The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2016:

Description	Unpaid Principal Balance		Unamortized Discount and Debt Issuance Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	30,048	$	(1,044	)	$	29,004		7.0	%		Apr. 2031
4.0% convertible senior notes (2)		141,750		(7,987	)		133,763		4.0	%		Oct. 2033
7.625% senior notes		60,000		(1,986	)		58,014		7.6	%		Apr. 2024
7.125% senior notes		71,905		(2,009	)		69,896		7.1	%		Aug. 2019
Senior secured notes		68,000		(6,153	)		61,847		7.0	%		Apr. 2017 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		(8,886	)		9,785		4.6	%		Mar. 2035
Junior subordinated notes, at amortized cost		25,100		(213	)		24,887		3.1	%		Apr. 2037
CMBS facilities		122,801		(531	)		122,270		2.5	%		Jul. 2016 to Jan 2018
Total recourse indebtedness		538,275		(28,809	)		509,466		5.0	%
Non-recourse indebtedness:
Secured credit facilities (4)		324,977		(4,122	)		320,855		2.9	%		September 2018
Term Loans (5)		90,216		(939	)		89,277		5.4	%		September 2016
CDO notes payable, at amortized cost (6)(7)		917,725		(12,495	)		905,230		1.2	%		2045 to 2046
CMBS securitizations (8)		666,947		(6,808	)		660,139		2.6	%		May 2031 to Dec. 2031
Loans payable on real estate (9)		761,767		(4,099	)		757,668		4.4	%		June 2016 to Apr. 2026
Total non-recourse indebtedness		2,761,632		(28,463	)		2,733,169		2.8	%
Other indebtedness (10)		24,321		274			24,595		—				—
Total indebtedness	$	3,324,228	$	(56,998	)	$	3,267,230		3.1	%

(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) Floating rate at 245 basis points over 1-month LIBOR. As of March 31, 2016, 1-month LIBOR was 0.43725%. Interest only payments are due monthly.

(5)	Floating rate at 500 basis points over 1-month LIBOR. As of March 31, 2016, 1-month LIBOR was 0.43725%. Interest only payments are due monthly.

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

(7)

Collateralized by $1,358,687 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.

(8)

Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior notes purchased by us which are eliminated in consolidation. Collateralized by $855,555 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 $495,253 of unpaid principal balance and $492,129 of carrying amount, respectively, 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 January 2021 to May 2025.

(10)

Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received $24,796 of proceeds as a result of issuing this 40% interest and incurred $201 of costs with third parties. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.

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

Description	Unpaid Principal Balance		Unamortized Discount and Debt Issuance Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	30,048	$	(1,180	)	$	28,868		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		141,750		(8,711	)		133,039		4.0	%	Oct. 2033
7.625% senior notes		60,000		(2,048	)		57,952		7.6	%	Apr. 2024
7.125% senior notes		71,905		(2,156	)		69,749		7.1	%	Aug. 2019
Senior secured notes		70,000		(6,955	)		63,045		7.0	%	Apr. 2017 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		(8,167	)		10,504		4.3	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		(216	)		24,884		2.7	%	Apr. 2037
CMBS facilities		97,067		(344	)		96,723		2.4	%	Jul. 2016 to Jan. 2018
Total recourse indebtedness		514,541		(29,777	)		484,764		5.1	%
Non-recourse indebtedness:
Secured credit facilities (4)		271,500		(4,345	)		267,155		2.9	%	Sep. 2018
Term Loans (5)		120,000		(1,582	)		118,418		5.4	%	Sept. 2016
CDO notes payable, at amortized cost (6)(7)		950,981		(13,412	)		937,569		0.9	%	Jun. 2045 to Nov. 2046
CMBS securitizations (8)		717,255		(8,745	)		708,510		2.4	%	May 2031 to Dec. 2031
Loans payable on real estate (9)		815,746		(4,080	)		811,666		4.5	%	Apr. 2016 to Apr. 2026
Total non-recourse indebtedness		2,875,482		(32,164	)		2,843,318		2.7	%
Total indebtedness	$	3,390,023	$	(61,941	)	$	3,328,082		3.0	%

(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)	Floating rate at 245 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.

(5)	Floating rate at 500 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.

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

(7)

Collateralized by $1,388,194 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests, $815,745 of which eliminates in consolidation. 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 RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior notes purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage 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 $545,956 of unpaid principal balance and $543,080 of carrying amount 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 May 2025.