000	445,000	442,000
Parent
Investment Company, Net Assets [Roll Forward]
Beginning balance	90,557,000	65,022,000	(16,349,000)	(4,912,000)	65,022,000	(4,912,000)
Fixed return decrease			(1,000)
Capital contributions	3,066,000	11,827,000	81,240,000	72,000
Net income (loss)	(1,364,000)	(1,220,000)	(611,000)	1,747,000
Change in fair value of redeemable Limited Partners' capital	11,047,000	14,928,000	(11,628,000)	(13,256,000)
Ending balance	103,306,000	90,557,000	52,651,000	(16,349,000)	103,306,000	52,651,000
Parent | Previously Reported
Investment Company, Net Assets [Roll Forward]
Beginning balance	1,719,097,000	1,684,176,000	1,191,125,000	1,044,986,000	1,684,176,000	1,044,986,000
Net investment (loss) income before fixed return	(9,509,000)	(8,609,000)	(6,210,000)	(5,258,000)
Fixed return decrease	(277,000)	(343,000)	(750,000)	(695,000)
Fixed return increase	277,000	343,000	750,000	695,000
Net change in unrealized (loss) gain on investments	(14,033,000)	(15,355,000)	47,295,000	19,793,000
Capital contributions	56,417,000	63,785,000	162,112,000	142,184,000
Distributions		(4,900,000)		(10,580,000)
Ending balance	1,751,972,000	1,719,097,000	1,394,322,000	1,191,125,000	1,751,972,000	1,394,322,000
Parent | Revision of Prior Period, Adjustment
Investment Company, Net Assets [Roll Forward]
Beginning balance	(1,628,540,000)	(1,619,154,000)	(1,207,474,000)	(1,049,898,000)	(1,619,154,000)	(1,049,898,000)
Net investment (loss) income before fixed return	9,509,000	8,609,000	6,210,000	5,258,000
Fixed return decrease	277,000	343,000	749,000	695,000
Fixed return increase	(277,000)	(343,000)	(750,000)	(695,000)
Net change in unrealized (loss) gain on investments	14,033,000	15,355,000	(47,295,000)	(19,793,000)
Capital contributions	(53,351,000)	(51,958,000)	(80,872,000)	(142,112,000)
Distributions		4,900,000		10,580,000
Net income (loss)	(1,364,000)	(1,220,000)	(611,000)	1,747,000
Change in fair value of redeemable Limited Partners' capital	11,047,000	14,928,000	(11,628,000)	(13,256,000)
Ending balance	(1,648,666,000)	(1,628,540,000)	(1,341,671,000)	(1,207,474,000)	(1,648,666,000)	(1,341,671,000)
Retained Earnings
Investment Company, Net Assets [Roll Forward]
Beginning balance	(30,046,000)	(44,974,000)	(24,918,000)	(11,662,000)	(44,974,000)	(11,662,000)
Change in fair value of redeemable Limited Partners' capital	11,047,000	14,928,000	(11,628,000)	(13,256,000)
Ending balance	(18,999,000)	(30,046,000)	(36,546,000)	(24,918,000)	(18,999,000)	(36,546,000)
Retained Earnings | Previously Reported
Investment Company, Net Assets [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
Retained Earnings | Revision of Prior Period, Adjustment
Investment Company, Net Assets [Roll Forward]
Beginning balance	(30,046,000)	(44,974,000)	(24,918,000)	(11,662,000)	(44,974,000)	(11,662,000)
Change in fair value of redeemable Limited Partners' capital	11,047,000	14,928,000	(11,628,000)	(13,256,000)
Ending balance	(18,999,000)	(30,046,000)	(36,546,000)	(24,918,000)	(18,999,000)	(36,546,000)
Non-Controlling Interests
Investment Company, Net Assets [Roll Forward]
Beginning balance	119,648,000	109,040,000	7,640,000	5,827,000	109,040,000	5,827,000
Capital contributions	3,066,000	11,827,000	81,240,000	72,000
Net income (loss)	(1,361,000)	(1,219,000)	(639,000)	1,741,000
Change in fair value of redeemable Limited Partners' capital	0	0	0	0
Ending balance	121,353,000	119,648,000	88,241,000	7,640,000	121,353,000	88,241,000
Non-Controlling Interests | Previously Reported
Investment Company, Net Assets [Roll Forward]
Beginning balance	0	0	0	0	0	0
Ending balance	0	0	0	0	0	0
Non-Controlling Interests | Revision of Prior Period, Adjustment
Investment Company, Net Assets [Roll Forward]
Beginning balance	119,648,000	109,040,000	7,640,000	5,827,000	109,040,000	5,827,000
Capital contributions	3,066,000	11,827,000	81,240,000	72,000
Net income (loss)	(1,361,000)	(1,219,000)	(639,000)	1,741,000
Ending balance	$ 121,353,000	$ 119,648,000	$ 88,241,000	$ 7,640,000	$ 121,353,000	$ 88,241,000

