v3.25.3
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2025
Related Party Transaction [Line Items]  
Summary of Related Party Costs

Pursuant to the terms of the agreements described above, the following table summarizes such related party costs incurred and paid by us for the year ended December 31, 2024 and the nine months ended September 30, 2025, as well as any related amounts payable as of December 31, 2024 and September 30, 2025 (in thousands):

 

 

 

Year Ended December 31, 2024

 

 

Nine Months Ended September 30, 2025

 

 

 

Incurred

 

 

Settled

 

 

Payable

 

 

Incurred

 

 

Settled

 

 

Payable

 

Expensed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transfer Agent fees

 

$

661

 

 

$

715

 

 

$

21

 

 

$

—

 

 

$

9

 

 

$

12

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

—

 

 

 

—

 

 

 

341

 

 

 

—

 

 

 

341

 

 

 

—

 

Total

 

$

661

 

 

$

715

 

 

$

362

 

 

$

—

 

 

$

350

 

 

$

12

 
Summary of Related Party Fees and Reimbursable Costs

Pursuant to the terms of the various agreements described above for the Managed REITs, the following summarizes the related party fees for the periods presented (in thousands):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Managed REIT Platform Revenues

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Asset Management Fees:

 

 

 

 

 

 

 

 

 

 

 

 

SST VI

 

 

1,123

 

 

 

1,082

 

 

 

3,276

 

 

 

3,208

 

SSGT III

 

 

546

 

 

 

367

 

 

 

1,399

 

 

 

1,039

 

 

 

 

1,669

 

 

 

1,449

 

 

 

4,675

 

 

 

4,247

 

Property Management Fees:

 

 

 

 

 

 

 

 

 

 

 

 

SST VI

 

 

507

 

 

 

436

 

 

 

1,459

 

 

 

1,244

 

SSGT III

 

 

371

 

 

 

150

 

 

 

971

 

 

 

407

 

JV Properties

 

 

230

 

 

 

248

 

 

 

749

 

 

 

703

 

 

 

 

1,108

 

 

 

834

 

 

 

3,179

 

 

 

2,354

 

Tenant Protection Program Fees:

 

 

 

 

 

 

 

 

 

 

 

 

SST VI

 

 

365

 

 

 

317

 

 

 

1,034

 

 

 

883

 

SSGT III

 

 

320

 

 

 

106

 

 

 

798

 

 

 

281

 

JV Properties

 

 

112

 

 

 

100

 

 

 

322

 

 

 

270

 

 

 

 

797

 

 

 

523

 

 

 

2,154

 

 

 

1,434

 

Acquisition Fees:

 

 

 

 

 

 

 

 

 

 

 

 

SST VI

 

 

—

 

 

 

—

 

 

 

—

 

 

 

34

 

SSGT III

 

 

325

 

 

 

103

 

 

 

2,088

 

 

 

162

 

 

 

 

325

 

 

 

103

 

 

 

2,088

 

 

 

196

 

Other Managed REIT Fees(1)

 

 

215

 

 

 

232

 

 

 

673

 

 

 

695

 

Managed REIT Platform Fees

 

 

4,114

 

 

 

3,141

 

 

 

12,769

 

 

 

8,926

 

Sponsor funding reduction (2)

 

 

(273

)

 

 

(218

)

 

 

(779

)

 

 

(598

)

Total Managed REIT Platform Revenues

 

$

3,841

 

 

$

2,923

 

 

$

11,990

 

 

$

8,328

 

 

(1)
Such revenue primarily includes other property management related fees, construction management fees, development fees, and other miscellaneous revenues.
(2)
Pursuant to the Sponsor Funding Agreement, SmartStop funds certain costs of SST VI's share sales, and in return receives Series C Units in SST VI's OP. As of June 30, 2025, SST VI had closed its offering to new subscriptions. As such, we no longer had any funding obligation pursuant to the Sponsor Funding Agreement. The excess of the
funding over the value of the Series C Units received was accounted for as a reduction of Managed REIT Platform revenues from SST VI over the remaining estimated term of the management contracts with SST VI.
SST VI  
Related Party Transaction [Line Items]  
Summary of Related Party Carrying Value Of Investments In Advances

The following table summarizes the carrying value of our investments in and advances to SST VI as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

 

 

 

 

 

Receivables:

 

As of
September 30, 2025

 

 

As of
December 31, 2024

 

Receivables and advances due

 

$

2,372

 

 

$

13,929

 

Debt:

 

 

 

 

 

 

SST VI Note

 

 

25,000

 

 

 

23,000

 

Equity:

 

 

 

 

 

 

Series D Preferred Units(1)

 

 

24,750

 

 

 

—

 

SST VI OP Units and
   SST VI SLP

 

 

135

 

 

 

728

 

SST VI Series C Units

 

 

5,077

 

 

 

4,554

 

Total investments in and advances

 

$

57,334

 

 

$

42,211

 

(1) On October 29, 2025, we purchased an additional 120,000 Series D Preferred Units for $3.0 million.

SSGT III OP  
Related Party Transaction [Line Items]  
Summary of Related Party Carrying Value Of Investments In Advances

The following table summarizes the carrying value of our investments in and advances to SSGT III as of September 30, 2025 and December 31, 2024 (in thousands):
 

 

 

 

 

 

 

 

Receivables:

 

As of
September 30, 2025

 

 

As of
December 31, 2024

 

Receivables and advances due

 

$

15,623

 

 

$

2,769

 

Debt:

 

 

 

 

 

 

SSGT III Secured Note

 

 

13,000

 

 

 

—

 

SSGT III Promissory Note II

 

 

21,000

 

 

 

—

 

SSGT III Bridge Loan

 

 

—

 

 

 

2,919

 

SSGT III Promissory Note

 

 

—

 

 

 

7,000

 

Equity:

 

 

 

 

 

 

SSGT III OP Units and
  SSGT III SLP

 

 

2,246

 

 

 

2,823

 

Total investments in and advances

 

$

51,869

 

 

$

15,511