Notes Receivable

6 Months Ended

Jun. 30, 2015

NOTES RECEIVABLE

The following table presents the composition of our notes receivable balances (net of reserves and unamortized discounts) at the end of the 2015 second quarter and year-end 2014:



	At Period End
($ in millions)	June 30, 2015			December 31, 2014
Senior, mezzanine, and other loans	$	241		$	242
Less current portion	(87		)	(27		)
	$	154		$	215

We do not have any past due notes receivable amounts at the end of the 2015 second quarter. The unamortized discounts for our notes receivable were $25 million at the end of the 2015 second quarter and $25 million at year-end 2014.

The following table presents the expected future principal payments (net of reserves and unamortized discounts) as well as interest rates for our notes receivable as of the end of the 2015 second quarter:



Notes Receivable Principal Payments (net of reserves and unamortized discounts) and Interest Rates ($ in millions)	Amount
2015	$	13
2016	75
2017	3
2018	4
2019	2
Thereafter	144
Balance at June 30, 2015	$	241
Weighted average interest rate at June 30, 2015	6.4		%
Range of stated interest rates at June 30, 2015	0 - 10.0%

At the end of the 2015 second quarter, our recorded investment in impaired senior, mezzanine, and other loans was $71 million. We had a $55 million allowance for credit losses, leaving $16 million of exposure to our investment in impaired loans. At year-end 2014, our recorded investment in impaired senior, mezzanine, and other loans was $63 million, and we had a $50 million allowance for credit losses, leaving $13 million of exposure to our investment in impaired loans. The activity in our notes receivable reserve during the 2015 first half consisted of an increase to fully reserve for interest on an impaired note receivable. Our average investment in impaired notes receivable totaled $69 million for the 2015 second quarter; $67 million for the 2015 first half, $105 million for the 2014 second quarter and $104 million for the 2014 first half.