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

Description	Unpaid Principal Balance		Unamortized Discount and Deferred Finance Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	871	$	(40	)	$	831		7.0	%	Apr. 2031
4.0% convertible senior notes (2)		126,098		(5,827	)		120,271		4.0	%	Oct. 2033
7.625% senior notes		57,287		(1,719	)		55,568		7.6	%	Apr. 2024
7.125% senior notes		70,731		(1,543	)		69,188		7.1	%	Aug. 2019
Senior secured notes		62,000		(3,767	)		58,233		7.0	%	Apr. 2017 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		(6,849	)		11,822		4.8	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		—			25,100		3.4	%	Apr. 2037
CMBS facilities		26,421		(1,513	)		24,908		3.1	%	Nov. 2017 to Jul. 2018
Total recourse indebtedness		387,179		(21,258	)		365,921		5.5	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		542,316		(7,815	)		534,501		1.7	%	Jun. 2045 to Nov. 2046
CMBS securitizations (6)		647,921		(6,844	)		641,077		3.1	%	Jan. 2031 to Dec. 2031
Loans payable on real estate (7)		186,237		(569	)		185,668		5.7	%	Jun. 2016 to Dec. 2021
Total non-recourse indebtedness		1,376,474		(15,228	)		1,361,246		2.9	%
Other indebtedness (8)		24,321		(406	)		23,915		—			—
Total indebtedness	$	1,787,974	$	(36,892	)	$	1,751,082		3.5	%

(1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in 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 $950,554 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests, $535,041 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.

(6) Collateralized by $789,421 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.

(7) One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure.

(8) 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 approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. 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 Deferred Finance 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:
CDO notes payable, at amortized cost (4)(5)		950,981		(13,412	)		937,569		0.9	%	Jun. 2045 to Nov. 2046
CMBS securitizations (6)		717,255		(8,745	)		708,510		2.4	%	May 2031 to Dec. 2031
Loans payable on real estate		269,790		(1,158	)		268,632		5.6	%	Apr. 2016 to Apr. 2026
Total non-recourse indebtedness		1,938,026		(23,315	)		1,914,711		2.1	%
Total indebtedness	$	2,452,567	$	(53,092	)	$	2,399,475		2.7	%

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

(5) Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine 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.

(6) 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