Debt

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



	March 31, 2016		December 31, 2015
No stated interest, payments through 2017			$	1,935
3% to 4.75% payments through 2018	$	69,928	67,336
5% to 5.5% payments through 2017	9,381		7,636
8% payments through 2018	3,977		3,975
Senior Notes: 8.5% payments through 2017	73,694		73,480
10% payments through 2017	1,604		1,604
Total debt	$	158,584	$	155,966

At March 31, 2016, and December 31, 2015, the Company’s real estate debt had a weighted average interest rate of 6.4%.

As of March 31, 2016, and December 31, 2015, the Company had approximately $239.2 million and $232.6 million, respectively, available in loan commitments to draw upon, of which approximately $79.4 million and $75.1 million, respectively, was available.

Debt Provisions, Restrictions, and Covenants on Real Estate Debt:

Certain debt agreements of UCP, Inc. (“UCP”) contain various significant financial covenants, each of which UCP was in compliance with at March 31, 2016 and December 31, 2015.

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 (including purchasing UCP stock); 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 incurred $2.9 million and $2.6 million of interest expense during the three months ended March 31, 2016 and 2015, respectively. The Company capitalized $2.9 million and $2.6 million of the interest incurred in the three months ended March 31, 2016 and 2015, 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 $129.5 million at March 31, 2016.