XML

CHANGE IN BASIS OF ACCOUNTING (RESTATEMENT) - Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (13,853)	$ 28,823	$ (24,103)	$ 32,838
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments			0	0
Depreciation and amortization			5,995	3,236
Straight-line rental income			(5,413)	(1,948)
Amortization of right-of-use asset			415	70
Amortization of deferred financing costs			0	13
Net change in unrealized gain on investments			1,439	(47,867)
Net change in unrealized gain on investments	0	0	0	0
Change in fair value of notes payable			(301)	0
Changes in operating assets and liabilities:
Property acquisition deposits			0	0
Prepaid expenses and other assets			1,293	(921)
Accounts payable and accrued expenses			15,411	5,556
Lease liabilities			231	104
Due to related party			(11,753)	465
Prepaid rent and other liabilities			137	318
Accounts receivable			(3,475)	(1,483)
Management fees payable to related party			0	0
Interest payable			0	0
Net Cash (Used In) Provided by Operating Activities			(20,124)	(9,619)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments			(10,082)	(157,698)
Payments to Acquire Other Investments			(533,910)	(124,580)
Payment of property acquisition deposits			0	36,983
Net Cash Used In Investing Activities			(543,992)	(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received			134,984	382,502
Distributions paid			(4,900)	(10,580)
Notes payable borrowing			29,302	3,920
Repayment of notes payable			0	0
Deferred financing costs paid			0	(1,284)
Net Cash Provided by Financing Activities			159,386	374,558
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH			(404,730)	45,678
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD			685,265	753,804
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	280,535	799,482	280,535	799,482
Cash and cash equivalents	279,379	799,481	279,379	799,481	$ 685,234
Restricted cash	1,156	1	1,156	1	31
Contributions receivable	170	23	170	23	59
Capital Expenditures Incurred but Not yet Paid			76,150	8,241
Previously Reported
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	(23,542)	41,085	(47,506)	55,620
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments			(302,048)	(758,220)
Depreciation and amortization			0	0
Straight-line rental income			0	0
Amortization of right-of-use asset			0	0
Amortization of deferred financing costs			0	0
Net change in unrealized gain on investments			0	0
Net change in unrealized gain on investments	14,033	(47,295)	29,388	(67,088)
Change in fair value of notes payable			0	0
Changes in operating assets and liabilities:
Property acquisition deposits			34,727	0
Prepaid expenses and other assets			(103)	(36,988)
Accounts payable and accrued expenses			90	(2,692)
Lease liabilities			0	0
Due to related party			(284)	(536)
Prepaid rent and other liabilities			0	0
Accounts receivable			0	0
Management fees payable to related party			(249)	442
Interest payable			625	0
Net Cash (Used In) Provided by Operating Activities			(285,360)	(809,462)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments			0	0
Payments to Acquire Other Investments			0	0
Payment of property acquisition deposits			0	0
Net Cash Used In Investing Activities			0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received			120,202	301,209
Distributions paid			(10,416)	(10,580)
Notes payable borrowing			0	0
Repayment of notes payable			50,000	0
Deferred financing costs paid			0	0
Net Cash Provided by Financing Activities			159,786	290,629
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH			(125,574)	(518,833)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD			139,958	743,595
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	14,384	224,762	14,384	224,762
Cash and cash equivalents	14,384	224,762	14,384	224,762	139,958
Restricted cash	0	0	0	0	0
Contributions receivable	0		0		0
Revision of Prior Period, Adjustment
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	9,689	(12,262)	23,403	(22,782)
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Purchase of/additions to investments			302,048	758,220
Depreciation and amortization			5,995	3,236
Straight-line rental income			(5,413)	(1,948)
Amortization of right-of-use asset			415	70
Amortization of deferred financing costs			0	13
Net change in unrealized gain on investments			1,439	(47,867)
Net change in unrealized gain on investments	(14,033)	47,295	(29,388)	67,088
Change in fair value of notes payable			(301)	0
Changes in operating assets and liabilities:
Property acquisition deposits			(34,727)	0
Prepaid expenses and other assets			1,396	36,067
Accounts payable and accrued expenses			15,321	8,248
Lease liabilities			231	104
Due to related party			(11,469)	1,001
Prepaid rent and other liabilities			137	318
Accounts receivable			(3,475)	(1,483)
Management fees payable to related party			249	(442)
Interest payable			(625)	0
Net Cash (Used In) Provided by Operating Activities			265,236	799,843
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of investments			(10,082)	(157,698)
Payments to Acquire Other Investments			(533,910)	(124,580)
Payment of property acquisition deposits			0	36,983
Net Cash Used In Investing Activities			(543,992)	(319,261)
CASH FLOWS FROM FINANCING ACTIVITIES
Capital contributions received			14,782	81,293
Distributions paid			5,516	0
Notes payable borrowing			29,302	3,920
Repayment of notes payable			(50,000)	0
Deferred financing costs paid			0	(1,284)
Net Cash Provided by Financing Activities			(400)	83,929
NET CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH			(279,156)	564,511
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF THE PERIOD			545,307	10,209
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH- END OF THE PERIOD	266,151	574,720	266,151	574,720
Cash and cash equivalents	264,995	574,719	264,995	574,719	545,276
Restricted cash	1,156	$ 1	1,156	$ 1	31
Contributions receivable	$ 170		$ 170		$ 59

