Rait Financial Trust (RAS) 10-K 7 Mar 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2013	Mar. 06, 2014	Jun. 28, 2013
Document Information [Line Items]	'	'	'
Document Type	'10-K	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Dec-13	'	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'
Trading Symbol	'RAS	'	'
Entity Registrant Name	'RAIT FINANCIAL TRUST	'	'
Entity Central Index Key	'0001045425	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Common Stock, Shares Outstanding	'	81,865,000	'
Entity Public Float	'	'	$520,000,000

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investments in mortgages and loans, at amortized cost:	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$1,122,377	$1,075,129
Allowance for losses	-22,955	-30,400
Total investments in mortgages and loans	1,099,422	1,044,729
Investments in real estate, net of accumulated depreciation of $127,745 and $97,392, respectively	1,004,186	918,189
Investments in securities and security-related receivables, at fair value	567,302	655,509
Cash and cash equivalents	88,847	100,041
Restricted cash	121,589	90,641
Accrued interest receivable	48,324	47,335
Other assets	57,081	45,459
Deferred financing costs, net of accumulated amortization of $17,768 and $15,811, respectively	18,932	19,734
Intangible assets, net of accumulated amortization of $4,564 and $2,976, respectively	21,554	2,343
Total assets	3,027,237	2,923,980
Liabilities and Equity	'	'
Indebtedness ($389,146 and $216,703 at fair value, respectively)	2,086,401	1,799,595
Accrued interest payable	26,936	24,129
Accounts payable and accrued expenses	32,447	22,990
Derivative liabilities	113,331	151,438
Deferred taxes, borrowers' escrows and other liabilities	79,462	35,704
Total liabilities	2,338,577	2,033,856
Series D cumulative redeemable preferred shares, $0.01 par value per share, 4,000,000 shares authorized, 2,600,000 shares issued and outstanding	52,970	52,278
Shareholders' equity:	'	'
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 71,447,437 and 58,913,142 issued and outstanding, including 369,500 unvested restricted common share awards at December 31, 2013	2,143	1,760
Additional paid in capital	1,920,455	1,837,389
Accumulated other comprehensive income (loss)	-63,810	-95,173
Retained earnings (deficit)	-1,257,306	-910,086
Total shareholders' equity	601,563	833,961
Noncontrolling interests	34,127	3,885
Total equity	635,690	837,846
Total liabilities and equity	3,027,237	2,923,980
7.75% Series A cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized	41	31
8.375% Series B cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized	23	23
8.875% Series C cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized	17	17
Series E cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized	$0	$0

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified			7.75% Series A cumulative redeemable preferred shares	7.75% Series A cumulative redeemable preferred shares	8.375% Series B cumulative redeemable preferred shares	8.375% Series B cumulative redeemable preferred shares	8.875% Series C cumulative redeemable preferred shares	8.875% Series C cumulative redeemable preferred shares	Series E cumulative redeemable preferred shares	Series E cumulative redeemable preferred shares
Real estate, accumulated depreciation	$127,745	$97,392	'	'	'	'	'	'	'	'
Deferred financing costs, accumulated amortization	17,768	15,811	'	'	'	'	'	'	'	'
Intangible assets, accumulated amortization	4,564	2,976	'	'	'	'	'	'	'	'
Indebtedness, fair value	$389,146	$216,703	'	'	'	'	'	'	'	'
Series D cumulative redeemable preferred shares, par value	$0.01	$0.01	'	'	'	'	'	'	'	'
Series D cumulative redeemable preferred shares, shares authorized	4,000,000	4,000,000	'	'	'	'	'	'	'	'
Series D cumulative redeemable preferred shares, shares issued	2,600,000	2,600,000	'	'	'	'	'	'	'	'
Series D cumulative redeemable preferred shares, shares outstanding	2,600,000	2,600,000	'	'	'	'	'	'	'	'
Preferred shares, authorized	25,000,000	25,000,000	4,760,000	4,760,000	4,300,000	4,300,000	3,600,000	3,600,000	4,000,000	4,000,000
Preferred shares, dividend rate	'	'	7.75%	7.75%	8.38%	8.38%	8.88%	8.88%	'	'
Cumulative redeemable preferred shares, liquidation preference	'	'	$25	$25	$25	$25	$25	$25	'	'
Cumulative redeemable preferred shares, shares issued	2,600,000	'	4,069,288	3,124,288	2,288,465	2,288,465	1,640,100	1,640,100	'	'
Cumulative redeemable preferred shares, shares outstanding	'	'	4,069,288	3,124,288	2,288,465	2,288,465	1,640,100	1,640,100	'	'
Common shares, par value	$0.03	$0.03	'	'	'	'	'	'	'	'
Common shares, shares authorized	200,000,000	200,000,000	'	'	'	'	'	'	'	'
Common shares, shares issued	71,447,437	58,913,142	'	'	'	'	'	'	'	'
Common shares, shares outstanding	71,447,437	58,913,142	'	'	'	'	'	'	'	'
Unvested restricted common share awards	369,500	'	'	'	'	'	'	'	'	'
Preferred Shares, par value	'	'	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01	$0.01

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue:	'	'	'
Investment interest income	$134,447	$117,054	$132,351
Investment interest expense	-30,595	-32,909	-38,356
Net interest margin	103,852	84,145	93,995
Rental income	114,224	103,872	91,880
Fee and other income	28,799	12,767	9,923
Total revenue	246,875	200,784	195,798
Expenses:	'	'	'
Interest expense	40,297	42,408	51,293
Real estate operating expense	60,887	56,443	55,285
Compensation expense	26,802	23,182	23,993
General and administrative expense	14,893	14,866	17,380
Provision for losses	3,000	2,000	3,900
Depreciation and amortization expense	36,093	31,337	'
Total expenses	181,972	170,236	181,341
Operating Income	64,903	30,548	14,457
Other income (expense)	-5,233	-1,789	348
Gains (losses) on assets	-2,266	2,529	6,353
Gains (losses) on extinguishment of debt	-1,275	1,574	15,001
Change in fair value of financial instruments	-344,426	-201,787	-75,154
Income (loss) before taxes and discontinued operations	-288,297	-168,925	-38,995
Income tax benefit (provision)	2,933	584	538
Income (loss) from continuing operations	-285,364	-168,341	-38,457
Income (loss) from discontinued operations	0	0	747
Net income (loss)	-285,364	-168,341	-37,710
Income (loss) allocated to preferred shares	-22,616	-14,660	-13,649
Income (loss) allocated to noncontrolling interests	-28	196	229
Net income (loss) allocable to common shares	($308,008)	($182,805)	($51,130)
Earnings (loss) per share-Basic:	'	'	'
Continuing operations	($4.54)	($3.75)	($1.35)
Discontinued operations	$0	$0	$0.02
Total earnings (loss) per share-Basic	($4.54)	($3.75)	($1.33)
Weighted-average shares outstanding-Basic	67,814,316	48,746,761	38,508,086
Earnings (loss) per share-Diluted:	'	'	'
Continuing operations	($4.54)	($3.75)	($1.35)
Discontinued operations	$0	$0	$0.02
Total earnings (loss) per share-Diluted	($4.54)	($3.75)	($1.33)
Weighted-average shares outstanding-Diluted	67,814,316	48,746,761	38,508,086
Dividends declared per common share	$0.56	$0.35	$0.27

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income (loss)	($285,364)	($168,341)	($37,710)
Other comprehensive income (loss):	'	'	'
Change in fair value of interest rate hedges	-754	-11,835	-33,504
Reclassification adjustments associated with unrealized losses (gains) from interest rate hedges included in net income (loss)	0	0	-8
Realized (gains) losses on interest rate hedges reclassified to earnings	32,117	34,956	42,820
Total other comprehensive income (loss)	31,363	23,121	9,308
Comprehensive income (loss) before allocation to noncontrolling interests	-254,001	-145,220	-28,402
Allocation to noncontrolling interests	-28	196	229
Comprehensive income (loss)	($254,029)	($145,024)	($28,173)

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Total	7.75% Series A cumulative redeemable preferred shares	8.375% Series B cumulative redeemable preferred shares	8.875% Series C cumulative redeemable preferred shares	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Total Shareholders' Equity	Noncontrolling Interests
In Thousands, except Share data
Beginning Balance at Dec. 31, 2010	$918,530	$28	$23	$16	$1,060	$1,691,681	($127,602)	($647,110)	$918,096	$434
Beginning Balance (in shares) at Dec. 31, 2010	'	2,760,000	2,258,300	1,600,000	35,300,190	'	'	'	'	'
Net income (loss)	-37,710	0	0	0	0	0	0	-37,481	-37,481	-229
Preferred dividends	-13,649	0	0	0	0	0	0	-13,649	-13,649	0
Common dividends declared	-10,431	0	0	0	0	0	0	-10,431	-10,431	0
Other comprehensive income (loss) net	9,308	0	0	0	0	0	9,308	0	9,308	0
Stock compensation expense	-496	0	0	0	6	-502	0	0	-496	0
Stock compensation expense, shares	'	'	'	'	303,138	'	'	'	'	'
Acquisition of noncontrolling interests	3,582	0	0	0	0	0	0	0	0	3,582
Common shares issued, net	44,960	0	0	0	170	44,790	0	0	44,960	0
Common shares issued, net (in shares)	'	'	'	'	5,686,238	'	'	'	'	'
Ending Balance at Dec. 31, 2011	914,094	28	23	16	1,236	1,735,969	-118,294	-708,671	910,307	3,787
Ending Balance (in shares) at Dec. 31, 2011	'	2,760,000	2,258,300	1,600,000	41,289,566	'	'	'	'	'
Net income (loss)	-168,341	0	0	0	0	0	0	-168,145	-168,145	-196
Preferred dividends	-14,660	0	0	0	0	0	0	-14,660	-14,660	0
Common dividends declared	-18,610	0	0	0	0	0	0	-18,610	-18,610	0
Other comprehensive income (loss) net	23,121	0	0	0	0	0	23,121	0	23,121	0
Stock compensation expense	-4,653	0	0	0	0	-4,653	0	0	-4,653	0
Stock compensation expense, shares	'	'	'	'	169,474	'	'	'	'	'
Acquisition of noncontrolling interests	294	0	0	0	0	0	0	0	0	294
Stock appreciation rights awarded	6,091	0	0	0	0	6,091	0	0	6,091	0
Preferred shares issued, net (shares)	'	364,288	30,165	40,100	'	'	'	'	'	'
Preferred shares issued, net	9,131	3	0	1	0	9,127	0	0	9,131	0
Common shares issued, net	91,379	0	0	0	524	90,855	0	0	91,379	0
Common shares issued, net (in shares)	'	'	'	'	17,454,102	'	'	'	'	'
Ending Balance at Dec. 31, 2012	837,846	31	23	17	1,760	1,837,389	-95,173	-910,086	833,961	3,885
Ending Balance (in shares) at Dec. 31, 2012	'	3,124,288	2,288,465	1,640,100	58,913,142	'	'	'	'	'
Net income (loss)	-285,364	0	0	0	0	0	0	-285,392	-285,392	28
Preferred dividends	-22,616	0	0	0	0	0	0	-22,616	-22,616	0
Common dividends declared	-39,212	0	0	0	0	0	0	-39,212	-39,212	0
Other comprehensive income (loss) net	31,363	0	0	0	0	0	31,363	0	31,363	0
Stock compensation expense	-351	0	0	0	0	-351	0	0	-351	0
Acquisition of noncontrolling interests	31,303	0	0	0	0	0	0	0	0	31,303
Distribution to noncontrolling interests	-1,089	0	0	0	0	0	0	0	0	-1,089
Stock appreciation rights awarded	1,332	0	0	0	0	1,332	0	0	1,332	0
Preferred shares issued, net (shares)	'	945,000	'	'	'	'	'	'	'	'
Preferred shares issued, net	21,829	10	0	0	0	21,819	0	0	21,829	0
Common shares issued, net	90,029	0	0	0	383	89,646	0	0	90,029	0
Common shares issued, net (in shares)	'	'	0	0	12,534,295	'	'	'	'	'
4.0% convertible senior notes embedded conversion option	8,817	0	0	0	0	8,817	0	0	8,817	0
4.0% convertible senior notes hedge	-8,838	0	0	0	0	-8,838	0	0	-8,838	0
Repurchase of equity conversion right of 7.0% convertible senior notes	-29,359	0	0	0	0	-29,359	0	0	-29,359	0
Ending Balance at Dec. 31, 2013	$635,690	$41	$23	$17	$2,143	$1,920,455	($63,810)	($1,257,306)	$601,563	$34,127
Ending Balance (in shares) at Dec. 31, 2013	'	4,069,288	2,288,465	1,640,100	71,447,437	'	'	'	'	'

Consolidated_Statements_of_Cha1

Consolidated Statements of Changes in Equity (Parenthetical)	Dec. 31, 2013	Dec. 31, 2012
4.0% convertible senior notes	'	'
Convertible senior notes interest rate	4.00%	'
7.0% convertible senior notes	'	'
Convertible senior notes interest rate	7.00%	7.00%

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating activities:	'	'	'
Net income (loss)	($285,364)	($168,341)	($37,710)
Adjustments to reconcile net income (loss) to cash flow from operating activities:	'	'	'
Provision for losses	3,000	2,000	3,900
Share-based compensation expense	3,441	2,208	541
Depreciation and amortization	36,093	31,337	29,490
Amortization of deferred financing costs and debt discounts	8,312	7,103	5,139
Accretion of discounts on investments	-8,374	-3,035	-2,279
(Gains) losses on assets	2,266	-2,529	-6,353
(Gains) losses on extinguishment of debt	1,275	-1,574	-15,001
Change in fair value of financial instruments	344,426	201,787	75,154
Provision (benefit) for deferred taxes	-3,335	-625	-595
Other items	0	0	-8
Changes in assets and liabilities:	'	'	'
Accrued interest receivable	-9,889	-8,281	-2,645
Other assets	-2,445	-7,192	-1,607
Accrued interest payable	-25,946	-35,674	-43,015
Accounts payable and accrued expenses	4,060	1,941	-5,141
Deferred taxes, borrowers' escrows and other liabilities	2,125	345	-1,882
Cash flow from operating activities	69,645	19,470	-2,012
Investing activities:	'	'	'
Proceeds from sales of other securities	97,895	15,331	82,600
Purchase and origination of loans for investment	-589,840	-356,188	-104,128
Principal repayments on loans	98,504	140,155	211,271
Sales of conduit loans	387,864	97,873	0
Investments in real estate	-74,920	-29,939	-25,450
Proceeds from dispositions of real estate	3,139	0	65,750
Business acquisition	0	0	-2,578
(Increase) decrease in restricted cash	-23,164	197,856	-133,579
Cash flow from investing activities	-100,522	65,088	93,886
Financing activities:	'	'	'
Repayments on secured credit facilities and loans payable on real estate	-30,834	-3,187	-3,097
Proceeds from secured credit facilities and loans payable on real estate	38,562	10,237	37,400
Repayments and repurchase of CDO notes payable	-206,112	-143,909	-48,104
Proceeds from issuance of convertible senior notes	101,250	0	0
Proceeds from repurchase agreements	232,856	44,213	0
Repayments of repurchase agreements	-195,107	-44,213	0
Issuance (acquisition) of noncontrolling interests	28,611	294	3,582
Payments for deferred costs and convertible senior note hedges	-16,896	-1,044	-8,560
Preferred share issuance, net of costs incurred	21,829	69,246	0
Common share issuance, net of costs incurred	87,513	90,566	30,894
Distributions paid to preferred shareholders	-20,579	-17,875	-10,235
Distributions paid to common shareholders	-33,851	-14,983	-7,919
Cash flow from financing activities	19,683	-14,237	-89,384
Net change in cash and cash equivalents	-11,194	70,321	2,490
Cash and cash equivalents at the beginning of the period	100,041	29,720	27,230
Cash and cash equivalents at the end of the period	88,847	100,041	29,720
Supplemental cash flow information:	'	'	'
Cash paid for interest	32,662	26,393	36,473
Cash paid (refunds received) for taxes	-595	-589	31
Non-cash increase in investments in real estate from the conversion of loans	51,974	27,400	124,743
Non-cash decrease in indebtedness from conversion to shares or debt extinguishments	-7,131	-1,574	-17,384
Non-cash increase in non-controlling interests from property acquisition	1,618	0	0
Non-cash increase in other assets from business combination	8,778	0	0
Non-cash increase in intangible assets from business combination	19,050	0	0
Non-cash increase in indebtedness from business combination	2,500	0	0
Non-cash increase in accounts payable and accrued expenses from business combination	4,848	0	0
Non-cash increase in deferred taxes, borrowers' escrows and other liabilities from business combination	8,502	0	0
4.0% convertible senior notes	'	'	'
Financing activities:	'	'	'
Proceeds from issuance of convertible senior notes	125,000	0	0
7.0% convertible senior notes	'	'	'
Financing activities:	'	'	'
Proceeds from issuance of convertible senior notes	0	0	115,000
Repayments and repurchase of convertible senior notes	-112,559	0	0
6.875% convertible senior notes	'	'	'
Financing activities:	'	'	'
Repayments and repurchase of convertible senior notes	$0	($3,582)	($198,345)

The_Company

The Company	12 Months Ended
	Dec. 31, 2013
The Company	'
	NOTE 1: THE COMPANY
	RAIT Financial Trust invests in and manages a portfolio of real-estate related assets, including direct ownership of real estate properties, and provides a comprehensive set of debt financing options to the real estate industry. References to “RAIT”, “we”, “us”, and “our” refer to RAIT Financial Trust and its subsidiaries, unless the context otherwise requires. RAIT is a self-managed and self-advised Maryland real estate investment trust, or REIT.
	We finance a substantial portion of our investments through borrowing and securitization strategies seeking to match the maturities and terms of our financings with the maturities and terms of those investments, and to mitigate interest rate risk through derivative instruments.

Summary_Of_Significant_Account

Summary Of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary Of Significant Accounting Policies	'
	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	a. Basis of Presentation
	The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included.
	Certain prior period amounts have been reclassified to conform with the current period presentation. Previously, investment interest expense was included as part of interest expense within total expenses. We have now classified the portion of interest expense that finances our interest bearing assets as a component of net interest margin within total revenue.
	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our majority-owned and/or controlled subsidiaries. We also consolidate entities that are variable interest entities, or VIEs, where we have determined that we are the primary beneficiary of such entities. The portions of these entities that we do not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
	In August 2007, we made a $6.0 million preferred equity investment in a retail property management firm. In November 2013, we exercised certain rights under the terms of our investment and as a result, started to consolidate its operations and incurred certain non-cash increases in other assets, intangible assets and various liabilities.
	We had a non-cash increase in other assets and intangible assets of $8.8 million and $19.0 million, respectively, resulting from this consolidation. We also had a non-cash increase in various liabilities of $15.9 million. These amounts are provisional and subject to change as we complete the purchase price allocation process.
	Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation”, the determination of whether to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We define the power to direct the activities that most significantly impact the VIE’s economic performance as the ability to buy, sell, refinance, or recapitalize assets or entities, and solely control other material operating events or items of the respective entity. For our commercial mortgages, mezzanine loans, and preferred equity investments, certain rights we hold are protective in nature and would preclude us from having the power to direct the activities that most significantly impact the VIE’s economic performance. Assuming both criteria are met, we would be considered the primary beneficiary and would consolidate the VIE. We will continually assess our involvement with VIEs and consolidated the VIEs when we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs.
	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
	d. Cash and Cash Equivalents
	Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
	e. Restricted Cash
	Restricted cash consists primarily of proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2013 and 2012, we had $70,705 and $51,927, respectively, of restricted cash held by securitizations.
	Restricted cash also includes tenant escrows and borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. As of December 31, 2013 and 2012, we had $50,884 and $38,714, respectively, of tenant escrows and borrowers’ funds.
	f. Investments in Loans
	We invest in commercial mortgages, mezzanine loans, debt securities and other loans. We account for our investments in commercial mortgages, mezzanine loans and other loans at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans.
	g. Allowance for Losses, Impaired Loans and Non-accrual Status
	We maintain an allowance for losses on our investments in commercial mortgages, mezzanine loans and other loans. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. Management reviews loans for impairment and establishes specific reserves when a loss is probable and reasonably estimable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. If any trends or characteristics indicate that it is probable that other loans, with similar characteristics to those of impaired loans, have incurred a loss, we consider whether an allowance for loss is needed pursuant to FASB ASC Topic 450, “Contingencies.” Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days. Payments received for non-accrual or impaired loans are applied to principal until the loan is removed from non-accrual status or no longer impaired. Past due interest is recognized on non-accrual loans when they are removed from non-accrual status and are making current interest payments. The allowance for losses is increased by charges to operations and decreased by charge-offs (net of recoveries). Management charges off loans when the investment is no longer realizable and legally discharged.
	h. Investments in Real Estate
	Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been evaluated to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred.
	Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB ASC Topic 805, “Business Combinations.” Fair value is determined by management based on market conditions and inputs at the time the asset is acquired. All expenses incurred to acquire a real estate asset are expensed as incurred.
	Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property.
	i. Investments in Securities
	We account for our investments in securities under FASB ASC Topic 320, “Investments—Debt and Equity Securities”, and designate each investment security as a trading security, an available-for-sale security, or a held-to-maturity security based on our intent at the time of acquisition. Trading securities are recorded at their fair value each reporting period with fluctuations in fair value reported as a component of earnings. Available-for-sale securities are recorded at fair value with changes in fair value reported as a component of other comprehensive income (loss). We classify certain available-for-sale securities as trading securities when we elect to record them under the fair value option in accordance with FASB ASC Topic 825, “Financial Instruments.” See “m. Fair Value of Financial Instruments.” Upon the sale of an available-for-sale security, the realized gain or loss on the sale will be recorded as a component of earnings in the respective period. Held-to-maturity investments are carried at amortized cost at each reporting period.
	We account for investments in securities where the transfer meets the criteria as a financing under FASB ASC Topic 860, “Transfers and Servicing”, at fair value. Our investments in security-related receivables represent securities that were transferred to issuers of collateralized debt obligations, or CDOs, in which the transferors maintained some level of continuing involvement. We use our judgment to determine whether an investment in securities has sustained an other-than-temporary decline in value. If management determines that an available-for-sale security has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings, and we establish a new cost basis for the investment. Our evaluation of an other-than-temporary decline is dependent on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the estimated fair value of the investment in relation to our cost basis; the financial condition of the related entity; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery of the fair value of the investment.
	j. Transfers of Financial Assets
	We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables.
	k. Revenue Recognition
		1)	Interest income—We recognize interest income from investments in commercial mortgages, mezzanine loans, and other securities on a yield to maturity basis. Upon the acquisition of a loan at a discount, we assess the portions of the discount that constitute accretable yields and non-accretable differences. The accretable yield represents the excess of our expected cash flows from the loan over the amount we paid for the loan. That amount, the accretable yield, is accreted to interest income over the remaining life of the loan. Many of our commercial mortgages and mezzanine loans provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible.
	For investments that we did not elect to record at fair value under FASB ASC Topic 825, “Financial Instruments”, origination fees and direct loan origination costs are deferred and amortized to net investment income, using the effective interest method, over the contractual life of the underlying loan security or loan, in accordance with FASB ASC Topic 310, “Receivables.”
	For investments that we elected to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred.
	We recognize interest income from interests in certain securitized financial assets on an effective interest yield method. Management estimates the current yield on the amortized cost of the investment based on estimated cash flows after considering prepayment and credit loss experience.
		2)	Rental income—We generate rental income from tenant rent and other tenant-related activities at our consolidated real estate properties. For multi-family real estate properties, rental income is recorded when due from residents and recognized monthly as it is earned and realizable, under lease terms which are generally for periods of one year or less. For retail and office real estate properties, rental income is recognized on a straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Leases also typically provide for tenant reimbursement of a portion of common area maintenance and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease.
		3)	Fee and other income—We generate fee and other income through our various subsidiaries by (a) funding conduit loans for sale into unaffiliated CMBS securitizations, (b) providing or arranging to provide financing to our borrowers, (c) providing ongoing asset management services to investment portfolios under cancelable management agreements, and (d) providing property management services to third parties. We recognize revenue for these activities when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. While we may receive asset management fees when they are earned, we eliminate earned asset management fee income from securitizations while such securitizations are consolidated. During the years ended December 31, 2013, 2012, and 2011, we received $4,732, $4,959, and $5,200, respectively, of earned asset management fees. We eliminated $3,450, $3,704, and $3,768, respectively, of these earned asset management fees as it was associated with consolidated securitizations.
	l. Derivative Instruments
	We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions.
	In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges are recognized in earnings.
	m. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:
		•		Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.
		•		Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs.
		•		Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are trust preferred securities, or TruPS, and subordinated debentures, trust preferred obligations and CDO notes payable where observable market inputs do not exist.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.
	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
	n. Income Taxes
	RAIT, Taberna Realty Finance Trust, or Taberna, and Independence Realty Trust, Inc., or IRT, have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of our dividends to shareholders and as long as certain asset, income and share ownership tests are met. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for dividends to our shareholders. Management believes that all of the criteria to maintain RAIT’s, Taberna’s, and IRT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
	We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations.
	From time to time, our TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to securitizations. Some of these fees paid to the TRS entities are capitalized as deferred financing costs by the securitizations. Certain securitizations may be consolidated in our financial statements pursuant to FASB ASC Topic 810, “Consolidation.” In consolidation, these fees are eliminated when the securitization is included in the consolidated group. Additionally, our TRS entities generate taxable revenue from advisory fees for services provided to IRT. In consolidation, these advisory fees are eliminated as IRT is included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
	Certain TRS entities are domiciled in the Cayman Islands and taxable income generated by these entities may not be subject to local income taxation, but generally will be included in our taxable income on a current basis, whether or not distributed. Upon distribution to us of any previously included income, no incremental U.S. federal, state, or local income taxes would be payable by us.
	The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. We review the tax balances of our TRS entities quarterly and, as new information becomes available, the balances are adjusted as appropriate.
	o. Share-Based Compensation
	We account for our share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” We measure the cost of employee and trustee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and record compensation expense over the related vesting period.
	p. Deferred Financing Costs and Intangible Assets
	Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
	Intangible assets on our consolidated balance sheets represent identifiable intangible assets acquired in business acquisitions. We amortize identified intangible assets to expense over their estimated lives using the straight-line method. We evaluate intangible assets for impairment as events and circumstances change, in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment.” We expect to record amortization expense of intangible assets of $3,249 for 2014, $2,654 for 2015, $2,411 for 2016, $1,937 for 2017, $1,937 for 2018 and $9,366 thereafter.
	q. Recent Accounting Pronouncements
	In June 2011, the FASB issued an accounting standard classified under FASB ASC Topic 222, “Comprehensive Income”. This accounting standard amends existing guidance to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income by requiring entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued an accounting standard that deferred the new presentation requirements about reclassification adjustments. Both of these accounting standards are effective for fiscal years, and interim periods with those years, beginning after December 15, 2011. The adoption of these standards did not have a material effect on our consolidated financial statements. In February 2013, the FASB issued an accounting standard that requires an entity to present the amounts reclassified out of accumulated other comprehensive income by component either on the face of the statement of operations or in the notes to the financial statements. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard is effective for reporting periods beginning after December 31, 2012. The adoption of this standard did not have a material effect on our consolidated financial statements.

Investments_In_Loans

Investments In Loans	12 Months Ended
	Dec. 31, 2013
Investments In Loans	'
	NOTE 3: INVESTMENTS IN LOANS
	Investments in Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2013:
			Unpaid			Unamortized			Carrying			Number of		Weighted-			Range of Maturity Dates
			Principal			(Discounts)			Amount			Loans		Average
			Balance			Premiums								Coupon (1)
	Commercial Real Estate (CRE) Loans
	Commercial mortgages		$	792,526		$	(19,257	)	$	773,269			59		6.4	%		Mar. 2014 to Jan. 2029
	Mezzanine loans			269,034			(3,273	)		265,761			81		9.6	%		Mar. 2014 to Jan. 2029
	Preferred equity interests			54,389			(939	)		53,450			11		8.6	%		May 2015 to Aug. 2025
	Total CRE Loans			1,115,949			(23,469	)		1,092,480			151		7.3	%
	Other loans			30,625			72			30,697			2		4.3	%		Mar. 2014 to Oct. 2016
	Total Loans			1,146,574			(23,397	)		1,123,177			153		7.2	%
	Deferred fees			(800	)		0			(800	)
	Total investments in loans		$	1,145,774		$	(23,397	)	$	1,122,377
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2012:
			Unpaid			Unamortized			Carrying			Number of		Weighted-			Range of Maturity Dates
			Principal			(Discounts)			Amount			Loans		Average
			Balance			Premiums								Coupon (1)
	Commercial Real Estate (CRE) Loans
	Commercial mortgages		$	728,774		$	(25,807	)	$	702,967			50		6.4	%		Mar. 2013 to Jan. 2023
	Mezzanine loans			275,457			(4,355	)		271,102			83		9.3	%		Mar. 2013 to Nov. 2038
	Preferred equity interests			64,752			(1,031	)		63,721			15		9.7	%		Mar. 2014 to Aug. 2025
	Total CRE Loans			1,068,983			(31,193	)		1,037,790			148		7.4	%
	Other loans			38,600			(30	)		38,570			2		4.9	%		Mar. 2013 to Oct. 2016
	Total Loans			1,107,583			(31,223	)		1,076,360			150		7.3	%
	Deferred fees			(1,231	)		0			(1,231	)
	Total investments in loans		$	1,106,352		$	(31,223	)	$	1,075,129
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	During the year ended December 31, 2013, we did not convert any commercial real estate loans to owned real estate property. During the year ended December 31, 2012, we completed the conversion of two commercial real estate loans with a carrying value of $24,871 to real estate owned property and we recorded a gain on asset of $2,529 as the value of the real estate exceeded the carrying amount of the converted loans. See Note 5 for property acquisitions that did not consist of the assumption of commercial real estate loans.
	The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2013 and 2012:
	Delinquency Status		As of			As of
			December 31,			December 31,
			2013			2012
	30 to 59 days		$	0		$	1,974
	60 to 89 days			6,441			5,211
	90 days or more			2,163			37,130
	In foreclosure or bankruptcy proceedings			16,002			9,420
	Total		$	24,606		$	53,735
	As of December 31, 2013 and 2012, approximately $37,073 and $69,080, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 6.3% and 8.4%, respectively. As of December 31, 2013 and 2012, 1 Other loan with a carrying amount of approximately $10,487 and $18,462, respectively, was on non-accrual status and had a weighted-average interest rate of 7.2%.
	The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests by year:
	2014		$	31,928
	2015			90,895
	2016			327,416
	2017			428,372
	2018			57,561
	Thereafter			210,402
	Total		$	1,146,574
	Allowance For Losses And Impaired Loans
	The following table provides a roll-forward of our allowance for losses for the years ended December 31, 2013, 2012 and 2011:
			For the Year Ended			For the Year Ended			For the Year Ended
			December 31, 2013			December 31, 2012			December 31, 2011
	Beginning balance		$	30,400		$	46,082		$	69,691
	Provision			3,000			2,000			3,900
	Charge-offs, net of recoveries			(10,445	)		(17,682	)		(27,509	)
	Ending balance		$	22,955		$	30,400		$	46,082
	As of December 31, 2013 and 2012, we identified 10 and 14, respectively, commercial mortgages, mezzanine loans and other loans with unpaid principal balances of $30,143 and $47,394, respectively, as impaired.
	The average unpaid principal balance of total impaired loans was $42,680, $67,466, and $125,263 during the years ended December 31, 2013, 2012, and 2011, respectively. We recorded interest income from impaired loans of $45, $149, and $525 for the years ended December 31, 2013, 2012, and 2011, respectively.
	We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring (TDR) under FASB ASC Topic 310, “Receivables”. During the year ended December 31, 2013, we have determined that a modification to three commercial real estate loans constituted a TDR as the borrowers were experiencing financial difficulties and we, as the lender, granted a concession to the borrowers by: (a) extending the maturity date from March 2014 to February 2016 in one of the loan modifications, (b) reducing the interest rate from 10.26% to 0% in one of the loan modifications, and (c) extending the maturity date to August 2018 in one of the loan modifications as it had matured. The outstanding recorded investments were $27,168 both before and after the modifications. As of December 31, 2013, there were no TDRs that subsequently defaulted.

