| Base Management Fees |
The asset
management and base management fees mentioned above were based on the following quarter ended Invested Capital segregated in two columns based on the annual fee rate:
|
Asset/Base Management Fee Annual %
|
|
3.0%
|
|
|
2.0%
|
|
|
1.5%
|
|
|
Total Invested
Capital
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended June 30, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2021
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
33,927,634
|
|
|
$
|
133,927,634
|
|
|
December 31, 2021
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
34,242,127
|
|
|
$
|
134,242,127
|
|
|
March 31, 2022
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$ |
35,848,952
|
|
|
$
|
135,848,952
|
|
|
June 30, 2022
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
41,870,274
|
|
|
$
|
141,870,274
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2020
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
28,769,486
|
|
|
$
|
128,769,486
|
|
|
December 31, 2020
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
33,997,317
|
|
|
$
|
133,997,317
|
|
|
March 31, 2021
|
|
$ |
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$ |
34,120,859
|
|
|
$
|
134,120,859
|
|
|
June 30, 2021
|
|
$
|
20,000,000
|
|
|
$
|
80,000,000
|
|
|
$
|
33,648,965
|
|
|
$
|
133,648,965
|
|
|
| Related Party Expenses |
The table
below outlines the related party expenses incurred for the year ended June 30, 2022, six months ended June 30, 2021, and six months ended December 31, 2020, and unpaid as of June 30, 2022, and June 30, 2021.
|
|
|
Year Ended
|
|
|
Six Months Ended
|
|
|
Six Months Ended
|
|
|
Unpaid as of
|
|
|
Types and Recipient
|
|
June 30, 2022
|
|
|
June 30, 2021
|
|
|
December 31, 2020
|
|
|
June 30, 2022
|
|
|
June 30, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset management fees- the
Real Estate Adviser
|
|
$
|
2,725,588
|
|
|
$
|
1,354,323
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
Base management fees- the
Investment Adviser
|
|
|
-
|
|
|
|
-
|
|
|
|
1,335,376
|
|
|
|
-
|
|
|
|
-
|
|
|
Asset acquisition fees- the
Real Estate Adviser (3)
|
|
|
793,919
|
|
|
|
343,750
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Portfolio structuring fees-
the Investment Adviser
|
|
|
-
|
|
|
|
-
|
|
|
|
6,679
|
|
|
|
-
|
|
|
|
-
|
|
|
Administrative cost
reimbursements- MacKenzie
|
|
|
609,600
|
|
|
|
310,400
|
|
|
|
310,400
|
|
|
|
-
|
|
|
|
-
|
|
|
Transfer agent cost
reimbursements - MacKenzie
|
|
|
106,401
|
|
|
|
61,600
|
|
|
|
61,600
|
|
|
|
-
|
|
|
|
-
|
|
|
Organization & Offering
Cost (2) - MacKenzie
|
|
|
480,076
|
|
|
|
-
|
|
|
|
46,136
|
|
|
|
141,397
|
|
|
|
-
|
|
|
Other expenses (1)-
MacKenzie and Subsidiary’s GP’s
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
72,697
|
|
|
|
1,926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Due to related entities |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
214,094 |
|
|
$ |
1,926 |
|
|
(1)
|
Expenses paid by MacKenzie and General Partner of a subsidiary on behalf of us and subsidiary.
|
|
(2)
|
Offering costs paid by MacKenzie - discussed in Note 7 under organization and offering costs reimbursements.
|
|
(3)
|
Asset acquisition fees paid to the Real Estate Adviser were capitalized as a part of the real estate basis in accordance with our
policy.
|
|