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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended
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Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract] |
SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE |
Description |  | Effective Interest Rate |  | Final Maturity Date |  | Face Amount of Notes Receivable |  | Net Carrying Amount of Notes Receivable as of December 31, 2017
First Mortgage Loan |  | 6.0% |  | 6/1/2018 |  | $ | 15,000 |  |  | $ | 15,000 |
First Mortgage Loan |  | LIBOR + 7.1% |  | 6/25/2018 |  | 26,000 |  |  | 26,000 |
First Mortgage Loan |  | 8.1% |  | 4/30/2019 |  | 153,400 |  |  | 60,695 |
Zero Coupon Loan |  | 2.5% |  | 5/31/2020 |  | 29,793 |  |  | 31,778 |
Mezzanine Loan |  | 18.0% |  | 7/1/2020 |  | 3,007 |  |  | 5,106 |
Preferred Equity |  | 15.3% |  | 2/3/2021 |  | 14,000 |  |  | 15,250 |
Total |  |  |  |  |  | $ | 241,200 |  |  | $ | 153,829 |
The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2015 to December 31, 2017 (in thousands):
| Reconciliation of Loans on Real Estate
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Balance at beginning of year | $ | 276,163 |  |  | $ | 147,188 |  |  | $ | 102,286 |
Additions | 11,371 |  |  | 171,794 |  |  | 48,500 |
Disposition of air rights through issuance of notes | — |  |  | — |  |  | 29,539 |
Repayments | (32,000 | ) |  | (42,819 | ) |  | (15,984 | )
Conversion to real estate through receipt of deed or through foreclosure | (101,705 | ) |  | — |  |  | (13,386 | )
Other | — |  |  | — |  |  | (3,767 | )
Balance at end of year | $ | 153,829 |  |  | $ | 276,163 |  |  | $ | 147,188 |

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -URI http://asc.fasb.org/subtopic&trid=2176522 + Details
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