Investments_In_Securities

Investments In Securities	12 Months Ended
	Dec. 31, 2013
Investments In Securities	'
	NOTE 4: INVESTMENTS IN SECURITIES
	Our investments in securities and security-related receivables are accounted for at fair value. The following table summarizes our investments in securities as of December 31, 2013:
	Investment Description		Amortized		Net Fair			Estimated		Weighted			Weighted
			Cost		Value			Fair Value		Average			Average
					Adjustments					Coupon (1)			Years to
													Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	(139,531	)	$	480,845		3.7	%		20.4
	Other securities			12,312		(12,312	)		0		4.7	%		38.9
	Total trading securities			632,688		(151,843	)		480,845		3.8	%		20.8
	Available-for-sale securities			3,600		(3,598	)		2		2	%		28.9
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		(24,689	)		8,211		3.4	%		18.3
	Unsecured REIT note receivables			30,000		3,046			33,046		6.7	%		3.1
	CMBS receivables (2)			69,905		(25,787	)		44,118		5.6	%		30.6
	Other securities			33,144		(32,064	)		1,080		2.2	%		36.5
	Total security-related receivables			165,949		(79,494	)		86,455		4.7	%		24.4
	Total investments in securities		$	802,237	$	(234,935	)	$	567,302		3.9	%		21.7
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	-2	CMBS receivables include securities with a fair value totaling $8,228 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,594 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,164 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $1,132 that are rated “D” by Standard & Poor’s.
	A substantial portion of our gross unrealized losses at December 31, 2013 were greater than 12 months.
	The following table summarizes our investments in securities as of December 31, 2012:
	Investment Description		Amortized		Net Fair			Estimated		Weighted			Weighted
			Cost		Value			Fair Value		Average			Average
					Adjustments					Coupon (1)			Years to
													Maturity
	Trading securities
	TruPS and subordinated debentures		$	637,376	$	(152,173	)	$	485,203		4.2	%		20.9
	Other securities			11,584		(11,584	)		0		4.8	%		39.9
	Total trading securities			648,960		(163,757	)		485,203		4.2	%		21.2
	Available-for-sale securities			3,600		(3,598	)		2		2.1	%		29.9
	Security-related receivables
	TruPS and subordinated debenture receivables			111,025		(19,877	)		91,148		6.5	%		9.1
	Unsecured REIT note receivables			30,000		2,769			32,769		6.7	%		4.1
	CMBS receivables (2)			83,342		(39,532	)		43,810		5.6	%		32.2
	Other securities			38,508		(35,931	)		2,577		2.8	%		37.4
	Total security-related receivables			262,875		(92,571	)		170,304		5.7	%		20
	Total investments in securities		$	915,435	$	(259,926	)	$	655,509		4.6	%		21
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	-2	CMBS receivables include securities with a fair value totaling $8,398 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,013 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,782 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $617 that are rated “D” by Standard & Poor’s.
	A substantial portion of our gross unrealized losses at December 31, 2012 were greater than 12 months.
	TruPS included above as trading securities include (a) investments in TruPS issued by VIEs of which we are not the primary beneficiary and which we do not consolidate and (b) transfers of investments in TruPS securities to us that were accounted for as a sale pursuant to FASB ASC Topic 860, “Transfers and Servicing.”
	The following table summarizes the non-accrual status of our investments in securities:
			As of December 31, 2013							As of December 31, 2012
			Principal /Par		Weighted			Fair Value		Principal /Par			Weighted			Fair Value
			Amount on		Average Coupon					Amount on			Average Coupon
			Non-accrual							Non-accrual
	TruPS and TruPS receivables		$	83,557		1.8	%	$	5,678	$	83,557			1.9	%	$	5,678
	Other securities			41,019		3.1	%		11		35,159			3.2	%		2
	CMBS receivables			22,772		5.9	%		447		35,208			5.9	%		642
	The assets of our consolidated CDOs collateralize the debt of such entities and are not available to our creditors. As of December 31, 2013 and 2012, investment in securities of $653,276 and $748,401, respectively, in principal amount of TruPS and subordinated debentures, and $91,383 and $101,021, respectively, in principal amount of unsecured REIT note receivables and CMBS receivables, collateralized the consolidated CDO notes payable of such entities.

Investments_In_Real_Estate

Investments In Real Estate	12 Months Ended
	Dec. 31, 2013
Investments In Real Estate	'
	NOTE 5: INVESTMENTS IN REAL ESTATE
	The table below summarizes our investments in real estate:
		As of December 31, 2013						As of December 31, 2012
		Book Value			Number of			Book Value			Number of
					Properties						Properties
	Multi-family real estate properties	$	716,708			37		$	613,888			34
	Office real estate properties		282,371			11			271,847			11
	Retail real estate properties		83,653			4			82,081			4
	Parcels of land		49,199			10			47,765			10
	Subtotal		1,131,931			62			1,015,581			59
	Less: Accumulated depreciation and amortization		(127,745	)					(97,392	)
	Investments in real estate	$	1,004,186					$	918,189
	As of December 31, 2013 and 2012, our investments in real estate were comprised of land of $235,052 and $218,500, respectively, and buildings and improvements of $896,879 and $797,081, respectively.
	As of December 31, 2013, our investments in real estate of $1,004,186 are financed through $171,223 of mortgages held by third parties and $864,689 of mortgages held by our RAIT I and RAIT II CDO securitizations. As of December 31, 2012, our investments in real estate of $918,189 are financed through $144,645 of mortgages held by third parties and $830,077 of mortgages held by our RAIT I and RAIT II CDO securitizations. Together, along with commercial real estate loans held by RAIT I and RAIT II, these mortgages serve as collateral for the CDO notes payable issued by the RAIT I and RAIT II CDO securitizations. All intercompany balances and interest charges are eliminated in consolidation.
	For our investments in real estate, the leases for our multi-family properties are generally one-year or less and leases for our office and retail properties are operating leases. The following table represents the minimum future rentals under expiring leases for our non-residential properties as of December 31, 2013.
	2014	$	4,388
	2015		4,991
	2016		3,969
	2017		5,566
	2018		1,657
	2019 and thereafter		11,638
	Total	$	32,209
	Acquisitions:
	During the year ended December 31, 2013, we acquired four multi-family properties with a purchase price of $101,650, which consisted of the assumption of three commercial real estate loans and the issuance of limited liability company membership units. These units are redeemable for our common shares in defined circumstances. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at a fair value of $103,200 and recorded a gain on asset of $1,550.
	The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the four properties acquired during the year ended December 31, 2013, on the respective date of each conversion, for the real estate accounted for under FASB ASC Topic 805.
	Description	Estimated
		Fair Value
	Assets acquired:
	Investments in real estate	$	101,733
	Cash and cash equivalents		187
	Restricted cash		1,089
	Other assets		412
	Intangible assets		1,467
	Total assets acquired		104,888
	Liabilities assumed:
	Accounts payable and accrued expenses		991
	Other liabilities		308
	Total liabilities assumed		1,299
	Estimated fair value of net assets acquired	$	103,589
	The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective conversion date:
	Description	Estimated
		Fair Value
	Fair value of consideration transferred:
	Commercial real estate loans	$	101,733
	Other considerations		1,856
	Total fair value of consideration transferred	$	103,589
	During the year ended December 31, 2013, these investments contributed revenue of $4,323 and a net income allocable to common shares of $249. During the year ended December 31, 2013, we incurred $263 of third-party acquisition-related costs.
	Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:
	Description	For the			For the
		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
	Total revenue, as reported	$	246,875		$	200,784
	Pro forma revenue		255,992			213,551
	Net income (loss) allocable to common shares, as reported		(308,008	)		(182,805	)
	Pro forma net income (loss) allocable to common shares		(304,588	)		(178,470	)
	We have not yet completed the process of estimating the fair value of assets acquired and liabilities assumed. Accordingly, our preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as we complete the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in our financial statements retrospectively.
	Subsequent to December 31, 2013, we acquired three multi-family properties and one office real estate property with a purchase price of $113,601, which consisted of the assumption of three real estate loans. We are completing the process of estimating the fair value of the assets acquired.
	Dispositions:
	During the year ended December 31, 2013, we disposed of one multi-family real estate property for a total purchase price of $3,300. We recorded losses on the sale of this asset of $1,517, which is included in the accompanying consolidated statement of operations. Subsequent to December 31, 2013, we entered into a purchase and sale agreement for the disposition of one multi-family real estate property. As a result, we have recorded an estimated loss on the sale of this asset of $2,207, which is included in the accompanying consolidated statement of operations.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2013
Indebtedness	'
	NOTE 6: INDEBTEDNESS
	We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations.
	The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2013:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066	$	32,938		7	%	Apr. 2031
	4.0% convertible senior notes (2)			125,000		116,184		4	%	Oct. 2033
	Secured credit facilities			11,129		11,129		3.2	%	Oct. 2016 to Dec. 2016
	Junior subordinated notes, at fair value (3)			18,671		11,911		0.5	%	Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.7	%	Apr. 2037
	CMBS facilities			30,618		30,618		2.7	%	Nov. 2014 to Oct. 2015
	Commercial mortgage facility			7,131		7,131		2.8	%	Dec. 2014
	Total recourse indebtedness (4)			251,715		235,011		3.8	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (5)(6)			1,204,117		1,202,772		0.6	%	2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			865,199		377,235		0.9	%	2037 to 2038
	CMBS securitization (8)			100,139		100,139		2.1	%	Jan. 2029
	Loans payable on real estate			171,244		171,244		5.3	%	Sep. 2015 to Dec. 2023
	Total non-recourse indebtedness			2,340,699		1,851,390		1.1	%
	Total indebtedness		$	2,592,414	$	2,086,401		1.4	%
	-1	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
	-2	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
	-3	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
	-4	Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
	-5	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
	-6	Collateralized by $1,662,537 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-7	Collateralized by $989,781 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2013 was $746,939. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-8	Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $131,843 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2012:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	115,000	$	109,631		7	%	Apr. 2031
	Secured credit facility			8,090		8,090		3	%	Dec. 2016
	Junior subordinated notes, at fair value (2)			38,052		29,655		5.2	%	Oct. 2015 to Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.8	%	Apr. 2037
	Total recourse indebtedness (3)			186,242		172,476		5.9	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (4)(5)			1,297,069		1,295,400		0.6	%	2045 to 2046
	CDO notes payable, at fair value (2)(4)(6)			984,380		187,048		1	%	2037 to 2038
	Loans payable on real estate			144,671		144,671		5.4	%	Sept. 2015 to May 2021
	Total non-recourse indebtedness			2,426,120		1,627,119		1.1	%
	Total indebtedness		$	2,612,362	$	1,799,595		1.4	%
	-1	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
	-2	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
	-3	Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
	-4	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
	-5	Collateralized by $1,757,789 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-6	Collateralized by $1,118,346 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2012 was $849,919. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	Recourse indebtedness refers to indebtedness that is recourse to our general assets, including the loans payable on real estate that are guaranteed by us. Non-recourse indebtedness consists of indebtedness of consolidated VIEs (i.e. securitization vehicles) and loans payable on real estate which is recourse only to specific assets pledged as collateral to the lenders. The creditors of each consolidated VIE have no recourse to our general credit.
	The current status or activity in our financing arrangements occurring as of or during the year ended December 31, 2013 is as follows:
	Recourse Indebtedness
	7.0% convertible senior notes. On March 21, 2011, we issued and sold in a public offering $115,000 aggregate principal amount of our 7.0% Convertible Senior Notes due 2031, or the 7.0% convertible senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $109,000 of net proceeds. Interest on the 7.0% convertible senior notes is paid semi-annually and the 7.0% convertible senior notes mature on April 1, 2031.
	Prior to April 5, 2016, the 7.0% convertible senior notes are not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after April 5, 2016, we may redeem all or a portion of the 7.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 7.0% convertible senior notes may require us to repurchase all or a portion of the 7.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on April 1, 2016, April 1, 2021, and April 1, 2026, or upon the occurrence of certain defined fundamental changes.
	The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 148.3601 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $6.74 per common share). Upon conversion of 7.0% convertible senior notes by a holder, the holder will receive cash, our common shares or a combination of cash and our common shares, at our election. We include the 7.0% convertible senior notes in earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods.
	According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 7.0% convertible senior notes of $8,228. This discount reflects the fair value of the embedded conversion option within the 7.0% convertible senior notes and was recorded as an increase to additional paid in capital. The fair value was calculated by discounting the cash flows required in the indenture relating to the 7.0% convertible senior notes agreement by a discount rate that represents management’s estimate of our senior, unsecured, non-convertible debt borrowing rate at the time when the 7.0% convertible senior notes were issued. The discount will be amortized to interest expense through April 1, 2016, the date at which holders of our 7.0% convertible senior notes could require repayment.
	During the year ended December 31, 2013, we repurchased from the market, a total of $80,934 in aggregate principal amount of 7.0% convertible senior notes for a total consideration of $112,559. The purchase price consisted of cash from the proceeds received from the public offering of the 4.0% Convertible Senior Notes due 2033 that were issued on December 10, 2013. As a result of this transaction, we recorded losses on extinguishment of debt of $8,407, inclusive of deferred financing costs and unamortized discounts that were written off, and $29,359 representing the reacquisition of the equity conversion right that was recorded as a reduction to additional paid in capital.
	4.0% convertible senior notes. On December 10, 2013, we issued and sold in a public offering $125,000 aggregate principal amount of our 4.0% Convertible Senior Notes due 2033, or the 4.0% convertible senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $121,250 of net proceeds. Interest on the 4.0% convertible senior notes is paid semi-annually and the 4.0% convertible senior notes mature on October 1, 2033.
	Prior to October 1, 2018, the 4.0% convertible senior notes are not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after October 1, 2018, we may redeem all or a portion of the 4.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 4.0% convertible senior notes may require us to repurchase all or a portion of the 4.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on October 1, 2018, October 1, 2023, and October 1, 2028, or upon the occurrence of certain defined fundamental changes.
	The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 104.4523 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $9.57 per common share). Upon conversion of 4.0% convertible senior notes by a holder, the holder will receive cash, our common shares or a combination of cash and our common shares, at our election. We include the 4.0% convertible senior notes in earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods.
According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 4.0% convertible senior notes of $8,817. This discount reflects the fair value of the embedded conversion option within the 4.0% convertible senior notes and was recorded as an increase to additional paid in capital. The fair value was calculated by discounting the cash flows required in the indenture relating to the 4.0% convertible senior notes agreement by a discount rate that represents management’s estimate of our senior, unsecured, non-convertible debt borrowing rate at the time when the 4.0% convertible senior notes were issued. The discount will be amortized to interest expense through October 1, 2018, the date at which holders of our 4.0% convertible senior notes could require repayment.
Concurrent with the offering of the 4.0% convertible senior notes, we used approximately $8,838 of the proceeds and entered into a capped call transaction with an affiliate of the underwriter. The capped call transaction has a cap price of $11.91, which is subject to certain adjustments, and an initial strike price of $9.57, which is subject to certain adjustments and is equivalent to the conversion price of the 4.0% convertible senior notes. The capped calls expire on various dates ranging from June 2018 to October 2018 and are expected to reduce the potential dilution to holders of our common stock upon the potential conversion of the 4.0% convertible senior notes. The capped call transaction is a separate transaction and is not part of the terms of the 4.0% convertible senior notes and will not affect the holders’ rights under the 4.0% convertible senior notes. The capped call transaction meets the criteria for equity classification and was recorded as a reduction to additional paid in capital. The capped call transaction is excluded from the dilutive EPS calculation as their effect would be anti-dilutive.
In January 2014, the underwriters exercised the overallotment option with respect to an additional $16,750 aggregate principal amount of the 4.0% convertible senior notes and we received total net proceeds of $16,300 after deducting underwriting fees and adjusting for accrued interim interest. In the aggregate, we issued $141,750 aggregate principal amount of the 4.0% convertible senior notes in the offering and raised total net proceeds of approximately $137,238 after deducting underwriting fees and offering expenses.
Secured credit facilities. As of December 31, 2013, we have $6,129 outstanding under one of our secured credit facilities, which is payable in December 2016 under the current terms of this facility. Our secured credit facility is secured by designated commercial mortgages and mezzanine loans.
During 2011, we renewed a secured credit facility by repaying $8,993 of the $19,547 outstanding principal amount and amending the terms of the remaining $10,554 balance to extend the maturity date from December 2011 to December 2016 and provide for the full amortization of that balance over that five year period. In addition, the interest rate on this secured credit facility was amended to be a floating interest rate of LIBOR plus 275 basis points.
In January 2014, we prepaid the outstanding $6,143 under this secured credit facility, including any accrued interest.
On October 25, 2013, our subsidiary, Independence Realty Operating Partnership, LP, or IROP, the operating partnership of IRT, entered into a $20,000 secured revolving credit agreement, or the IROP credit agreement, with The Huntington National Bank to be used to acquire properties, capital expenditures and for general corporate purposes. The IROP credit agreement has a 3-year term, bears interest at LIBOR plus 2.75% and contains customary financial covenants for this type of revolving credit agreement. IRT guaranteed IROP’s obligations under the IROP credit agreement. As of December 31, 2013, we have $2,500 outstanding under the IROP credit agreement.
Senior secured notes. On October 5, 2011, we entered into an exchange agreement with Taberna VIII pursuant to which we issued four senior secured notes, or the senior notes, with an aggregate principal amount equal to $100,000 to Taberna VIII in exchange for a portfolio of real estate related debt securities, or the exchanged securities, held by Taberna VIII. Taberna VIII is a subsidiary of ours and, as a result, the senior secured notes and their related interest are eliminated in consolidation. The senior notes and the exchanged securities were determined to have approximately equivalent fair market value at the time of the exchange.
The senior notes were issued pursuant to an indenture agreement dated October 5, 2011 which contains customary events of default, including those relating to nonpayment of principal or interest when due and defaults based upon events of bankruptcy and insolvency. The senior notes are each $25,000 principal amount with a weighted average interest rate of 7.0% and have maturity dates ranging from April 2017 to April 2019. Interest is at a fixed rate and accrues from October 5, 2011 and will be payable quarterly in arrears on October 30, January 30, April 30 and July 30 of each year, beginning October 30, 2011. The senior notes are secured and are not convertible into equity securities of RAIT.
During the year ended December 31, 2013, we prepaid $8,000 of the senior notes. As of December 31, 2013 we have $86,000 of outstanding senior notes.
Junior subordinated notes, at fair value. On October 16, 2008, we issued two junior subordinated notes with an aggregate principal amount of $38,052 to a third party and received $15,459 of net cash proceeds. One junior subordinated note, which we refer to as the first $18,671 junior subordinated note, has a principal amount of $18,671, a fixed interest rate of 8.65% through March 30, 2015 with a floating rate of LIBOR plus 400 basis points thereafter and a maturity date of March 30, 2035. The second junior subordinated note, which we refer to as the $19,381 junior subordinated note, had a principal amount of $19,381, a fixed interest rate of 9.64% and a maturity date of October 30, 2015. At issuance, we elected to record these junior subordinated notes at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings.
On October 25, 2010, pursuant to a securities exchange agreement, we exchanged and cancelled the first $18,671 junior subordinated note for another junior subordinated note, which we refer to as the second $18,671 junior subordinated note, in aggregate principal amount of $18,671 with a reduced interest rate and provided $5,000 of our 6.875% convertible senior notes as collateral for the second $18,671 junior subordinated note. The second $18,671 junior subordinated note has a fixed rate of interest of 0.5% through March 30, 2015, thereafter with a floating rate of three-month LIBOR plus 400 basis points, with such floating rate not to exceed 7.0%. The maturity date remains the same at March 30, 2035. At issuance, we elected to record the second $18,671 junior subordinated note at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings.
During the year ended December 31, 2013, we prepaid the $19,381 junior subordinated note. After reflecting the prepayment, only the second $18,671 junior subordinated note remains outstanding as of December 31, 2013. The fair value, or carrying amount, of this indebtedness was $11,911 as of December 31, 2013.
Junior subordinated notes, at amortized cost. On February 12, 2007, we formed Taberna Funding Capital Trust I which issued $25,000 of trust preferred securities to investors and $100 of common securities to us. The combined proceeds were used by Taberna Funding Capital Trust I to purchase $25,100 of junior subordinated notes issued by us. The junior subordinated notes are the sole assets of Taberna Funding Capital Trust I and mature on April 30, 2037, but are callable, at our option, on or after April 30, 2012. Interest on the junior subordinated notes is payable quarterly at a fixed rate of 7.69% through April 2012 and thereafter at a floating rate equal to three-month LIBOR plus 2.50%.
CMBS Facilities. On October 27, 2011, we entered into a two year CMBS facility, or the $100,000 CMBS facility, pursuant to which we may sell, and later repurchase, performing whole mortgage loans or senior interests in whole mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. The aggregate principal amount available under the $100,000 CMBS facility is $100,000 and incurs interest at LIBOR plus 250 basis points. The purchase price paid for any asset purchased will be equal to 75% of the lesser of the market value (determined by the purchaser in its sole discretion, exercised in good faith) or par amount of such asset on the purchase date. On October 11, 2013, we extended the expiration date to October 27, 2015. The $100,000 CMBS facility contains standard margin call provisions and financial covenants. As of December 31, 2013, we had $30,618 of outstanding borrowings under the $100,000 CMBS facility. As of December 31, 2013, we were in compliance with all financial covenants contained in the $100,000 CMBS facility.
On November 23, 2011, we entered into a one year CMBS facility, or the $150,000 CMBS facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. On November 21, 2013, we extended the $150,000 CMBS facility for an additional year. The aggregate principal amount available under the $150,000 CMBS facility is $150,000 and incurs interest at LIBOR plus 250 basis points. The purchase price paid for any asset purchased is up to 75% of the lesser of the unpaid principal balance and the market value (determined by the purchaser in its sole discretion, exercised in good faith) of such purchased asset on the purchase date. The $150,000 CMBS facility contains standard margin call provisions and financial covenants. No amounts were outstanding under the $150,000 CMBS facility at December 31, 2013. As of December 31, 2013, we were in compliance with all financial covenants contained in the $150,000 CMBS facility.
Commercial Mortgage Facility. On December 14, 2012, we entered into a one year commercial mortgage facility, or the $150,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its sole discretion. On December 13, 2013, we extended the $150,000 commercial mortgage facility for an additional year. The aggregate principal amount available under the $150,000 commercial mortgage facility is $150,000 and incurs interest at the greater of LIBOR plus 200 basis points or 0.75% plus 200 basis points. The purchase price paid for any asset purchased is up to 50% of the lesser of the unpaid principal balance and the market value (determined by the purchaser in its sole good faith discretion) of such purchased asset on the purchase date. The $150,000 commercial mortgage facility contains standard margin call provisions and financial covenants. As of December 31, 2013, we had $7,131 of outstanding borrowings under the $150,000 commercial mortgage facility at December 31, 2013. As of December 31, 2013, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility.
On January 27, 2014, we entered into a two year commercial mortgage facility, or the $75,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its sole discretion. The aggregate principal amount of the $75,000 commercial mortgage facility is $75,000 and incurs interest at LIBOR plus 200 basis points. The $75,000 commercial mortgage facility contains standard margin call provisions and financial covenants.
Non-Recourse Indebtedness
CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by consolidated CDO securitizations which are used to finance the acquisition of unsecured REIT notes, CMBS securities, commercial mortgages, mezzanine loans, and other loans in our commercial real estate portfolio. Generally, CDO notes payable are comprised of various classes of notes payable, with each class bearing interest at variable or fixed rates. Both RAIT I and RAIT II are meeting all of their overcollateralization, or OC, and interest coverage, or IC, trigger tests as of December 31, 2013 and 2012.
During the year ended December 31, 2013, we repurchased, from the market, a total of $17,500 in aggregate principal amount of CDO notes payable issued by our RAIT I securitization. The aggregate purchase price was $10,369 and we recorded a gain on extinguishment of debt of $7,131.
During the year ended December 31, 2012, we repurchased, from the market, a total of $2,500 in aggregate principal amount of CDO notes payable issued by our RAIT I securitization. The aggregate purchase price was $926 and we recorded a gain on extinguishment of debt of $1,574.
During the year ended December 31, 2011, we repurchased, from the market, a total of $23,700 in aggregate principal amount of CDO notes payable issued by RAIT I and RAIT II. The aggregate purchase price was $7,771 and we recorded a gain on extinguishment of debt of $15,929.
CDO notes payable, at fair value. As of January 1, 2008, we adopted the fair value option, which is now classified under FASB ASC Topic 825, and elected to record CDO notes payable at fair value. These CDO notes payable are collateralized by trading securities, security-related receivables and loans. At adoption, we decreased the carrying amount of these CDO notes payable by $1,520,616 to reflect these liabilities at fair value in our financial statements. The fair value of these CDO notes payable increased by $309,372 and $184,246 for the years ended December 31, 2013 and 2012, respectively. The increase was included in the change in fair value of financial instruments in our consolidated statements of operations as an expense.
Both Taberna VIII and Taberna IX are failing OC trigger tests which cause a change to the priority of payments to the debt and equity holders of the respective securitizations. Upon the failure of an OC test, the indenture of each securitization requires cash flows that would otherwise have been distributed to us as equity distributions, or in some cases interest payments on our retained CDO notes payable, be used to pay down sequentially the outstanding principal balance of the most senior note holders. The OC tests failures are due to defaulted collateral assets and credit risk securities. During the year ended December 31, 2013, $119,180 of cash flows, which is comprised of $7,275 that was re-directed from our retained interests in these securitizations and $111,905 that was from principal collections on the underlying collateral, were used to repay the most senior holders of our CDO notes payable.
CMBS securitization. On July 31, 2013, or the closing date, we closed a CMBS securitization transaction structured to be collateralized by $135,000 of floating rate commercial mortgage loans and participation interests, or the FL1 collateral, that we originated. The CMBS securitization transaction is intended to finance the FL1 collateral on a non-recourse basis. In connection with the CMBS securitization transaction, our subsidiaries made certain customary representations, warranties and covenants.
On the closing date, our subsidiary, RAIT 2013-FL1 Trust, or the FL1 issuer, issued classes of investment grade senior notes, or the FL1 senior notes, with an aggregate principal balance of approximately $101,250 to investors, representing an advance rate of approximately 75%. Our subsidiary received the unrated classes of junior notes, or the FL1 junior notes, including a class with an aggregate principal balance of $33,750, and the equity, or the retained interests, of the FL1 issuer. The FL1 senior notes bear interest at a weighted average rate equal to LIBOR plus 1.85%. The stated maturity of the FL1 notes is January 2029, unless redeemed or repaid prior thereto. Subject to certain conditions, beginning in August 2015 or upon defined tax events, the FL1 issuer may redeem the FL1 senior notes, in whole but not in part, at the direction of defined holders of FL1 junior notes that we hold.
On the closing date, RAIT FL1 purchased FL1 collateral with an aggregate principal balance of approximately $70,762 and approximately $64,238 was reserved for the acquisition by RAIT FL1 of additional collateral meeting defined eligibility criteria during a ramp-up period which was successfully completed by December 31, 2013. Our subsidiary serves as the servicer and special servicer of RAIT FL1. RAIT FL1 does not have OC triggers or IC triggers.
Loans payable on real estate. As of December 31, 2013 and 2012, we had $171,244 and $144,671, respectively, of other indebtedness outstanding relating to loans payable on consolidated real estate. These loans are secured by specific consolidated real estate and commercial loans included in our consolidated balance sheets.
During the year ended December 31, 2013, we obtained two first mortgages on our investments in real estate from third party lenders that have aggregate principal balances of $19,500 and $8,612, matures in December 2023 and January 2021, and have interest rates of 4.6% and 4.4%, respectively. During the year ended December 31, 2012, we obtained one first mortgage on our investments in real estate from a third party lender that has an aggregate principal balance of $10,222, matures in 2022, and has an interest rate of 3.59%.
Subsequent to December 31, 2013, we obtained or assumed two first mortgages on our investments in real estate from third party lenders that have a total aggregate principal balance of $40,724, maturity dates ranging from February 2018 to July 2019, and have interest rates ranging from 3.8% to 4.8%.
Maturity of Indebtedness
Generally, the majority of our indebtedness is payable in full upon the maturity or termination date of the underlying indebtedness. The following table displays the aggregate contractual maturities of our indebtedness by year:
2014 (1)		$	17,763
2015			59,666
2016			29,315
2017			1,888
2018			14,090
Thereafter (2)			2,526,687
Total		$	2,649,409
-1	Includes $6,129 of our secured credit facility that was prepaid in January 2014. This was payable in December 2016 under the terms of the secured credit facility.
-2	Includes $34,066 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $125,000 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

Derivative_Financial_Instrumen

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2013
Derivative Financial Instruments	'
	NOTE 7: DERIVATIVE FINANCIAL INSTRUMENTS
	We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations.
	Interest Rate Swaps
	We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. We designate interest rate hedge agreements at inception and determine whether or not the interest rate hedge agreement is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. At designation, certain of these interest rate swaps had a fair value not equal to zero. However, we concluded, at designation, that these hedging arrangements were highly effective during their term and qualified for the short-cut method.
	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2013 and December 31, 2012:
		As of December 31, 2013					As of December 31, 2012
		Notional		Fair Value			Notional		Fair Value
	Interest rate swaps	$	1,071,447	$	(113,148	)	$	1,110,720	$	(151,358	)
	Interest rate caps		36,000		1,122			36,000		1,053
	Net fair value	$	1,107,447	$	(112,026	)	$	1,146,720	$	(150,305	)
	During 2014, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $89,161 and a weighted average strike rate of 5.23% as of December 31, 2013, will terminate in accordance with their terms.
	For interest rate swaps, we reclassified realized losses of $32,117, $34,956 and $42,820 to earnings for the years ended December 31, 2013, 2012 and 2011, respectively. For interest rate swaps that are considered ineffective hedges, we reclassified unrealized gains of $8 to earnings for the year ended December 31, 2011. For the years ended December 31, 2013 and 2012, we had no unrealized gains to reclassify to earnings for interest rate swaps that are considered ineffective.
	On January 1, 2008, we adopted the fair value option, which has been classified under FASB ASC Topic 825, “Financial Instruments”, for certain of our CDO notes payable. Upon the adoption of this standard, hedge accounting for any previously designated interest rate swaps associated with these CDO notes payable was discontinued and amounts are reclassified from accumulated other comprehensive income to earnings over the remaining life of the interest rate swaps. As of December 31, 2013, the notional value associated with these interest rate swaps where hedge accounting was discontinued was $561,151 and had a net liability balance with a fair value of $67,405. See Note 8: “Fair Value of Financial Instruments” for the changes in value of these hedges during the years ended December 31, 2013 and 2012. The change in value of these hedges was recorded as a component of the change in fair value of financial instruments in our consolidated statement of operations.
	Effective interest rate swaps are reported in accumulated other comprehensive income and the fair value of these hedge agreements is included in other assets or derivative liabilities.

