The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2017:

Description	Unpaid Principal Balance		Unamortized Discount/Premium and Deferred Financing Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.0% convertible senior notes (1)	$	871	$	(38	)	$	833		7.0	%	Apr. 2031 (1)
4.0% convertible senior notes (2)		120,748		(4,438	)		116,310		4.0	%	Oct. 2033 (2)
7.625% senior notes		56,324		(1,515	)		54,809		7.6	%	Apr. 2024
7.125% senior notes		68,884		(1,081	)		67,803		7.1	%	Aug. 2019
Senior secured notes		13,500		(922	)		12,578		7.3	%	Oct. 2018 to Apr. 2019
Junior subordinated notes, at fair value (3)		18,671		(9,417	)		9,254		5.3	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		—			25,100		3.8	%	Apr. 2037
Secured warehouse facilities		123,919		(564	)		123,355		3.4	%	Nov. 2017 to Jul. 2018
Total recourse indebtedness		428,017		(17,975	)		410,042		5.0	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (4)(5)		336,854		(4,840	)		332,014		1.9	%	Jun. 2045 to Nov. 2046
CMBS securitizations (6)(7)		553,785		(5,890	)		547,895		3.5	%	Jan. 2031 to June 2037
Loans payable on real estate (8)		97,492		(405	)		97,087		5.5	%	June 2016 to Dec. 2021
Total non-recourse indebtedness		988,131		(11,135	)		976,996		3.1	%
Other indebtedness (9)		40,830		79			40,909		—			—
Total indebtedness	$	1,456,978	$	(29,031	)	$	1,427,947		3.7	%

(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 $710,439 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $455,820 of which is eliminated 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)	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation

(7)	Collateralized by $718,228 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.

(8)	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.

(9)

Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.

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 (1)
4.0% convertible senior notes (2)		126,098		(5,827	)		120,271		4.0	%	Oct. 2033 (2)
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
Secured warehouse 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)(7)		647,921		(6,844	)		641,077		3.1	%	Jan 2031 to Dec. 2031
Loans payable on real estate (8)		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 (9)		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, other loans and preferred equity interests, $535,041 of which is eliminated 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)	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.

(7)	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.

(8)	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.

(9)

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. This venture is referred to as the 2016 RAIT Venture VIE. 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.