Debt as of September 30, 2016 and December 31, 2015 consisted of the following (dollars in thousands):



			Balance Outstanding as of
	Interest Rate	Maturity Date	September 30, 2016			December 31, 2015
Senior unsecured revolving credit facility	Floating ⁽¹⁾	January 2019	$	130,000		$	165,000

Term loans
First Term Loan	Floating⁽²⁾	January 2020	300,000			300,000
Second Term Loan	Floating⁽²⁾	April 2022	175,000			100,000
Third Term Loan	Floating⁽²⁾	January 2021	200,000			125,000
Total term loans at stated value			675,000			525,000
Deferred financing costs, net			(3,426		)	(3,117		)
Total term loans			$	671,574		$	521,883

Senior unsecured notes
Series A Notes	4.70%	December 2023	60,000			60,000
Series B Notes	4.93%	December 2025	40,000			40,000
Total senior unsecured notes at stated value			100,000			100,000
Deferred financing costs, net			(558		)	(608		)
Total senior unsecured notes			$	99,442		$	99,392

Mortgage loans
Embassy Suites San Diego Bay - Downtown	6.28%	June 2016	—			63,116
Hotel Modera	5.26%	July 2016	—			22,833
Hotel Monaco Washington DC	4.36%	February 2017	42,225			42,895
Argonaut Hotel	4.25%	March 2017	41,909			42,823
Sofitel Philadelphia	3.90%	June 2017	44,665			45,668
Hotel Zelos (formerly Hotel Palomar San Francisco)	5.94%	September 2017	25,817			26,098
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	73,410			75,040
Mortgage loans at stated value			228,026			318,473
Mortgage loan premiums and deferred financing costs⁽³⁾			108			847
Total mortgage loans			$	228,134		$	319,320
Total debt			$	1,129,150		$	1,105,595

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⁽¹⁾Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.

⁽²⁾Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, a portion of the Second Term Loan and the Third Term Loan. At September 30, 2016 and December 31, 2015, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

⁽³⁾As of September 30, 2016, loan premium on assumed mortgage recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco).