The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2014:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	33,297		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		141,750		133,752		4.0	%	Oct. 2033
7.625% senior notes		60,000		60,000		7.6	%	Apr. 2024
7.125% senior notes		71,905		71,905		7.1	%	Aug. 2019
Secured credit facilities		5,000		5,000		2.7	%	Oct. 2016
Junior subordinated notes, at fair value (3)		18,671		13,048		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%	Apr. 2037
CMBS facilities		159,171		159,171		2.4	%	Nov. 2014 to Jul. 2016

Total recourse indebtedness (4)		515,663		501,273		4.4	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (5)(6)		1,086,038		1,084,289		0.6	%	2045 to 2046
CDO notes payable, at fair value (3)(5)(7)		846,941		431,142		1.0	%	2037 to 2038
CMBS securitizations (8)		215,518		215,518		1.9	%	Jan. 2029 to May 2031
Loans payable on real estate (9)		379,259		381,095		4.7	%	Sep. 2015 to Aug. 2024

Total non-recourse indebtedness		2,527,756		2,112,044		1.4	%

Total indebtedness	$	3,043,419	$	2,613,317		1.9	%

(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 $80,000 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 $1,573,559 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 $959,310 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of September 30, 2014 was $731,911. 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 $289,470 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 $246,997 of unpaid principal balance with a carrying amount of $248,833 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.7% and has a range of maturity dates from April 2016 to August 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		37,749		37,749		2.7	%	Nov. 2014 to Oct. 2015

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.