| Summary of Management Fees, Incentive Fees and Associated Credits and Administration Fees |
The following table summarizes the management fees, incentive fees and associated credits and the administration fees reflected in our accompanying Condensed Consolidated Statements of Operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended September 30, |
|
For the Nine Months Ended September 30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Management fee(1)(2)
|
|
$ |
385,576 |
|
|
$ |
356,871 |
|
|
$ |
1,158,316 |
|
|
$ |
981,011 |
|
Incentive fee(1)(2)
|
|
22,046 |
|
|
— |
|
|
180,923 |
|
|
— |
|
Credits from voluntary, irrevocable waiver by Adviser’s board of directors(2)(3)
|
|
— |
|
|
— |
|
|
— |
|
|
(320,905 |
) |
Net fees due to our Adviser |
|
$ |
407,622 |
|
|
$ |
356,871 |
|
|
$ |
1,339,239 |
|
|
$ |
660,106 |
|
Administration fee(1)(2)
|
|
$ |
183,605 |
|
|
$ |
180,722 |
|
|
$ |
574,842 |
|
|
$ |
489,510 |
|
|
|
(1) |
Pursuant to the Advisory and Administration Agreements, accordingly, each of which became effective on February 1, 2013. |
|
|
(2) |
Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations. |
|
|
(3) |
The credit received from our Adviser for the three months ended March 31, 2015, was attributable to a finder’s fee earned by our Adviser in connection with a farm we acquired during the three months ended March 31, 2015, which fee was granted to us as a one-time, voluntary and irrevocable waiver to be applied against the fees we pay to our Adviser. |
|
| Details of Amounts Due to Related Parties on Our Accompanying Condensed Consolidated Balance Sheets |
Amounts due to related parties on our accompanying Condensed Consolidated Balance Sheets as of September 30, 2016, and December 31, 2015, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
December 31, 2015 |
Management fee due to Adviser |
|
$ |
385,576 |
|
|
$ |
362,373 |
|
Incentive fee due to Adviser |
|
22,046 |
|
|
— |
|
Other due to Adviser(1)
|
|
51,281 |
|
|
13,140 |
|
Total due to Adviser |
|
458,903 |
|
|
375,513 |
|
Administration fee due to Administrator |
|
183,606 |
|
|
190,080 |
|
Other due from Administrator(1)
|
|
(5,968 |
) |
|
— |
|
Total due to Administrator |
|
177,638 |
|
|
190,080 |
|
Total due to related parties(2)
|
|
$ |
636,541 |
|
|
$ |
565,593 |
|
|
|
(1) |
Other fees due to or from related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf or by us on our Adviser's or Administrator's behalf. |
|
|
(2) |
Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets. |
|