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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]  
Schedule IV - Mortgage Loans on Real Estate
Schedule IV—Mortgage Loans on Real Estate
As of December 31, 2019
($ 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
 
Mixed Use/Mixed Collateral
 
LIBOR + 4.50%
 
LIBOR + 4.50%
 
July 2020
 
IO
 
$
—

 
$
97,366

 
$
97,443

Borrower B
 
Land
 
LIBOR + 6.0%
 
LIBOR + 6.0%
 
March 2021
 
IO
 
$
—

 
94,175

 
93,721

Borrower C
 
Mixed Use/Mixed Collateral
 
LIBOR +6.75%
 
LIBOR +6.75%
 
June 2021
 
IO
 
—

 
47,908

 
48,536

Borrower D
 
Office
 
Variable: LIBOR +4.00% to LIBOR +12.35%
 
Variable: LIBOR +4.00% to LIBOR +12.35%
 
August 2020
 
IO
 
—

 
52,056

 
52,493

Borrower E
 
Mixed Use/Mixed Collateral
 
LIBOR + 4.75%
 
LIBOR + 4.75%
 
July 2020
 
IO
 
—

 
49,682

 
49,539

Borrower F
 
Office
 
LIBOR + 5%
 
LIBOR + 5%
 
October 2020
 
IO
 
—

 
12,605

 
12,543

Borrower G
 
Apartment/Residential
 
LIBOR + 5.25%
 
LIBOR + 5.25%
 
June 2021
 
IO
 
—

 
46,592

 
46,308

Borrower H
 
Apartment/Residential
 
LIBOR + 6%
 
LIBOR +6%
 
April 2021
 
IO
 
—

 
38,912

 
38,614

Borrower I
 
Apartment/Residential
 
LIBOR +5.75%
 
LIBOR +5.75%
 
March 2021
 
IO
 
—

 
34,301

 
34,158

Borrower J
 
Hotel
 
LIBOR +4.50%
 
LIBOR +4.50%
 
February 2020
 
IO
 
—

 
35,656

 
35,640

Borrower K
 
Retail
 
LIBOR + 3.0%
 
LIBOR + 3.0%
 
July 2009
 
IO
 
—

 
56,341

 
16,119

Senior mortgages individually <3%
 
Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Land, or Other
 
Fixed: 9.68%
Variable: LIBOR + 5% to LIBOR + 5.25%
 
Fixed: 9.68%
Variable: LIBOR + 5% to LIBOR + 5.25%
 
2020 to 2024
 
IO
 
—

 
25,884

 
25,769

 
 
 
 
 
 
 
 
 
 
 
 
 

 
591,478

 
550,883

Subordinate Mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subordinate mortgages individually <3%
 
Hotel
 
Fixed: 6.8% to 14.0%
 
Fixed: 6.8% to 14%
 
2020 to 2057
 
IO
 
—

 
10,874

 
10,878

 
 
 
 
 
 
 
 
 
 
 
 
 

 
10,874

 
10,878

Total mortgages
 
 
 
 
 
 
 
 
 
 
 
 

 
$
602,352

 
$
561,761

_______________________________________________________________________________
(1)
IO = Interest only.
(2)
Amounts are presented net of asset-specific reserves of $21.7 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.







iStar Inc.
Schedule IV—Mortgage Loans on Real Estate (Continued)
As of December 31, 2019
($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2017 to December 31, 2019(1):
 
2019
 
2018
 
2017
Balance at January 1
$
730,515

 
$
752,129

 
$
915,905

Additions:
 
 
 
 
 
   New mortgage loans
11,667

 
381,133

 
265,966

   Additions under existing mortgage loans
164,120

 
157,702

 
132,703

   Other(2)
25,740

 
25,778

 
23,388

Deductions(3):
 
 
 
 
 
   Collections of principal
(355,769
)
 
(501,466
)
 
(528,321
)
   Recovery of (provision for) loan losses
(493
)
 
(45
)
 
28

   Transfers to real estate and equity investments
(13,987
)
 
(84,684
)
 
(57,505
)
   Amortization of premium
(32
)
 
(32
)
 
(35
)
Balance at December 31
$
561,761

 
$
730,515

 
$
752,129

______________________________________________________________
(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 $19.2 million and $1.2 million for the years ended December 31, 2019 and 2017, respectively.