DEBT

The Company enters into acquisition, development and construction debt agreements to purchase and develop real estate and for the construction of homes, which are generally secured primarily by the underlying real estate. Certain of the loans are funded in full at the initial loan closing and others are revolving facilities under which the Company may borrow, repay and redraw up to a specified amount during the term of the loan. Acquisition debt is due at various dates but is generally repaid when lots are released from the loans based upon a specific release price, as defined in each respective loan agreement, or the loans are refinanced at current prevailing rates. Construction and development debt is required to be repaid with proceeds from the sale of homes based upon a specific release price, as defined in each respective loan agreement.

The following table details the Company’s outstanding debt (in thousands):



	December 31,
	2015		2014
No stated interest, payments through 2017	$	1,935
3% to 4.75% payments through 2017	67,602		$	52,379
5% to 5.5% payments through 2017	7,639		6,918
8% payments through 2018	4,000
Senior notes: 8.5% payments through 2017	74,710		74,550
10% payments through 2017	1,604		1,604
Total debt	$	157,490	$	135,451

At December 31, 2015, and 2014, the Company’s real estate debt had a weighted average interest rate of 6.4% and 6.6%, respectively.

As of December 31, 2015, and 2014, the Company had approximately $232.6 million and $134.5 million, respectively, available in loan commitments to draw upon, of which approximately $75.1 million and $87.3 million, respectively, was available.

Debt Provisions, Restrictions, and Covenants on Real Estate Debt

Certain of UCP’s debt agreements contain various significant financial covenants, each of which UCP was in compliance with at December 31, 2015, and December 31, 2014.

The $75 million of senior notes issued in 2014 by UCP limit UCP’s ability to, among other things, incur or guarantee additional unsecured and secured indebtedness (provided that UCP may incur indebtedness so long as UCP’s ratio of indebtedness to its consolidated tangible assets (on a pro forma basis) would be equal to or less than 45% and provided that the aggregate amount of secured debt may not exceed the greater of $75 million or 30% of UCP’s consolidated tangible assets); pay dividends and make certain investments and other restricted payments; acquire unimproved real property in excess of $75 million per fiscal year or in excess of $150 million over the term of the notes, except to the extent funded with subordinated obligations or the proceeds of equity issuances; create or incur certain liens; transfer or sell certain assets; and merge or consolidate with other companies or transfer or sell all or substantially all of UCP’s consolidated assets.

Other

The Company’s future minimum principal debt repayments were as follows (in thousands):



Year ended December 31,
2016	$	42,419
2017	111,071
2018	4,000
Total	$	157,490

The Company incurred $11.6 million, $4 million, and $4 million of interest expense during the years ended December 31, 2015, 2014, and 2013, respectively. The Company capitalized $11.6 million, $3.8 million, and $2.9 million of the interest incurred in 2015, 2014, and 2013, respectively, related to construction and real estate development costs. Due to debt covenants and other restrictions, the total restricted net assets of the Company’s consolidated subsidiaries was $131.2 million at December 31, 2015.