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.