XML

SUMMARY OF SIGNIGICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($) numberOfSegment	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Remaining lease term	95 years 6 months	95 years 6 months
Lease liability	$ 35,206,000	$ 35,206,000		$ 34,975,000
Right of use asset	$ 33,738,000	$ 33,738,000		$ 34,153,000
Discount rate	3.60%	3.60%
Lease expense	$ 511,000	$ 1,000,000
Lease payment	200,000	400,000
Remainder of fiscal year	400,000	400,000
2024	800,000	800,000
2025	800,000	800,000
2026	800,000	800,000
2027	800,000	800,000
2028	800,000	800,000
Thereafter	$ 197,000,000	197,000,000
Accounts payable, accrued liabilities and accrued capital expenditures		$ 74,800,000	$ 164,000,000
Lock up period		4 years
Number of Reportable Segments | numberOfSegment		1
Solar batteries
Property, Plant and Equipment [Line Items]
Useful life	13 years	13 years
Solar assets
Property, Plant and Equipment [Line Items]
Useful life	35 years	35 years
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life	15 years	15 years
Minimum | Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years	3 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years	40 years
Maximum | Furniture, fixtures, and equipment
Property, Plant and Equipment [Line Items]
Useful life	5 years	5 years

XML

FAIR VALUE MEASUREMENTS - Summary of Fair Value Levels (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	$ 149,627	$ 151,066
Notes payable		232,937
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	0	0
Notes payable	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	0	0
Notes payable	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying Value	149,627	151,066
Notes payable	$ 261,938	$ 232,937

