Annual report pursuant to Section 13 and 15(d)

Related-Party Transactions (Tables)

v3.6.0.2
Related-Party Transactions (Tables)
12 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
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 Consolidated Statements of Operations:
 
 
For the Years Ended December 31,
 
 
2016
 
2015
 
2014
Management fee(1)(2)
 
$
1,541,768

 
$
1,343,384

 
$
1,079,534

Incentive fee(1)(2)
 
349,550

 

 

Credits from voluntary, irrevocable waiver by Adviser’s board of directors(2)(3) 
 

 
(320,905
)
 

Net fees due to our Adviser
 
$
1,891,318

 
$
1,022,479

 
$
1,079,534

Administration fee(1)(2)
 
$
771,255

 
$
679,590

 
$
442,584

(1) 
Pursuant to the Advisory and Administration Agreements, respectively.
(2) 
Reflected as a line item on our accompanying 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 Consolidated Balance Sheets as of December 31, 2016 and 2015 were as follows:
 
 
December 31, 2016
 
December 31, 2015
Management fee due to Adviser
 
$
383,452

 
$
362,373

Incentive fee due to Adviser
 
168,627

 

Other due to Adviser(1)
 
2,304

 
13,140

Total due to Adviser
 
554,383

 
375,513

Administration fee due to Administrator
 
202,381

 
190,080

Other due from Administrator(1)
 
(5,968
)
 

Total due to Administrator
 
196,413

 
190,080

Total due to related parties(2)
 
$
750,796

 
$
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 Consolidated Balance Sheets.