We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations. The following table summarizes our total recourse and non-recourse indebtedness as of June 30, 2014:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	33,178		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		141,750		133,086		4.0	%	Oct. 2033
7.625% senior notes		60,000		60,000		7.6	%	Apr. 2024
Secured credit facilities		12,150		12,150		2.9	%	Oct. 2016
Junior subordinated notes, at fair value (3)		18,671		12,740		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%	Apr. 2037
CMBS facilities		31,194		31,194		2.7	%	Nov. 2014 to Oct. 2015
Commercial mortgage facilities		45,697		45,697		2.2	%	Dec. 2014 to Jan. 2016

Total recourse indebtedness (4)		368,628		353,145		4.2	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (5)(6)		1,103,822		1,101,867		0.6	%	2045 to 2046
CDO notes payable, at fair value (3)(5)(7)		852,643		413,187		0.9	%	2037 to 2038
CMBS securitizations (8)		235,232		235,232		1.9	%	Jan. 2029 to May 3031
Loans payable on real estate (9)		311,596		313,739		5.0	%	Sep. 2015 to Jun. 2024

Total non-recourse indebtedness		2,503,293		2,064,025		1.4	%

Total indebtedness	$	2,871,921	$	2,417,170		1.7	%

(1)	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

(2)	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

(3)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

(4)	Excludes senior secured notes issued by us with an aggregate principal amount equal to $82,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

(5)	Excludes CDO notes payable purchased by us which are eliminated in consolidation.

(6)

Collateralized by $1,600,964 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(7)

Collateralized by $968,741 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of June 30, 2014 was $739,773. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(8)

Excludes the FL1 junior notes and the FL2 junior notes purchased by us which are eliminated in consolidation. Collateralized by $304,885 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(9)	Includes $201,335 of unpaid principal balance with a carrying amount of $203,478 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 4.3% and has a range of maturity dates from April 2016 to March 2024.

The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2013:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	32,938		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		125,000		116,184		4.0	%	Oct. 2033
Secured credit facilities		11,129		11,129		3.2	%	Oct. 2016 to Dec. 2016
Junior subordinated notes, at fair value (3)		18,671		11,911		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%	Apr. 2037
CMBS facilities		30,618		30,618		2.7	%	Nov. 2014 to Oct. 2015
Commercial mortgage facility		7,131		7,131		2.8	%	Dec. 2014

Total recourse indebtedness (4)		251,715		235,011		3.8	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (5)(6)		1,204,117		1,202,772		0.6	%	2045 to 2046
CDO notes payable, at fair value (3)(5)(7)		865,199		377,235		0.9	%	2037 to 2038
CMBS securitization (8)		100,139		100,139		2.1	%	Jan. 2029
Loans payable on real estate (9)		171,244		171,244		5.3	%	Sep. 2015 to Dec. 2023

Total non-recourse indebtedness		2,340,699		1,851,390		1.1	%

Total indebtedness	$	2,592,414	$	2,086,401		1.4	%

(1)	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

(2)	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

(3)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

(4)	Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

(5)	Excludes CDO notes payable purchased by us which are eliminated in consolidation.

(6)

Collateralized by $1,662,537 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(7)

Collateralized by $989,781 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2013 was $746,939. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(8)

Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $131,843 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

(9)	Includes $100,803 of unpaid principal balance and carrying amount of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2019 to November 2022.