Notes Receivable

3 Months Ended

Mar. 31, 2016

NOTES RECEIVABLE

The following table presents the composition of our notes receivable balances (net of reserves and unamortized discounts) at the end of the 2016 first quarter and year-end 2015:



	At Period End
($ in millions)	March 31, 2016			December 31, 2015
Senior, mezzanine, and other loans	$	225		$	221
Less current portion	(7		)	(6		)
	$	218		$	215

We do not have any past due notes receivable amounts at the end of the 2016 first quarter. The unamortized discounts for our notes receivable were $30 million at the end of the 2016 first quarter and $31 million at year-end 2015.

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 2016 first quarter:



Notes Receivable Principal Payments (net of reserves and unamortized discounts) and Interest Rates ($ in millions)	Amount
2016	$	5
2017	3
2018	61
2019	5
2020	2
Thereafter	149
Balance at March 31, 2016	$	225
Weighted average interest rate at March 31, 2016	7.8%
Range of stated interest rates at March 31, 2016	0 - 15%

At the end of the 2016 first quarter, our recorded investment in impaired “Senior, mezzanine, and other loans” of $72 million was unchanged from year-end 2015. At both the end of the 2016 first quarter and at year-end 2015, we had a $55 million allowance for credit losses, leaving $17 million of exposure to our investment in impaired loans. Our average investment in impaired notes receivable totaled $72 million for the 2016 first quarter and $65 million for the 2015 first quarter.