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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2021
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, 2021

($ in thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Contractual

​

Contractual

​

​

​

​

​

​

​

​

Face

​

Carrying

​

​

​

​

Interest

​

Interest

​

Effective

​

Periodic

​

​

​

​

Amount

​

Amount

​

​

​

 

Accrual

 

Payment

 

Maturity

 

Payment

 

Prior

 

of

​

of

Type of Loan/Borrower

 

Underlying Property Type

 

Rates

 

Rates

 

Dates

 

Terms(1)

 

Liens

 

Mortgages

​

Mortgages(2)(3)

Senior Mortgages:

    

  

    

  

    

  

    

  

    

  

    

​

  

    

​

  

    

​

  

Borrower A

 

Apartment/Residential

 

LIBOR + 5.25

%  

LIBOR + 5.25

%  

June, 2022

 

IO

​

 

—

​

$

14,350

​

$

14,320

Borrower B

 

Mixed Use/Mixed Collateral

 

LIBOR + 6.75

%  

LIBOR + 6.75

%  

June, 2021

 

IO

​

 

—

​

 

54,151

​

 

59,063

Borrower C

 

Mixed Use/Mixed Collateral

 

LIBOR + 4.75

%  

LIBOR + 4.75

%  

July, 2022

 

IO

​

 

—

​

 

52,230

​

 

52,161

Borrower D

 

Apartment/Residential

 

LIBOR + 5.25

%  

LIBOR + 5.25

%  

December, 2022

 

IO

​

 

—

​

 

28,337

​

 

28,394

Borrower E

 

Apartment/Residential

 

LIBOR + 5.25

%  

LIBOR + 5.25

%  

January, 2022

 

IO

​

 

—

​

 

29,952

​

 

30,128

Senior mortgages individually <3%

​

Retail, Mixed Use/Mixed Collateral

 

Fixed: 9.68% Variable: LIBOR + 5.00

%  

Fixed: 9.68% Variable: LIBOR + 5.00

%  

2022 to 2024

 

IO

​

 

—

​

 

14,859

​

 

14,965

​

​

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Subordinate Mortgages:

 

  

 

  

 

  

 

  

 

  

​

 

  

​

 

  

​

 

  

Subordinate mortgages individually <3%

​

Hotel

 

Fixed: 6.80

%  

Fixed: 6.80

%  

September, 2057

 

IO

​

 

—

​

 

12,453

​

 

12,457

​

 

​

 

​

​

​

​

​

​

​

​

​

​

​

​

12,453

​

​

12,457

Total mortgages

​

​

 

​

 

  

 

  

 

  

​

 

  

​

$

206,332

​

$

211,488

(1)IO = Interest only.
(2)Amounts are presented net of asset-specific allowances of $0.6 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, 2021

($ in thousands)

​

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2019 to December 31, 2021:(1)

​

​

​

​

​

​

​

​

​

​

​

​

    

2021

    

2020

    

2019

Balance at January 1

​

$

496,553

​

$

561,761

​

$

730,515

Additions:

​

 

  

​

 

  

​

 

  

New mortgage loans

​

 

32,942

​

 

19,975

​

 

11,667

Additions under existing mortgage loans

​

 

20,958

​

 

72,574

​

 

164,120

Other(2)

​

 

7,455

​

 

25,867

​

 

25,740

Deductions(3):

​

 

  

​

 

  

​

 

  

Collections of principal

​

 

(304,053)

​

 

(178,662)

​

 

(355,769)

Provision for loan losses

​

 

166

​

 

(4,930)

​

 

(493)

Transfers to real estate and equity investments

​

 

(42,501)

​

 

—

​

 

(13,987)

Amortization of premium

​

 

(32)

​

 

(32)

​

 

(32)

Balance at December 31

​

$

211,488

​

$

496,553

​

$

561,761

(1)Balances represent the carrying value of loans, which are net of asset specific allowances.
(2)Amount includes amortization of discount, deferred interest capitalized and mark-to-market adjustments resulting from changes in foreign exchange rates.
(3)Amount is presented net of charge-offs of $25.9 million for the years ended December 31, 2020.