Fair_Value_Of_Financial_Instru

Fair Value Of Financial Instruments	12 Months Ended
	Dec. 31, 2013
Fair Value Of Financial Instruments	'
	NOTE 8: FAIR VALUE OF FINANCIAL INSTRUMENTS
	Fair Value of Financial Instruments
	FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of investments in mortgages and loans, investments in securities, CDO notes payable, convertible senior notes, junior subordinated notes and derivative assets and liabilities is based on significant observable and unobservable inputs. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments.
	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2013:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$	1,122,377		$	1,083,118
	Investments in securities and security-related receivables			567,302			567,302
	Cash and cash equivalents			88,847			88,847
	Restricted cash			121,589			121,589
	Derivative assets			1,305			1,305
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			32,938			47,778
	4.0% convertible senior notes			116,184			124,063
	Secured credit facilities			11,129			11,129
	Junior subordinated notes, at fair value			11,911			11,911
	Junior subordinated notes, at amortized cost			25,100			14,007
	CMBS facilities			30,618			30,618
	Commercial mortgage facility			7,131			7,131
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,202,772			724,885
	CDO notes payable, at fair value			377,235			377,235
	CMBS securitization			100,139			100,214
	Loans payable on real estate			171,244			176,979
	Derivative liabilities			113,331			113,331
	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2012:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans and other loans		$	1,075,129		$	1,063,716
	Investments in securities and security-related receivables			655,509			655,509
	Cash and cash equivalents			100,041			100,041
	Restricted cash			90,641			90,641
	Derivative assets			1,132			1,132
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			109,631			115,230
	Secured credit facility			8,090			8,090
	Junior subordinated notes, at fair value			29,655			29,655
	Junior subordinated notes, at amortized cost			25,100			12,700
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,295,400			722,371
	CDO notes payable, at fair value			187,048			187,048
	Loans payable on real estate			144,671			156,510
	Derivative liabilities			151,438			151,438
	Fair Value Measurements
	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
	Assets:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2013
			(Level 1) (a)
	Trading securities
	TruPS		$	0		$	0		$	480,845			$	480,845
	Other securities			0			0			0				0
	Available-for-sale securities			0			2			0				2
	Security-related receivables
	TruPS receivables			0			0			8,211				8,211
	Unsecured REIT note receivables			0			33,046			0				33,046
	CMBS receivables			0			44,118			0				44,118
	Other securities			0			1,080			0				1,080
	Derivative assets			0			1,305			0				1,305
Total assets		$	0		$	79,551		$	489,056			$	568,607
Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
		Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2013
		(Level 1) (a)
Junior subordinated notes, at fair value		$	0		$	0		$	11,911			$	11,911
CDO notes payable, at fair value			0			0			377,235				377,235
Derivative liabilities			0			45,926			67,405				113,331
Total liabilities		$	0		$	45,926		$	456,551			$	502,477
(a)	During the year ended December 31, 2013, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
Assets:		Quoted Prices in			Significant Other			Significant				Balance as of
		Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2012
		(Level 1) (a)
Trading securities
TruPS		$	0		$	0		$	485,203			$	485,203
Other securities			0			0			0				0
Available-for-sale securities			0			2			0				2
Security-related receivables
TruPS receivables			0			0			91,148				91,148
Unsecured REIT note receivables			0			32,769			0				32,769
CMBS receivables			0			43,810			0				43,810
Other securities			0			2,577			0				2,577
Derivative assets			0			1,132			0				1,132
Total assets		$	0		$	80,290		$	576,351			$	656,641
Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
		Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2012
		(Level 1) (a)
Junior subordinated notes, at fair value		$	0		$	0		$	29,655			$	29,655
CDO notes payable, at fair value			0			0			187,048				187,048
Derivative liabilities			0			71,976			79,462				151,438
Total liabilities		$	0		$	71,976		$	296,165			$	368,141
(a)	During the year ended December 31, 2012, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
When estimating the fair value of our Level 3 financial instruments, management uses various observable and unobservable inputs. These inputs include yields, credit spreads, duration, effective dollar prices and overall market conditions on not only the exact financial instrument for which management is estimating the fair value but also financial instruments that are similar or issued by the same issuer when such inputs are unavailable. Generally, an increase in the yields, credit spreads or estimated duration will decrease the fair value of our financial instruments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value, as determined by management, may fluctuate from period to period and any ultimate liquidation or sale of the investment may result in proceeds that may be significantly different than fair value. The weighted average effective dollar price of our TruPS and TruPS receivables as of December 31, 2013 and 2012 is 75 and 77.
The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 2013:
Assets		Trading			Security-Related			Total Level 3
		Securities—TruPS			Receivables—TruPS			Assets
		and Subordinated			and Subordinated
		Debentures			Debenture Receivables
Balance, as of December 31, 2012		$	485,203		$	91,148		$	576,351
Change in fair value of financial instruments			12,642			(4,812	)		7,830
Purchases			0			0			0
Sales			0			0			0
Principal repayments			(17,000	)		(78,125	)		(95,125	)
Balance, as of December 31, 2013		$	480,845		$	8,211		$	489,056
Liabilities		Derivative Liabilities			CDO Notes			Junior				Total
					Payable, at			Subordinated				Level 3
					Fair Value			Notes, at				Liabilities
								Fair Value
Balance, as of December 31, 2012		$	79,462		$	187,048		$	29,655			$	296,165
Change in fair value of financial instruments			(12,057	)		309,367			1,637				298,947
Purchases			0			0			0				0
Sales			0			0			0				0
Principal repayments			0			(119,180	)		(19,381	)			(138,561	)
Balance, as of December 31, 2013		$	67,405		$	377,235		$	11,911			$	456,551
The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 2012:
Assets		Trading			Security-Related			Total Level 3
		Securities—TruPS			Receivables—TruPS			Assets
		and Subordinated			and Subordinated
		Debentures			Debenture Receivables
Balance, as of December 31, 2011		$	481,736		$	82,863		$	564,599
Change in fair value of financial instruments			3,467			8,459			11,926
Purchases			0			0			0
Sales			0			0			0
Principal repayments			0			(174	)		(174	)
Balance, as of December 31, 2012		$	485,203		$	91,148		$	576,351
Liabilities		Derivative Liabilities			CDO Notes			Junior				Total
					Payable, at			Subordinated				Level 3
					Fair Value			Notes, at				Liabilities
								Fair Value
Balance, as of December 31, 2011		$	90,080		$	122,506		$	22,450			$	235,036
Change in fair value of financial instruments			(10,618	)		184,246			7,205				180,833
Purchases			0			0			0				0
Sales			0			0			0				0
Principal repayments			0			(119,704	)		0				(119,704	)
Balance, as of December 31, 2012		$	79,462		$	187,048		$	29,655			$	296,165
Our non-recurring fair value measurements relate primarily to our commercial real estate loans that are considered impaired and for which we maintain an allowance for loss. In determining the allowance for losses, we estimate the fair value of the respective commercial real estate loan and compare that fair value to our total investment in the loan. When estimating the fair value of the commercial real estate loan, management uses discounted cash flow analyses and capitalization rates on the underlying property’s net operating income. The discounted cash flow analyses and capitalization rates are based on market information and comparable sales of similar properties.
The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below.
		Carrying Amount			Estimated Fair			Valuation		Fair Value Measurement
		as of			Value as of			Technique
		December 31, 2013			December 31, 2013					Quoted Prices in				Significant Other		Significant
										Active				Observable Inputs		Unobservable
										Markets for				(Level 2)		Inputs
										Identical Assets						(Level 3)
										(Level 1)
Commercial mortgages, mezzanine loans and other loans		$	1,122,377		$	1,083,118		Discounted		$	0			$	0	$	1,083,118
								cash flows
7.0% convertible senior notes			32,938			47,778		Trading			47,778				0		0
								price
4.0% convertible senior notes			116,184			124,063		Trading			124,063				0		0
								price
Junior subordinated notes, at amortized cost			25,100			14,007		Discounted			0				0		14,007
								cash flows
CDO notes payable, at amortized cost			1,202,772			724,885		Discounted cash flows			0				0		724,885
CMBS securitization			100,139			100,214		Discounted cash flows			0				0		100,214
Loans payable on real estate			171,244			176,979		Discounted cash flows			0				0		176,979
										Fair Value Measurement
		Carrying Amount			Estimated Fair			Valuation		Quoted Prices in				Significant Other		Significant
		as of			Value as of			Technique		Active				Observable Inputs		Unobservable
		December 31, 2012			December 31, 2012					Markets for				(Level 2)		Inputs
										Identical Assets						(Level 3)
										(Level 1)
Commercial mortgages, mezzanine loans and other loans		$	1,075,129		$	1,063,716		Discounted cash flows		$	0			$	0	$	1,063,716
7.0% convertible senior notes			109,631			115,230		Trading price			115,230				0		0
Junior subordinated notes, at amortized cost			25,100			12,700		Discounted cash flows			0				0		12,700
CDO notes payable, at amortized cost			1,295,400			722,371		Discounted cash flows			0				0		722,371
Loans payable on real estate			144,671			156,510		Discounted cash flows			0				0		156,510
Change in Fair Value of Financial Instruments
The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations:
Description		For the			For the			For the
		Year Ended			Year Ended			Year Ended
		December 31,			December 31,			December 31,
		2013			2012			2011
Change in fair value of trading securities and security-related receivables		$	9,193		$	23,380		$	19,281
Change in fair value of CDO notes payable and other liabilities			(331,389	)		(193,151	)		(35,491	)
Change in fair value of derivatives			(22,230	)		(32,016	)		(58,944	)
Change in fair value of financial instruments		$	(344,426	)	$	(201,787	)	$	(75,154	)
The changes in the fair value for the investment in securities, CDO notes payable, and other liabilities for which the fair value option was elected for the years ended December 31, 2013, 2012 and 2011 was primarily attributable to changes in instrument specific credit risks. The changes in the fair value of the CDO notes payable for which the fair value option was elected was due to repayments at par because of OC failures when the CDO notes have a fair value of less than par. The changes in the fair value of derivatives for which the fair value option was elected for the years ended December 31, 2013, 2012 and 2011 was mainly due to changes in interest rates.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2013
Variable Interest Entities	'
	NOTE 9: VARIABLE INTEREST ENTITIES
	The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined as of December 31, 2013 our consolidated VIEs were: Taberna VIII, Taberna IX, RAIT I, RAIT II, IRT and two investments in real estate. The following table presents the assets and liabilities of our consolidated VIEs as of each respective date.
		As of			As of
		December 31,			December 31,
		2013			2012
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,816,507		$	1,917,925
	Allowance for losses		(17,250	)		(17,125	)
	Total investments in mortgages and loans		1,799,257			1,900,800
	Investments in real estate, net of accumulated depreciation of $18,538 and 1,941, respectively		194,648			20,609
	Investments in securities and security-related receivables, at fair value		566,577			654,795
	Cash and cash equivalents		3,599			276
	Restricted cash		40,793			50,203
	Accrued interest receivable		68,456			67,271
	Deferred financing costs, net of accumulated amortization of $17,107 and $13,633, respectively		10,263			12,741
	Intangible assets, net of accumulated amortization of $568 and $0, respectively		517			0
	Total assets	$	2,684,110		$	2,706,695
	Liabilities and Equity
	Indebtedness (including $377,235 and $187,048 at fair value, respectively)	$	1,946,536		$	1,724,356
	Accrued interest payable		73,122			59,914
	Accounts payable and accrued expenses		5,771			3,335
	Derivative liabilities		113,323			151,438
	Deferred taxes, borrowers’ escrows and other liabilities		5,805			4,877
	Total liabilities		2,144,557			1,943,920
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(59,684	)		(90,954	)
	RAIT investment		262,760			295,641
	Retained earnings (deficit)		258,270			558,088
	Total shareholders’ equity		461,346			762,775
	Noncontrolling interests		78,207			0
	Total liabilities and equity	$	2,684,110		$	2,706,695
	The assets of the VIEs can only be used to settle obligations of the VIEs and are not available to our creditors. Certain amounts included in the table above are eliminated upon consolidation with other our subsidiaries that maintain investments in the debt or equity securities issued by these entities. We do not have any contractual obligation to provide the VIEs listed above with any financial support. We have not and do not intend to provide financial support to these VIEs that we were not previously contractually required to provide.

Series_D_Preferred_Shares

Series D Preferred Shares	12 Months Ended
	Dec. 31, 2013
Series D Preferred Shares	'
	NOTE 10: SERIES D PREFERRED SHARES
	On October 1, 2012, we entered into a Securities Purchase Agreement, or the purchase agreement, with ARS VI Investor I, LLC, or the investor, an affiliate of Almanac Realty Investors, LLC, or Almanac. Under the purchase agreement, we are required to issue and sell to the investor on a private placement basis from time to time in a period up to two years, and the investor will be obligated to purchase from us, for an aggregate purchase price of $100,000, or the total commitment, the following securities, in the aggregate: (i) 4,000,000 Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, of RAIT, or the Series D preferred shares, (ii) common share purchase warrants, or the warrants, initially exercisable for 9,931,000 of our common shares, or the common shares, and (iii) common share appreciation rights, or the investor SARs initially with respect to up to 6,735,667 common shares. We are not obligated to issue any common shares upon exercise of the warrants if the issuance of such common shares would exceed that number of common shares which we may issue upon exercise of the warrants without requiring shareholder approval under the NYSE listing requirements. We will pay cash or issue a 180 day unsecured promissory note, or a combination of the foregoing, equal to the market value of any common shares it cannot issue as a result of this prohibition. The investor SARs are settled only in cash and not in common shares. These securities will be issued on a pro rata basis based on the percentage of the total commitment drawn down at the relevant closing under the purchase agreement. We expect to use the proceeds received under the purchase agreement to fund our loan origination and investment activities, including CMBS and bridge lending.
	We are subject to certain covenants under the purchase agreement in defined periods when the investor and its permitted transferees have defined holdings of the securities issuable under the purchase agreement. These covenants include defined leverage limits on defined financing assets. In addition, commencing on the first draw down and for so long as the investor and its affiliates who are permitted transferees continue to own at least 10% of the outstanding Series D preferred shares or warrants and common shares issued upon exercise of the warrants representing at least 5% of the aggregate amount of common shares issuable upon exercise of the warrants actually issued, the board will include one person designated by the investor. This right is held only by the investor and is not transferable by it. The investor designated Andrew M. Silberstein to serve on our board. The covenants also include our agreement not to declare any extraordinary dividend except as otherwise required for us to continue to satisfy the requirements for qualification and taxation as a REIT. An extraordinary dividend is defined as any dividend or other distribution (a) on common shares other than regular quarterly dividends on the common shares or (b) on our preferred shares other than in respect of dividends accrued in accordance with the terms expressly applicable to the preferred shares.
	As of December 31, 2013, the following RAIT securities have been issued and remain issuable pursuant to the purchase agreement, in the aggregate: (i) 2,600,000 Series D preferred shares have been issued and 1,400,000 Series D preferred shares remain issuable; (ii) warrants exercisable for 6,455,150 common shares (which have subsequently adjusted to 6,599,559 shares as of the date of the filing of this report) have been issued and warrants exercisable for 3,475,850 common shares (which have subsequently adjusted to 3,553,609 shares as of the date of the filing of this report) remain issuable; and (iii) investor SARs exercisable with respect to 4,378,183.55 common shares (which have subsequently adjusted to 4,476,128.28 shares as of the date of the filing of this report) have been issued and SARs exercisable for 2,357,483.45 common shares (which have subsequently adjusted to 2,410,222.92 shares as of the date of the filing of this report) remain issuable. The number of common shares underlying the warrants and investor SARs and relevant exercise price are subject to further adjustment in defined circumstances At December 31, 2013 and as of the date of the filing of this report, the aggregate purchase price paid for the securities issued is $65,000 and the aggregate purchase price payable for the issuable securities is $35,000.
	The Series D preferred shares bear a cash coupon rate initially of 7.5%, increasing to 8.5% on October 1, 2015 and increasing on October 1, 2018 and each anniversary thereafter by 50 basis points. They rank on parity with our existing outstanding preferred shares. Their liquidation preference is equal to $26.25 per share for five years and $25.00 per share thereafter. In defined circumstances, the Series D preferred shares are exchangeable for Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, of RAIT, or the Series E preferred shares. The rights and preferences of the Series E preferred shares will be similar to those of the Series D preferred shares except, among other differences, the Series E preferred shares will be mandatorily redeemable upon a change of control, will have no put right, will not have the right to designate one trustee to the board except in the event of a payment default under the Series E preferred shares and have defined registration rights.
	We have the right in limited circumstances to redeem the Series D preferred shares prior to the October 1, 2017 at a redemption price of $26.25 per share. After October 1, 2017, we may redeem all or a portion of the Series D preferred shares at any time at a redemption price of $25.00 per share. We may satisfy all or a portion of the redemption price for an optional redemption with an unsecured promissory note, or a preferred note, with a maturity date of 180 days from the applicable redemption date. From and after the occurrence of a defined mandatory redemption triggering event, each holder of Series D preferred shares may elect to have all or a portion of such holder’s Series D preferred shares redeemed by us at a redemption price of $26.25 per share prior to October 1, 2017 and $25.00 per share on or after October 1, 2017. We may satisfy all or a portion of the redemption price for certain of the mandatory redemption triggering events with a preferred note. We must redeem the Series D preferred shares with up to $50,000 of net proceeds received from the loans and other investments made with proceeds of the sales under the investor purchase agreement from and after October 1, 2017 in the case of net proceeds from loans and investments other than CMBS loans and from and after October 1, 2019 in the case of net proceeds from CMBS loans, in each case, at a redemption price of $25.00 per share. All amounts paid in connection with liquidation or for all redemptions of the Series D preferred shares must also include all accumulated and unpaid dividends to, but excluding, the redemption date.
	The warrants had an initial strike price of $6.00 per common share, subject to adjustment. As of the filing of this report, the strike price has adjusted to $5.87. The warrants expire on October 1, 2027. The investor has certain rights to put the warrants to us at a price of $1.23 per warrant beginning on October 1, 2017, or in defined circumstances, increasing to $1.60 on October 1, 2018 and further increasing to $1.99 on October 1, 2019 and thereafter. From and after the earlier of (i) October 1, 2017 or (ii) the occurrence of a defined mandatory redemption triggering event on the Series D preferred shares, the holders of warrants may put their warrants to us for a put redemption price equal to $1.23 per common share until October 1, 2018 and increasing to set amounts at set intervals thereafter. The put redemption price must be payable in cash or (except in the event of a put for certain of the mandatory redemption triggering events) by way of a three year unsecured promissory note, or a combination of the foregoing.
	The investor SARs have a strike price of $6.00, subject to adjustment. As of the filing of this report, the strike price has adjusted to $5.87. The investor SARs will be exercisable from October 1, 2014 until October 1, 2027 or in defined circumstances. From and after the earlier of October 1, 2017 or defined circumstances, the investor SARs may be put to us for $1.23 per investor SAR prior to October 1, 2018, increasing to $1.60 on October 1, 2018 and further increasing to $1.99 on October 1, 2019 and thereafter. The investor SARs are callable at our option beginning on October 1, 2014 at a price of $5.00 per investor SAR, increasing to set amounts at set intervals thereafter. We may settle the call in cash or by way of a one year unsecured promissory note, or with a combination of the foregoing. From and after the earlier of (i) the October 1, 2017 or (ii) the occurrence of a defined mandatory redemption triggering event on the Series D preferred shares, the holders of investor SARs may put their investor SARs to us for a put redemption price equal to $1.23 per common share prior to October 1, 2018 and increasing to set amounts at set intervals thereafter. We may settle the exercise of the put in cash or, in the event of certain defined mandatory redemption triggering events, by way of a three year unsecured promissory note, or a combination of the foregoing.
	Accounting Treatment
	The accounting treatment for the Series D Preferred Shares differs from the accounting treatment of our other preferred share instruments. Based on accounting standards, the Series D Preferred Shares were determined not be classified as equity as they contain redemption features that are not solely in our control. In addition, the Series D Preferred Shares were considered not to be classified as a liability because they are not mandatorily redeemable. As a result, the Series D Preferred shares are presented in the mezzanine section of the balance sheet, between liabilities and equity. Any costs and the initial value of the warrants and investor SARs are recorded as a discount on the Series D Preferred Shares and that discount will be amortized to earnings over the respective term.
	The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $31,304, as of December 31, 2013. The warrants contain a put feature which can only be settled by paying cash or issuing a note (i.e. transferring assets). This put feature is a distinguishing characteristic for liability classification. The investor SARs, according to their terms, can only be settled in cash or the issuance of a note payable to the investor. This requirement for cash settlement is also a distinguishing characteristic for liability classification. As a result, the initial fair value of the warrants and investor SARs are recorded as a liability and re-measured at each reporting period until the warrants and investor SARs are settled. Changes in fair value will be recorded in earnings as a component of the change in fair value of financial instruments in the consolidated statement of operations.
	During the period from the effective date of the purchase agreement through December 31, 2013, we sold the following securities to the investor for an aggregate purchase price of $65.0 million: (i) 2,600,000 Series D Preferred Shares, (ii) warrants exercisable for 6,455,150 common shares (which have subsequently adjusted to 6,599,559 shares as of the date of filing this report); and (iii) investor SARs exercisable with respect to 4,378,183.55 common shares (which have subsequently adjusted to 4,476,128.28 shares as of the date of filing this report). As of December 31, 2013, the following securities remain issuable to the investor for an aggregate purchase price of $35,000: (i) 1,400,000 Series D Preferred Shares, (ii) warrants exercisable for 3,475,850 common shares (which have subsequently adjusted to 3,553,609 shares as of the date of filing this report), and (iii) investor SARs exercisable for 2,357,483.45 common shares (which have subsequently adjusted to 2,410,222.92 shares as of the date of filing this report). The following table summarizes the sales activity of the Series D Preferred Shares from the effective date of the agreement through December 31, 2013:
	Aggregate purchase price			$	65,000
	Initial value of warrants and investor SARs issued to-date	(9,133	)
	Costs incurred	(4,952	)
	Total discount				(14,085	)
	Discount amortization to-date				2,055
	Carrying amount of Series D Preferred Shares			$	52,970

Shareholders_Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2013
Shareholders' Equity	'
	NOTE 11: SHAREHOLDERS’ EQUITY
	Preferred Shares
	In 2004, we issued 2,760,000 shares of our 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series A Preferred Shares, for net proceeds of $66,600. The Series A Preferred Shares accrue cumulative cash dividends at a rate of 7.75% per year of the $25.00 liquidation preference, equivalent to $1.9375 per year per share. Dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series A Preferred Shares have no maturity date and we are not required to redeem the Series A Preferred Shares at any time. On or after March 19, 2009, we may, at our option, redeem the Series A Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
	In 2004, we issued 2,258,300 shares of our 8.375% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series B Preferred Shares, for net proceeds of $54,400. The Series B Preferred Shares accrue cumulative cash dividends at a rate of 8.375% per year of the $25.00 liquidation preference, equivalent to $2.09375 per year per share. Dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series B Preferred Shares have no maturity date and we are not required to redeem the Series B Preferred Shares at any time. On or after October 5, 2009, we may, at our option, redeem the Series B Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
	On July 5, 2007, we issued 1,600,000 shares of our 8.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, or the Series C Preferred Shares, in a public offering at an offering price of $25.00 per share. After offering costs, including the underwriters’ discount, and expenses of $1,660, we received $38,340 of net proceeds. The Series C Preferred Shares accrue cumulative cash dividends at a rate of 8.875% per year of the $25.00 liquidation preference and are paid on a quarterly basis. The Series C Preferred Shares have no maturity date and we are not required to redeem the Series C Preferred Shares at any time. We may not redeem the Series C Preferred Shares before July 5, 2012, except for the special optional redemption to preserve our tax qualification as a REIT. On or after July 5, 2012, we may, at our option, redeem the Series C Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date.
	At Market Issuance Sales Agreement (ATM)
	On May 21, 2012, we entered into an At Market Issuance Sales Agreement, or Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV, up to 2,000,000 Series A Preferred Shares, up to 2,000,000 Series B Preferred Shares, and up to 2,000,000 Series C Preferred Shares. Unless the Preferred ATM agreement is earlier terminated by MLV or us, the Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares subject to the Preferred ATM agreement. During the year ended December 31, 2013, pursuant to the Preferred ATM agreement we issued a total of 945,000 Series A Preferred Shares at a weighted-average price of $23.92 per share and we received $21,829 of net proceeds. We did not issue any Series B Preferred Shares or Series C Preferred Shares during the year ended December 31, 2013. On January 10, 2014, we agreed with MLV to terminate the Preferred ATM agreement. We did not incur any termination penalties as a result of the termination of the Preferred ATM agreement. As of the termination date, pursuant to the Preferred ATM agreement, we had sold 1,309,288 Series A Preferred Shares and 690,712 Series A Preferred Shares remained unsold, we had sold 30,165 Series B Preferred Shares and 1,969,835 Series B Preferred Shares remained unsold and we had sold 40,100 Series C Preferred Shares and 1,959,900 Series C Preferred Shares remained unsold.
	Common Shares
	Reverse Stock Split:
	On May 17, 2011, the board of trustees authorized a 1-for-3 reverse stock split of our common shares that became effective on June 30, 2011, or the effective time. At the effective time, every three common shares issued and outstanding were automatically combined into one issued and outstanding new common share. The par value of new common shares changed to $0.03 per share after the reverse stock split from the par value of common shares prior to the reverse stock split of $0.01 per share. The reverse stock split reduced the number of common shares outstanding but did not change the number of authorized common shares. The reverse stock split did not affect our preferred shares of beneficial interest. All references in the accompanying financial statements to the number of common shares and earnings per share data for all periods presented have been adjusted to reflect the reverse stock split.
	Share Repurchases:
	On July 24, 2007, our board of trustees adopted a share repurchase plan that authorizes us to purchase up to $75,000 of RAIT common shares. Under the plan, we may make purchases, from time to time, through open market or privately negotiated transactions. We have not repurchased any common shares under this plan as of December 31, 2013.
	On January 24, 2012, the compensation committee of our board of trustees approved a cash payment to the board’s seven non-management trustees intended to constitute a portion of their respective 2012 annual non-management trustee compensation. The cash payment was subject to terms and conditions set forth in a letter agreement, or the letter agreement, between each of the non-management trustees and RAIT. The letter agreement documented the election of each trustee to use a portion of the cash payment to purchase RAIT’s common shares in purchases that, individually and in the aggregate with all purchases made by all the other non-management trustees pursuant to their respective letter agreements, complied with Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended. The aggregate amount required to be used by all of the non-management trustees to purchase common shares was $210 and was used to purchase 36,750 common shares, in the aggregate, in February 2012.
	Share Issuances:
	Dividend reinvestment and share purchase plan (DRSPP). We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the year ended December 31, 2013, we issued a total of 5,660 common shares pursuant to the DRSPP at a weighted-average price of $7.61 per share and we received $43 of net proceeds. As of December 31, 2013, 7,777,820 common shares, in the aggregate, remain available for issuance under the DRSPP.
	Capital on Demand™ Sales Agreement (COD). On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the period from the effective date of the COD sales agreement through December 31, 2013, we issued a total of 1,439,942 common shares pursuant to this agreement at a weighted-average price of $7.82 per share and we received $10,975 of net proceeds. As of December 31, 2013, 8,560,058 common shares, in the aggregate, remain available for issuance under the COD sales agreement.
	Common share public offerings. In January 2013 in connection with an underwritten public offering in the fourth quarter of 2012, the underwriters exercised their overallotment option to purchase 1,350,000 additional common shares and we received $7,358 of proceeds.
	In April 2013, we issued 9,200,000 common shares in an underwritten public offering. The public offering price was $7.87 per share and we received $70,196 of proceeds.
	In January 2014, we issued 10,000,000 common shares in an underwritten public offering. The public offering price was $8.52 per share and we received $82,570 of proceeds.
	Dividends
	The following tables summarize the dividends we declared or paid during the years ended December 31, 2013 and 2012:
		March 31,		June 30,		September 30,		December 31,		For the
		2013		2013		2013		2013		Year Ended
										December 31,
										2013
	Series A Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	1,513	$	1,816	$	1,971	$	1,971	$	7,271
	Series B Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	1,198	$	1,198	$	1,198	$	1,198	$	4,792
	Series C Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	910	$	910	$	910	$	910	$	3,640
	Series D Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/4/13		6/30/13		10/4/13		12/31/13
	Total dividend amount	$	1,219	$	1,219	$	1,219	$	1,219	$	4,876
	Common shares
	Date declared		3/15/13		6/20/13		9/10/13		12/12/13
	Record date		4/3/13		7/12/13		10/3/13		1/7/14
	Date paid		4/30/13		7/31/13		10/31/13		1/31/14
	Dividend per share	$	0.12	$	0.13	$	0.15	$	0.16	$	0.56
	Total dividend declared	$	8,334	$	9,032	$	10,467	$	11,358	$	39,191
		March 31,		June 30,		September 30,		December 31,		For the
		2012		2012		2012		2012		Year Ended
										December 31,
										2012
	Series A Preferred Shares
	Date declared		1/24/12		5/1/12		7/24/12		10/23/12
	Record date		3/1/12		6/1/12		9/4/12		12/3/12
	Date paid		4/2/12		7/2/12		10/1/12		12/31/12
	Total dividend amount	$	1,337	$	1,337	$	1,354	$	1,491	$	5,519
	Series B Preferred Shares
	Date declared		1/24/12		5/1/12		7/24/12		10/23/12
	Record date		3/1/12		6/1/12		9/4/12		12/3/12
Date paid		4/2/12		7/2/12		10/1/12		12/31/12
Total dividend amount	$	1,182	$	1,182	$	1,195	$	1,198	$	4,757
Series C Preferred Shares
Date declared		1/24/12		5/1/12		7/24/12		10/23/12
Record date		3/1/12		6/1/12		9/4/12		12/3/12
Date paid		4/2/12		7/2/12		10/1/12		12/31/12
Total dividend amount	$	888	$	888	$	910	$	910	$	3,596
Series D Preferred Shares
Date declared		N/A		N/A		N/A		10/23/12
Record date		N/A		N/A		N/A		12/3/12
Date paid		N/A		N/A		N/A		12/31/12
Total dividend amount	$	0	$	0	$	0	$	568	$	568
Common shares
Date declared		2/29/12		6/21/12		9/18/12		12/12/12
Record date		3/28/12		7/11/12		10/11/12		1/16/13
Date paid		4/27/12		7/31/12		10/31/12		1/31/13
Dividend per share	$	0.08	$	0.08	$	0.09	$	0.1	$	0.35
Total dividend declared	$	3,992	$	3,985	$	4,484	$	6,018	$	18,479
On January 29, 2014, our board of trustees declared a first quarter 2014 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares and $0.5546875 per share on our 8.875% Series C Preferred Shares, and $0.4687500 per share on our Series D Preferred Shares. The dividends will be paid on March 31, 2014 to holders of record on March 3, 2014.
Noncontrolling Interests
On August 16, 2013, our subsidiary, Independence Realty Trust, Inc., or IRT, completed an underwritten public offering of 4,000,000 shares of IRT common stock at a price of $8.50 per share and received total gross proceeds of $34,000. All of the shares were offered by IRT. The net proceeds of the offering were $31,096 after deducting underwriting discounts and commissions and offering expenses. During the year ended December 31, 2013, IRT used a portion of net proceeds of its offering to redeem all of its and its operating partnership’s outstanding preferred securities, including $3,500 of series B units of IRT’s operating partnership held by us. We held 5,764,900 shares of IRT common stock representing 59.7% of the outstanding shares of IRT common stock as of December 31, 2013. We continue to consolidate IRT in our financial results as of December 31, 2013. During the year ended December 31, 2013, we charged off $3,885 of organizational and offering expenses, which is included in Other income (expense) on the accompanying consolidated statements of operations, we incurred with the non-traded offering of IRT prior to its public offering in August 2013.
On January 29, 2014, IRT completed an underwritten public offering selling 8,050,000 shares of IRT common stock for $8.30 per share raising gross proceeds of $66,815. We purchased 1,204,819 shares of common stock in the offering, at the public offering price, for which no underwriting discounts and commissions will be paid to the underwriters. We currently hold 6,969,719 shares of IRT common stock representing 39.3% of the outstanding shares of IRT common stock as of March 6, 2014. See Note 9 for additional disclosures pertaining to VIEs.

Stock_Based_Compensation_and_E

Stock Based Compensation and Employee Benefits

12 Months Ended

Dec. 31, 2013

Stock Based Compensation and Employee Benefits

'

NOTE 12: STOCK BASED COMPENSATION AND EMPLOYEE BENEFITS

We maintain the RAIT Financial Trust 2008 Incentive Award Plan (the “Incentive Award Plan”). The maximum aggregate number of common shares that may be issued pursuant to the Incentive Award Plan is 4,000,000. As of December 31, 2013, 2,425,941 common shares are available for issuance under this plan.

On January 29, 2013, the compensation committee awarded 43,536 restricted common share awards, valued at $300 using our closing stock price of $6.89, to six of the board’s non-management trustees. One quarter of these awards vested immediately and the remainder vested over a nine-month period. On January 29, 2013, the compensation committee awarded 369,500 restricted common share awards, valued at $2,577 using our closing stock price of $6.89, to our executive officers and non-executive officer employees. These awards generally vest over three-year periods.

On July 30, 2013, the compensation committee awarded 6,578 restricted common share awards, valued at $50 using our closing stock price of $7.60, to one of the board’s non-management trustees. Three quarters of this award vested immediately and the remainder vested three months after the award date.

On January 29, 2014, the compensation committee awarded 36,186 common shares, valued at $300 using our closing stock price of $8.29, to the board’s non-management trustees. These awards vested immediately. On January 29, 2014, the compensation committee awarded 293,700 restricted common share awards, valued at $2,435 using our closing stock price of $8.29, to our executive officers and non-executive officer employees. These awards generally vest over three-year periods.

During the year ended December 31, 2013, there were no phantom units redeemed for common shares and during the years ended December 31, 2012 and 2011, there were 220,823 and 340,649, respectively, phantom units redeemed for common shares. There were no phantom units forfeited during the years ended December 31, 2013, and 2012, and 2011. As of each of December 31, 2013 and 2012, there were 195,943 phantom units outstanding. As of December 31, 2013, there was no deferred compensation cost relating to unvested awards and there was no remaining vesting period. As of December 31, 2012, the deferred compensation cost relating to unvested awards was $180 relating to phantom units and restricted stock.

On January 24, 2012, the compensation committee awarded 2,172,000 stock appreciation rights, or SARs, valued at $6,091 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 24, 2017, the expiration date of the SARs.

On January 29, 2013, the compensation committee awarded 1,127,500 SARs, valued at $1,332 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 29, 2018, the expiration date of the SARs.

On January 29, 2014, the compensation committee awarded 891,600 SARs, valued at $1,178 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 29, 2019, the expiration date of the SARs.

Stock Options

We have granted to our officers, trustees and employees options to acquire common shares. The vesting period is determined by the compensation committee and the option term is generally ten years after the date of grant. As of December 31, 2013 and 2012, there were 5,749 and 32,265 options outstanding.

A summary of the options activity of the Incentive Award Plan is presented below.

2013

2012

2011

Shares

Weighted

Shares

Weighted

Shares

Weighted

Average

Average

Average

Exercise Price

Exercise Price

Exercise Price

Outstanding, January 1,

32,265

$

70.38

38,932

$

68.34

56,267

$

67.5

Expired

26,516

68.46

6,667

58.49

17,335

65.61

Exercised

0

0

0

0

0

0

Outstanding, December 31,

5,749

$

79.2

32,265

$

70.38

38,932

$

68.34

Options exercisable at December 31,

5,749

32,265

38,932

Options Outstanding

Options Exercisable

Range of

Number

Weighted

Weighted

Number

Weighted

Exercise Prices

Outstanding at

Average

Average

Outstanding at

Average

December 31,

Remaining

Exercise Price

December 31,

Exercise Price

2013

Contractual

2012

Life

$65.43 – 79.20

5,749

0.1 years

$

79.2

32,265

0.7 years

We did not grant options during the three years ended December 31, 2013.

During the years ended December 31, 2013, 2012 and 2011, we recorded compensation expense of $3,441, $2,208, and $541, respectively, associated with our stock based compensation.

Employee Benefits

401(k) Profit Sharing Plan

We maintain a 401(k) profit sharing plan (the RAIT 401(k) Plan) for the benefit of our eligible employees. The RAIT 401(k) Plan offers eligible employees the opportunity to make long-term investments on a regular basis through salary contributions, which are supplemented by our matching cash contributions and potential profit sharing payments. We provide a 4% cash match of the employee contributions and may pay an additional 2% of eligible compensation as discretionary cash profit sharing payments. Any matching contribution made by RAIT pursuant to the RAIT 401(k) Plan vests 33% per year of service.

During the years ended December 31, 2013, 2012 and 2011, we recorded $435, $478, and $482 of contributions which is included in compensation expense on the accompanying consolidated statements of operations. During the years ended December 31, 2013, 2012, and 2011, we did not make any discretionary cash profit sharing contributions.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	12 Months Ended
	Dec. 31, 2013
Earnings (Loss) Per Share	'
	NOTE 13: EARNINGS (LOSS) PER SHARE
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three years ended December 31, 2013:
		For the Years Ended December 31
		2013			2012			2011
	Income (loss) from continuing operations	$	(285,364	)	$	(168,341	)	$	(38,457	)
	Income allocated to preferred shares		(22,616	)		(14,660	)		(13,649	)
	Income allocated to noncontrolling interests		(28	)		196			229
	Income (loss) from continuing operations allocable to common shares		(308,008	)		(182,805	)		(51,877	)
	Income (loss) from discontinued operations		0			0			747
	Net income (loss) allocable to common shares	$	(308,008	)	$	(182,805	)	$	(51,130	)
	Weighted-average shares outstanding—Basic		67,814,316			48,746,761			38,508,086
	Dilutive securities under the treasury stock method		0			0			0
	Weighted-average shares outstanding—Diluted		67,814,316			48,746,761			38,508,086
	Earnings (loss) per share—Basic:
	Continuing operations	$	(4.54	)	$	(3.75	)	$	(1.35	)
	Discontinued operations		0			0			0.02
	Total earnings (loss) per share—Basic	$	(4.54	)	$	(3.75	)	$	(1.33	)
	Earnings (loss) per share—Diluted:
	Continuing operations	$	(4.54	)	$	(3.75	)	$	(1.35	)
	Discontinued operations		0			0			0.02
	Total earnings (loss) per share—Diluted	$	(4.54	)	$	(3.75	)	$	(1.33	)
	For the years ended December 31, 2013, 2012 and 2011, securities convertible into 18,026,169, 22,282,205, and 219,558, common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
	NOTE 14: INCOME TAXES
	RAIT, Taberna and IRT have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code. To maintain qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to shareholders. We generally will not be subject to U.S. federal income tax on taxable income that is distributed to our shareholders. If RAIT, Taberna, or IRT fails to qualify as a REIT in any taxable year, we will then be subject to U.S. federal income taxes on our taxable income at regular corporate rates, and we will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. Such an event could materially adversely affect our net income and cash available for dividends to shareholders. However, we believe that each of RAIT, Taberna and IRT will be organized and operated in such a manner as to qualify for treatment as a REIT, and intend to operate in the foreseeable future in a manner so that each will qualify as a REIT. We may be subject to certain state and local taxes.
	Our TRS entities generate taxable revenue from fees for services provided to securitizations. Some of these fees paid to the TRS entities are capitalized as deferred costs by the securitizations. In consolidation, these fees are eliminated when the securitization is included in the consolidated group. Additionally, our TRS entities generate taxable revenue from advisory fees for services provided to IRT. In consolidation, these advisory fees are eliminated as IRT is included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
	The components of the provision for income taxes as it relates to our taxable income from domestic TRSs during the years ended December 31, 2013, 2012 and 2011 includes the effects of our performance of a portion of its TRS services in a foreign jurisdiction that does not incur income taxes.
	Certain TRS entities are domiciled in the Cayman Islands and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally will be included in our income on a current basis as SubPart F income, whether or not distributed. Upon distribution of any previously included SubPart F income by these entities, no incremental U.S. federal, state, or local income taxes would be payable by us. Accordingly, no provision for income taxes has been recorded for these foreign TRS entities for the years ended December 31, 2013, 2012 and 2011.
	The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2013, 2012 and 2011 were as follows:
		For the Year Ended December 31, 2013
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	(245	)	$	(157	)	$	0		$	(402	)
	Deferred benefit (provision)		2,319			1,016			0			3,335
	Income tax benefit (provision)	$	2,074		$	859		$	0		$	2,933
		For the Year Ended December 31, 2012
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	(68	)	$	(13	)	$	40		$	(41	)
	Deferred benefit (provision)		422			228			(25	)		625
	Income tax benefit (provision)	$	354		$	215		$	15		$	584
		For the Year Ended December 31, 2011
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	0		$	0		$	(57	)	$	(57	)
	Deferred benefit (provision)		595			0			0			595
	Income tax benefit (provision)	$	595		$	0		$	(57	)	$	538
	A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates is as follows for the years ended December 31, 2013, 2012 and 2011:
		For the Years Ended
		December 31
		2013			2012			2011
	Federal statutory rate	$	(3,417	)	$	(598	)	$	3,762
	State statutory, net of federal benefit		577			139			0
	Change in valuation allowance		6,113			1,380			(2,899	)
	Permanent items		(34	)		(19	)		(42	)
	Foreign tax effects		0			0			(283	)
	Other		(306	)		(318	)		0
	Income tax benefit (provision)	$	2,933		$	584		$	538
	Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2013 and 2012:
	Deferred tax assets (liabilities):	As of			As of
		December 31,			December 31,
		2013			2012
	Net operating losses, at TRSs	$	14,832		$	14,537
	Capital losses		0			682
	Unrealized losses		10,731			12,162
	Other		1,455			1,503
	Total deferred tax assets		27,018			28,884
	Valuation allowance		(18,234	)		(23,766	)
	Net deferred tax assets	$	8,784		$	5,118
	Accrued interest		(1,235	)		(980	)
	Other		(161	)		(84	)
	Deferred tax (liabilities)		(1,396	)		(1,064	)
	Net deferred tax assets (liabilities)	$	7,388		$	4,054
	As of December 31, 2013, we had $30,284 of federal net operating losses, $43,315 of state net operating losses, no foreign net operating losses and no capital losses. The federal net operating losses will begin to expire in 2028, the state net operating losses will begin to expire in 2017. Our capital losses expired in 2013. We have concluded that it is not more likely than not that $9,469 of federal net operating losses and $22,317 of state net operating losses will be utilized during their respective carry forward periods and, as such, we have established a valuation allowance against these deferred tax assets.
	The accounting guidance for income taxes clarifies the accounting for uncertainty in income taxes, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides rules on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no uncertain tax positions for the years ending December 31, 2013, 2012 and 2011. Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities. We have open tax years from 2010 through 2013 with various jurisdictions. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions	'
	NOTE 15: RELATED PARTY TRANSACTIONS
	In the ordinary course of our business operations, we have ongoing relationships and have engaged in transactions with the related entities described below. All of these relationships and transactions were approved or ratified by our audit committee as being on terms comparable to those available on an arm’s-length basis from an unaffiliated third party or otherwise not creating a conflict of interest.
	Scott F. Schaeffer is our Chairman, Chief Executive Officer and President, and is a Trustee. Mr. Schaeffer’s spouse was a director of The Bancorp, Inc., or Bancorp, until her resignation from that position on July 24, 2013. She and Mr. Schaeffer own, in the aggregate, less than 1% of Bancorp’s outstanding common shares. For transactions subsequent to July 24, 2013, we do not expect to treat Bancorp as a related party. Each transaction with Bancorp through July 24, 2013 is described below:
	a). Cash and Restricted Cash—We maintain checking and demand deposit accounts at Bancorp. As of December 31, 2012, we had $239 of cash and cash equivalents and $289 of restricted cash on deposit at Bancorp. We did not receive any interest income from the Bancorp during the period from January 1, 2013 through July 24, 2013. We did not receive any interest income from the Bancorp during the years ended December 31, 2012 and 2011. Restricted cash held at Bancorp relates to borrowers’ escrows for taxes, insurance and capital reserves. Any interest earned on these deposits enures to the benefit of the specific borrower and not to us.
	b). Office Leases—We sublease a portion of our downtown Philadelphia office space from Bancorp under a lease agreement extending through August 2014 at an annual rental expense based upon the amount of square footage occupied. We have a sublease agreement with a third party for the remaining term of our sublease. Rent paid to Bancorp was $164 during the period from January 1, 2013 through July 24, 2013. Rent paid to Bancorp was $327 and $319 during the years ended December 31, 2012 and 2011. Rent received for our sublease was $99 during the period from January 1, 2013 through July 24, 2013. Rent received for our sublease was $174 and $170 during the years ended December 31, 2012 and 2011.
	Andrew M. Silberstein serves as a trustee on our board of trustees, as designated pursuant to the purchase agreement. Mr. Silberstein is an equity owner of Almanac and an officer of the investor and holds indirect equity interests in the investor. The transactions pursuant to the purchase agreement are described above in Note 10. Also, Almanac receives fees in connection with its investments made pursuant to the purchase agreement. In addition, our subsidiary receives fees for managing a securitization collateralized, in part, by $25.0 million of trust preferred securities issued by Advance Realty Group. An affiliate of Almanac owns an interest in Advance Realty Group and Almanac receives fees in connection with this interest.

Assets_Held_For_Sale_and_Disco

Assets Held For Sale and Discontinued Operations	12 Months Ended
	Dec. 31, 2013
Assets Held For Sale and Discontinued Operations	'
	NOTE 16: ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
	As of December 31, 2013 and 2012, we did not have any properties designated as held for sale.
	For the year ended December 31, 2011, income (loss) from discontinued operations relates to one real estate property sold since January 1, 2010. The following table summarizes revenue and expense information for the real estate property classified as discontinued operations:
		For the Year Ended
		December 31, 2011
	Revenue:
	Rental income	$	2,072
	Expenses:
	Real estate operating expense		1,205
	General and administrative expense		1
	Total expenses		1,206
	Income (loss) from discontinued operations		866
	Gain (loss) from discontinued operations		(119	)
	Total income (loss) from discontinued operations	$	747
	Discontinued operations have not been segregated in the consolidated statements of cash flows. Therefore, amounts for certain captions will not agree with respective data in the consolidated statements of operations.

Quarterly_Financial_Data_Unaud

Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2013
Quarterly Financial Data (Unaudited)	'
	NOTE 17: QUARTERLY FINANCIAL DATA (UNAUDITED)
	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations:
			For the Three-Month Periods Ended
			March 31			June 30			September 30			December 31
	2013:00:00
	Total revenue		$	58,251		$	58,622		$	62,395		$	67,607
	Change in fair value of financial instruments			(99,757	)		(76,020	)		(24,659	)		(143,990	)
	Net income (loss)			(85,341	)		(60,338	)		(11,135	)		(128,550	)
	Net income (loss) allocable to common shares			(90,532	)		(65,877	)		(17,106	)		(134,493	)
	Total earnings (loss) per share—Basic (a)		$	(1.50	)	$	(0.94	)	$	(0.24	)	$	(1.90	)
	Total earnings (loss) per share—Diluted (a)		$	(1.50	)	$	(0.94	)	$	(0.24	)	$	(1.90	)
	2012:00:00
	Total revenue		$	45,796		$	47,873		$	52,193		$	54,922
	Change in fair value of financial instruments			(108,923	)		(11,169	)		(24,177	)		(57,518	)
	Net income (loss)			(103,664	)		(3,570	)		(14,971	)		(46,136	)
	Net income (loss) allocable to common shares			(107,019	)		(6,951	)		(18,386	)		(50,449	)
	Total earnings (loss) per share—Basic (a)		$	(2.42	)	$	(0.14	)	$	(0.37	)	$	(0.99	)
	Total earnings (loss) per share—Diluted (a)		$	(2.42	)	$	(0.14	)	$	(0.37	)	$	(0.99	)
	(a)	The summation of quarterly per share amounts do not equal the full year amounts.

Other_Disclosures

Other Disclosures	12 Months Ended
	Dec. 31, 2013
Other Disclosures	'
	NOTE 18: OTHER DISCLOSURES
	Segments
	Wehave identified one operating segment; accordingly we have determined that we have one reportable segment. As a group, our executive officers act as the Chief Operating Decision Maker (“CODM”). The CODM reviews operating results to make decisions about all investments and resources and to assess performance for the entire company. Our portfolio consists of one reportable segment, investments in real estate through the mechanism of lending and/or ownership. The CODM manages and reviews our operations as one unit. Resources are allocated without regard to the underlying structure of any investment, but rather after evaluating such economic characteristics as returns on investment, leverage ratios, current portfolio mix, degrees of risk, income tax consequences and opportunities for growth. We have no single customer that accounts for 10% or more of revenue.
	Commitments and Contingencies
	Unfunded Loan Commitments
	Certain of our commercial mortgages and mezzanine loan agreements contain provisions whereby we are required to advance additional funds to our borrowers for capital improvements and upon the achievement of certain property operating hurdles. As of December 31, 2013, our incremental loan commitments were $24,762, which will be funded from either restricted cash held on deposit or revolving debt capacity dedicated for these purposes.
	Employment Agreements
	We are party to employment agreements with certain executives that provide for compensation and certain other benefits. The agreements also provide for severance payments under certain circumstances.
	Litigation
	We are involved from time to time in litigation on various matters, including disputes with tenants of owned properties, disputes arising out of agreements to purchase or sell properties and disputes arising out of our loan portfolio. Given the nature of our business activities, these lawsuits are considered routine to the conduct of our business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. We do not expect that the liabilities, if any, that may ultimately result from such routine legal actions will have a material adverse effect on our consolidated financial position, results of operations or cash flows.
	On March 13, 2012, the staff of the SEC notified us that the SEC had initiated a non-public investigation concerning one of our investment adviser subsidiaries, Taberna Capital Management, LLC, or TCM. Based on the notice and other communications with SEC staff, we believe this matter concerns TCM’s compliance with securities laws in connection with transactions since January 1, 2009 involving various Taberna securitizations for which TCM served as collateral manager. The SEC staff has subpoenaed testimony and information and we are cooperating fully. Because this matter is ongoing, we cannot predict the outcome at this time and, as a result, no conclusion can be reached as to what impact, if any, this matter may have on TCM or us.
	Lease Obligations
	We lease office space in Philadelphia, New York City, and other locations. The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2013:
	2014	$	1,511
	2015		1,427
	2016		722
	2017		648
	2018		921
	Thereafter		19,540
	Total	$	24,769
	Rent expense was $2,045, $1,967, and $2,601 for the years ended December 31, 2013, 2012, and 2011, respectively, and has been included in general and administrative expense or property operating expenses in the accompanying consolidated statements of operations.

Schedule_II_Valuation_and_Qual

Schedule II Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2013
Schedule II Valuation and Qualifying Accounts	'
	RAIT Financial Trust
	Schedule II
	Valuation and Qualifying Accounts
	For the Three Years Ended December 31, 2013
	(Dollars in thousands)
		Allowance for Losses
		Balance, Beginning		Additions		Deductions			Balance, End
		of Period							of Period
	For the year ended December 31, 2013	$	30,400	$	3,000	$	(10,445	)	$	22,955
	For the year ended December 31, 2012	$	46,082	$	2,000	$	(17,682	)	$	30,400
	For the year ended December 31, 2011	$	69,691	$	3,900	$	(27,509	)	$	46,082

Schedule_III_Real_Estate_and_A

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2013
Schedule III - Real Estate and Accumulated Depreciation	'
	RAIT Financial Trust
	Schedule III
	Real Estate and Accumulated Depreciation
	As of December 31, 2013
	(Dollars in thousands)
						Initial Cost				Cost of						Gross Carrying				Accumulated			Encumbrances			Year of		Life of
										Improvements,						Amount				Depreciation-			(Unpaid			Acquisition		Depreciation
										net of Retirements										Building			Principal)
	Property Name		Description		Location	Land		Building		Land			Building			Land (1)		Building (1)
	Willow Grove		Land		Willow Grove, PA	$	307	$	0	$	0		$	0		$	307	$	0	$	0		$	0			2001		N/A
	Cherry Hill		Land		Cherry Hill, NJ		307		0		0			0			307		0		0			0			2001		N/A
	Reuss		Office		Milwaukee, WI		4,080		36,720		10			19,537			4,090		56,257		(17,774	)		(35,692	) (2)		2004		30
	McDowell		Office		Scottsdale, AZ		9,803		55,523		5			5,877			9,808		61,400		(11,084	)		(74,195	) (2)		2007		30
	Stonecrest		Multi-Family		Birmingham, AL		5,858		23,433		(31	)		(105	)		5,827		23,328		(4,217	)		(26,069	) (3)		2008		30
	Crestmont (8)		Multi-Family		Marietta, GA		3,207		12,828		47			442			3,254		13,270		(2,129	)		(6,698	) (10)		2008		40
	Copper Mill (8)		Multi-Family		Austin, TX		3,420		13,681		52			623			3,472		14,304		(2,326	)		(7,293	) (10)		2008		40
	Cumberland (8)		Multi-Family		Smyrna, GA		3,194		12,776		(94	)		698			3,100		13,474		(2,180	)		(6,846	) (10)		2008		40
	Heritage Trace (8)		Multi-Family		Newport News, VA		2,642		10,568		31			543			2,673		11,111		(1,811	)		(5,457	) (10)		2008		40
	Mandalay Bay		Multi-Family		Austin, TX		5,363		21,453		99			810			5,462		22,263		(4,308	)		(27,852	) (6)		2008		30
	Oyster Point		Multi-Family		Newport News, VA		3,920		15,680		47			615			3,967		16,295		(3,138	)		(17,133	) (2)		2008		30
	Tuscany Bay		Multi-Family		Orlando, FL		7,002		28,009		122			1,167			7,124		29,176		(5,648	)		(29,721	) (2)		2008		30
	Corey Landings		Land		St. Pete Beach, FL		21,595		0		0			2,786			21,595		2,786		0			0			2009		N/A
	Sharpstown Mall		Retail		Houston, TX		6,737		26,948		(1	)		7,111			6,736		34,059		(5,799	)		(52,962	) (2)		2009		30
	Belle Creek Apartments (8)		Multi-Family		Henderson, CO		1,890		7,562		0			403			1,890		7,965		(1,123	)		(10,575	) (2)		2009		40
	Willows		Multi-Family		Las Vegas, NV		2,184		8,737		0			64			2,184		8,801		(1,422	)		(11,800	) (2)		2009		30
	Regency Meadows		Multi-Family		Las Vegas, NV		1,875		7,499		0			327			1,875		7,826		(1,302	)		(10,270	) (2)		2009		30
	Executive Center		Office		Milwaukee, WI		1,581		6,324		(51	)		2,867			1,530		9,191		(1,408	)		(11,750	) (2)		2009		30
	Remington		Multi-Family		Tampa, FL		4,273		17,092		0			2,902			4,273		19,994		(3,601	)		(24,750	) (2)		2009		30
	Desert Wind		Multi-Family		Phoenix, AZ		2,520		10,080		0			202			2,520		10,282		(1,619	)		(12,635	) (2)		2009		30
	Eagle Ridge		Multi-Family		Colton, CA		3,198		12,792		0			534			3,198		13,326		(2,159	)		(16,994	) (2)		2009		30
	Emerald Bay		Multi-Family		Las Vegas, NV		6,500		26,000		0			637			6,500		26,637		(4,198	)		(27,947	) (2)		2009		30
	Grand Terrace		Multi-Family		Colton, CA		4,619		18,477		0			497			4,619		18,974		(2,996	)		(23,847	) (2)		2009		30
	Las Vistas		Multi-Family		Phoenix, AZ		2,440		9,760		0			377			2,440		10,137		(1,629	)		(12,540	) (2)		2009		30
	Penny Lane		Multi-Family		Mesa, AZ		1,540		6,160		0			287			1,540		6,447		(1,049	)		(9,784	) (2)		2009		30
	Sandal Ridge		Multi-Family		Mesa, AZ		1,980		7,920		0			489			1,980		8,409		(1,386	)		(11,852	) (2)		2009		30
	Long Beach Promenade		Office		Long Beach, CA		860		3,440		0			200			860		3,640		(532	)		(5,225	) (2)		2009		30
	Murrells Retail Associates		Retail		Myrtle Beach, SC		0		2,500		0			8,486			0		10,986		(1,682	)		(29,200	) (2)		2009		30
	Preserve @ Colony Lakes		Multi-Family		Stafford, TX		6,720		26,880		0			650			6,720		27,530		(3,962	)		(33,719	) (4)		2009		30
	English Aire/Lafayette Landing		Multi-Family		Austin, TX		3,440		13,760		0			2,076			3,440		15,836		(2,825	)		(18,000	) (2)		2009		30
	Tresa at Arrowhead (8)		Multi-Family		Phoenix, AZ		7,080		28,320		0			533			7,080		28,853		(3,455	)		(27,500	) (2)		2009		40
	Madison Park & Southgreen		Multi-Family		Indianapolis, IN		1,260		5,040		0			1,031			1,260		6,071		(916	)		(7,520	) (2)		2009		30
	Mineral Business Center		Office		Denver, CO		1,940		7,760		0			401			1,940		8,161		(1,165	)		(11,300	) (2)		2009		30
	1501 Yamato Road		Office		Boca Raton, FL		8,200		32,800		0			5,146			8,200		37,946		(5,686	)		(55,420	) (7)		2009		30
	Blair Mill		Office		Willow Grove, PA		2,280		9,120		0			476			2,280		9,596		(1,323	)		(11,246	) (2)		2010		30
	Pine Tree		Office		Cherry Hill, NJ		1,980		7,920		0			1,397			1,980		9,317		(1,440	)		(10,174	) (5)		2010		30
	Ventura		Multi-Family		Gainesville, FL		1,913		7,650		0			490			1,913		8,140		(1,185	)		(8,872	) (2)		2010		30
	Lexington/Trails at Northpointe		Multi-Family		Jackson, MS		4,522		18,086		0			842			4,522		18,928		(2,566	)		(26,084	) (2)		2010		30
	Silversmith		Multi-Family		Jacksonville, FL		1,048		4,191		0			486			1,048		4,677		(771	)		(9,441	) (2)		2010		30
	Tiffany Square		Office		Colorado Springs, CO		2,400		9,600		996			2,569			3,396		12,169		(1,631	)		(16,086	) (2)		2010		30
	Vista Lago		Multi-Family		Kendall, FL		0		10,500		0			641			0		11,141		(1,281	)		(14,972	) (2)		2010		30
	Centrepoint (8)		Multi-Family		Tucson, AZ		5,620		22,480		0			435			5,620		22,915		(2,272	)		(17,600	) (10)		2010		40
	Regency Manor		Multi-Family		Miami, FL		2,320		9,280		0			562			2,320		9,842		(1,070	)		(11,500	) (2)		2010		30
	Four Resource Square		Office		Charlotte, NC		4,060		16,240		0			148			4,060		16,388		(1,635	)		(22,654	) (2)		2011		30
	Somervale Apartments		Multi-Family		Miami Gardens, FL		5,420		5,575		0			19,298			5,420		24,873		(1,954	)		(34,041	) (2)		2011		30
	Augusta Apartments		Multi-Family		Las Vegas, NV		6,180		24,720		0			252			6,180		24,972		(2,127	)		(35,000	) (2)		2011		30
	South Plaza		Retail		Nashville, TN		4,480		17,920		0			518			4,480		18,438		(1,479	)		(23,160	) (2)		2011		30
	Del Aire		Land		Daytona Beach, FL		1,188		0		0			3			1,188		3		0			(1,455	) (2)		2011		N/A
	Cardinal Motel		Land		Daytona Beach, FL		884		0		0			3			884		3		0			(1,083	) (2)		2011		N/A
	Treasure Island Resort		Land		Daytona Beach, FL		6,230		0		0			110			6,230		110		0			(11,077	) (2)		2011		N/A
	Sunny Shores Resort		Land		Daytona Beach, FL		3,379		0		0			38			3,379		38		0			(4,323	) (2)		2011		N/A
	MGS Gift Shop		Land		Daytona Beach, FL		409		0		0			1			409		1		0			(520	) (2)		2011		N/A
	Saxony Inn		Land		Daytona Beach, FL		1,653		0		0			0			1,653		0		0			(2,594	) (2)		2011		N/A
	Beachcomber Beach Resort		Land		Daytona Beach, FL		10,300		0		0			7			10,300		7		0			(12,649	) (2)		2011		N/A
UBS Tower		Office		St. Paul, MN		3,660		13,715		0			2,787			3,660		16,502		(757	)		(18,500	) (2)		2012		30
May’s Crossing		Retail		Round Rock, TX		1,820		7,133		0			0			1,820		7,133		(376	)		(8,600	) (2)		2012		30
Runaway Bay (9)		Multi-Family		Indianapolis, IN		3,079		12,318		0			192			3,079		12,510		(377	)		(10,222	) (10)		2012		40
South Terrace		Multi-Family		Durham, NC		4,210		32,434		0			147			4,210		32,581		(542	)		(33,404	) (2)		2013		30
River Park West		Multi-Family		Houston, TX		6,000		23,572		0			11			6,000		23,583		(328	)		(19,500	) (10)		2013		30
Berkshire (9)		Multi-Family		Indianapolis, IN		2,650		10,319		0			7			2,650		10,326		(65	)		(8,612	) (10)		2013		40
Crossings (9)		Multi-Family		Jackson, MS		4,600		17,948		0			3			4,600		17,951		(37	)		0			2013		40
						$233,820		$797,243		$1,232		$	99,636		$	235,052	$	896,879	$	(127,745	)	$	(1,035,912	)
-1	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2013.
-2	These encumbrances are held by our consolidated securitizations, RAIT I, RAIT II, Taberna VIII, or Taberna IX.
-3	Of these encumbrances, $18,944 is held by third parties and $7,125 is held by RAIT I.
-4	Of these encumbrances, $25,694 is held by third parties and $8,025 is held by RAIT I.
-5	Of these encumbrances, $8,561 is held by third parties and $1,613 is held by RAIT.
-6	Of these encumbrances, $12,876 is held by third parties and $14,976 is held by Taberna IX and RAIT II.
-7	Of these encumbrances, $22,920 is held by third parties and $32,500 is held by RAIT I.
-8	During 2012 and 2011, these properties were acquired by our subsidiary, Independence Realty Trust, Inc.
-9	These properties were acquired in the year of acquisition, as noted in the table above, by our subsidiary, Independence Realty Trust, Inc.
-10	These encumbrances are held entirely by third parties.
Investments in Real Estate		For the			For the
		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
Balance, beginning of period		$	1,015,581		$	960,874
Additions during period:
Acquisitions			101,888			42,797
Improvements to land and building			19,942			11,910
Deductions during period:
Dispositions of real estate			(5,480	)		0
Balance, end of period:		$	1,131,931		$	1,015,581
Accumulated Depreciation		For the			For the
		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
Balance, beginning of period		$	97,392		$	69,372
Depreciation expense			31,206			28,020
Dispositions of real estate			(853	)		0
Balance, end of period:		$	127,745		$	97,392