XML

FAIR VALUE MEASUREMENTS - Summary of Unobservable Inputs (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / a	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / a	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) yr $ / a
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Administrative Fees Expense	$ 0	$ 0	$ 0	$ 0
Fair Value	0		0		$ 0
Notes Payable	261,938,000		261,938,000
Incubated With Affiliates | Affiliated Entity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	400,100,000		400,100,000
Equity Method Investments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Administrative Fees Expense	18,000	$ 85,000	85,000	$ 192,000
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Notes Payable					232,937,000
Significant Unobservable Inputs (Level 3) | Renewable Energy | Sales comparison
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 149,627,000		$ 149,627,000		$ 151,066,000
Significant Unobservable Inputs (Level 3) | Renewable Energy | Sales comparison | Value per acre
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input | $ / a	35,001		35,001		35,001
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.124		0.124
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.076		0.076
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.070		0.070
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input					0.060
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input					0.124
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Discount rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input					0.067
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Investment tax credit rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.300		0.300		0.300
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Investment tax credit eligibility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.95		0.95		0.949
Significant Unobservable Inputs (Level 3) | Renewable Energy | Discounted cash flow | Economic useful life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	35		35		35
Significant Unobservable Inputs (Level 3) | Renewable Energy | Blended approach | Discounted cash flow weighting
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.600		0.600		0.600
Significant Unobservable Inputs (Level 3) | Renewable Energy | Blended approach | Cost approach weighting
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input	0.400		0.400		0.400
Significant Unobservable Inputs (Level 3) | Debt | Market interest rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.060		0.060		0.058
Significant Unobservable Inputs (Level 3) | Debt | Market interest rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.087		0.087		0.075
Significant Unobservable Inputs (Level 3) | Debt | Market interest rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.077		0.077		0.068
Significant Unobservable Inputs (Level 3) | Debt | Discounted cash flow | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.060		0.060
Significant Unobservable Inputs (Level 3) | Debt | Discounted cash flow | Investment tax credit rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.300		0.300
Significant Unobservable Inputs (Level 3) | Debt | Discounted cash flow | Investment tax credit eligibility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	0.949		0.949
Significant Unobservable Inputs (Level 3) | Debt | Discounted cash flow | Economic useful life
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt, measurement input	35		35

XML

FAIR VALUE MEASUREMENTS - Summary of Changes in Assets Classified as Level 3 (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance		$ 208,329
Beginning balance		71,000
Purchase of/additions to investments		107,515
Consolidation of investment		91,435
Unrealized loss on investments in unconsolidated entities	$ (1,439)	47,867
Notes payable borrowing	29,302	3,920
Change in fair value of notes payable	(301)
Cumulative Effect, Period of Adoption, Adjusted Balance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	151,066
Beginning balance	232,937
Ending balance	149,627	148,681
Ending balance	$ 261,938	$ 166,355

XML

INVESTMENTS IN REAL ESTATE - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Number of properties purchased | property	4	7
Aggregate purchase price	$ 44,800	$ 135,500
Acquisition related costs	109	$ 306
Investments in unconsolidated entities, at fair value	149,627		$ 151,066
Total Assets	2,284,434		2,241,966
Total investments in real estate, net	1,783,799		1,262,910
Accumulated depreciation and amortization	(17,052)		(11,060)
Total Liabilities	(429,663)		$ (493,287)
Long-Term Debt	(268,336)
Dallas Consolidated Joint Venture
Business Acquisition [Line Items]
Investments in unconsolidated entities, at fair value	$ 22,500
Ownership	62.00%
Washington D.C. Consolidated Joint Venture
Business Acquisition [Line Items]
Ownership	91.00%
Washington D.C. Consolidated Joint Venture
Business Acquisition [Line Items]
Total Assets	$ 125,300
Total investments in real estate, net	122,500
Accumulated depreciation and amortization	(7,700)
Total Liabilities	(66,000)
Long-Term Debt	(64,800)
Dallas Consolidated Joint Venture
Business Acquisition [Line Items]
Total Assets	322,600
Total investments in real estate, net	273,300
Accumulated depreciation and amortization	(9,400)
Total Liabilities	(162,000)
Long-Term Debt	$ (122,300)

