Rendering

Component: (Network and Table)
Network
2315301 - Disclosure - Fair Values (Tables)
(http://www.istarfinancial.com/role/FairValuesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Fair Value Disclosures [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Fair Value Disclosures [Abstract]
 
Schedule of assets and liabilities recorded at fair value on a recurring and non-recurring basis
The following fair value hierarchy table summarizes the Company's assets and liabilities recorded at fair value on a recurring and non-recurring basis by the above categories ($ in thousands):
 
 
 
Fair Value Using
 
Total
 
Quoted market
prices in
active markets
(Level 1)
 
Significant other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
As of December 31, 2016
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
727

 
$

 
$
727

 
$

Derivative liabilities(1)
47

 

 
47

 

Available-for-sale securities(1)
21,666

 

 

 
21,666

Non-recurring basis:
 
 
 
 
 
 
 
Impaired loans(2)
7,200

 

 

 
7,200

Impaired real estate(3)
3,063

 

 

 
3,063

As of December 31, 2015
 
 
 
 
 
 
 
Recurring basis:
 
 
 
 
 
 
 
Derivative assets(1)
$
1,522

 
$

 
$
1,522

 
$

Derivative liabilities(1)
131

 

 
131

 

Available-for-sale securities(1)
1,161

 

 

 
1,161

Non-recurring basis:
 
 
 
 
 
 
 
Impaired loans(4)
3,200

 

 

 
3,200

_______________________________________________________________________________
(1)
The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2. The fair value of the Company's available-for-sale securities are based upon unadjusted third-party broker quotes and are classified as Level 3.
(2)
The Company recorded a provision for loan losses on one loan with a fair value of $5.2 million using an appraisal based on market comparable sales. In addition, the Company recorded a recovery of loan losses on one loan with a fair value of $2.0 million based on proceeds to be received.
(3)
The Company recorded an impairment on one real estate asset with a fair value of $3.1 million based on a discount rate of 11% using discounted cash flows over a two year sellout period.
(4)
The Company recorded a provision for loan losses on one loan with a fair value of $3.2 million based on a discounted cash flow analysis using a discount rate of 14%.
 
 
Summary of changes in Level 3 available-for-sale securities reported at fair value
The following table summarizes changes in Level 3 available-for-sale securities reported at fair value on the Company's consolidated balance sheets for the years ended December 31, 2016 and 2015 ($ in thousands):
 
 
2016
 
2015
Beginning balance
 
$
1,161

 
$
1,167

Purchases
 
20,240

 

Repayments
 
(10
)
 
(10
)
Unrealized gains recorded in other comprehensive income
 
275

 
4

Ending balance
 
$
21,666

 
$
1,161