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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2016
($ 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
 
$
—

 
$
236,504

 
$
237,291

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

 
168,901

 
168,213

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

 
128,445

 
129,062

Borrower D(4)
 
Hotel
 
LIBOR + 6%
 
LIBOR + 6%
 
July 2018
 
IO
 
—

 
86,000

 
86,321

Borrower E
 
Apartment/Residential
 
LIBOR + 8%
 
LIBOR + 8%
 
April 2018
 
IO
 
—

 
57,424

 
56,673

Borrower F(5)
 
Apartment/Residential
 
LIBOR + 6.5%
 
LIBOR + 6.5%
 
November 2018
 
IO
 
—

 
36,860

 
37,004

Senior mortgages individually <3%
 
Apartment/Residential, Retail, Land, Mixed Use/Mixed Collateral, Office, Hotel, Other
 
Fixed: 4% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.5%
 
Fixed: 4% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.5%
 
2017 to 2024
 
 
 
 

 
227,650

 
176,400

 
 
 
 
 
 
 
 
 
 
 
 
 

 
941,784

 
890,964

Subordinate Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 


 


 


Subordinate mortgages individually <3%
 
Retail, Hotel
 
Fixed: 6.8% to 14.0%
 
Fixed: 8.33% to 9.09%
 
2017 to 2057
 
 
 
 

 
24,925

 
24,941

 
 
 
 
 
 
 
 
 
 
 
 
 

 
24,925

 
24,941

Total mortgages
 
 
 
 
 
 
 
 
 
 
 
 

 
$
966,709

 
$
915,905

_______________________________________________________________________________
(1)
Amounts are presented net of asset-specific reserves of $49.8 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, 2016, included a LIBOR interest rate floor of 0.19%.
(4)
As of December 31, 2016, included a LIBOR interest rate floor of 0.18%.
(5)
As of December 31, 2016, included a LIBOR interest rate floor of 0.25%.

iStar Inc.
Schedule IV—Mortgage Loans on Real Estate (Continued)
As of December 31, 2016
($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2014 to December 31, 2016(1):

 
2016
 
2015
 
2014
Balance at January 1
$
934,964

 
$
726,426

 
$
827,796

Additions:
 
 
 
 
 
   New mortgage loans
25,893

 
237,031

 
476,332

   Additions under existing mortgage loans
165,275

 
92,887

 
13,108

   Other(2)
30,694

 
33,080

 
26,156

Deductions(3):
 
 
 
 
 
   Collections of principal
(247,431
)
 
(151,464
)
 
(532,465
)
   Recovery of (provision for) loan losses
9,747

 
(6,186
)
 
483

   Transfers (to) from real estate and equity investments
(3,177
)
 
3,261

 
(84,912
)
   Amortization of premium
(60
)
 
(71
)
 
(72
)
Balance at December 31
$
915,905

 
$
934,964

 
$
726,426

______________________________________________________________
(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 $10.1 million, $1.0 million and $239.6 million for the years ended December 31, 2016, 2015 and 2014, respectively.