Schedule_IV_Mortgage_Loans_on_

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2013
Schedule IV - Mortgage Loans on Real Estate	'
	RAIT Financial Trust
	Schedule IV
	Mortgage Loans on Real Estate
	As of December 31, 2013
	(Dollars in thousands)
	(1) Summary of Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests
	Description of mortgages		Number			Interest Rate						Maturity Date				Principal				Carrying
			of																	Amount of
			Loans			Lowest			Highest			Earliest		Latest		Lowest		Highest		Mortgages
	Commercial mortgages
	Multi-family			7			5	%		7.8	%		11/30/16		1/1/24	$	5,500	$	29,493	$	105,451
	Office			27			5.3	%		8	%		2/9/14		1/1/24		4,575		43,196		320,240
	Retail			17			5	%		11.2	%		9/9/14		1/1/29		801		80,179		292,853
	Other			8			4.5	%		8	%		7/30/14		1/1/24		2,225		15,500		54,725
	Subtotal			59			4.5	%		11.2	%		2/9/14		1/1/29		801		80,179		773,269
	Mezzanine loans
	Multi-family			28			4.1	%		14.5	%		3/1/14		4/1/24		100		12,339		61,099
	Office			35			6	%		12.5	%		4/1/14		1/2/29		151		24,909		123,191
	Retail			11			0.5	%(b)		14.4	%		5/10/15		12/1/22		192		25,860		59,743
	Other			7			3.7	%		12.5	%		9/1/15		8/31/21		545		13,572		21,728
	Subtotal			81			0.5	%		14.5	%		3/1/14		1/2/29		100		25,860		265,761
	Preferred equity interests
	Multi-family			8			4	%		16	%		2/11/16		8/18/25		884		8,917		36,390
	Office			2			0	%(c)		10.5	%		5/1/15		3/11/17		3,650		7,750		15,760
	Retail			1			12	%		12	%		9/30/16		9/30/16		1,300		1,300		1,300
	Subtotal			11			0	%		16	%		5/1/15		8/18/25		884		8,917		53,450
	Other loans
	Multi-family			1			7.2	%		7.2	%		3/1/14		3/1/14		10,487		10,487		10,487
	Office			1			2.8	%		2.8	%		10/30/16		10/30/16		20,138		20,138		20,210
	Subtotal			2			2.8	%		7.2	%		3/1/14		10/30/16		10,487		20,138		30,697
	Total commercial mortgages, mezzanine loans, preferred equity interests and other loans			153			0	%		16	%		2/9/14		1/2/29	$	100	$	80,179	$	1,123,177
	(a)	The tax basis of the commercial mortgages, mezzanine loans, other loans and preferred equity interests approximates the carrying amount.
	(b)	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
	(c)	Relates to a $3.7 million and a $4.4 million equity investments where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.
	(d)	Reconciliation of carrying amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests:
			For the Year Ended			For the Year Ended
			December 31, 2013			December 31, 2012
	Balance, beginning of period		$	1,076,360		$	997,412
	Additions during period:
	Investments in loans			589,902			356,197
	Accretion of discount			7,828			3,192
	Deductions during period:
	Collections of principal			(486,369	)		(238,015	)
	Conversion of loans to real estate owned property and charge-offs			(64,544	)		(42,426	)
	Balance, end of period:		$	1,123,177		$	1,076,360
	(a)	Summary of Commercial Mortgages, Mezzanine Loans, Preferred Equity and Other Loans by Geographic Location:
	Location by State		Number of			Interest Rate						Principal				Total Carrying
			Loans													Amount of
						Lowest			Highest			Lowest		Highest		Mortgages (a)
	Various States			8			0.5	%(a)		12.5	%	$	963	$	80,179	$	203,363
	Texas			31			3.7	%		14.5	%		244		25,860		190,552
	Florida			14			4.1	%		12	%		192		24,974		133,548
	Pennsylvania			14			5	%		12.5	%		151		29,493		124,981
	California			13			0	%(b)		12.5	%		245		12,125		69,217
	Ohio			5			6.1	%		12.5	%		430		43,196		64,598
	Colorado			3			6.5	%		12	%		3,000		26,085		32,935
	Massachusetts			2			5.2	%		7.2	%		13,572		18,500		31,160
	New York			8			8.5	%		12.5	%		731		7,750		29,916
	Wisconsin			12			6	%		12.5	%		249		13,000		28,342
	Arizona			6			5	%		12.1	%		100		11,750		27,859
	Oregon			1			6.3	%		6.3	%		23,500		23,500		23,500
	Alabama			3			5	%		7	%		2,603		13,500		23,298
	Minnesota			2			5.5	%		16	%		1,955		21,000		22,955
Tennessee			3			4	%		11	%		1,230		7,250		14,639
Maryland			3			6.6	%		14.5	%		1,373		9,151		18,024
Kentucky			3			5.2	%		12.5	%		241		12,000		13,441
Illinois			2			6.8	%		12.5	%		210		13,000		13,210
New Jersey			4			5.7	%		12	%		811		6,750		12,649
Georgia			4			6	%		12.5	%		389		7,000		10,855
Connecticut			1			12	%		12	%		8,302		8,302		8,302
Michigan			2			7.3	%		12	%		1,300		6,550		7,850
Idaho			1			7.5	%		7.5	%		6,500		6,500		6,500
South Carolina			1			7	%		7	%		4,000		4,000		4,000
Indiana			3			12	%		12.5	%		363		1,568		2,999
Missouri			1			9.2	%		9.2	%		2,600		2,600		2,600
Mississippi			1			12.5	%		12.5	%		820		820		820
Delaware			1			12.5	%		12.5	%		666		666		666
Virginia			1			12.5	%		12.5	%		398		398		398
			153			0	%		16	%	$	100	$	80,179	$	1,123,177
(a)	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
(b)	Relates to a $3.7 million and a $4.4 million equity investments where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation	'
	a. Basis of Presentation
	The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included.
	Certain prior period amounts have been reclassified to conform with the current period presentation. Previously, investment interest expense was included as part of interest expense within total expenses. We have now classified the portion of interest expense that finances our interest bearing assets as a component of net interest margin within total revenue.
Principles of Consolidation	'
	b. Principles of Consolidation
	The consolidated financial statements reflect our accounts and the accounts of our majority-owned and/or controlled subsidiaries. We also consolidate entities that are variable interest entities, or VIEs, where we have determined that we are the primary beneficiary of such entities. The portions of these entities that we do not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation.
	In August 2007, we made a $6.0 million preferred equity investment in a retail property management firm. In November 2013, we exercised certain rights under the terms of our investment and as a result, started to consolidate its operations and incurred certain non-cash increases in other assets, intangible assets and various liabilities.
	We had a non-cash increase in other assets and intangible assets of $8.8 million and $19.0 million, respectively, resulting from this consolidation. We also had a non-cash increase in various liabilities of $15.9 million. These amounts are provisional and subject to change as we complete the purchase price allocation process.
	Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation”, the determination of whether to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We define the power to direct the activities that most significantly impact the VIE’s economic performance as the ability to buy, sell, refinance, or recapitalize assets or entities, and solely control other material operating events or items of the respective entity. For our commercial mortgages, mezzanine loans, and preferred equity investments, certain rights we hold are protective in nature and would preclude us from having the power to direct the activities that most significantly impact the VIE’s economic performance. Assuming both criteria are met, we would be considered the primary beneficiary and would consolidate the VIE. We will continually assess our involvement with VIEs and consolidated the VIEs when we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs.
Use of Estimates	'
	c. Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Cash and Cash Equivalents	'
	d. Cash and Cash Equivalents
	Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	'
	e. Restricted Cash
	Restricted cash consists primarily of proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2013 and 2012, we had $70,705 and $51,927, respectively, of restricted cash held by securitizations.
	Restricted cash also includes tenant escrows and borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. As of December 31, 2013 and 2012, we had $50,884 and $38,714, respectively, of tenant escrows and borrowers’ funds.
Investments in Loans	'
	f. Investments in Loans
	We invest in commercial mortgages, mezzanine loans, debt securities and other loans. We account for our investments in commercial mortgages, mezzanine loans and other loans at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans.
Allowance for Losses, Impaired Loans and Non-accrual Status	'
	g. Allowance for Losses, Impaired Loans and Non-accrual Status
	We maintain an allowance for losses on our investments in commercial mortgages, mezzanine loans and other loans. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. Management reviews loans for impairment and establishes specific reserves when a loss is probable and reasonably estimable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. If any trends or characteristics indicate that it is probable that other loans, with similar characteristics to those of impaired loans, have incurred a loss, we consider whether an allowance for loss is needed pursuant to FASB ASC Topic 450, “Contingencies.” Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days. Payments received for non-accrual or impaired loans are applied to principal until the loan is removed from non-accrual status or no longer impaired. Past due interest is recognized on non-accrual loans when they are removed from non-accrual status and are making current interest payments. The allowance for losses is increased by charges to operations and decreased by charge-offs (net of recoveries). Management charges off loans when the investment is no longer realizable and legally discharged.
Investments in Real Estate	'
	h. Investments in Real Estate
	Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been evaluated to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred.
	Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB ASC Topic 805, “Business Combinations.” Fair value is determined by management based on market conditions and inputs at the time the asset is acquired. All expenses incurred to acquire a real estate asset are expensed as incurred.
	Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property.
Investments in Securities	'
	i. Investments in Securities
	We account for our investments in securities under FASB ASC Topic 320, “Investments—Debt and Equity Securities”, and designate each investment security as a trading security, an available-for-sale security, or a held-to-maturity security based on our intent at the time of acquisition. Trading securities are recorded at their fair value each reporting period with fluctuations in fair value reported as a component of earnings. Available-for-sale securities are recorded at fair value with changes in fair value reported as a component of other comprehensive income (loss). We classify certain available-for-sale securities as trading securities when we elect to record them under the fair value option in accordance with FASB ASC Topic 825, “Financial Instruments.” See “m. Fair Value of Financial Instruments.” Upon the sale of an available-for-sale security, the realized gain or loss on the sale will be recorded as a component of earnings in the respective period. Held-to-maturity investments are carried at amortized cost at each reporting period.
	We account for investments in securities where the transfer meets the criteria as a financing under FASB ASC Topic 860, “Transfers and Servicing”, at fair value. Our investments in security-related receivables represent securities that were transferred to issuers of collateralized debt obligations, or CDOs, in which the transferors maintained some level of continuing involvement. We use our judgment to determine whether an investment in securities has sustained an other-than-temporary decline in value. If management determines that an available-for-sale security has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings, and we establish a new cost basis for the investment. Our evaluation of an other-than-temporary decline is dependent on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the estimated fair value of the investment in relation to our cost basis; the financial condition of the related entity; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery of the fair value of the investment.
Transfers of Financial Assets	'
	j. Transfers of Financial Assets
	We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables.
Revenue Recognition	'
	k. Revenue Recognition
		1)	Interest income—We recognize interest income from investments in commercial mortgages, mezzanine loans, and other securities on a yield to maturity basis. Upon the acquisition of a loan at a discount, we assess the portions of the discount that constitute accretable yields and non-accretable differences. The accretable yield represents the excess of our expected cash flows from the loan over the amount we paid for the loan. That amount, the accretable yield, is accreted to interest income over the remaining life of the loan. Many of our commercial mortgages and mezzanine loans provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible.
	For investments that we did not elect to record at fair value under FASB ASC Topic 825, “Financial Instruments”, origination fees and direct loan origination costs are deferred and amortized to net investment income, using the effective interest method, over the contractual life of the underlying loan security or loan, in accordance with FASB ASC Topic 310, “Receivables.”
	For investments that we elected to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred.
	We recognize interest income from interests in certain securitized financial assets on an effective interest yield method. Management estimates the current yield on the amortized cost of the investment based on estimated cash flows after considering prepayment and credit loss experience.
		2)	Rental income—We generate rental income from tenant rent and other tenant-related activities at our consolidated real estate properties. For multi-family real estate properties, rental income is recorded when due from residents and recognized monthly as it is earned and realizable, under lease terms which are generally for periods of one year or less. For retail and office real estate properties, rental income is recognized on a straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Leases also typically provide for tenant reimbursement of a portion of common area maintenance and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease.
		3)	Fee and other income—We generate fee and other income through our various subsidiaries by (a) funding conduit loans for sale into unaffiliated CMBS securitizations, (b) providing or arranging to provide financing to our borrowers, (c) providing ongoing asset management services to investment portfolios under cancelable management agreements, and (d) providing property management services to third parties. We recognize revenue for these activities when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. While we may receive asset management fees when they are earned, we eliminate earned asset management fee income from securitizations while such securitizations are consolidated. During the years ended December 31, 2013, 2012, and 2011, we received $4,732, $4,959, and $5,200, respectively, of earned asset management fees. We eliminated $3,450, $3,704, and $3,768, respectively, of these earned asset management fees as it was associated with consolidated securitizations.
Derivative Instruments	'
	l. Derivative Instruments
	We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. Certain of the techniques used to hedge exposure to interest rate fluctuations may also be used to protect against declines in the market value of assets that result from general trends in debt markets. The principal objective of such agreements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions.
	In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges are recognized in earnings.
Fair Value of Financial Instruments	'
	m. Fair Value of Financial Instruments
	In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows:
		•		Level 1: Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment.
		•		Level 2: Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly.
	Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs.
		•		Level 3: Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are trust preferred securities, or TruPS, and subordinated debentures, trust preferred obligations and CDO notes payable where observable market inputs do not exist.
	The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3.
	Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3.
	Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value.
	Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
Income Taxes	'
	n. Income Taxes
	RAIT, Taberna Realty Finance Trust, or Taberna, and Independence Realty Trust, Inc., or IRT, have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of our dividends to shareholders and as long as certain asset, income and share ownership tests are met. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for dividends to our shareholders. Management believes that all of the criteria to maintain RAIT’s, Taberna’s, and IRT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.
	We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations.
	From time to time, our TRSs generate taxable income from intercompany transactions. The TRS entities generate taxable revenue from fees for services provided to securitizations. Some of these fees paid to the TRS entities are capitalized as deferred financing costs by the securitizations. Certain securitizations may be consolidated in our financial statements pursuant to FASB ASC Topic 810, “Consolidation.” In consolidation, these fees are eliminated when the securitization is included in the consolidated group. Additionally, our TRS entities generate taxable revenue from advisory fees for services provided to IRT. In consolidation, these advisory fees are eliminated as IRT is included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation.
	Certain TRS entities are domiciled in the Cayman Islands and taxable income generated by these entities may not be subject to local income taxation, but generally will be included in our taxable income on a current basis, whether or not distributed. Upon distribution to us of any previously included income, no incremental U.S. federal, state, or local income taxes would be payable by us.
	The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. We review the tax balances of our TRS entities quarterly and, as new information becomes available, the balances are adjusted as appropriate.
Share-Based Compensation	'
	o. Share-Based Compensation
	We account for our share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” We measure the cost of employee and trustee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and record compensation expense over the related vesting period.
Deferred Financing Costs and Intangible Assets	'
	p. Deferred Financing Costs and Intangible Assets
	Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
	Intangible assets on our consolidated balance sheets represent identifiable intangible assets acquired in business acquisitions. We amortize identified intangible assets to expense over their estimated lives using the straight-line method. We evaluate intangible assets for impairment as events and circumstances change, in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment.” We expect to record amortization expense of intangible assets of $3,249 for 2014, $2,654 for 2015, $2,411 for 2016, $1,937 for 2017, $1,937 for 2018 and $9,366 thereafter.
Recent Accounting Pronouncements	'
	q. Recent Accounting Pronouncements
	In June 2011, the FASB issued an accounting standard classified under FASB ASC Topic 222, “Comprehensive Income”. This accounting standard amends existing guidance to improve the comparability, consistency, and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income by requiring entities to present the total of comprehensive income, the components of net income, and the components of other comprehensive income in either a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued an accounting standard that deferred the new presentation requirements about reclassification adjustments. Both of these accounting standards are effective for fiscal years, and interim periods with those years, beginning after December 15, 2011. The adoption of these standards did not have a material effect on our consolidated financial statements. In February 2013, the FASB issued an accounting standard that requires an entity to present the amounts reclassified out of accumulated other comprehensive income by component either on the face of the statement of operations or in the notes to the financial statements. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. This standard is effective for reporting periods beginning after December 31, 2012. The adoption of this standard did not have a material effect on our consolidated financial statements.

Investments_In_Loans_Tables

Investments In Loans (Tables)	12 Months Ended
	Dec. 31, 2013
Investments in Loans	'
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2013:
			Unpaid			Unamortized			Carrying			Number of		Weighted-			Range of Maturity Dates
			Principal			(Discounts)			Amount			Loans		Average
			Balance			Premiums								Coupon (1)
	Commercial Real Estate (CRE) Loans
	Commercial mortgages		$	792,526		$	(19,257	)	$	773,269			59		6.4	%		Mar. 2014 to Jan. 2029
	Mezzanine loans			269,034			(3,273	)		265,761			81		9.6	%		Mar. 2014 to Jan. 2029
	Preferred equity interests			54,389			(939	)		53,450			11		8.6	%		May 2015 to Aug. 2025
	Total CRE Loans			1,115,949			(23,469	)		1,092,480			151		7.3	%
	Other loans			30,625			72			30,697			2		4.3	%		Mar. 2014 to Oct. 2016
	Total Loans			1,146,574			(23,397	)		1,123,177			153		7.2	%
	Deferred fees			(800	)		0			(800	)
	Total investments in loans		$	1,145,774		$	(23,397	)	$	1,122,377
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2012:
			Unpaid			Unamortized			Carrying			Number of		Weighted-			Range of Maturity Dates
			Principal			(Discounts)			Amount			Loans		Average
			Balance			Premiums								Coupon (1)
	Commercial Real Estate (CRE) Loans
	Commercial mortgages		$	728,774		$	(25,807	)	$	702,967			50		6.4	%		Mar. 2013 to Jan. 2023
	Mezzanine loans			275,457			(4,355	)		271,102			83		9.3	%		Mar. 2013 to Nov. 2038
	Preferred equity interests			64,752			(1,031	)		63,721			15		9.7	%		Mar. 2014 to Aug. 2025
	Total CRE Loans			1,068,983			(31,193	)		1,037,790			148		7.4	%
	Other loans			38,600			(30	)		38,570			2		4.9	%		Mar. 2013 to Oct. 2016
	Total Loans			1,107,583			(31,223	)		1,076,360			150		7.3	%
	Deferred fees			(1,231	)		0			(1,231	)
	Total investments in loans		$	1,106,352		$	(31,223	)	$	1,075,129
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
Delinquency Statistics of Commercial Real Estate Loan	'
	The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2013 and 2012:
	Delinquency Status		As of			As of
			December 31,			December 31,
			2013			2012
	30 to 59 days		$	0		$	1,974
	60 to 89 days			6,441			5,211
	90 days or more			2,163			37,130
	In foreclosure or bankruptcy proceedings			16,002			9,420
	Total		$	24,606		$	53,735
Maturities of Investments in Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests	'
	The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests by year:
	2014		$	31,928
	2015			90,895
	2016			327,416
	2017			428,372
	2018			57,561
	Thereafter			210,402
	Total		$	1,146,574
Roll-Forward of Allowance for Losses	'
	The following table provides a roll-forward of our allowance for losses for the years ended December 31, 2013, 2012 and 2011:
			For the Year Ended			For the Year Ended			For the Year Ended
			December 31, 2013			December 31, 2012			December 31, 2011
	Beginning balance		$	30,400		$	46,082		$	69,691
	Provision			3,000			2,000			3,900
	Charge-offs, net of recoveries			(10,445	)		(17,682	)		(27,509	)
	Ending balance		$	22,955		$	30,400		$	46,082

Investments_In_Securities_Tabl

Investments In Securities (Tables)	12 Months Ended
	Dec. 31, 2013
Investments in Securities and Security-Related Receivables	'
	The following table summarizes our investments in securities as of December 31, 2013:
	Investment Description		Amortized		Net Fair			Estimated		Weighted			Weighted
			Cost		Value			Fair Value		Average			Average
					Adjustments					Coupon (1)			Years to
													Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	(139,531	)	$	480,845		3.7	%		20.4
	Other securities			12,312		(12,312	)		0		4.7	%		38.9
	Total trading securities			632,688		(151,843	)		480,845		3.8	%		20.8
	Available-for-sale securities			3,600		(3,598	)		2		2	%		28.9
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		(24,689	)		8,211		3.4	%		18.3
	Unsecured REIT note receivables			30,000		3,046			33,046		6.7	%		3.1
	CMBS receivables (2)			69,905		(25,787	)		44,118		5.6	%		30.6
	Other securities			33,144		(32,064	)		1,080		2.2	%		36.5
	Total security-related receivables			165,949		(79,494	)		86,455		4.7	%		24.4
	Total investments in securities		$	802,237	$	(234,935	)	$	567,302		3.9	%		21.7
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	-2	CMBS receivables include securities with a fair value totaling $8,228 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,594 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,164 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $1,132 that are rated “D” by Standard & Poor’s.
	A substantial portion of our gross unrealized losses at December 31, 2013 were greater than 12 months.
	The following table summarizes our investments in securities as of December 31, 2012:
	Investment Description		Amortized		Net Fair			Estimated		Weighted			Weighted
			Cost		Value			Fair Value		Average			Average
					Adjustments					Coupon (1)			Years to
													Maturity
	Trading securities
	TruPS and subordinated debentures		$	637,376	$	(152,173	)	$	485,203		4.2	%		20.9
	Other securities			11,584		(11,584	)		0		4.8	%		39.9
	Total trading securities			648,960		(163,757	)		485,203		4.2	%		21.2
	Available-for-sale securities			3,600		(3,598	)		2		2.1	%		29.9
	Security-related receivables
	TruPS and subordinated debenture receivables			111,025		(19,877	)		91,148		6.5	%		9.1
	Unsecured REIT note receivables			30,000		2,769			32,769		6.7	%		4.1
	CMBS receivables (2)			83,342		(39,532	)		43,810		5.6	%		32.2
	Other securities			38,508		(35,931	)		2,577		2.8	%		37.4
	Total security-related receivables			262,875		(92,571	)		170,304		5.7	%		20
	Total investments in securities		$	915,435	$	(259,926	)	$	655,509		4.6	%		21
	-1	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
	-2	CMBS receivables include securities with a fair value totaling $8,398 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $26,013 that are rated between “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,782 that are rated “CCC” by Standard & Poor’s, and securities with a fair value totaling $617 that are rated “D” by Standard & Poor’s.
Non-Accrual Status of Investments	'
	The following table summarizes the non-accrual status of our investments in securities:
			As of December 31, 2013							As of December 31, 2012
			Principal /Par		Weighted			Fair Value		Principal /Par			Weighted			Fair Value
			Amount on		Average Coupon					Amount on			Average Coupon
			Non-accrual							Non-accrual
	TruPS and TruPS receivables		$	83,557		1.8	%	$	5,678	$	83,557			1.9	%	$	5,678
	Other securities			41,019		3.1	%		11		35,159			3.2	%		2
	CMBS receivables			22,772		5.9	%		447		35,208			5.9	%		642

Investments_In_Real_Estate_Tab

Investments In Real Estate (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Investments in Real Estate	'
	The table below summarizes our investments in real estate:
		As of December 31, 2013						As of December 31, 2012
		Book Value			Number of			Book Value			Number of
					Properties						Properties
	Multi-family real estate properties	$	716,708			37		$	613,888			34
	Office real estate properties		282,371			11			271,847			11
	Retail real estate properties		83,653			4			82,081			4
	Parcels of land		49,199			10			47,765			10
	Subtotal		1,131,931			62			1,015,581			59
	Less: Accumulated depreciation and amortization		(127,745	)					(97,392	)
	Investments in real estate	$	1,004,186					$	918,189
Minimum Future Rentals under Expiring Leases for Non-Residential Properties	'
	The following table represents the minimum future rentals under expiring leases for our non-residential properties as of December 31, 2013.
	2014	$	4,388
	2015		4,991
	2016		3,969
	2017		5,566
	2018		1,657
	2019 and thereafter		11,638
	Total	$	32,209
Aggregate Estimated Fair Value of Assets and Liabilities Acquired	'
	The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the four properties acquired during the year ended December 31, 2013, on the respective date of each conversion, for the real estate accounted for under FASB ASC Topic 805.
	Description	Estimated
		Fair Value
	Assets acquired:
	Investments in real estate	$	101,733
	Cash and cash equivalents		187
	Restricted cash		1,089
	Other assets		412
	Intangible assets		1,467
	Total assets acquired		104,888
	Liabilities assumed:
	Accounts payable and accrued expenses		991
	Other liabilities		308
	Total liabilities assumed		1,299
	Estimated fair value of net assets acquired	$	103,589
Consideration Transferred to Acquire Real Estate Properties	'
	The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective conversion date:
	Description	Estimated
		Fair Value
	Fair value of consideration transferred:
	Commercial real estate loans	$	101,733
	Other considerations		1,856
	Total fair value of consideration transferred	$	103,589
Consolidated Unaudited Pro Forma Information	'
	Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:
	Description	For the			For the
		Year Ended			Year Ended
		December 31, 2013			December 31, 2012
	Total revenue, as reported	$	246,875		$	200,784
	Pro forma revenue		255,992			213,551
	Net income (loss) allocable to common shares, as reported		(308,008	)		(182,805	)
	Pro forma net income (loss) allocable to common shares		(304,588	)		(178,470	)

Indebtedness_Tables

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Total Recourse and Non-Recourse Indebtedness	'
	The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2013:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066	$	32,938		7	%	Apr. 2031
	4.0% convertible senior notes (2)			125,000		116,184		4	%	Oct. 2033
	Secured credit facilities			11,129		11,129		3.2	%	Oct. 2016 to Dec. 2016
	Junior subordinated notes, at fair value (3)			18,671		11,911		0.5	%	Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.7	%	Apr. 2037
	CMBS facilities			30,618		30,618		2.7	%	Nov. 2014 to Oct. 2015
	Commercial mortgage facility			7,131		7,131		2.8	%	Dec. 2014
	Total recourse indebtedness (4)			251,715		235,011		3.8	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (5)(6)			1,204,117		1,202,772		0.6	%	2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			865,199		377,235		0.9	%	2037 to 2038
	CMBS securitization (8)			100,139		100,139		2.1	%	Jan. 2029
	Loans payable on real estate			171,244		171,244		5.3	%	Sep. 2015 to Dec. 2023
	Total non-recourse indebtedness			2,340,699		1,851,390		1.1	%
	Total indebtedness		$	2,592,414	$	2,086,401		1.4	%
	-1	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
	-2	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
	-3	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
	-4	Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
	-5	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
	-6	Collateralized by $1,662,537 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-7	Collateralized by $989,781 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2013 was $746,939. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-8	Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $131,843 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2012:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	115,000	$	109,631		7	%	Apr. 2031
	Secured credit facility			8,090		8,090		3	%	Dec. 2016
	Junior subordinated notes, at fair value (2)			38,052		29,655		5.2	%	Oct. 2015 to Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.8	%	Apr. 2037
	Total recourse indebtedness (3)			186,242		172,476		5.9	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (4)(5)			1,297,069		1,295,400		0.6	%	2045 to 2046
	CDO notes payable, at fair value (2)(4)(6)			984,380		187,048		1	%	2037 to 2038
	Loans payable on real estate			144,671		144,671		5.4	%	Sept. 2015 to May 2021
	Total non-recourse indebtedness			2,426,120		1,627,119		1.1	%
	Total indebtedness		$	2,612,362	$	1,799,595		1.4	%
	-1	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
	-2	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
	-3	Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
	-4	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
	-5	Collateralized by $1,757,789 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
	-6	Collateralized by $1,118,346 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2012 was $849,919. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
Aggregate Contractual Maturities of Indebtedness by Year	'
	The following table displays the aggregate contractual maturities of our indebtedness by year:
	2014 (1)		$	17,763
	2015			59,666
	2016			29,315
	2017			1,888
	2018			14,090
	Thereafter (2)			2,526,687
	Total		$	2,649,409
	-1	Includes $6,129 of our secured credit facility that was prepaid in January 2014. This was payable in December 2016 under the terms of the secured credit facility.
	-2	Includes $34,066 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $125,000 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments	'
	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2013 and December 31, 2012:
		As of December 31, 2013					As of December 31, 2012
		Notional		Fair Value			Notional		Fair Value
	Interest rate swaps	$	1,071,447	$	(113,148	)	$	1,110,720	$	(151,358	)
	Interest rate caps		36,000		1,122			36,000		1,053
	Net fair value	$	1,107,447	$	(112,026	)	$	1,146,720	$	(150,305	)

