| 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:
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For the Three Months Ended June 30, |
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For the Six Months Ended June 30, |
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2016 |
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2015 |
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2016 |
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2015 |
Management fee(1)(2)
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$ |
385,586 |
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$ |
328,392 |
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$ |
772,740 |
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$ |
624,140 |
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Incentive fee(1)(2)
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158,877 |
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— |
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158,877 |
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— |
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Credits from voluntary, irrevocable waiver by Adviser’s board of directors(2)(3)
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— |
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— |
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— |
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(320,905 |
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Net fees due to our Adviser |
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$ |
544,463 |
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$ |
328,392 |
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$ |
931,617 |
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$ |
303,235 |
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Administration fee(1)(2)
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$ |
179,377 |
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$ |
177,852 |
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$ |
391,237 |
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$ |
308,788 |
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(1) |
Pursuant to the Advisory and Administration Agreements, accordingly, each of which became effective on February 1, 2013. |
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(2) |
Reflected as a line item on our accompanying Condensed Consolidated Statements of Operations.
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(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. |
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| 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 June 30, 2016, and December 31, 2015, were as follows:
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June 30, 2016 |
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December 31, 2015 |
Management fee due to Adviser |
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$ |
385,586 |
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$ |
362,373 |
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Incentive fee due to Adviser |
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158,877 |
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— |
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Other due to Adviser(1)
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12,281 |
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13,140 |
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Total due to Adviser |
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556,744 |
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375,513 |
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Administration fee due to Administrator |
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179,377 |
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190,080 |
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Total due to Administrator |
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179,377 |
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190,080 |
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Total due to related parties(2)
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$ |
736,121 |
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$ |
565,593 |
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(1) |
Other fees due to related parties primarily relate to miscellaneous general and administrative expenses paid by our Adviser or Administrator on our behalf. |
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(2) |
Reflected as a line item on our accompanying Condensed Consolidated Balance Sheets.
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