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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2017
Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2017
($ in thousands)
Type of Loan/Borrower
 
Underlying Property Type
 
Contractual
Interest
Accrual
Rates
 
Contractual
Interest
Payment
Rates
 
Effective
Maturity
Dates
 
Periodic
Payment
Terms(1)
 
Prior
Liens
 
Face
Amount
of
Mortgages
 
Carrying
Amount
of
Mortgages(2)(3)
Senior Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Borrower A
 
Apartment/Residential
 
LIBOR + 5.25%
 
LIBOR + 5.25%
 
December 2019
 
IO
 
$
—

 
$
200,000

 
$
199,000

Borrower B
 
Mixed Use/Mixed Collateral
 
LIBOR + 5.15%
 
LIBOR + 5.15%
 
July 2019
 
IO
 
—

 
107,196

 
107,202

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

 
93,782

 
93,596

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

 
86,000

 
86,714

Borrower E(5)
 
Apartment/Residential
 
LIBOR + 7.25%
 
LIBOR + 7.25%
 
January 2019
 
IO
 
—

 
39,729

 
39,748

Borrower F(6)
 
Office
 
LIBOR + 5.88%
 
LIBOR + 5.88%
 
August 2018
 
IO
 
—

 
30,338

 
30,308

Borrower G
 
Apartment/Residential
 
8.00%
 
8.00%
 
January 2024
 
IO
 
—

 
25,424

 
25,201

Senior mortgages individually <3%
 
Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Other
 
Fixed: 5% to 9.68% Variable: LIBOR + 3% to LIBOR + 12.35%
 
Fixed: 6% to 9.68% Variable: LIBOR + 3% to LIBOR + 12.35%
 
2018 to 2024
 
 
 
 

 
210,457

 
160,865

 
 
 
 
 
 
 
 
 
 
 
 
 

 
792,926

 
742,634

Subordinate Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

 

 

 

 

 


 


 


Subordinate mortgages individually <3%
 
Hotel
 
Fixed: 6.8% to 14.0%
 
Fixed: 6.8% to 14%
 
2019 to 2057
 
 
 
 

 
9,495

 
9,495

 
 
 
 
 
 
 
 
 
 
 
 
 

 
9,495

 
9,495

Total mortgages
 
 
 
 
 
 
 
 
 
 
 
 

 
$
802,421

 
$
752,129

_______________________________________________________________________________
(1)
IO = Interest only.
(2)
Amounts are presented net of asset-specific reserves of $48.5 million on impaired loans. Impairment is measured using the estimated fair value of collateral, less costs to sell.
(3)
The carrying amount of mortgages approximated the federal income tax basis.
(4)
As of December 31, 2017, included a LIBOR interest rate floor of 0.18%.
(5)
As of December 31, 2017, included a LIBOR interest rate floor of 0.42%.
(6)
As of December 31, 2017, included a LIBOR interest rate floor of 0.25%.

iStar Inc.
Schedule IV—Mortgage Loans on Real Estate (Continued)
As of December 31, 2017
($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2015 to December 31, 2017(1):

 
2017
 
2016
 
2015
Balance at January 1
$
915,905

 
$
934,964

 
$
726,426

Additions:
 
 
 
 
 
   New mortgage loans
265,966

 
25,893

 
237,031

   Additions under existing mortgage loans
132,703

 
165,275

 
92,887

   Other(2)
23,388

 
30,694

 
33,080

Deductions(3):
 
 
 
 
 
   Collections of principal
(528,321
)
 
(247,431
)
 
(151,464
)
   Recovery of (provision for) loan losses
28

 
9,747

 
(6,186
)
   Transfers (to) from real estate and equity investments
(57,505
)
 
(3,177
)
 
3,261

   Amortization of premium
(35
)
 
(60
)
 
(71
)
Balance at December 31
$
752,129

 
$
915,905

 
$
934,964

______________________________________________________________
(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 $1.2 million, $10.1 million and $1.0 million for the years ended December 31, 2017, 2016 and 2015, respectively.