Fair_Value_Of_Financial_Instru1

Fair Value Of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2013
Carrying Amount and Fair Value of Financial Instruments	'
	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2013:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$	1,122,377		$	1,083,118
	Investments in securities and security-related receivables			567,302			567,302
	Cash and cash equivalents			88,847			88,847
	Restricted cash			121,589			121,589
	Derivative assets			1,305			1,305
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			32,938			47,778
	4.0% convertible senior notes			116,184			124,063
	Secured credit facilities			11,129			11,129
	Junior subordinated notes, at fair value			11,911			11,911
	Junior subordinated notes, at amortized cost			25,100			14,007
	CMBS facilities			30,618			30,618
	Commercial mortgage facility			7,131			7,131
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,202,772			724,885
	CDO notes payable, at fair value			377,235			377,235
	CMBS securitization			100,139			100,214
	Loans payable on real estate			171,244			176,979
	Derivative liabilities			113,331			113,331
	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2012:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans and other loans		$	1,075,129		$	1,063,716
	Investments in securities and security-related receivables			655,509			655,509
	Cash and cash equivalents			100,041			100,041
	Restricted cash			90,641			90,641
	Derivative assets			1,132			1,132
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			109,631			115,230
	Secured credit facility			8,090			8,090
	Junior subordinated notes, at fair value			29,655			29,655
	Junior subordinated notes, at amortized cost			25,100			12,700
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,295,400			722,371
	CDO notes payable, at fair value			187,048			187,048
	Loans payable on real estate			144,671			156,510
	Derivative liabilities			151,438			151,438
Information of Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2013, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
	Assets:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2013
			(Level 1) (a)
	Trading securities
	TruPS		$	0		$	0		$	480,845			$	480,845
	Other securities			0			0			0				0
	Available-for-sale securities			0			2			0				2
	Security-related receivables
	TruPS receivables			0			0			8,211				8,211
	Unsecured REIT note receivables			0			33,046			0				33,046
	CMBS receivables			0			44,118			0				44,118
	Other securities			0			1,080			0				1,080
	Derivative assets			0			1,305			0				1,305
	Total assets		$	0		$	79,551		$	489,056			$	568,607
	Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2013
			(Level 1) (a)
	Junior subordinated notes, at fair value		$	0		$	0		$	11,911			$	11,911
	CDO notes payable, at fair value			0			0			377,235				377,235
	Derivative liabilities			0			45,926			67,405				113,331
	Total liabilities		$	0		$	45,926		$	456,551			$	502,477
	(a)	During the year ended December 31, 2013, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2012, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value:
	Assets:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2012
			(Level 1) (a)
	Trading securities
	TruPS		$	0		$	0		$	485,203			$	485,203
	Other securities			0			0			0				0
	Available-for-sale securities			0			2			0				2
	Security-related receivables
	TruPS receivables			0			0			91,148				91,148
	Unsecured REIT note receivables			0			32,769			0				32,769
	CMBS receivables			0			43,810			0				43,810
	Other securities			0			2,577			0				2,577
	Derivative assets			0			1,132			0				1,132
	Total assets		$	0		$	80,290		$	576,351			$	656,641
	Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				December 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2012
			(Level 1) (a)
	Junior subordinated notes, at fair value		$	0		$	0		$	29,655			$	29,655
	CDO notes payable, at fair value			0			0			187,048				187,048
	Derivative liabilities			0			71,976			79,462				151,438
	Total liabilities		$	0		$	71,976		$	296,165			$	368,141
	(a)	During the year ended December 31, 2012, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis	'
	The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 2013:
	Assets		Trading			Security-Related			Total Level 3
			Securities—TruPS			Receivables—TruPS			Assets
			and Subordinated			and Subordinated
			Debentures			Debenture Receivables
	Balance, as of December 31, 2012		$	485,203		$	91,148		$	576,351
	Change in fair value of financial instruments			12,642			(4,812	)		7,830
	Purchases			0			0			0
	Sales			0			0			0
	Principal repayments			(17,000	)		(78,125	)		(95,125	)
	Balance, as of December 31, 2013		$	480,845		$	8,211		$	489,056
	The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 2012:
	Assets		Trading			Security-Related			Total Level 3
			Securities—TruPS			Receivables—TruPS			Assets
			and Subordinated			and Subordinated
			Debentures			Debenture Receivables
	Balance, as of December 31, 2011		$	481,736		$	82,863		$	564,599
	Change in fair value of financial instruments			3,467			8,459			11,926
	Purchases			0			0			0
	Sales			0			0			0
	Principal repayments			0			(174	)		(174	)
	Balance, as of December 31, 2012		$	485,203		$	91,148		$	576,351
Rollforward of Level 3 Liabilities	'
	Liabilities		Derivative Liabilities			CDO Notes			Junior				Total
						Payable, at			Subordinated				Level 3
						Fair Value			Notes, at				Liabilities
									Fair Value
	Balance, as of December 31, 2012		$	79,462		$	187,048		$	29,655			$	296,165
	Change in fair value of financial instruments			(12,057	)		309,367			1,637				298,947
	Purchases			0			0			0				0
	Sales			0			0			0				0
	Principal repayments			0			(119,180	)		(19,381	)			(138,561	)
	Balance, as of December 31, 2013		$	67,405		$	377,235		$	11,911			$	456,551
	Liabilities		Derivative Liabilities			CDO Notes			Junior				Total
						Payable, at			Subordinated				Level 3
						Fair Value			Notes, at				Liabilities
									Fair Value
	Balance, as of December 31, 2011		$	90,080		$	122,506		$	22,450			$	235,036
	Change in fair value of financial instruments			(10,618	)		184,246			7,205				180,833
	Purchases			0			0			0				0
	Sales			0			0			0				0
	Principal repayments			0			(119,704	)		0				(119,704	)
	Balance, as of December 31, 2012		$	79,462		$	187,048		$	29,655			$	296,165
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	'
	The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below.
			Carrying Amount			Estimated Fair			Valuation		Fair Value Measurement
			as of			Value as of			Technique
			December 31, 2013			December 31, 2013					Quoted Prices in				Significant Other		Significant
											Active				Observable Inputs		Unobservable
											Markets for				(Level 2)		Inputs
											Identical Assets						(Level 3)
											(Level 1)
	Commercial mortgages, mezzanine loans and other loans		$	1,122,377		$	1,083,118		Discounted		$	0			$	0	$	1,083,118
									cash flows
	7.0% convertible senior notes			32,938			47,778		Trading			47,778				0		0
									price
	4.0% convertible senior notes			116,184			124,063		Trading			124,063				0		0
									price
	Junior subordinated notes, at amortized cost			25,100			14,007		Discounted			0				0		14,007
									cash flows
	CDO notes payable, at amortized cost			1,202,772			724,885		Discounted cash flows			0				0		724,885
	CMBS securitization			100,139			100,214		Discounted cash flows			0				0		100,214
	Loans payable on real estate			171,244			176,979		Discounted cash flows			0				0		176,979
											Fair Value Measurement
			Carrying Amount			Estimated Fair			Valuation		Quoted Prices in				Significant Other		Significant
			as of			Value as of			Technique		Active				Observable Inputs		Unobservable
			December 31, 2012			December 31, 2012					Markets for				(Level 2)		Inputs
											Identical Assets						(Level 3)
											(Level 1)
	Commercial mortgages, mezzanine loans and other loans		$	1,075,129		$	1,063,716		Discounted cash flows		$	0			$	0	$	1,063,716
	7.0% convertible senior notes			109,631			115,230		Trading price			115,230				0		0
	Junior subordinated notes, at amortized cost			25,100			12,700		Discounted cash flows			0				0		12,700
	CDO notes payable, at amortized cost			1,295,400			722,371		Discounted cash flows			0				0		722,371
	Loans payable on real estate			144,671			156,510		Discounted cash flows			0				0		156,510
Summary of Realized and Unrealized Gains and Losses on Assets and Liabilities	'
	The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations:
	Description		For the			For the			For the
			Year Ended			Year Ended			Year Ended
			December 31,			December 31,			December 31,
			2013			2012			2011
	Change in fair value of trading securities and security-related receivables		$	9,193		$	23,380		$	19,281
	Change in fair value of CDO notes payable and other liabilities			(331,389	)		(193,151	)		(35,491	)
	Change in fair value of derivatives			(22,230	)		(32,016	)		(58,944	)
	Change in fair value of financial instruments		$	(344,426	)	$	(201,787	)	$	(75,154	)

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Assets and Liabilities of Consolidated Variable Interest Entities	'
	The following table presents the assets and liabilities of our consolidated VIEs as of each respective date.
		As of			As of
		December 31,			December 31,
		2013			2012
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,816,507		$	1,917,925
	Allowance for losses		(17,250	)		(17,125	)
	Total investments in mortgages and loans		1,799,257			1,900,800
	Investments in real estate, net of accumulated depreciation of $18,538 and 1,941, respectively		194,648			20,609
	Investments in securities and security-related receivables, at fair value		566,577			654,795
	Cash and cash equivalents		3,599			276
	Restricted cash		40,793			50,203
	Accrued interest receivable		68,456			67,271
	Deferred financing costs, net of accumulated amortization of $17,107 and $13,633, respectively		10,263			12,741
	Intangible assets, net of accumulated amortization of $568 and $0, respectively		517			0
	Total assets	$	2,684,110		$	2,706,695
	Liabilities and Equity
	Indebtedness (including $377,235 and $187,048 at fair value, respectively)	$	1,946,536		$	1,724,356
	Accrued interest payable		73,122			59,914
	Accounts payable and accrued expenses		5,771			3,335
	Derivative liabilities		113,323			151,438
	Deferred taxes, borrowers’ escrows and other liabilities		5,805			4,877
	Total liabilities		2,144,557			1,943,920
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(59,684	)		(90,954	)
	RAIT investment		262,760			295,641
	Retained earnings (deficit)		258,270			558,088
	Total shareholders’ equity		461,346			762,775
	Noncontrolling interests		78,207			0
	Total liabilities and equity	$	2,684,110		$	2,706,695

Series_D_Preferred_Shares_Tabl

Series D Preferred Shares (Tables)	12 Months Ended
	Dec. 31, 2013
Sales Activity of Series D Preferred Shares	'
	The following table summarizes the sales activity of the Series D Preferred Shares from the effective date of the agreement through December 31, 2013:
	Aggregate purchase price			$	65,000
	Initial value of warrants and investor SARs issued to-date	(9,133	)
	Costs incurred	(4,952	)
	Total discount				(14,085	)
	Discount amortization to-date				2,055
	Carrying amount of Series D Preferred Shares			$	52,970

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2013
Dividends Declared or Paid	'
	The following tables summarize the dividends we declared or paid during the years ended December 31, 2013 and 2012:
		March 31,		June 30,		September 30,		December 31,		For the
		2013		2013		2013		2013		Year Ended
										December 31,
										2013
	Series A Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	1,513	$	1,816	$	1,971	$	1,971	$	7,271
	Series B Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	1,198	$	1,198	$	1,198	$	1,198	$	4,792
	Series C Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/1/13		7/1/13		9/30/13		12/31/13
	Total dividend amount	$	910	$	910	$	910	$	910	$	3,640
	Series D Preferred Shares
	Date declared		1/29/13		5/14/13		7/30/13		10/29/13
	Record date		3/1/13		6/3/13		9/3/13		12/2/13
	Date paid		4/4/13		6/30/13		10/4/13		12/31/13
	Total dividend amount	$	1,219	$	1,219	$	1,219	$	1,219	$	4,876
	Common shares
	Date declared		3/15/13		6/20/13		9/10/13		12/12/13
	Record date		4/3/13		7/12/13		10/3/13		1/7/14
	Date paid		4/30/13		7/31/13		10/31/13		1/31/14
	Dividend per share	$	0.12	$	0.13	$	0.15	$	0.16	$	0.56
	Total dividend declared	$	8,334	$	9,032	$	10,467	$	11,358	$	39,191
		March 31,		June 30,		September 30,		December 31,		For the
		2012		2012		2012		2012		Year Ended
										December 31,
										2012
	Series A Preferred Shares
	Date declared		1/24/12		5/1/12		7/24/12		10/23/12
	Record date		3/1/12		6/1/12		9/4/12		12/3/12
	Date paid		4/2/12		7/2/12		10/1/12		12/31/12
	Total dividend amount	$	1,337	$	1,337	$	1,354	$	1,491	$	5,519
	Series B Preferred Shares
	Date declared		1/24/12		5/1/12		7/24/12		10/23/12
	Record date		3/1/12		6/1/12		9/4/12		12/3/12
	Date paid		4/2/12		7/2/12		10/1/12		12/31/12
	Total dividend amount	$	1,182	$	1,182	$	1,195	$	1,198	$	4,757
	Series C Preferred Shares
	Date declared		1/24/12		5/1/12		7/24/12		10/23/12
	Record date		3/1/12		6/1/12		9/4/12		12/3/12
	Date paid		4/2/12		7/2/12		10/1/12		12/31/12
	Total dividend amount	$	888	$	888	$	910	$	910	$	3,596
	Series D Preferred Shares
	Date declared		N/A		N/A		N/A		10/23/12
	Record date		N/A		N/A		N/A		12/3/12
	Date paid		N/A		N/A		N/A		12/31/12
	Total dividend amount	$	0	$	0	$	0	$	568	$	568
	Common shares
	Date declared		2/29/12		6/21/12		9/18/12		12/12/12
	Record date		3/28/12		7/11/12		10/11/12		1/16/13
	Date paid		4/27/12		7/31/12		10/31/12		1/31/13
	Dividend per share	$	0.08	$	0.08	$	0.09	$	0.1	$	0.35
	Total dividend declared	$	3,992	$	3,985	$	4,484	$	6,018	$	18,479

Stock_Based_Compensation_and_E1

Stock Based Compensation and Employee Benefits (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Option Activity of the Incentive Award	'
	A summary of the options activity of the Incentive Award Plan is presented below.
		2013				2012				2011
		Shares		Weighted		Shares		Weighted		Shares		Weighted
				Average				Average				Average
				Exercise Price				Exercise Price				Exercise Price
	Outstanding, January 1,		32,265	$	70.38		38,932	$	68.34		56,267	$	67.5
	Expired		26,516		68.46		6,667		58.49		17,335		65.61
	Exercised		0		0		0		0		0		0
	Outstanding, December 31,		5,749	$	79.2		32,265	$	70.38		38,932	$	68.34
	Options exercisable at December 31,		5,749				32,265				38,932
Summarize Information about Stock Options Outstanding	'
		Options Outstanding						Options Exercisable
	Range of	Number		Weighted		Weighted		Number		Weighted
	Exercise Prices	Outstanding at		Average		Average		Outstanding at		Average
		December 31,		Remaining		Exercise Price		December 31,		Exercise Price
		2013		Contractual				2012
				Life
	$65.43 – 79.20		5,749		0.1 years	$	79.2		32,265		0.7 years

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2013
Basic and Diluted Earnings (Loss) per Share	'
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three years ended December 31, 2013:
		For the Years Ended December 31
		2013			2012			2011
	Income (loss) from continuing operations	$	(285,364	)	$	(168,341	)	$	(38,457	)
	Income allocated to preferred shares		(22,616	)		(14,660	)		(13,649	)
	Income allocated to noncontrolling interests		(28	)		196			229
	Income (loss) from continuing operations allocable to common shares		(308,008	)		(182,805	)		(51,877	)
	Income (loss) from discontinued operations		0			0			747
	Net income (loss) allocable to common shares	$	(308,008	)	$	(182,805	)	$	(51,130	)
	Weighted-average shares outstanding—Basic		67,814,316			48,746,761			38,508,086
	Dilutive securities under the treasury stock method		0			0			0
	Weighted-average shares outstanding—Diluted		67,814,316			48,746,761			38,508,086
	Earnings (loss) per share—Basic:
	Continuing operations	$	(4.54	)	$	(3.75	)	$	(1.35	)
	Discontinued operations		0			0			0.02
	Total earnings (loss) per share—Basic	$	(4.54	)	$	(3.75	)	$	(1.33	)
	Earnings (loss) per share—Diluted:
	Continuing operations	$	(4.54	)	$	(3.75	)	$	(1.35	)
	Discontinued operations		0			0			0.02
	Total earnings (loss) per share—Diluted	$	(4.54	)	$	(3.75	)	$	(1.33	)

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Components of Income Tax Benefit (Provision)	'
	The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2013, 2012 and 2011 were as follows:
		For the Year Ended December 31, 2013
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	(245	)	$	(157	)	$	0		$	(402	)
	Deferred benefit (provision)		2,319			1,016			0			3,335
	Income tax benefit (provision)	$	2,074		$	859		$	0		$	2,933
		For the Year Ended December 31, 2012
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	(68	)	$	(13	)	$	40		$	(41	)
	Deferred benefit (provision)		422			228			(25	)		625
	Income tax benefit (provision)	$	354		$	215		$	15		$	584
		For the Year Ended December 31, 2011
		Federal			State and Local			Foreign			Total
	Current benefit (provision)	$	0		$	0		$	(57	)	$	(57	)
	Deferred benefit (provision)		595			0			0			595
	Income tax benefit (provision)	$	595		$	0		$	(57	)	$	538
Reconciliation of Income Tax Benefit (Provision) based upon Statutory Tax Rates to Effective Rates	'
	A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates is as follows for the years ended December 31, 2013, 2012 and 2011:
		For the Years Ended
		December 31
		2013			2012			2011
	Federal statutory rate	$	(3,417	)	$	(598	)	$	3,762
	State statutory, net of federal benefit		577			139			0
	Change in valuation allowance		6,113			1,380			(2,899	)
	Permanent items		(34	)		(19	)		(42	)
	Foreign tax effects		0			0			(283	)
	Other		(306	)		(318	)		0
	Income tax benefit (provision)	$	2,933		$	584		$	538
Components of Deferred Tax Assets (Liabilities)	'
	Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2013 and 2012:
	Deferred tax assets (liabilities):	As of			As of
		December 31,			December 31,
		2013			2012
	Net operating losses, at TRSs	$	14,832		$	14,537
	Capital losses		0			682
	Unrealized losses		10,731			12,162
	Other		1,455			1,503
	Total deferred tax assets		27,018			28,884
	Valuation allowance		(18,234	)		(23,766	)
	Net deferred tax assets	$	8,784		$	5,118
	Accrued interest		(1,235	)		(980	)
	Other		(161	)		(84	)
	Deferred tax (liabilities)		(1,396	)		(1,064	)
	Net deferred tax assets (liabilities)	$	7,388		$	4,054

Assets_Held_For_Sale_and_Disco1

Assets Held For Sale and Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2013
Revenue and expense information for real estate operations	'
	The following table summarizes revenue and expense information for the real estate property classified as discontinued operations:
		For the Year Ended
		December 31, 2011
	Revenue:
	Rental income	$	2,072
	Expenses:
	Real estate operating expense		1,205
	General and administrative expense		1
	Total expenses		1,206
	Income (loss) from discontinued operations		866
	Gain (loss) from discontinued operations		(119	)
	Total income (loss) from discontinued operations	$	747

Quarterly_Financial_Data_Unaud1

Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Summary of Results of Operations	'
	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations:
			For the Three-Month Periods Ended
			March 31			June 30			September 30			December 31
	2013:00:00
	Total revenue		$	58,251		$	58,622		$	62,395		$	67,607
	Change in fair value of financial instruments			(99,757	)		(76,020	)		(24,659	)		(143,990	)
	Net income (loss)			(85,341	)		(60,338	)		(11,135	)		(128,550	)
	Net income (loss) allocable to common shares			(90,532	)		(65,877	)		(17,106	)		(134,493	)
	Total earnings (loss) per share—Basic (a)		$	(1.50	)	$	(0.94	)	$	(0.24	)	$	(1.90	)
	Total earnings (loss) per share—Diluted (a)		$	(1.50	)	$	(0.94	)	$	(0.24	)	$	(1.90	)
	2012:00:00
	Total revenue		$	45,796		$	47,873		$	52,193		$	54,922
	Change in fair value of financial instruments			(108,923	)		(11,169	)		(24,177	)		(57,518	)
	Net income (loss)			(103,664	)		(3,570	)		(14,971	)		(46,136	)
	Net income (loss) allocable to common shares			(107,019	)		(6,951	)		(18,386	)		(50,449	)
	Total earnings (loss) per share—Basic (a)		$	(2.42	)	$	(0.14	)	$	(0.37	)	$	(0.99	)
	Total earnings (loss) per share—Diluted (a)		$	(2.42	)	$	(0.14	)	$	(0.37	)	$	(0.99	)
	(a)	The summation of quarterly per share amounts do not equal the full year amounts.

Other_Disclosures_Tables

Other Disclosures (Tables)	12 Months Ended
	Dec. 31, 2013
Annual Minimum Rent Due Pursuant to Leases	'
	The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2013:
	2014	$	1,511
	2015		1,427
	2016		722
	2017		648
	2018		921
	Thereafter		19,540
	Total	$	24,769

Recovered_Sheet1

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	1 Months Ended	12 Months Ended
	Aug. 31, 2007	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Significant Accounting Policies [Line Items]	'	'	'	'
Payment for preferred equity investment	$6,000,000	'	'	'
Non-cash increase in other assets from business combination	'	8,778,000	0	0
Non-cash increase in intangible assets from business combination	'	19,050,000	0	0
Federal deposit insurance corporation, insurance limit per institution	'	250,000	'	'
Restricted cash	'	121,589,000	90,641,000	'
Earned asset management fees	'	4,732,000	4,959,000	5,200,000
Eliminated management fee income	'	3,450,000	3,704,000	3,768,000
Expected amortization expense of intangible assets in 2014	'	3,249,000	'	'
Expected amortization expense of intangible assets in 2015	'	2,654,000	'	'
Expected amortization expense of intangible assets in 2016	'	2,411,000	'	'
Expected amortization expense of intangible assets in 2017	'	1,937,000	'	'
Expected amortization expense of intangible assets in 2018	'	1,937,000	'	'
Expected amortization expense of intangible assets thereafter	'	9,366,000	'	'
Securitizations	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Restricted cash	'	70,705,000	51,927,000	'
Tenant escrows and borrowers' funds	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Restricted cash	'	$50,884,000	$38,714,000	'
Buildings and improvements | Minimum	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Property, useful lives	'	'30 years	'	'
Buildings and improvements | Maximum	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Property, useful lives	'	'40 years	'	'
Furniture, fixtures, and equipment | Minimum	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Property, useful lives	'	'5 years	'	'
Furniture, fixtures, and equipment | Maximum	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'
Property, useful lives	'	'10 years	'	'

Investments_in_Loans_Detail

Investments in Loans (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	$1,146,574		$1,107,583		'
Deferred fees	-800		-1,231		'
Total investments in loans, Unpaid Principal Balance	1,145,774		1,106,352		'
Total investment in loans, Unamortized (Discounts) Premiums	-23,397		-31,223		'
Carrying Amount	1,123,177	[1]	1,076,360		997,412
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,122,377		1,075,129		'
Number of Loans	153		150		'
Weighted-Average Coupon	7.20%	[2]	7.30%	[2]	'
Deferred Fee	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Total investment in loans, Unamortized (Discounts) Premiums	0		0		'
Commercial mortgages	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	792,526		728,774		'
Total investment in loans, Unamortized (Discounts) Premiums	-19,257		-25,807		'
Carrying Amount	773,269		702,967		'
Number of Loans	59		50		'
Weighted-Average Coupon	6.40%	[2]	6.40%	[2]	'
Range of Maturity Dates, Minimum	1-Mar-14		1-Mar-13		'
Range of Maturity Dates, Maximum	1-Jan-29		1-Jan-23		'
Mezzanine Loans	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	269,034		275,457		'
Total investment in loans, Unamortized (Discounts) Premiums	-3,273		-4,355		'
Carrying Amount	265,761		271,102		'
Number of Loans	81		83		'
Weighted-Average Coupon	9.60%	[2]	9.30%	[2]	'
Range of Maturity Dates, Minimum	1-Mar-14		1-Mar-13		'
Range of Maturity Dates, Maximum	1-Jan-29		1-Nov-38		'
Preferred Equity Interests	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	54,389		64,752		'
Total investment in loans, Unamortized (Discounts) Premiums	-939		-1,031		'
Carrying Amount	53,450		63,721		'
Number of Loans	11		15		'
Weighted-Average Coupon	8.60%	[2]	9.70%	[2]	'
Range of Maturity Dates, Minimum	1-May-15		1-Mar-14		'
Range of Maturity Dates, Maximum	1-Aug-25		1-Aug-25		'
CRE Loans	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	1,115,949		1,068,983		'
Total investment in loans, Unamortized (Discounts) Premiums	-23,469		-31,193		'
Carrying Amount	1,092,480		1,037,790		'
Number of Loans	151		148		'
Weighted-Average Coupon	7.30%	[2]	7.40%	[2]	'
Other loans	'		'		'
Mortgage Loans on Real Estate [Line Items]	'		'		'
Unpaid Principal Balance	30,625		38,600		'
Total investment in loans, Unamortized (Discounts) Premiums	72		-30		'
Carrying Amount, Other loans	$30,697		$38,570		'
Number of Loans	2		2		'
Weighted-Average Coupon	4.30%	[2]	4.90%	[2]	'
Range of Maturity Dates, Minimum	1-Mar-14		1-Mar-13		'
Range of Maturity Dates, Maximum	1-Oct-16		1-Oct-16		'
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
[2]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

Investments_in_Loans_Additiona

Investments in Loans - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011
	Loan		Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'		'
Commercial real estate loans carrying value	'		$24,871		'
Gains (losses) on assets	-2,266		2,529		6,353
Number of commercial mortgages	153		150		'
Average impaired loans unpaid balance	42,680		67,466		125,263
Interest income from impaired loans	45		149		525
Interest rate on commercial real estate loan	7.20%	[1]	7.30%	[1]	'
Commercial real estate loans	'		'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'		'
Gains (losses) on assets	'		2,529		'
Commercial real estate loans on non-accrual status	37,073		69,080		'
Weighted-average interest rate	6.30%		8.40%		'
Number of commercial mortgages	10		14		'
Impaired unpaid principal balances	30,143		47,394		'
Modification troubled debt restructuring, number of loans	3		'		'
Maturity date of commercial real estate loans	'2018-08		'		'
Modification troubled debt restructuring, subsequently defaulted, number of loans	0		'		'
Commercial real estate loans | Before modification	'		'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'		'
Maturity date of commercial real estate loans	'2014-03		'		'
Interest rate on commercial real estate loan	10.26%		'		'
Outstanding recorded investment in loan before modification	27,168		'		'
Commercial real estate loans | After modification	'		'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'		'
Maturity date of commercial real estate loans	'2016-02		'		'
Interest rate on commercial real estate loan	0.00%		'		'
Outstanding recorded investment in loan after modification	27,168		'		'
Other loan	'		'		'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'		'		'
Weighted-average interest rate	7.20%		'		'
Other loan with carrying amount	$10,487		$18,462		'
[1]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

Delinquency_Statistics_of_Comm

Delinquency Statistics of Commercial Real Estate Loan (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$24,606	$53,735
30 to 59 days	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	0	1,974
60 to 89 days	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	6,441	5,211
90 days or more	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	2,163	37,130
In foreclosure or bankruptcy proceedings	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$16,002	$9,420

Maturities_of_Investments_in_C

Maturities of Investments in Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Financing Receivables [Line Items]	'	'
2014	$31,928	'
2015	90,895	'
2016	327,416	'
2017	428,372	'
2018	57,561	'
Thereafter	210,402	'
Total	$1,146,574	$1,107,583

RollForward_of_Allowance_for_L

Roll-Forward of Allowance for Losses (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Mortgage Loans on Real Estate [Line Items]	'	'	'
Balance, Beginning of Period	$30,400	$46,082	$69,691
Provision	3,000	2,000	3,900
Charge-offs, net of recoveries	-10,445	-17,682	-27,509
Balance, End of Period	$22,955	$30,400	$46,082

Investments_in_Securities_and_

Investments in Securities and Security-Related Receivables (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	$802,237		$915,435
Total investments in securities, Net Fair Value Adjustments	-234,935		-259,926
Investments in securities and security-related receivables, at fair value	567,302		655,509
Total investments in securities, Weighted Average Coupon	3.90%	[1]	4.60%	[1]
Total investments in securities, Weighted Average Years to Maturity	'21 years 8 months 12 days		'21 years
Trading securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	632,688		648,960
Total investments in securities, Net Fair Value Adjustments	-151,843		-163,757
Investments in securities and security-related receivables, at fair value	480,845		485,203
Total investments in securities, Weighted Average Coupon	3.80%	[1]	4.20%	[1]
Total investments in securities, Weighted Average Years to Maturity	'20 years 9 months 18 days		'21 years 2 months 12 days
Trading securities | TruPS and subordinated debentures	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	620,376		637,376
Total investments in securities, Net Fair Value Adjustments	-139,531		-152,173
Investments in securities and security-related receivables, at fair value	480,845		485,203
Total investments in securities, Weighted Average Coupon	3.70%	[1]	4.20%	[1]
Total investments in securities, Weighted Average Years to Maturity	'20 years 4 months 24 days		'20 years 10 months 24 days
Trading securities | Other securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	12,312		11,584
Total investments in securities, Net Fair Value Adjustments	-12,312		-11,584
Investments in securities and security-related receivables, at fair value	0		0
Total investments in securities, Weighted Average Coupon	4.70%	[1]	4.80%	[1]
Total investments in securities, Weighted Average Years to Maturity	'38 years 10 months 24 days		'39 years 10 months 24 days
Available-for-sale Securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	3,600		3,600
Total investments in securities, Net Fair Value Adjustments	-3,598		-3,598
Investments in securities and security-related receivables, at fair value	2		2
Total investments in securities, Weighted Average Coupon	2.00%	[1]	2.10%	[1]
Total investments in securities, Weighted Average Years to Maturity	'28 years 10 months 24 days		'29 years 10 months 24 days
Security-related receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	165,949		262,875
Total investments in securities, Net Fair Value Adjustments	-79,494		-92,571
Investments in securities and security-related receivables, at fair value	86,455		170,304
Total investments in securities, Weighted Average Coupon	4.70%	[1]	5.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'24 years 4 months 24 days		'20 years
Security-related receivables | Trups Receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	32,900		111,025
Total investments in securities, Net Fair Value Adjustments	-24,689		-19,877
Investments in securities and security-related receivables, at fair value	8,211		91,148
Total investments in securities, Weighted Average Coupon	3.40%	[1]	6.50%	[1]
Total investments in securities, Weighted Average Years to Maturity	'18 years 3 months 18 days		'9 years 1 month 6 days
Security-related receivables | Unsecured REIT note receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	30,000		30,000
Total investments in securities, Net Fair Value Adjustments	3,046		2,769
Investments in securities and security-related receivables, at fair value	33,046		32,769
Total investments in securities, Weighted Average Coupon	6.70%	[1]	6.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'3 years 1 month 6 days		'4 years 1 month 6 days
Security-related receivables | CMBS receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	69,905	[2]	83,342	[2]
Total investments in securities, Net Fair Value Adjustments	-25,787	[2]	-39,532	[2]
Investments in securities and security-related receivables, at fair value	44,118	[2]	43,810	[2]
Total investments in securities, Weighted Average Coupon	5.60%	[1],[2]	5.60%	[1],[2]
Total investments in securities, Weighted Average Years to Maturity	'30 years 7 months 6 days	[2]	'32 years 2 months 12 days	[2]
Security-related receivables | Other securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	33,144		38,508
Total investments in securities, Net Fair Value Adjustments	-32,064		-35,931
Investments in securities and security-related receivables, at fair value	$1,080		$2,577
Total investments in securities, Weighted Average Coupon	2.20%	[1]	2.80%	[1]
Total investments in securities, Weighted Average Years to Maturity	'36 years 6 months		'37 years 4 months 24 days
[1]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.
[2]	CMBS receivables include securities with a fair value totaling $8,398 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $26,013 that are rated between "BBB+" and "B-" by Standard & Poor's, securities with a fair value totaling $8,782 that are rated "CCC" by Standard & Poor's, and securities with a fair value totaling $617 that are rated "D" by Standard & Poor's.

