INDEBTEDNESS (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Total Recourse and Non-Recourse Indebtedness

The following tables summarizes our total recourse and non-recourse indebtedness as of March 31, 2019 and December 31, 2018, but do not reflect any potential impacts of the Chapter 11 Cases or any other “Event of Default” as discussed in Note 1: The Company or otherwise in “Defaults on Recourse Indebtedness” below.

The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2019:

Description	Unpaid Principal Balance		Unamortized Discount/Premium and Deferred Financing Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.625% Senior Notes	$	56,324	$	(1,166	)	$	55,158		7.6	%	Apr. 2024
7.125% Senior Notes		65,356		(225	)		65,131		7.1	%	Aug. 2019
Junior subordinated notes, at fair value (1)		18,671		(13,171	)		5,500		6.8	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		—			25,100		5.3	%	Apr. 2037
Total recourse indebtedness		165,451		(14,562	)		150,889		7.0	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (2)(3)		102,918		—			102,918		3.2	%	Nov. 2046
CMBS securitizations (4)(5)		282,393		(1,267	)		281,126		4.2	%	Jun. 2037 to Dec. 2037
Loans payable on real estate		40,534		(204	)		40,330		4.7	%	Oct. 2021 to Dec. 2021
Total non-recourse indebtedness		425,845		(1,471	)		424,374		4.0	%
Total indebtedness	$	591,296	$	(16,033	)	$	575,263		4.8	%

(1)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

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

(3)

Collateralized by $150,845 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $78,979 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.

(4)	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.

(5)

Collateralized by $355,699 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans, $8,892 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.

The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2018:

Description	Unpaid Principal Balance		Unamortized Discount/Premium and Deferred Financing Costs			Carrying Amount		Weighted- Average Interest Rate			Contractual Maturity
Recourse indebtedness:
7.625% Senior Notes	$	56,324	$	(1,224	)	$	55,100		7.6	%	Apr. 2024
7.125% Senior Notes		65,356		(359	)		64,997		7.1	%	Aug. 2019
Junior subordinated notes, at fair value (1)		18,671		(12,561	)		6,110		6.4	%	Mar. 2035
Junior subordinated notes, at amortized cost		25,100		—			25,100		5.0	%	Apr. 2037
Total recourse indebtedness		165,451		(14,144	)		151,307		6.9	%
Non-recourse indebtedness:
CDO notes payable, at amortized cost (2)(3)		116,102		—			116,102		3.1	%	Nov. 2046
CMBS securitizations (4)(5)		320,282		(2,274	)		318,008		4.0	%	Jun. 2037 to Dec. 2037
Loans payable on real estate		40,724		(225	)		40,499		4.7	%	Oct. 2021 to Dec. 2021
Total non-recourse indebtedness		477,108		(2,499	)		474,609		3.9	%
Total indebtedness	$	642,559	$	(16,643	)	$	625,916		4.6	%

(1)	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

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

(3)

Collateralized by $170,124 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,191 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.

(4)	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.

(5)

Collateralized by $409,218 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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.

Aggregate Contractual Maturities of Indebtedness Outstanding, by Year

The following table displays the aggregate contractual maturities of our indebtedness outstanding as of March 31, 2019, by year, but does not reflect any potential impacts of the Chapter 11 Cases as discussed in Note 1:

	Recourse indebtedness		Non-recourse indebtedness
2019	$	65,356	$	559
2020		-		779
2021		-		39,196
2022		-		-
2023		-		-
Thereafter		100,095		385,311
Total	$	165,451	$	425,845