Schedule IV - Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2018

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, 2018

($ 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 + 5.15%	LIBOR + 5.15%	July 2019	IO	$	—	$	107,196	$	107,427
Borrower B	Apartment/Residential	LIBOR + 5.25%	LIBOR + 5.25%	December 2019	IO	—		88,612		88,114
Borrower C	Hotel	LIBOR + 6%	LIBOR + 6%	July 2019	IO	—		84,000		84,959
Borrower D	Land	LIBOR + 6%	LIBOR + 6%	March 2021	IO	—		71,934		71,120
Borrower E	Office	LIBOR + 4%	LIBOR + 4%	August 2020	IO	—		31,039		31,017
Borrower F	Mixed Use/Mixed Collateral	LIBOR + 4.75%	LIBOR + 4.75%	July 2020	IO	—		30,833		30,432
Borrower G	Hotel	LIBOR + 6%	LIBOR + 6%	April 2019	IO	—		29,252		29,085
Borrower H	Apartment/Residential	LIBOR + 5.75%	LIBOR + 5.75%	March 2021	IO	—		27,274		27,019
Borrower I	Apartment/Residential	7.50%	7.50%	January 2024	IO	—		27,000		26,828
Senior mortgages individually <3%	Apartment/Residential, Retail, Mixed Use/Mixed Collateral, Office, Hotel, Land, Other	Fixed: 5% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.50%	Fixed: 6% to 9.68% Variable: LIBOR + 3% to LIBOR + 7.50%	2019 to 2024				282,469		224,353
								779,609		720,354
Subordinate Mortgages:
Subordinate mortgages individually <3%	Hotel	Fixed: 6.8% to 14.0%	Fixed: 6.8% to 14%	2019 to 2057				10,485		10,161
								10,485		10,161
Total mortgages								$	790,094	$	730,515

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(1) IO = Interest only.

(2) Amounts are presented net of asset-specific reserves of $40.4 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, 2018

($ in thousands)

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans on Real Estate from January 1, 2016 to December 31, 2018⁽¹⁾:

	2018			2017			2016
Balance at January 1	$	752,129		$	915,905		$	934,964
Additions:
New mortgage loans	381,133			265,966			25,893
Additions under existing mortgage loans	157,702			132,703			165,275
Other(2)	25,778			23,388			30,694
Deductions(3):
Collections of principal	(501,466		)	(528,321		)	(247,431		)
Recovery of (provision for) loan losses	(45		)	28			9,747
Transfers to real estate and equity investments	(84,684		)	(57,505		)	(3,177		)
Amortization of premium	(32		)	(35		)	(60		)
Balance at December 31	$	730,515		$	752,129		$	915,905

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