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Related Party Transactions and Investments in Non-Consolidated Entities (Tables)

12 Months Ended

Dec. 31, 2022

Related Party Transactions and Investments in Non-Consolidated Entities

Schedule of equity in losses of investments in non-consolidated REITs

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​	​	​	​	​
​	​	​	Year Ended	​
​	​	​	December 31,	​
(in thousands)		2021
​	​	​	​
Equity in income of East Wacker	​	$	421	​
Total	​	$	421	​

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Schedule of distributions received from non-consolidated REITs

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​	​	​	​	​
​	​	​	Year Ended	​
​	​	​	December 31,	​
(in thousands)		2021
​	​	​	​	​
Distributions from East Wacker	​	$	421	​
​	​	$	421	​

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Summary of the Sponsored REIT Loans outstanding

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Maximum

Amount

Interest

(dollars in thousands, except footnotes)

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Maturity

​

Amount

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Outstanding

Rate at

Sponsored REIT

Location

​

Date

​

of Loan

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31-Dec-22

31-Dec-22

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Mortgage loan secured by property

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FSP Monument Circle LLC (1)

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Indianapolis, IN

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30-Jun-23

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$

24,000

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$

24,000

7.51

%

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$

24,000

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$

24,000

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(1)This mortgage loan includes an origination fee of $164,000 and an exit fee of $38,000 when repaid by the borrower.

Allowance for credit losses rollforward

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​	​	​	​	​	​	​	​	​	​
​	​	For the Year Ended December 31,
(Dollars in thousands)		​	2022		​	2021		​	2020
​	​	​	​	​	​	​	​	​	​
Beginning allowance for credit losses	​	$	—	​	$	—	​	$	—
Additional increases to the allowance for credit losses	​	​	4,237	​	​	—	​	​	—
Ending allowance for credit losses	​	$	4,237	​	$	—	​	$	—
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Quantitative information about significant unobservable inputs of Level 3 measurement

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Fair Value (1) at

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Significant

Range

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Weighted

Description

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December 31, 2022

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Valuation Technique

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Unobservable Input

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Min

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Max

Average (2)

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(in thousands)

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Sponsored REIT Loan

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$

19,763

Discounted Cash Flows

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Exit Cap Rate

7.50

%

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7.50

%

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7.50

%

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Discount Rate

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9.50

%

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9.50

%

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9.50

%

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(1) Classified within Level 3 of the fair value hierarchy.

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(2) Unobservable inputs were weighted based on the fair value of the related instrument.

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X

- Definition

Tabular disclosure of the mortgage loans receivable on real estate. Information may be provided for each individual mortgage loan or groups of mortgage loans.

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