Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2022

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, 2022

($ in thousands)

Contractual

Face

Carrying

Interest

Effective

Periodic

Amount

Accrual

Payment

Maturity

Payment

Prior

Type of Loan/Borrower

Underlying Property Type

Rates

Dates

Terms⁽¹⁾

Liens

Mortgages

Mortgages⁽²⁾⁽³⁾

Senior Mortgages:

Borrower A

Apartment/Residential

LIBOR + 5.25

June, 2023

—

6,765

6,756

Borrower B⁽⁴⁾

Mixed Use/Mixed Collateral

SOFR + 9.00

October, 2026

—

80,832

37,650

Borrower C

Apartment/Residential

LIBOR + 5.25

December, 2022

—

29,358

29,097

Subordinate Mortgages:

Borrower D

Hotel

Fixed: 6.80

September, 2057

—

13,327

13,331

Total mortgages

130,282

86,834

(1)	IO = Interest only.

(2)	Amounts are presented net of asset-specific allowances of $0.4 million on impaired loans and loans held for sale. 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)	Classified as held for sale as of December 31, 2022. The Company has the intent to sell the loan based on a bid received from a third-party and the loan is recorded on the Company’s consolidated balance sheet at the estimated sales price.

iStar Inc.

Schedule IV—Mortgage Loans on Real Estate (Continued)

As of December 31, 2022

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2020 to December 31, 2022:⁽¹⁾


	2022		2021		2020
Balance at January 1	$	211,488	$	496,553	$	561,761
Additions:
New mortgage loans		—		32,942		19,975
Additions under existing mortgage loans		6,482		20,958		72,574
Other⁽²⁾		4,233		7,455		25,867
Deductions⁽³⁾:
Collections of principal		(111,112)		(304,053)		(178,662)
Change in provision for loan losses		(24,237)		166		(4,930)
Transfers to real estate and equity investments		—		(42,501)		—
Amortization of premium		(20)		(32)		(32)
Balance at December 31	$	86,834	$	211,488	$	496,553

(1)	Balances represent the carrying value of loans, which are net of asset specific allowances.

(2)	Amount includes amortization of discount and deferred interest capitalized.

(3)	Amounts are presented net of charge-offs for the years ended December 31, 2022 and 2020.