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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
iStar Inc.
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2015
($ in thousands)
Type of Loan/Borrower
 
Underlying Property Type
 
Contractual
Interest
Accrual
Rates
 
Contractual
Interest
Payment
Rates
 
Effective
Maturity
Dates
 
Periodic
Payment
Terms
 
Prior
Liens
 
Face
Amount
of
Mortgages
 
Carrying
Amount
of
Mortgages(1)(2)
Senior Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrower A(3)
 
Apartment/Residential
 
LIBOR + 6.75%
 
LIBOR + 6.75%
 
January 2018
 
IO
 
$
—

 
$
179,075

 
$
178,118

Borrower B
 
Office
 
LIBOR + 5.25%
 
LIBOR + 5.25%
 
December 2017
 
IO
 
—

 
155,383

 
153,947

Borrower C
 
Mixed Use/Mixed Collateral
 
LIBOR + 6%
 
LIBOR + 6%
 
July 2017
 
IO
 
—

 
150,456

 
150,291

Borrower D(4)
 
Mixed Use/Mixed Collateral
 
LIBOR + 8%
 
LIBOR + 8%
 
January 2017
 
IO
 
—

 
118,750

 
118,089

Borrower E(5)
 
Hotel
 
LIBOR + 6%
 
LIBOR + 6%
 
July 2018
 
IO
 
—

 
90,000

 
89,917

Senior mortgages individually <3%
 
Apartment/Residential, Retail, Land, Mixed Use/Mixed Collateral, Office, Hotel, Other
 
Fixed: 3% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 8%
 
Fixed: 3% to 9.68% Variable: LIBOR + 2.75% to LIBOR + 7.5%
 
2016 to 2024
 
 
 
 

 
287,736

 
215,926

 
 
 
 
 
 
 
 
 
 
 
 
 

 
981,400

 
906,288

Subordinate Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 


 


 


Subordinate mortgages individually <3%
 
Retail, Hotel
 
Fixed: 6.8% to 14.0%
 
Fixed: 8.12% to 9.09%
 
2016 to 2057
 
 
 
 

 
28,708

 
28,676

 
 
 
 
 
 
 
 
 
 
 
 
 

 
28,708

 
28,676

Total mortgages
 
 
 
 
 
 
 
 
 
 
 
 

 
$
1,010,108

 
$
934,964

_______________________________________________________________________________
(1)
Amounts are presented net of asset-specific reserves of $69.6 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.
(2)
The carrying amount of mortgages approximated the federal income tax basis.
(3)
As of December 31, 2015, included a LIBOR interest rate floor of 0.19%.
(4)
As of December 31, 2015, included a LIBOR interest rate floor of 0.25%.
(5)
As of December 31, 2015, included a LIBOR interest rate floor of 0.18%.

iStar Inc.
Schedule IV—Mortgage Loans on Real Estate (Continued)
As of December 31, 2015
($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2013 to December 31, 2015(1):

 
2015
 
2014
 
2013
Balance at January 1
$
726,426

 
$
827,796

 
$
1,421,654

Additions:
 
 
 
 
 
   New mortgage loans
237,031

 
476,332

 
19,249

   Additions under existing mortgage loans
92,887

 
13,108

 
31,589

   Other(2)
33,080

 
26,156

 
16,385

Deductions(3):
 
 
 
 
 
   Collections of principal
(151,464
)
 
(532,465
)
 
(636,883
)
   (Provision for) recovery of loan losses
(6,186
)
 
483

 
25,011

   Transfers from (to) real estate and equity investments
3,261

 
(84,912
)
 
(49,100
)
   Amortization of premium
(71
)
 
(72
)
 
(109
)
Balance at December 31
$
934,964

 
$
726,426

 
$
827,796

______________________________________________________________
(1)
Balances represent the carrying value of loans, which are net of asset specific reserves.
(2)
Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.
(3)
Amounts are presented net of charge-offs of $1.0 million, $239.6 million and $152.8 million for the years ended December 31, 2015, 2014 and 2013, respectively.