Investments_in_Securities_and_1

Investments in Securities and Security-Related Receivables (Parenthetical) (Detail) (CMBS receivables, Security-related receivables, USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Standard & Poor's AAA and A- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$8,228	$8,398
Standard & Poor's BBB+ and B- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	26,594	26,013
Standard & Poor's, CCC Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	8,164	8,782
Standard & Poor's, D Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$1,132	$617

NonAccrual_Status_of_Investmen

Non-Accrual Status of Investments (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'		'
Weighted Average Coupon	3.90%	[1]	4.60%	[1]
TruPS and TruPS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	83,557		83,557
Weighted Average Coupon	1.80%		1.90%
Fair Value	5,678		5,678
Other securities	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	41,019		35,159
Weighted Average Coupon	3.10%		3.20%
Fair Value	11		2
CMBS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	22,772		35,208
Weighted Average Coupon	5.90%		5.90%
Fair Value	447		642
[1]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

Investments_in_Securities_Addi

Investments in Securities - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Investment Securities [Line Items]	'	'
Principal amount of unsecured REIT note receivables and CMBS receivables	$91,383	$101,021
TruPS and subordinated debentures	'	'
Investment Securities [Line Items]	'	'
Principal amount of TruPS	$653,276	$748,401

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified	Property	Property
Real Estate Properties [Line Items]	'	'	'
Investments in real estate, Book Value	$1,131,931	$1,015,581	$960,874
Less: Accumulated depreciation and amortization	-127,745	-97,392	-69,372
Number of Properties	62	59	'
Investments in real estate, net, Book Value	1,004,186	918,189	'
Multi-family real estate properties	'	'	'
Real Estate Properties [Line Items]	'	'	'
Investments in real estate, Book Value	716,708	613,888	'
Number of Properties	37	34	'
Office real estate properties	'	'	'
Real Estate Properties [Line Items]	'	'	'
Investments in real estate, Book Value	282,371	271,847	'
Number of Properties	11	11	'
Retail real estate properties	'	'	'
Real Estate Properties [Line Items]	'	'	'
Investments in real estate, Book Value	83,653	82,081	'
Number of Properties	4	4	'
Parcels of land	'	'	'
Real Estate Properties [Line Items]	'	'	'
Investments in real estate, Book Value	$49,199	$47,765	'
Number of Properties	10	10	'

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in real estate	$1,004,186	'	'	'	$918,189	'	'	'	$1,004,186	$918,189	'
Mortgages held by third parties	171,223	'	'	'	144,645	'	'	'	171,223	144,645	'
Mortgages held by consolidated securitizations	864,689	'	'	'	830,077	'	'	'	864,689	830,077	'
Gains (losses) on assets	'	'	'	'	'	'	'	'	-2,266	2,529	6,353
Investment contributed revenue	'	'	'	'	'	'	'	'	114,224	103,872	91,880
Net income allocable to common shares	-134,493	-17,106	-65,877	-90,532	-50,449	-18,386	-6,951	-107,019	-308,008	-182,805	-51,130
Proceed from sale of real estate property	'	'	'	'	'	'	'	'	3,139	0	65,750
Losses on sale of real estate property	'	'	'	'	'	'	'	'	1,517	'	'
Multi-family real estate properties	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Proceed from sale of real estate property	'	'	'	'	'	'	'	'	3,300	'	'
Multi-family real estate properties | Subsequent Event	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Losses on sale of real estate property	'	'	'	'	'	'	'	'	2,207	'	'
Series of Individually Immaterial Business Acquisitions	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in acquisition of real estate	101,733	'	'	'	'	'	'	'	101,733	'	'
Number of original loans converted	'	'	'	'	'	'	'	'	3	'	'
Gains (losses) on assets	'	'	'	'	'	'	'	'	1,550	'	'
Investment contributed revenue	'	'	'	'	'	'	'	'	4,323	'	'
Net income allocable to common shares	'	'	'	'	'	'	'	'	249	'	'
Acquisition related cost	'	'	'	'	'	'	'	'	263	'	'
Series of Individually Immaterial Business Acquisitions | Business Acquisition	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in acquisition of real estate	113,601	'	'	'	'	'	'	'	113,601	'	'
Series of Individually Immaterial Business Acquisitions | Multi-family real estate properties	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of multi family properties acquired	'	'	'	'	'	'	'	'	4	'	'
Series of Individually Immaterial Business Acquisitions | Multi-family real estate properties | Business Acquisition	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of multi family properties acquired	'	'	'	'	'	'	'	'	3	'	'
Series of Individually Immaterial Business Acquisitions | Multi-family real estate properties | Commercial Real Estate	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in acquisition of real estate	101,650	'	'	'	'	'	'	'	101,650	'	'
Series of Individually Immaterial Business Acquisitions | Office real estate properties | Business Acquisition	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of multi family properties acquired	'	'	'	'	'	'	'	'	1	'	'
Land	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in real estate	235,052	'	'	'	218,500	'	'	'	235,052	218,500	'
Building and Building Improvements	'	'	'	'	'	'	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in real estate	$896,879	'	'	'	$797,081	'	'	'	$896,879	$797,081	'

Minimum_Future_Rentals_under_E

Minimum Future Rentals under Expiring Leases for Non-Residential Properties (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Operating Leased Assets [Line Items]	'
2014	$1,511
2015	1,427
2016	722
2017	648
2018	921
2019 and thereafter	19,540
Total	24,769
Non Residential Properties	'
Operating Leased Assets [Line Items]	'
2014	4,388
2015	4,991
2016	3,969
2017	5,566
2018	1,657
2019 and thereafter	11,638
Total	$32,209

Aggregate_Estimated_Fair_Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Series of Individually Immaterial Business Acquisitions	'
Assets acquired:	'
Investments in real estate	$101,733
Cash and cash equivalents	187
Restricted cash	1,089
Other assets	412
Intangible assets	1,467
Total assets acquired	104,888
Liabilities assumed:	'
Accounts payable and accrued expenses	991
Other liabilities	308
Total liabilities assumed	1,299
Estimated fair value of net assets acquired	$103,589

Consideration_Transferred_to_A

Consideration Transferred to Acquire Real Estate Properties (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Series of Individually Immaterial Business Acquisitions	'
Fair value of consideration transferred:	'
Commercial real estate loans	$101,733
Other considerations	1,856
Total fair value of consideration transferred	$103,589

Consolidated_Unaudited_Pro_For

Consolidated Unaudited Pro Forma Information (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Business Acquisition, Pro Forma Information [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Total revenue, as reported	$67,607	$62,395	$58,622	$58,251	$54,922	$52,193	$47,873	$45,796	$246,875	$200,784	$195,798
Pro forma revenue	'	'	'	'	'	'	'	'	255,992	213,551	'
Net income (loss) allocable to common shares, as reported	-134,493	-17,106	-65,877	-90,532	-50,449	-18,386	-6,951	-107,019	-308,008	-182,805	-51,130
Pro forma net income (loss) allocable to common shares	'	'	'	'	'	'	'	'	($304,588)	($178,470)	'

Summary_of_Total_Recourse_and_

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Debt Instrument [Line Items]	'		'
Unpaid principal balance	2,592,414		2,612,362
Carrying Amount	2,086,401		1,799,595
Weighted- Average Interest Rate	1.40%		1.40%
Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	251,715	[1]	186,242	[2]
Carrying Amount	235,011	[1]	172,476	[2]
Weighted- Average Interest Rate	3.80%	[1]	5.90%	[2]
Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	2,340,699		2,426,120
Carrying Amount	1,851,390		1,627,119
Weighted- Average Interest Rate	1.10%		1.10%
7.0% convertible senior notes | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	34,066	[3]	115,000	[3]
Carrying Amount	32,938	[3]	109,631	[3]
Weighted- Average Interest Rate	7.00%	[3]	7.00%	[3]
Contractual Maturity, month and year	'2031-04	[3]	'2031-04	[3]
Secured credit facilities | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	11,129		8,090
Carrying Amount	11,129		8,090
Weighted- Average Interest Rate	3.20%		3.00%
Contractual Maturity, month and year	'		'2016-12
Secured credit facilities | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2016-12		'
Secured credit facilities | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2016-10		'
Junior subordinated notes, at fair value | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	18,671		38,052	[4]
Carrying Amount	'		29,655	[4]
Weighted- Average Interest Rate	'		5.20%	[4]
Junior subordinated notes, at fair value | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'		'2015-10	[4]
Junior subordinated notes, at fair value | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'		'2035-03	[4]
Junior subordinated notes, at amortized cost | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	25,100		25,100
Carrying Amount	25,100		25,100
Weighted- Average Interest Rate	2.70%		2.80%
Contractual Maturity, month and year	'2037-04		'2037-04
CDO notes payable, at amortized cost | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	1,204,117	[5],[6]	1,297,069	[5],[7]
Carrying Amount	1,202,772	[5],[6]	1,295,400	[5],[7]
Weighted- Average Interest Rate	0.60%	[5],[6]	0.60%	[5],[7]
CDO notes payable, at amortized cost | Minimum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2045	[5],[6]	'2045	[5],[7]
CDO notes payable, at amortized cost | Maximum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2046	[5],[6]	'2046	[5],[7]
CDO notes payable, at fair value | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	865,199	[4],[5],[8]	984,380	[4],[5],[9]
Carrying Amount	377,235	[4],[5],[8]	187,048	[4],[5],[9]
Weighted- Average Interest Rate	0.90%	[4],[5],[8]	1.00%	[4],[5],[9]
CDO notes payable, at fair value | Minimum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2037	[4],[5],[8]	'2037	[4],[5],[9]
CDO notes payable, at fair value | Maximum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2038	[4],[5],[8]	'2038	[4],[5],[9]
Loans payable on real estate | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	171,244		144,671
Carrying Amount	171,244		144,671
Weighted- Average Interest Rate	5.30%		5.40%
Loans payable on real estate | Minimum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2015-09		'2015-09
Loans payable on real estate | Maximum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2023-12		'2021-05
4.0% convertible senior notes | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	125,000	[10]	'
Carrying Amount	116,184	[10]	'
Weighted- Average Interest Rate	4.00%	[10]	'
Contractual Maturity, month and year	'2033-10	[10]	'
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	18,671	[4]	'
Carrying Amount	11,911	[4]	'
Weighted- Average Interest Rate	0.50%	[4]	'
Contractual Maturity, month and year	'2035-03	[4]	'
CMBS Facilities	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount	1,662,537		'
CMBS Facilities | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	30,618		'
Carrying Amount	30,618		'
Weighted- Average Interest Rate	2.70%		'
CMBS Facilities | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2014-11		'
CMBS Facilities | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2015-10		'
CMBS securitization | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid principal balance	7,131		'
Carrying Amount	7,131		'
Weighted- Average Interest Rate	2.80%		'
Contractual Maturity, month and year	'2014-12		'
[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
[2]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
[3]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.
[4]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[5]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[6]	Collateralized by $1,662,537 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[7]	Collateralized by $1,757,789 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[8]	Collateralized by $989,781 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2013 was $746,939. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[9]	Collateralized by $1,118,346 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2012 was $849,919. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[10]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Summary_of_Total_Recourse_and_1

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Principal amount of senior secured notes issued	$86,000	$94,000
Carrying Amount	2,086,401	1,799,595
Principal amount of investment in securities and security-related receivables and loans	989,781	1,118,346
Fair value of investments securitized	746,939	849,919
Cbms Facility	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	'	1,757,789
CMBS securitization	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	131,843	'
7.0% convertible senior notes	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	7.00%	7.00%
4.0% convertible senior notes	'	'
Debt Instrument [Line Items]	'	'
Stated interest rate	4.00%	'
CMBS Facilities	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	$1,662,537	'

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jul. 31, 2013

Dec. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Jul. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 31, 2014

Jan. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 21, 2011

Dec. 31, 2013

Dec. 31, 2012

Oct. 25, 2013

Dec. 31, 2013

Dec. 31, 2011

Dec. 31, 2012

Oct. 05, 2011

Oct. 05, 2011

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Oct. 16, 2008

Dec. 31, 2013

Dec. 31, 2012

Oct. 25, 2010

Oct. 16, 2008

Oct. 16, 2008

Dec. 31, 2012

Dec. 31, 2012

Oct. 25, 2010

Oct. 25, 2010

Feb. 12, 2007

Dec. 31, 2013

Dec. 31, 2012

Dec. 10, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Oct. 31, 2011

Dec. 31, 2013

Nov. 23, 2011

Nov. 21, 2011

Dec. 31, 2013

Dec. 14, 2012

Dec. 31, 2013

Jan. 27, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2008

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

CMBS securitization

CMBS securitization

Investment Grade Senior Notes

Investment Grade Senior Notes

Equity interest

London Interest Bank Offer Rate

Collateralized Securities

Capped Call Option

Capped Call Option

Capped Call Option

7.0% convertible senior notes

7.0% convertible senior notes

4.0% convertible senior notes

4.0% convertible senior notes

4.0% convertible senior notes

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Recourse Indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Non-recourse indebtedness

Upon Occurrence Of Certain Events

Minimum

Maximum

Subsequent Event

Subsequent Event

7.0% convertible senior notes

7.0% convertible senior notes

7.0% convertible senior notes

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Secured credit facilities

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

Junior subordinated notes, at fair value

6.875% convertible senior notes

New Junior Subordinated Notes

Junior subordinated notes, at amortized cost

Junior subordinated notes, at amortized cost

Junior subordinated notes, at amortized cost

4.0% convertible senior notes

4.0% convertible senior notes

Secured Credit Facilities due December 2016

Secured Credit Facilities due December 2016

Two Year CMBS Facilities

Two Year CMBS Facilities

One Year CMBS Facilities

One Year CMBS Facilities

One Year CMBS Facilities

One Year Commercial Mortgage Facility

One Year Commercial Mortgage Facility

Two Year Commercial Mortgage Facility [Member]

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at amortized cost

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

CDO notes payable, at fair value

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

Overallotment Option

Additional Principal Amount Overallotment Option Exercised By Underwriters

Senior Notes One

After Amendment

Minimum

Maximum

Scenario 1

Scenario 2

Minimum

Maximum

Subsequent Event

Subsequent Event

Minimum

Minimum

Maximum

Maximum

re-directed from retained interests

Principal collections of the underlying collateral

Minimum

Minimum

Maximum

Maximum

First Mortgage

First Mortgage

Minimum

Minimum

Maximum

Maximum

Mortgage Loan One

Mortgage Loan One

Mortgage Loan Two

Subsequent Event

Subsequent Event

Subsequent Event

MortgageLoan

MortgageLoan

First Mortgage

First Mortgage

First Mortgage

Mortgage Loan Two

Mortgage Loan Two

Mortgage Loan Two

First Mortgage

Minimum

Maximum

First Mortgage

First Mortgage

Debt Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate principal amount of notes issued

$86,000,000

$94,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$16,750,000

$141,750,000

'

'

$115,000,000

$34,066,000

'

'

'

'

'

$100,000,000

$25,000,000

'

'

'

$38,052,000

'

'

$18,671,000

$18,671,000

$19,381,000

'

'

'

'

'

'

'

$125,000,000

$125,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds from note issue

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

109,000,000

'

'

'

'

'

'

'

'

'

'

'

15,459,000

'

'

'

'

'

'

'

'

'

25,100,000

'

'

121,250,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stated interest rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

7.00%

4.00%

'

'

'

'

7.00%

7.00%

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

8.65%

9.64%

'

'

6.88%

0.50%

7.69%

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.60%

4.40%

'

3.80%

4.80%

Debt maturity date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1-Apr-31

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

30-Mar-35

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Convertible note conversion rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

148.3601

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

104.4523

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of convertible note, conversion rat

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial conversion price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$6.74

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$9.57

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Discount on convertible senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,228,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,817,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount repurchase convertible senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

80,934,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

17,500,000

2,500,000

23,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Consideration from repurchase convertible senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

112,559,000

'

'

'

'

'

'

'

'

'

'

'

'

10,369,000

926,000

7,771,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Gain on extinguishment of debt

-1,275,000

1,574,000

15,001,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,407,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,131,000

1,574,000

15,929,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repurchase of 7.0% convertible senior notes

29,359,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29,359,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capped call transaction amount

'

'

'

'

'

'

'

'

'

'

'

8,838,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cap price of capped call transaction

'

'

'

'

'

'

'

'

'

'

'

11.91

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Initial strike price of capped call transaction

'

'

'

'

'

'

'

'

'

'

'

$9.57

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Capped call expiration date

'

'

'

'

'

'

'

'

'

'

'

'

'2018-06

'2018-10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of convertible senior notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,300,000

137,238,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Carrying Amount

2,086,401,000

1,799,595,000

'

'

131,843,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

235,011,000

[1]

172,476,000

[2]

'

32,938,000

[3]

109,631,000

[3]

'

11,129,000

'

8,090,000

'

'

'

'

'

'

'

29,655,000

[4]

'

'

'

'

'

'

'

'

25,100,000

25,100,000

'

116,184,000

[5]

6,129,000

'

'

30,618,000

'

'

0

'

7,131,000

'

1,851,390,000

1,627,119,000

1,202,772,000

[6],[7]

1,295,400,000

[6],[8]

'

'

'

'

'

377,235,000

[4],[6],[9]

187,048,000

[10],[4],[6]

'

'

'

'

'

'

'

171,244,000

144,671,000

'

'

'

'

'

'

'

'

'

'

'

'

Contractual Maturity, month and year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2031-04

[3]

'2031-04

[3]

'

'

'

'2016-12

'

'

'

'2016-12

'2016-10

'

'

'

'

'2035-03

'2015-10

'2015-10

[4]

'2035-03

[4]

'

'

'

'2037-04

'2037-04

'

'2033-10

[5]

'2016-12

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2015-09

'2015-09

'2023-12

'2021-05

'

'2023-12

'2021-01

'

'2018-02

'2019-07

Repayment of credit facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,993,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of credit facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,547,000

'

'

'

10,554,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Secured credit facility, amortization period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payment of notes

30,834,000

3,187,000

3,097,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,000,000

'

'

'

'

'

'

'

'

19,381,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,143,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

119,180,000

'

'

7,275,000

111,905,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

150,000,000

'

'

150,000,000

'

75,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revolving credit agreement term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate at LIBOR plus basis rate

'

'

'

'

'

'

'

'

'

1.85%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2.75%

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

'

'

'

'

4.00%

2.50%

'

'

'

'

'

'

2.50%

'

'

2.50%

'

2.00%

'

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Senior notes, outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

86,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan pledged as collateral

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Floating rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unpaid principal balance

2,592,414,000

2,612,362,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

251,715,000

[1]

186,242,000

[2]

'

34,066,000

[3]

115,000,000

[3]

'

11,129,000

'

8,090,000

'

'

'

'

'

'

18,671,000

38,052,000

[4]

'

'

'

'

'

'

'

'

25,100,000

25,100,000

'

125,000,000

[5]

'

'

'

'

'

'

'

'

'

'

2,340,699,000

2,426,120,000

1,204,117,000

[6],[7]

1,297,069,000

[6],[8]

'

'

'

'

'

865,199,000

[4],[6],[9]

984,380,000

[10],[4],[6]

'

'

'

'

'

'

'

171,244,000

144,671,000

'

'

'

'

'

'

10,222,000

19,500,000

8,612,000

40,724,000

'

'

Fair value of indebtedness

389,146,000

216,703,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11,911,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from trust preferred securities to investors

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issued common securities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'1 year

'

'

'1 year

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, remaining borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100,000,000

'

'

150,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage for purchase price of asset to market value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

75.00%

'

'

75.00%

'

50.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase (decrease) in fair value of notes payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

309,372,000

184,246,000

-1,520,616,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investment

'

'

'

'

'

135,000,000

101,250,000

'

33,750,000

'

70,762,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investment advance rate

'

'

'

'

'

'

75.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maturity date of investment

'

'

'

'

'

'

'2029-01

'2015-08

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate investment reserved

'

'

'

$64,238,000

'

'

'

'

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'

Number of mortgages obtained

'

'

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'

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'

2,000

1,000

'

'

'

'

'

'

'

'

'

'

Contractual Maturity, year

'

'

'

'

'

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'

'

'2045

[6],[7]

'2045

[6],[8]

'2046

[6],[7]

'2046

[6],[8]

'

'

'

'

'

'2037

[4],[6],[9]

'2037

[10],[4],[6]

'2038

[4],[6],[9]

'2038

[10],[4],[6]

'

'

'

'

'

'

'

'

'2022

'

'

'

'

'

Weighted- Average Interest Rate

1.40%

1.40%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.80%

[1]

5.90%

[2]

'

7.00%

[3]

7.00%

[3]

'

3.20%

'

3.00%

'

'

'

'

'

'

'

5.20%

[4]

'

'

'

'

'

'

'

'

2.70%

2.80%

'

4.00%

[5]

'

'

'

'

'

'

'

'

'

'

1.10%

1.10%

0.60%

[6],[7]

0.60%

[6],[8]

'

'

'

'

'

0.90%

[4],[6],[9]

1.00%

[10],[4],[6]

'

'

'

'

'

'

'

5.30%

5.40%

'

'

'

'

'

'

3.59%

'

'

'

'

'

[1]

Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

[2]

Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

[3]

Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026.

[4]

Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

[5]

Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

[6]

Excludes CDO notes payable purchased by us which are eliminated in consolidation.

[7]

Collateralized by $1,662,537 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[8]

Collateralized by $1,757,789 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[9]

Collateralized by $989,781 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2013 was $746,939. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[10]

Collateralized by $1,118,346 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of December 31, 2012 was $849,919. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

Aggregate_Contractual_Maturiti

Aggregate Contractual Maturities of Indebtedness by Year (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Extinguishment of Debt [Line Items]	'		'
2014	$17,763	[1]	'
2015	59,666		'
2016	29,315		'
2017	1,888		'
2018	14,090		'
Thereafter	2,526,687	[2]	'
Total	$2,592,414		$2,612,362
[1]	Includes $6,129 of our secured credit facility that was prepaid in January 2014. This was payable in December 2016 under the terms of the secured credit facility.
[2]	Includes $34,066 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $125,000 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

Aggregate_Contractual_Maturiti1

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Oct. 05, 2011	Dec. 31, 2013	Mar. 21, 2011	Dec. 31, 2013	Dec. 10, 2013	Jan. 31, 2014
In Thousands, unless otherwise specified			7.0% convertible senior notes	7.0% convertible senior notes	4.0% convertible senior notes	Recourse Indebtedness	Recourse Indebtedness	Recourse Indebtedness	Recourse Indebtedness	Recourse Indebtedness	Subsequent Event
						Secured credit facilities	7.0% convertible senior notes	7.0% convertible senior notes	4.0% convertible senior notes	4.0% convertible senior notes	Recourse Indebtedness
											Secured credit facilities
Extinguishment of Debt [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Prepaid	'	'	'	'	'	'	'	'	'	'	$6,129
Aggregate principal amount of notes issued	$86,000	$94,000	'	'	'	$100,000	$34,066	$115,000	$125,000	$125,000	'
Stated interest rate	'	'	7.00%	7.00%	4.00%	7.00%	7.00%	7.00%	4.00%	'	'

Aggregate_Notional_Amount_and_

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Notional amount	$1,107,447	$1,146,720
Fair Value amount	-112,026	-150,305
Interest rate swaps	'	'
Derivative [Line Items]	'	'
Notional amount	1,071,447	1,110,720
Fair Value amount	-113,148	-151,358
Interest rate caps	'	'
Derivative [Line Items]	'	'
Notional amount	36,000	36,000
Fair Value amount	$1,122	$1,053

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Derivative [Line Items]	'	'	'
Notional value of discontinued cash flow hedges	$1,107,447	$1,146,720	'
Realized losses	32,117	34,956	42,820
Unrealized gains	0	0	8
Liability Of hedge Accounting	-112,026	-150,305	'
RAIT I and RAIT II	'	'	'
Derivative [Line Items]	'	'	'
Weighted average strike rate	5.23%	'	'
Notional value of discontinued cash flow hedges	89,161	'	'
Discontinued Interest Rate Swaps	'	'	'
Derivative [Line Items]	'	'	'
Notional value of discontinued cash flow hedges	561,151	'	'
Liability Of hedge Accounting	$67,405	'	'

Carrying_Amount_and_Fair_Value

Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	$1,122,377		$1,075,129		'	'
Investments in securities and security-related receivables, Carrying Amount	567,302		655,509		'	'
Cash and cash equivalents, Carrying Amount	88,847		100,041		29,720	27,230
Restricted cash, Carrying Amount	121,589		90,641		'	'
Derivative assets	1,305		1,132		'	'
Liabilities	'		'		'	'
Junior subordinated notes	11,911		29,655		'	'
Carrying Amount	2,086,401		1,799,595		'	'
Notes payable, Estimated Fair Value	377,235		187,048		'	'
Derivative liabilities	113,331		151,438		'	'
Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	235,011	[1]	172,476	[2]	'	'
Non-recourse indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,851,390		1,627,119		'	'
Carrying Amount	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	1,122,377		1,075,129		'	'
Investments in securities and security-related receivables, Carrying Amount	567,302		655,509		'	'
Cash and cash equivalents, Carrying Amount	88,847		100,041		'	'
Restricted cash, Carrying Amount	121,589		90,641		'	'
Carrying Amount | Derivative assets	'		'		'	'
Assets	'		'		'	'
Derivative assets	1,305		1,132		'	'
Carrying Amount | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	32,938		109,631		'	'
Carrying Amount | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	25,100		25,100		'	'
Carrying Amount | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,202,772		1,295,400		'	'
Carrying Amount | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	171,244		144,671		'	'
Carrying Amount | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	116,184		'		'	'
Carrying Amount | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	100,139		'		'	'
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	32,938		109,631		'	'
Carrying Amount | Recourse Indebtedness | Secured credit facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	11,129		8,090		'	'
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at fair value	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	11,911		29,655		'	'
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	25,100		25,100		'	'
Carrying Amount | Recourse Indebtedness | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	116,184		'		'	'
Carrying Amount | Recourse Indebtedness | CMBS Facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	30,618		'		'	'
Carrying Amount | Recourse Indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	7,131		'		'	'
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,202,772		1,295,400		'	'
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	377,235		187,048		'	'
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	171,244		144,671		'	'
Carrying Amount | Non-recourse indebtedness | Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	113,331		151,438		'	'
Carrying Amount | Non-recourse indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	100,139		'		'	'
Estimated Fair Value	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Estimated Fair Value	1,083,118		1,063,716		'	'
Investments in securities and security-related receivables, Carrying Amount	567,302		655,509		'	'
Cash and cash equivalents, Estimated Fair Value	88,847		100,041		'	'
Restricted cash, Carrying Amount	121,589		90,641		'	'
Estimated Fair Value | Derivative assets	'		'		'	'
Assets	'		'		'	'
Derivative assets	1,305		1,132		'	'
Estimated Fair Value | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	47,778		115,230		'	'
Estimated Fair Value | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,007		12,700		'	'
Estimated Fair Value | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	724,885		722,371		'	'
Estimated Fair Value | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Loans payable on real estate, Estimated Fair Value	176,979		156,510		'	'
Estimated Fair Value | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	124,063		'		'	'
Estimated Fair Value | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	100,214		'		'	'
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	47,778		115,230		'	'
Estimated Fair Value | Recourse Indebtedness | Secured credit facilities	'		'		'	'
Liabilities	'		'		'	'
Secured credit facilities, Estimated Fair Value	11,129		8,090		'	'
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at fair value	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	11,911		29,655		'	'
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,007		12,700		'	'
Estimated Fair Value | Recourse Indebtedness | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	124,063		'		'	'
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	30,618		'		'	'
Estimated Fair Value | Recourse Indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	7,131		'		'	'
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	724,885		722,371		'	'
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	377,235		187,048		'	'
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Loans payable on real estate, Estimated Fair Value	176,979		156,510		'	'
Estimated Fair Value | Non-recourse indebtedness | Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Derivative liabilities	113,331		151,438		'	'
Estimated Fair Value | Non-recourse indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	$100,214		'		'	'
[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $86,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.
[2]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $94,000 with a weighted average coupon of 7.0%, which are eliminated in consolidation.

Information_of_Assets_and_Liab

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Assets:	'		'
Marketable Securities	$567,302		$655,509
Derivative assets	1,305		1,132
Total assets	568,607		656,641
Liabilities:	'		'
Junior subordinated notes	11,911		29,655
CDO notes payable, at fair value	377,235		187,048
Derivative liabilities	113,331		151,438
Total liabilities	502,477		368,141
Trading securities	'		'
Assets:	'		'
Marketable Securities	480,845		485,203
Trading securities | Trups	'		'
Assets:	'		'
Marketable Securities	480,845		485,203
Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0		0
Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	2		2
Security-related receivables	'		'
Assets:	'		'
Marketable Securities	86,455		170,304
Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	8,211		91,148
Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	33,046		32,769
Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	44,118	[1]	43,810	[1]
Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	1,080		2,577
Quoted Prices in Active Markets for Identical Assets (Level 1)	'		'
Assets:	'		'
Derivative assets	0	[2]	0	[3]
Total assets	0	[2]	0	[3]
Liabilities:	'		'
Junior subordinated notes	0	[2]	0	[3]
CDO notes payable, at fair value	0	[2]	0	[3]
Derivative liabilities	0	[2]	0	[3]
Total liabilities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Trading securities | Trups	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Other Observable Inputs (Level 2)	'		'
Assets:	'		'
Derivative assets	1,305	[2]	1,132	[3]
Total assets	79,551	[2]	80,290	[3]
Liabilities:	'		'
Junior subordinated notes	0	[2]	0	[3]
CDO notes payable, at fair value	0	[2]	0	[3]
Derivative liabilities	45,926	[2]	71,976	[3]
Total liabilities	45,926	[2]	71,976	[3]
Significant Other Observable Inputs (Level 2) | Trading securities | Trups	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Other Observable Inputs (Level 2) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	2	[2]	2	[3]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	33,046	[2]	32,769	[3]
Significant Other Observable Inputs (Level 2) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	44,118	[2]	43,810	[3]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	1,080	[2]	2,577	[3]
Significant Unobservable Inputs (Level 3)	'		'
Assets:	'		'
Derivative assets	0	[2]	0	[3]
Total assets	489,056	[2]	576,351	[3]
Liabilities:	'		'
Junior subordinated notes	11,911	[2]	29,655	[3]
CDO notes payable, at fair value	377,235	[2]	187,048	[3]
Derivative liabilities	67,405	[2]	79,462	[3]
Total liabilities	456,551	[2]	296,165	[3]
Significant Unobservable Inputs (Level 3) | Trading securities | Trups	'		'
Assets:	'		'
Marketable Securities	480,845	[2]	485,203	[3]
Significant Unobservable Inputs (Level 3) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	8,211	[2]	91,148	[3]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Unobservable Inputs (Level 3) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	0	[2]	0	[3]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	$0	[2]	$0	[3]
[1]	CMBS receivables include securities with a fair value totaling $8,398 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $26,013 that are rated between "BBB+" and "B-" by Standard & Poor's, securities with a fair value totaling $8,782 that are rated "CCC" by Standard & Poor's, and securities with a fair value totaling $617 that are rated "D" by Standard & Poor's.
[2]	During the year ended December 31, 2013, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
[3]	During the year ended December 31, 2012, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.

Information_of_Assets_and_Liab1

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Fair value, liabilities, Level 1 to Level 2 transfers, amount	$0	$0
Fair value, assets, Level 1 to Level 2 transfers, amount	$0	$0

Recovered_Sheet2

Fair Value of Financial Instruments - Additional Information (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value of Financial Instruments [Line Items]	'	'
Weighted average effective dollar price of TruPS and TruPS receivables	$75	$77

Additional_Information_about_A

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	$576,351	$564,599
Change in fair value of financial instruments	7,830	11,926
Purchases	0	0
Sales	0	0
Principal repayments	-95,125	-174
Ending Balance	489,056	576,351
Beginning Balance	296,165	235,036
Change in fair value of financial instruments	298,947	180,833
Purchases	0	0
Sales	0	0
Principal repayments	-138,561	-119,704
Ending Balance	456,551	296,165
Derivative Liabilities	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	79,462	90,080
Change in fair value of financial instruments	-12,057	-10,618
Purchases	0	0
Sales	0	0
Principal repayments	0	0
Ending Balance	67,405	79,462
CDO notes payable, at fair value	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	187,048	122,506
Change in fair value of financial instruments	309,367	184,246
Purchases	0	0
Sales	0	0
Principal repayments	-119,180	-119,704
Ending Balance	377,235	187,048
Junior Subordinated Notes, at Fair Value	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	29,655	22,450
Change in fair value of financial instruments	1,637	7,205
Purchases	0	0
Sales	0	0
Principal repayments	-19,381	0
Ending Balance	11,911	29,655
Trading Securities-TruPS and Subordinated Debentures	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	485,203	481,736
Change in fair value of financial instruments	12,642	3,467
Purchases	0	0
Sales	0	0
Principal repayments	-17,000	0
Ending Balance	480,845	485,203
Security-Related Receivables-TruPS and subordinated Debenture Receivables	'	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	91,148	82,863
Change in fair value of financial instruments	-4,812	8,459
Purchases	0	0
Sales	0	0
Principal repayments	-78,125	-174
Ending Balance	$8,211	$91,148

Fair_Value_Hierarchy_for_Finan

Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed (Detail) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Thousands, unless otherwise specified
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	$1,122,377		$1,075,129
Carrying Amount	2,086,401		1,799,595
Estimated Fair Value	'		'
Junior subordinated notes	11,911		29,655
CDO notes payable, Estimated Fair Value	377,235		187,048
Estimated Fair Value	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,083,118		1,063,716
Carrying Amount	'		'
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,122,377		1,075,129
7.0% convertible senior notes | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	47,778		115,230
7.0% convertible senior notes | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	32,938		109,631
Junior subordinated notes, at amortized cost | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Junior subordinated notes	14,007		12,700
Junior subordinated notes, at amortized cost | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	25,100		25,100
CDO notes payable, at amortized cost | Estimated Fair Value	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	724,885		722,371
CDO notes payable, at amortized cost | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	1,202,772		1,295,400
Loans payable on real estate | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	176,979		156,510
Loans payable on real estate | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	171,244		144,671
4.0% Convertible Senior Notes | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	124,063		'
4.0% Convertible Senior Notes | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	116,184		'
CMBS securitization | Estimated Fair Value	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	100,214		'
CMBS securitization | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	100,139		'
Quoted Prices in Active Markets for Identical Assets (Level 1)	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	0		0
Junior subordinated notes	0	[1]	0	[2]
CDO notes payable, Estimated Fair Value	0	[1]	0	[2]
Quoted Prices in Active Markets for Identical Assets (Level 1) | 7.0% convertible senior notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	47,778		115,230
Quoted Prices in Active Markets for Identical Assets (Level 1) | Junior subordinated notes, at amortized cost	'		'
Estimated Fair Value	'		'
Junior subordinated notes	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | CDO notes payable, at amortized cost	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) | 4.0% Convertible Senior Notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	124,063		'
Quoted Prices in Active Markets for Identical Assets (Level 1) | CMBS securitization	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		'
Significant Other Observable Inputs (Level 2)	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	0		0
Junior subordinated notes	0	[1]	0	[2]
CDO notes payable, Estimated Fair Value	0	[1]	0	[2]
Significant Other Observable Inputs (Level 2) | 7.0% convertible senior notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	0		0
Significant Other Observable Inputs (Level 2) | Junior subordinated notes, at amortized cost	'		'
Estimated Fair Value	'		'
Junior subordinated notes	0		0
Significant Other Observable Inputs (Level 2) | CDO notes payable, at amortized cost	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		0
Significant Other Observable Inputs (Level 2) | Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	0		0
Significant Other Observable Inputs (Level 2) | 4.0% Convertible Senior Notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	0		'
Significant Other Observable Inputs (Level 2) | CMBS securitization	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		'
Significant Unobservable Inputs (Level 3)	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,083,118		1,063,716
Junior subordinated notes	11,911	[1]	29,655	[2]
CDO notes payable, Estimated Fair Value	377,235	[1]	187,048	[2]
Significant Unobservable Inputs (Level 3) | 7.0% convertible senior notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	0		0
Significant Unobservable Inputs (Level 3) | Junior subordinated notes, at amortized cost	'		'
Estimated Fair Value	'		'
Junior subordinated notes	14,007		12,700
Significant Unobservable Inputs (Level 3) | CDO notes payable, at amortized cost	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	724,885		722,371
Significant Unobservable Inputs (Level 3) | Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	176,979		156,510
Significant Unobservable Inputs (Level 3) | 4.0% Convertible Senior Notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	0		'
Significant Unobservable Inputs (Level 3) | CMBS securitization	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	$100,214		'
[1]	During the year ended December 31, 2013, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
[2]	During the year ended December 31, 2012, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.