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INVESTMENTS IN REAL ESTATE - Summary of Transactions (Details) - USD ($) $ in Thousands									6 Months Ended
	Apr. 20, 2023	Mar. 30, 2023	Mar. 15, 2023	Mar. 01, 2023	Jun. 30, 2022	Jun. 01, 2022	May 10, 2022	Apr. 20, 2022	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Purchase Price									$ 44,800	$ 135,500
Office — Los Angeles, CA | Office
Business Acquisition [Line Items]
Ownership				99.00%
Purchase Price				$ 7,022
Office — Los Angeles, CA | Office
Business Acquisition [Line Items]
Ownership			99.00%
Purchase Price			$ 13,542
Multifamily — Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Ownership		99.00%
Purchase Price		$ 19,903
Office — Los Angeles, CA | Office
Business Acquisition [Line Items]
Ownership	99.00%
Purchase Price	$ 4,342
Solar — Lemoore, CA | Solar
Business Acquisition [Line Items]
Ownership								88.00%
Purchase Price								$ 75,129
Office — Los Angeles, CA | Office
Business Acquisition [Line Items]
Ownership							99.00%
Purchase Price							$ 12,583
Multifamily — Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Ownership						99.00%
Purchase Price						$ 32,147
Multifamily — Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Ownership						99.00%
Purchase Price						$ 2,757
Multifamily — Los Angeles, CA | Multifamily
Business Acquisition [Line Items]
Ownership						99.00%
Purchase Price						$ 6,411
Hotel — Atlanta, GA | Hotel
Business Acquisition [Line Items]
Ownership					99.00%					99.00%
Purchase Price					$ 3,592
Multifamily — Atlanta, GA | Multifamily
Business Acquisition [Line Items]
Ownership					99.00%					99.00%
Purchase Price					$ 2,892

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INVESTMENTS IN REAL ESTATE - Summary of Net Assets Acquired (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Business Acquisition [Line Items]
Intangible assets	$ 10	$ 817
Total purchase price	44,809	135,511
Land
Business Acquisition [Line Items]
Property, plant and equipment	28,028	40,293
Building and improvements
Business Acquisition [Line Items]
Property, plant and equipment	$ 16,771	$ 94,401

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INTANGIBLE ASSETS AND LIABILITIES - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible asset, useful life	5 years 1 month 6 days		10 years 8 months 12 days
Below market lease, weighted average useful life	10 years 6 months	11 years
Below market lease, net	$ 35,000		$ 35,000
In-Place Leases and Other Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 1,380		$ 776
Intangible asset, useful life	9 years 9 months 18 days		10 years 3 months 18 days
Total	$ 11,868		$ 11,207

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INTANGIBLE ASSETS AND LIABILITIES - Summary of Amortization for Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
In-Place Leases and Other Intangibles
Finite-Lived Intangible Assets [Line Items]
Amortization	$ 307	$ 189	$ 605	$ 201

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INTANGIBLE ASSETS AND LIABILITIES - Summary of Future Amortization of Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022
[Below-Market REC Agreement]
Remainder of 2023	$ 432
2024	3,457
2025	3,457
2026	3,457
2027	3,457
Thereafter	20,740
Total	35,000	$ 35,000
In-Place Leases and Other Intangibles
In-Place Leases and Other Intangibles
Remainder of 2023	606
2024	1,212
2025	1,212
2026	1,212
2027	1,212
Thereafter	6,414
Total	$ 11,868	$ 11,207

