| 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, |
|
| |
|
2013 |
|
|
2012 |
|
|
2011 |
|
|
Management Fee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated payroll and benefits
|
|
$ |
38,668 |
|
|
$ |
224,931 |
|
|
$ |
198,053 |
|
|
Allocated overhead expenses
|
|
|
7,538 |
|
|
|
42,349 |
|
|
|
43,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior management advisory fee(1)
|
|
|
46,206 |
|
|
|
267,280 |
|
|
|
241,066 |
|
|
Amended base management fee(2)
|
|
|
149,403 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total management fee(3)
|
|
$ |
195,609 |
|
|
$ |
267,280 |
|
|
$ |
241,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incentive Fee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incentive Fee(3)
|
|
$ |
41,037 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Credit from voluntary, irrevocable waiver by Adviser’s board
of directors(3)(4)
|
|
|
(41,037 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net incentive fee
|
|
$ |
—
|
|
|
$ |
—
|
|
|
$ |
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administration Fee:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated payroll and benefits
|
|
$ |
14,034 |
|
|
$ |
143,381 |
|
|
$ |
51,323 |
|
|
Allocated overhead expenses
|
|
|
4,498 |
|
|
|
37,017 |
|
|
|
17,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior administration fee(1)
|
|
|
18,532 |
|
|
|
180,398 |
|
|
|
68,437 |
|
|
Amended administration fee(2)
|
|
|
175,932 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total administration fee(3)
|
|
$ |
194,464 |
|
|
$ |
180,398 |
|
|
$ |
68,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Pursuant to the Prior Advisory and
Administration Agreements, respectively, as defined and described
in further detail above, both of which were terminated on
January 31, 2013. |
| (2) |
Pursuant to the Amended Advisory and
Administration Agreements, respectively, as defined and described
in further detail above, both of which became effective on
February 1, 2013. |
| (3) |
Reflected as a line item on our
accompanying Consolidated Statements of Operations. |
| (4) |
An incentive fee of $41,037 was paid
to our Adviser for the three months ended March 31, 2013;
however, during the three months ended June 30, 2013, our
Adviser issued a one-time, irrevocable waiver equal to the full
amount of the incentive fee due and payable to the Adviser for the
three months ended March 31, 2013. |
|
| 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 were as follows:
|
|
|
|
|
|
|
|
|
| |
|
As of |
|
|
As of |
|
| |
|
December 31, 2013 |
|
|
December 31, 2012 |
|
|
Management fee due to Adviser
|
|
$ |
91,823 |
|
|
$ |
46,710 |
|
|
Other due to Adviser(1)
|
|
|
9,834 |
|
|
|
2,934 |
|
|
|
|
|
|
|
|
|
|
|
Total due to Adviser
|
|
|
101,657 |
|
|
|
49,644 |
|
|
|
|
|
|
|
|
|
|
|
Administration fee due to Administrator
|
|
|
59,062 |
|
|
|
55,138 |
|
|
|
|
|
|
|
|
|
|
|
Total due to Administrator
|
|
|
59,062 |
|
|
|
55,138 |
|
|
|
|
|
|
|
|
|
|
|
Total due to related parties(2)
|
|
$ |
160,719 |
|
|
$ |
104,782 |
|
|
|
|
|
|
|
|
|
|
| (1) |
Other fees due to related parties
primarily relate to miscellaneous general and administrative
expenses paid by our Adviser on our behalf. |
| (2) |
Reflected as a line item on our
accompanying Consolidated Balance Sheets.
|
|