The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2015:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	33,538		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		141,750		135,085		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
Senior secured notes		76,000		67,072		7.0	%	Apr. 2017 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		13,183		4.3	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.8	%	Apr. 2037
CMBS facilities		173,375		173,375		2.4	%	Nov. 2015 to Jul. 2016

Total recourse indebtedness		600,867		579,258		3.9	%

Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		1,074,044		1,073,122		0.6	%	2045 to 2046
CMBS securitizations (6)		370,195		369,616		1.9	%	Jan. 2029 to Dec. 2031
Loans payable on real estate (7)		663,536		664,761		4.5	%	Sep. 2015 to May 2040

Total non-recourse indebtedness		2,107,775		2,107,499		1.8	%

Total indebtedness	$	2,708,642	$	2,686,757		2.4	%

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

(5)

Collateralized by $1,564,833 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.

(6)

Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $481,546 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.

(7)	Includes $383,313 of unpaid principal balance with a carrying amount of $384,538 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to February 2025.

The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2014:


Description	Unpaid Principal Balance		Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	34,066	$	33,417		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		141,750		134,418		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		18,392		18,392		2.7	%	Oct. 2016
Senior secured notes		78,000		68,314		7.0	%	Apr. 2017 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		13,102		0.5	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		25,100		2.7	%	Apr. 2037
CMBS facilities		85,053		85,053		2.5	%	Nov. 2015 to Jul. 2016

Total recourse indebtedness		532,937		509,701		4.0	%

Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		1,074,102		1,073,145		0.6	%	2045 to 2046
CMBS securitizations (6)		389,994		389,415		1.9	%	Jan. 2029 to Dec. 2031
Loans payable on real estate (7)		641,874		643,405		4.6	%	Sep. 2015 to May 2040

Total non-recourse indebtedness		2,105,970		2,105,965		2.1	%

Total indebtedness	$	2,638,907	$	2,615,666		2.6	%

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

(5)

Collateralized by $1,572,126 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.

(6)

Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 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.

(7)	Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.