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INVESTMENTS IN UNCONSOLIDATED ENTITIES - Schedule of Equity Investments in Unconsolidated Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 149,627	$ 151,066
Total	268,336
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Equity Method Investments [Line Items]
Total	$ 12,900	$ 14,500
Solar — Lemoore, CA
Schedule of Equity Method Investments [Line Items]
Ownership	27.00%	27.00%
Carrying Value	$ 136,654	$ 137,959
Solar — Lemoore, CA
Schedule of Equity Method Investments [Line Items]
Ownership	15.00%	15.00%
Carrying Value	$ 12,973	$ 13,107

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DEBT - Summary of Debt Activity (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Long-Term Debt [Roll Forward]
Notes payable beginning balance	$ 239,034
Fair value adjustment, accumulated adjustment, beginning balance	(6,097)
Notes payable , at fair value beginning balance	232,937
Proceeds From Issuance Of Debt And Non-Cash Assumption Of Debt	29,302
Repayments of Debt	0
Fair value adjustment	(301)
Notes payable ending balance	268,336
Fair value adjustment, accumulated adjustment, ending balance	(6,398)
Notes payable , at fair value ending balance	261,938
Fixed Rate Mortgages Payable
Long-Term Debt [Roll Forward]
Notes payable beginning balance	126,488
Proceeds From Issuance Of Debt And Non-Cash Assumption Of Debt	19,512
Notes payable ending balance	146,000
Variable Rate Mortgage Payable
Long-Term Debt [Roll Forward]
Notes payable beginning balance	112,546
Proceeds From Issuance Of Debt And Non-Cash Assumption Of Debt	9,790
Notes payable ending balance	$ 122,336

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DEBT - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Notes payable, at fair value	$ 261,938	$ 232,937
Mortgages
Debt Instrument [Line Items]
Notes payable, at fair value	261,900
Outstanding face amount	268,300
Fixed Rate Mortgages Payable | Notes Payable, Maturity Date Of April 24, 2025
Debt Instrument [Line Items]
Notes payable, at fair value	71,000
Accordion feature, increase limit	100,000
Fixed Rate Mortgages Payable | Notes Payable, Maturity Date Of December 31, 2047
Debt Instrument [Line Items]
Notes payable, at fair value	75,000
Variable Rate Mortgage Payable | Notes Payable, Maturity Date Of August 12, 2031
Debt Instrument [Line Items]
Notes payable, at fair value	$ 122,300
Secured Overnight Financing Rate (SOFR) | Fixed Rate Mortgages Payable | Notes Payable, Maturity Date Of April 24, 2025
Debt Instrument [Line Items]
Stated interest rate	3.23%
Secured Overnight Financing Rate (SOFR) | Variable Rate Mortgage Payable | Notes Payable, Maturity Date Of August 12, 2031
Debt Instrument [Line Items]
Basis spread on variable rate	2.85%

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DEBT - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Remainder of 2023	$ 0
2024	0
2025	122,336
2026	0
2027	0
Thereafter	146,000
Total	$ 268,336

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CONTRIBUTIONS, DISTRIBUTIONS AND REDEMPTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investment Company [Abstract]
General partner, number of days notice			3 years
Limited partner, number of days notice			10 years
Fixed return percentage			3.00%
Fixed return increase	$ 277,000	$ 750,000	$ 620,000	$ 1,400,000
Contributions receivable	$ 170,000	$ 23,000	$ 170,000	$ 23,000	$ 59,000
Lock up period			4 years

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Realized incentive allocation since inception	$ 47,700
Investments at fair value	0	$ 0
Affiliated Entity | Coinvested Investments
Related Party Transaction [Line Items]
Investments at fair value	702,400
Affiliated Entity | Incubated With Affiliates
Related Party Transaction [Line Items]
Investments at fair value	$ 400,100
Affiliated Entity | Incubated With Affiliates | Investment Owned, At Fair Value | Investment Incubation Concentration Risk
Related Party Transaction [Line Items]
Concentration risk percentage	83.00%
General Partner | Partnership Agreement
Related Party Transaction [Line Items]
Incentive rate	20.00%
General Partner | Partnership Agreement, hurdle rate
Related Party Transaction [Line Items]
Incentive rate	6.00%
General Partner | Partnership Agreement, catch up provision
Related Party Transaction [Line Items]
Incentive rate	80.00%
Minimum | Affiliated Entity | Management Fees
Related Party Transaction [Line Items]
Management fee rate	1.25%
Maximum | Affiliated Entity | Management Fees
Related Party Transaction [Line Items]
Management fee rate	2.00%

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS - Servicing Fees (Details) - Affiliated Entity - Maximum	6 Months Ended
	Jun. 30, 2023
Property Management Fees
Related Party Transaction [Line Items]
Servicing fees rate	5.00%
Development Management Fees
Related Party Transaction [Line Items]
Servicing fees rate	4.00%
Leasing Brokerage Fees - no participating broker, base rent during years one through five
Related Party Transaction [Line Items]
Servicing fees rate	4.00%
Leasing Brokerage Fees - no participating broker, base rent after year five
Related Party Transaction [Line Items]
Servicing fees rate	2.00%
Leasing Brokerage Fees - participating broker, base rent during years one through five
Related Party Transaction [Line Items]
Servicing fees rate	2.00%
Leasing brokerage fees - participating broker, base rent after year five
Related Party Transaction [Line Items]
Servicing fees rate	1.00%
Multifamily residential sales fees
Related Party Transaction [Line Items]
Servicing fees rate	6.00%

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS - Fee and Expense Reimbursements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Management fees	$ 7,934	$ 5,624	$ 15,669	$ 10,490
Administration and other reimbursable expenses	0	0	0	0
Incentive allocation	0	7,956	0	10,604
Organizational Costs	0	18	63	73
Development Fees And Allocable Costs And Expenses	6,726	3,036	17,097	3,777
Related Party
Related Party Transaction [Line Items]
Management fees	7,934	5,624	15,669	10,490
Administration and other reimbursable expenses	$ 395	$ 171	$ 908	$ 347

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MANAGEMENT FEES, INCENTIVE ALLOCATION AND OTHER RELATED-PARTY TRANSACTIONS - Amounts Incurred but not yet Paid (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management Fee Payable	$ 0	$ 0
Management fees	0	0
Incentive allocation	1,316	20,529
Related Party
Related Party Transaction [Line Items]
Management Fee Payable	14	263
Management fees	0	5,516
Incentive allocation	$ 11	$ 295

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LEASES - Summary of Future Rent Revenue (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Remainder of 2023	$ 7,202
2024	19,227
2025	19,700
2026	20,105
2027	20,518
Thereafter	111,552
Total	$ 198,304

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LEASES - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remaining lease term	95 years 6 months	95 years 6 months
Right of use asset	$ 33,738,000	$ 33,738,000	$ 34,153,000
Lease liability	$ 35,206,000	$ 35,206,000	$ 34,975,000
Discount rate	3.60%	3.60%
Lease expense	$ 511,000	$ 1,000,000
Lease payment	200,000	400,000
2024	800,000	800,000
2028	800,000	800,000
2025	800,000	800,000
2027	800,000	800,000
2026	800,000	800,000
Thereafter	$ 197,000,000	$ 197,000,000

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SUPPLEMENTAL CASH FLOW DISCLOSURES - Supplemental Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Contributions receivable	$ 170	$ 23	$ 59
Accrued capital expenditures	76,150	8,241
Reclassification of property acquisition deposits to investments	34,727	842
Recognition of right-of-use asset and lease liability	0	34,643
Consolidation of real estate joint venture	0	198,950
Notes payable assumed recorded upon consolidation of joint venture	0	91,435
Interest Paid	$ 5,386	$ 863

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SUBSEQUENT EVENTS (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 07, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Capital contributions received		$ 134,984	$ 382,502
Subsequent Event
Subsequent Event [Line Items]
Capital contributions received	$ 17,710