Realized_and_Unrealized_Gains_

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) (USD $)	3 Months Ended								12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Change in fair value of financial instruments, Assets	'	'	'	'	'	'	'	'	$7,830	$11,926	'
Change in fair value of financial instruments, Liabilities	'	'	'	'	'	'	'	'	298,947	180,833	'
Change in fair value of financial instruments	-143,990	-24,659	-76,020	-99,757	-57,518	-24,177	-11,169	-108,923	-344,426	-201,787	-75,154
Trading securities and security-related receivables	'	'	'	'	'	'	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Change in fair value of financial instruments, Assets	'	'	'	'	'	'	'	'	9,193	23,380	19,281
Collateralized Debt Obligations Notes Payable and Other Liabilities	'	'	'	'	'	'	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Change in fair value of financial instruments, Liabilities	'	'	'	'	'	'	'	'	-331,389	-193,151	-35,491
Derivative	'	'	'	'	'	'	'	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Change in fair value of financial instruments, Liabilities	'	'	'	'	'	'	'	'	($22,230)	($32,016)	($58,944)

Assets_and_Liabilities_of_Cons

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Thousands, unless otherwise specified
Investments in mortgages and loans, at amortized cost:	'	'	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$1,122,377	$1,075,129	'	'
Allowance for losses	-22,955	-30,400	-46,082	-69,691
Total investments in mortgages and loans	1,099,422	1,044,729	'	'
Investments in real estate, net of accumulated depreciation of $18,538 and 1,941, respectively	1,004,186	918,189	'	'
Investments in securities and security-related receivables, at fair value	567,302	655,509	'	'
Cash and cash equivalents	88,847	100,041	29,720	27,230
Restricted cash	121,589	90,641	'	'
Accrued interest receivable	48,324	47,335	'	'
Deferred financing costs, net of accumulated amortization of $17,107 and $13,633, respectively	18,932	19,734	'	'
Intangible assets, net of accumulated amortization of $568 and $0, respectively	21,554	2,343	'	'
Total assets	3,027,237	2,923,980	'	'
Liabilities and Equity	'	'	'	'
Indebtedness (including $377,235 and $187,048 at fair value, respectively)	2,086,401	1,799,595	'	'
Accrued interest payable	26,936	24,129	'	'
Accounts payable and accrued expenses	32,447	22,990	'	'
Derivative liabilities	113,331	151,438	'	'
Deferred taxes, borrowers' escrows and other liabilities	79,462	35,704	'	'
Total liabilities	2,338,577	2,033,856	'	'
Shareholders' equity:	'	'	'	'
Accumulated other comprehensive income (loss)	-63,810	-95,173	'	'
Retained earnings (deficit)	-1,257,306	-910,086	'	'
Total shareholders' equity	601,563	833,961	'	'
Noncontrolling interests	34,127	3,885	'	'
Total liabilities and equity	3,027,237	2,923,980	'	'
Variable Interest Entities	'	'	'	'
Investments in mortgages and loans, at amortized cost:	'	'	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,816,507	1,917,925	'	'
Allowance for losses	-17,250	-17,125	'	'
Total investments in mortgages and loans	1,799,257	1,900,800	'	'
Investments in real estate, net of accumulated depreciation of $18,538 and 1,941, respectively	194,648	20,609	'	'
Investments in securities and security-related receivables, at fair value	566,577	654,795	'	'
Cash and cash equivalents	3,599	276	'	'
Restricted cash	40,793	50,203	'	'
Accrued interest receivable	68,456	67,271	'	'
Deferred financing costs, net of accumulated amortization of $17,107 and $13,633, respectively	10,263	12,741	'	'
Intangible assets, net of accumulated amortization of $568 and $0, respectively	517	0	'	'
Total assets	2,684,110	2,706,695	'	'
Liabilities and Equity	'	'	'	'
Indebtedness (including $377,235 and $187,048 at fair value, respectively)	1,946,536	1,724,356	'	'
Accrued interest payable	73,122	59,914	'	'
Accounts payable and accrued expenses	5,771	3,335	'	'
Derivative liabilities	113,323	151,438	'	'
Deferred taxes, borrowers' escrows and other liabilities	5,805	4,877	'	'
Total liabilities	2,144,557	1,943,920	'	'
Shareholders' equity:	'	'	'	'
Accumulated other comprehensive income (loss)	-59,684	-90,954	'	'
RAIT investment	262,760	295,641	'	'
Retained earnings (deficit)	258,270	558,088	'	'
Total shareholders' equity	461,346	762,775	'	'
Noncontrolling interests	78,207	0	'	'
Total liabilities and equity	$2,684,110	$2,706,695	'	'

Assets_and_Liabilities_of_Cons1

Assets and Liabilities of Consolidated Variable Interest Entities (Parenthetical) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'	'	'
Real estate, accumulated depreciation	$127,745	$97,392	$69,372
Deferred financing costs, accumulated amortization	17,768	15,811	'
Intangible assets, accumulated amortization	4,564	2,976	'
Indebtedness, fair value	389,146	216,703	'
Variable Interest Entities	'	'	'
Variable Interest Entity [Line Items]	'	'	'
Real estate, accumulated depreciation	18,538	1,941	'
Deferred financing costs, accumulated amortization	17,107	13,633	'
Intangible assets, accumulated amortization	568	0	'
Indebtedness, fair value	$377,235	$187,048	'

Series_D_Preferred_Shares_Addi

Series D Preferred Shares - Additional Information (Detail) (USD $)

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Feb. 28, 2014

Dec. 31, 2012

Adjusted

ARS VI

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Maximum

1-Oct-15

Prior To October 1, 2017

After October 1, 2017

1-Oct-19

1-Oct-14

1-Oct-17

1-Oct-18

1-Oct-19

Subsequent Event

ARS VI

Temporary Equity [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum period to issue and sell securities on private placement basis

'

'2 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate purchase price under Securities Purchase Agreement

$65,000

'

'

$100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred shares total issued

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000

Cumulative Redeemable Preferred Shares, par value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.01

Preferred shares with warrants

'

'

'

'

'

9,931,000

'

'

'

'

'

'

'

'

'

'

'

Stock Appreciation Rights

4,378,183.55

6,735,667

4,476,128.28

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of outstanding Series D preferred shares or warrants

'

'

'

'

10.00%

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of aggregate amount of common shares issuable upon exercise of warrants

5.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred shares to be sold

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants exercisable for common shares

6,455,150

'

6,599,559

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Warrants to be issued exercisable for common shares

3,475,850

'

3,553,609

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock Appreciation Rights to be issued

2,357,483.45

'

2,410,222.92

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Aggregate purchase price of securities to be issued

35,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Shares, Dividend Rate

'

'

'

'

7.50%

'

'

8.50%

'

'

'

'

'

'

'

'

'

Preferred Shares, Dividend Rate increase per each anniversary

'

'

'

'

0.50%

'

'

'

'

'

'

'

'

'

'

'

'

Liquidation preference per share for 5 years

'

'

'

'

$26.25

'

'

'

'

'

'

'

'

'

'

'

'

Liquidation preference per share after five years

'

'

'

'

$25

'

'

'

'

'

'

'

'

'

'

'

'

Redemption price

'

'

'

'

'

'

'

'

$26.25

$25

$25

'

'

'

'

'

'

Maturity of unsecured promissory note

'

'

'

'

'180 days

'

'

'

'

'

'

'

'

'

'

'

'

Preferred stock redemption amount

'

'

'

'

'

'

50,000

'

'

'

'

'

'

'

'

'

'

Warrants Exercise Price

'

'

'

'

6

'

'

'

'

'

'

'

'

'

'

5.87

'

Put price per warrant

'

'

'

'

'

'

'

'

'

'

'

'

$1.23

$1.60

$1.99

'

'

Stock Appreciation Rights Exercise Price

'

'

'

'

$6

'

'

'

'

'

'

'

'

'

'

$5.87

'

Stock appreciation rights call price

'

'

'

'

'

'

'

'

'

'

'

$5

'

'

'

'

'

Put price per SARs

'

'

'

'

'

'

'

'

'

'

'

'

$1.23

$1.60

$1.99

'

'

Fair value of Warrants and stock appreciation rights

$31,304

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sales_Activity_of_Series_D_Pre

Sales Activity of Series D Preferred Shares (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Temporary Equity [Line Items]	'	'
Aggregate purchase price	$65,000	'
Initial value of warrants and investor SARs issued to-date	-9,133	'
Costs incurred	-4,952	'
Total discount	-14,085	'
Discount amortization to-date	2,055	'
Carrying amount of Series D Preferred Shares	$52,970	$52,278

Shareholders_Equity_Additional

Shareholders' Equity - Additional Information (Detail) (USD $)

0 Months Ended

1 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

0 Months Ended

0 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

17-May-11

Jul. 24, 2007

Apr. 30, 2013

Feb. 29, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Aug. 16, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jan. 31, 2014

Jan. 29, 2014

Mar. 06, 2014

Jan. 29, 2014

17-May-11

17-May-11

Dec. 31, 2013

Nov. 21, 2012

Dec. 31, 2004

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 29, 2014

Jan. 10, 2014

Dec. 31, 2004

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Jan. 29, 2014

Jan. 10, 2014

Jul. 05, 2007

Dec. 31, 2013

Dec. 31, 2012

Jan. 29, 2014

Jan. 10, 2014

Dec. 31, 2013

Jan. 29, 2014

Jan. 29, 2014

Independence Realty Trust Inc

Independence Realty Trust Inc

Independence Realty Trust Inc

Dividend Reinvestment And Share Purchase Plan

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

After Reverse Stock Split

Before Reverse Stock Split

Capital on Demand Sales Agreement

Capital on Demand Sales Agreement

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

Series D Preferred Stock

Series D Preferred Stock

Preferred Stock

Other Income (Expense)

Independence Realty Trust Inc

Independence Realty Trust Inc

Parent Company

Maximum

At Market Issuance Sales Agreement

Subsequent Event

Subsequent Event

Independence Realty Trust Inc

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Independence Realty Trust Inc

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative redeemable preferred shares, shares issued

'

'

'

'

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,760,000

4,069,288

3,124,288

945,000

'

'

2,258,300

2,288,465

2,288,465

'

'

'

1,600,000

1,640,100

1,640,100

'

'

'

'

'

Preferred Shares, Dividend Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7.75%

'

'

'

'

'

8.38%

'

'

'

'

'

8.88%

'

'

'

'

7.50%

'

'

Net proceed received from issuance of Preferred Shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$66,600

'

'

$21,829

'

'

$54,400

'

'

'

'

'

'

'

'

'

'

'

'

'

Cumulative redeemable preferred shares, liquidation preference per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25

$25

$25

'

'

'

$25

$25

$25

'

'

'

$25

$25

$25

'

'

$26.25

'

'

Cumulative redeemable preferred shares, liquidation preference per year per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1.94

'

'

'

'

'

$2.09

'

'

'

'

'

'

'

'

'

'

'

'

'

Public offering price

'

'

$7.87

'

'

'

'

$8.50

'

'

'

$8.52

$8.30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25

'

'

'

'

'

'

'

Underwriters discount and expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,660

'

'

'

'

'

'

'

Net proceeds from public offering

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

38,340

'

'

'

'

'

'

'

Preferred shares authorized to be issued under agreement

'

'

'

'

1,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

'

'

'

690,712

'

2,000,000

'

'

'

1,969,835

'

2,000,000

'

'

1,959,900

'

'

'

Weighted-average price per share

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7.82

'

'

'

'

$23.92

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred shares total issued

'

'

'

'

2,600,000

2,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,309,288

'

'

'

'

'

30,165

'

'

'

'

40,100

'

'

'

Reverse stock split of common stock

0.33

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares, par value

'

'

'

'

$0.03

$0.03

'

'

'

'

'

'

'

'

'

$0.03

$0.01

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares authorized under stock repurchase plan

'

75,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares purchased on open market for issuance to non-management trustees, value

'

'

'

210

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares purchased on open market for issuance to non-management trustees, shares

'

'

'

36,750

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Registered and reserved common shares

'

'

'

'

'

'

'

'

'

'

10,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares pursuant to the DRSPP

'

'

'

'

5,660

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average price per shares

'

'

'

'

'

'

'

'

'

'

$7.61

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds received

'

'

'

'

43

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares remaining available under the DRSPP

'

'

'

'

7,777,820

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares to be issued and sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares issued

'

'

'

'

71,447,437

58,913,142

'

'

'

'

'

'

'

'

'

'

'

1,439,942

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds received from issuance of common shares

'

'

'

'

87,513

90,566

30,894

'

'

'

'

'

'

'

'

'

'

10,975

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares remaining available for issuance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

8,560,058

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares issued for exercise of underwriters option to purchase common shares

'

'

'

'

1,350,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds received during period from common share issuance in underwritten public offering

'

'

70,196

'

7,358

'

'

34,000

'

'

'

82,570

66,815

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares in an underwritten public offering

'

'

9,200,000

'

'

'

'

4,000,000

'

'

'

10,000,000

8,050,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Shares, dividend declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.48

'

'

'

'

'

$0.52

'

'

'

'

$0.55

'

'

$0.47

'

Dividend payment date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31-Mar-14

Dividend record date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3-Mar-14

Net proceeds received during period from common shares issuance in underwritten public offering

'

'

'

'

'

'

'

31,096

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock redeemed, value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,500

'

'

'

'

'

'

'

'

'

'

Shares outstanding

'

'

'

'

'

'

'

'

5,764,900

'

'

'

'

6,969,719

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage

'

'

'

'

'

'

'

'

59.70%

'

'

'

'

39.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other income (expense)

'

'

'

'

($5,233)

($1,789)

$348

'

'

$3,885

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares purchased by us in underwritten public offering

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,204,819

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends_Declared_or_Paid_Det

Dividends Declared or Paid (Detail) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

7.75% Series A cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Series D Preferred Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Common Stock

Dividends [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Date declared

'

'

'

29-Oct-13

30-Jul-13

14-May-13

29-Jan-13

23-Oct-12

24-Jul-12

1-May-12

24-Jan-12

29-Oct-13

23-Oct-12

29-Oct-13

30-Jul-13

14-May-13

29-Jan-13

23-Oct-12

24-Jul-12

1-May-12

24-Jan-12

29-Oct-13

23-Oct-12

29-Oct-13

30-Jul-13

14-May-13

29-Jan-13

23-Oct-12

24-Jul-12

1-May-12

24-Jan-12

29-Oct-13

23-Oct-12

29-Oct-13

30-Jul-13

14-May-13

29-Jan-13

23-Oct-12

'

'

'

29-Oct-13

23-Oct-12

12-Dec-13

10-Sep-13

20-Jun-13

15-Mar-13

12-Dec-12

18-Sep-12

21-Jun-12

29-Feb-12

12-Dec-13

12-Dec-12

Record date

'

'

'

2-Dec-13

3-Sep-13

3-Jun-13

1-Mar-13

3-Dec-12

4-Sep-12

1-Jun-12

1-Mar-12

'

'

2-Dec-13

3-Sep-13

3-Jun-13

1-Mar-13

3-Dec-12

4-Sep-12

1-Jun-12

1-Mar-12

'

'

2-Dec-13

3-Sep-13

3-Jun-13

1-Mar-13

3-Dec-12

4-Sep-12

1-Jun-12

1-Mar-12

'

'

2-Dec-13

3-Sep-13

3-Jun-13

1-Mar-13

3-Dec-12

'

'

'

'

'

7-Jan-14

3-Oct-13

12-Jul-13

3-Apr-13

16-Jan-13

11-Oct-12

11-Jul-12

28-Mar-12

'

'

Date paid

'

'

'

31-Dec-13

30-Sep-13

1-Jul-13

1-Apr-13

31-Dec-12

1-Oct-12

2-Jul-12

2-Apr-12

'

'

31-Dec-13

30-Sep-13

1-Jul-13

1-Apr-13

31-Dec-12

1-Oct-12

2-Jul-12

2-Apr-12

'

'

31-Dec-13

30-Sep-13

1-Jul-13

1-Apr-13

31-Dec-12

1-Oct-12

2-Jul-12

2-Apr-12

'

'

31-Dec-13

4-Oct-13

30-Jun-13

4-Apr-13

31-Dec-12

'

'

'

'

'

31-Jan-14

31-Oct-13

31-Jul-13

30-Apr-13

31-Jan-13

31-Oct-12

31-Jul-12

27-Apr-12

'

'

Dividend per share

$0.56

$0.35

$0.27

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.16

$0.15

$0.13

$0.12

$0.10

$0.09

$0.08

$0.08

$0.56

$0.35

Total dividend amount

$22,616

$14,660

$13,649

$1,971

$1,971

$1,816

$1,513

$1,491

$1,354

$1,337

$1,337

$7,271

$5,519

$1,198

$1,198

$1,198

$1,198

$1,198

$1,195

$1,182

$1,182

$4,792

$4,757

$910

$910

$910

$910

$910

$910

$888

$888

$3,640

$3,596

$1,219

$1,219

$1,219

$1,219

$568

$0

$0

$0

$4,876

$568

'

'

'

'

'

'

'

'

'

'

Total dividend declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$11,358

$10,467

$9,032

$8,334

$6,018

$4,484

$3,985

$3,992

$39,191

$18,479

Stock_Based_Compensation_and_E2

Stock Based Compensation and Employee Benefits - Additional Information (Detail) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Jan. 29, 2013

Jul. 30, 2013

Jan. 29, 2013

Jan. 29, 2013

Jan. 29, 2013

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jan. 29, 2013

Jan. 24, 2012

Jan. 29, 2014

Incentive Award Plan

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Phantom Units

Phantom Units

Phantom Units

Stock Appreciation Rights (SARs)

Stock Appreciation Rights (SARs)

Stock Appreciation Rights (SARs)

Non-management trustees

Non-management trustees

Employees

Executive Officers

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Subsequent Event

Person

Non-management trustees

Employees

Executive Officers

Person

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum number of shares to be issued

'

'

'

'

4,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares available for issuance

'

'

'

'

2,425,941

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of shares awarded, share

'

'

'

'

'

'

6,578

43,536

369,500

369,500

'

36,186

293,700

293,700

'

'

'

1,127,500

2,172,000

891,600

Number of shares awarded, value

$1,332

$6,091

'

'

'

'

$50

$300

$2,577

$2,577

'

$300

$2,435

$2,435

'

'

'

$1,332

$6,091

$1,178

Closing stock price

'

'

'

'

'

'

$7.60

$6.89

$6.89

$6.89

'

$8.29

$8.29

$8.29

'

'

'

'

'

'

Number of individuals to whom shares are awarded

'

'

'

'

'

'

'

6

'

'

'

6

'

'

'

'

'

'

'

'

Remaining awards vesting period

'

'

'

'

'

'

'3 months

'9 months

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'3 years

'

'

'

'

'3 years

'

'

'

'

'

'

'3 years

'3 years

'3 years

Number of phantom units redeemed during that period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

220,823

340,649

'

'

'

Phantom units forfeited

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

0

0

'

'

'

Phantom units outstanding

'

'

'

'

'

'

'

'

'

'

'

'

'

'

195,943

195,943

'

'

'

'

Deferred compensation costs related to unvested award

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

180

'

'

'

'

Weighted average remaining vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'0 years

'

'

'

'

'

Expiration date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

29-Jan-18

24-Jan-17

29-Jan-19

Stock option term

'10 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Stock option outstanding

5,749

32,265

38,932

56,267

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Share based compensation expense

3,441

2,208

541

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of employer matching contribution

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of additional contribution

2.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage employer matching contribution vesting per year

33.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Contribution expense

$435

$478

$482

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Summary_of_Option_Activity_of_

Summary of Option Activity of Incentive Award (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Outstanding, January 1,	32,265	38,932	56,267
Expired	26,516	6,667	17,335
Exercised	0	0	0
Outstanding, December 31,	5,749	32,265	38,932
Options exercisable at December 31,	5,749	32,265	38,932
Outstanding, January 1,	$70.38	$68.34	$67.50
Expired	$68.46	$58.49	$65.61
Exercised	$0	$0	$0
Outstanding, December 31,	$79.20	$70.38	$68.34
Options exercisable at December 31,	'	'	'

Summarize_Information_about_St

Summarize Information about Stock Options Outstanding (Detail) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]	'	'
Exercise Price, Lower limit	$65.43	'
Exercise Price, Upper limit	$79.20	'
Options Outstanding, Shares	5,749	'
Options Outstanding, Weighted Average Remaining Contractual Life	'1 month 6 days	'
Options Outstanding, Weighted Average Exercise Price	$79.20	'
Options Exercisable, Shares	'	32,265
Options Exercisable, Weighted Average Remaining Contractual Life	'	'8 months 12 days

Reconciliation_of_Basic_and_Di

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)

3 Months Ended

12 Months Ended

In Thousands, except Share data, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Schedule Of Earnings Per Share Basic And Diluted [Line Items]

'

'

'

'

'

'

'

'

'

'

'

Income (loss) from continuing operations

'

'

'

'

'

'

'

'

($285,364)

($168,341)

($38,457)

Income allocated to preferred shares

'

'

'

'

'

'

'

'

-22,616

-14,660

-13,649

Income allocated to noncontrolling interests

'

'

'

'

'

'

'

'

-28

196

229

Income (loss) from continuing operations allocable to common shares

'

'

'

'

'

'

'

'

-308,008

-182,805

-51,877

Income (loss) from discontinued operations

'

'

'

'

'

'

'

'

0

0

747

Net income (loss) allocable to common shares

($134,493)

($17,106)

($65,877)

($90,532)

($50,449)

($18,386)

($6,951)

($107,019)

($308,008)

($182,805)

($51,130)

Weighted-average shares outstanding-Basic

'

'

'

'

'

'

'

'

67,814,316

48,746,761

38,508,086

Dilutive securities under the treasury stock method

'

'

'

'

'

'

'

'

0

0

0

Weighted-average shares outstanding-Diluted

'

'

'

'

'

'

'

'

67,814,316

48,746,761

38,508,086

Earnings (loss) per share-Basic:

'

'

'

'

'

'

'

'

'

'

'

Continuing operations

'

'

'

'

'

'

'

'

($4.54)

($3.75)

($1.35)

Discontinued operations

'

'

'

'

'

'

'

'

$0

$0

$0.02

Total earnings (loss) per share-Basic

($1.90)

[1]

($0.24)

[1]

($0.94)

[1]

($1.50)

[1]

($0.99)

[1]

($0.37)

[1]

($0.14)

[1]

($2.42)

[1]

($4.54)

($3.75)

($1.33)

Earnings (loss) per share-Diluted:

'

'

'

'

'

'

'

'

'

'

'

Continuing operations

'

'

'

'

'

'

'

'

($4.54)

($3.75)

($1.35)

Discontinued operations

'

'

'

'

'

'

'

'

$0

$0

$0.02

Total earnings (loss) per share-Diluted

($1.90)

[1]

($0.24)

[1]

($0.94)

[1]

($1.50)

[1]

($0.99)

[1]

($0.37)

[1]

($0.14)

[1]

($2.42)

[1]

($4.54)

($3.75)

($1.33)

[1]

The summation of quarterly per share amounts do not equal the full year amounts.

Earnings_Loss_Per_Share_Additi

Earnings (Loss) Per Share - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Earnings Per Share Basic And Diluted [Line Items]	'	'	'
Anti-dilutive shares not included in computation of earnings per common share	18,026,169	22,282,205	219,558

Components_of_Income_Tax_Benef

Components of Income Tax Benefit (Provision) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Income Taxes [Line Items]	'	'	'
Current benefit (provision), Federal	($245)	($68)	$0
Deferred benefit (provision), Federal	2,319	422	595
Income tax benefit (provision), Federal	2,074	354	595
Current benefit (provision), State and Local	-157	-13	0
Deferred benefit (provision), State and Local	1,016	228	0
Income tax benefit (provision), State and Local	859	215	0
Current benefit (provision), Foreign	0	40	-57
Deferred benefit (provision), Foreign	0	-25	0
Income tax benefit (provision), Foreign	0	15	-57
Current benefit (provision), Total	-402	-41	-57
Deferred benefit (provision), Total	3,335	625	595
Income tax benefit (provision)	$2,933	$584	$538

Reconciliation_of_Income_Tax_B

Reconciliation of Income Tax Benefit (Provision) (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Income Taxes [Line Items]	'	'	'
Federal statutory rate	($3,417)	($598)	$3,762
State statutory, net of federal benefit	577	139	0
Change in valuation allowance	6,113	1,380	-2,899
Permanent items	-34	-19	-42
Foreign tax effects	0	0	-283
Other	-306	-318	0
Income tax benefit (provision)	$2,933	$584	$538

Components_of_Deferred_Tax_Ass

Components of Deferred Tax Assets (Liabilities) (Detail) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Schedule Of Income Taxes [Line Items]	'	'
Net operating losses, at TRSs	$14,832	$14,537
Capital losses	0	682
Unrealized losses	10,731	12,162
Other	1,455	1,503
Total deferred tax assets	27,018	28,884
Valuation allowance	-18,234	-23,766
Net deferred tax assets	8,784	5,118
Accrued interest	-1,235	-980
Other	-161	-84
Deferred tax (liabilities)	-1,396	-1,064
Net deferred tax assets (liabilities)	$7,388	$4,054

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Capital Loss Carryforward	'
Schedule Of Income Taxes [Line Items]	'
Other tax carryforwards	'
Other tax carryforwards, expiration year	'2013
Internal Revenue Service (IRS)	'
Schedule Of Income Taxes [Line Items]	'
Net operating losses carryforwards	30,284
Net operating losses, expiration year	'2028
Net operating losses carryforwards, amount to be utilized	9,469
State and Local Jurisdiction	'
Schedule Of Income Taxes [Line Items]	'
Net operating losses carryforwards	43,315
Net operating losses, expiration year	'2017
Net operating losses carryforwards, amount to be utilized	22,317
Foreign Tax Authority	'
Schedule Of Income Taxes [Line Items]	'
Net operating losses carryforwards	'

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	7 Months Ended	12 Months Ended				7 Months Ended	12 Months Ended			12 Months Ended
In Thousands, unless otherwise specified	Jul. 24, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2010	Jul. 24, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013
						Demand Deposits	Demand Deposits	Demand Deposits	Trust Preferred Securities	Maximum
Related Party Transaction [Line Items]	'	'	'	'	'	'	'	'	'	'
Percentage of ownership held by President of Parent Company and Director	'	'	'	'	'	'	'	'	'	1.00%
Cash and cash equivalents	'	$100,041	$29,720	$88,847	$27,230	'	$239	'	'	'
Restricted cash	'	90,641	'	121,589	'	'	289	'	'	'
Interest income	'	'	'	'	'	0	0	0	'	'
Lease rent paid	164	327	319	'	'	'	'	'	'	'
Sublease rent received	99	174	170	'	'	'	'	'	'	'
Fees received for managing securitization of marketable securities	'	$655,509	'	$567,302	'	'	'	'	$25,000	'

Assets_Held_For_Sale_and_Disco2

Assets Held For Sale and Discontinued Operations - Additional Information (Detail)	Dec. 31, 2011
	Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Number of real estate property related to discontinued operations	1

Revenue_and_Expense_Informatio

Revenue and Expense Information for Real Estate Properties Classified as Discontinued Operations (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue:	'	'	'
Rental income	$114,224	$103,872	$91,880
Expenses:	'	'	'
Real estate operating expense	60,887	56,443	55,285
General and administrative expense	14,893	14,866	17,380
Total expenses	181,972	170,236	181,341
Total income (loss) from discontinued operations	0	0	747
Segment, Discontinued Operations	'	'	'
Revenue:	'	'	'
Rental income	'	'	2,072
Expenses:	'	'	'
Real estate operating expense	'	'	1,205
General and administrative expense	'	'	1
Total expenses	'	'	1,206
Income (loss) from discontinued operations	'	'	866
Gain (loss) from discontinued operations	'	'	-119
Total income (loss) from discontinued operations	'	'	$747

Summary_of_Results_of_Operatio

Summary of Results of Operations (Detail) (USD $)	3 Months Ended																12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013		Sep. 30, 2013		Jun. 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sep. 30, 2012		Jun. 30, 2012		Mar. 31, 2012		Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Results Of Operations [Line Items]	'		'		'		'		'		'		'		'		'	'	'
Total revenue	$67,607		$62,395		$58,622		$58,251		$54,922		$52,193		$47,873		$45,796		$246,875	$200,784	$195,798
Change in fair value of financial instruments	-143,990		-24,659		-76,020		-99,757		-57,518		-24,177		-11,169		-108,923		-344,426	-201,787	-75,154
Net income (loss)	-128,550		-11,135		-60,338		-85,341		-46,136		-14,971		-3,570		-103,664		-285,364	-168,341	-37,710
Net income (loss) allocable to common shares	($134,493)		($17,106)		($65,877)		($90,532)		($50,449)		($18,386)		($6,951)		($107,019)		($308,008)	($182,805)	($51,130)
Total earnings (loss) per share-Basic	($1.90)	[1]	($0.24)	[1]	($0.94)	[1]	($1.50)	[1]	($0.99)	[1]	($0.37)	[1]	($0.14)	[1]	($2.42)	[1]	($4.54)	($3.75)	($1.33)
Total earnings (loss) per share-Diluted	($1.90)	[1]	($0.24)	[1]	($0.94)	[1]	($1.50)	[1]	($0.99)	[1]	($0.37)	[1]	($0.14)	[1]	($2.42)	[1]	($4.54)	($3.75)	($1.33)
[1]	The summation of quarterly per share amounts do not equal the full year amounts.

Other_Disclosures_Additional_I

Other Disclosures - Additional Information (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Liabilities [Line Items]	'	'	'
Incremental loan commitments	$24,762	'	'
Rent expense	$2,045	$1,967	$2,601

Annual_Minimum_Rent_Due_Pursua

Annual Minimum Rent Due Pursuant to Leases (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Operating Leased Assets [Line Items]	'
2014	$1,511
2015	1,427
2016	722
2017	648
2018	921
Thereafter	19,540
Total	$24,769

Valuation_and_Qualifying_Accou

Valuation and Qualifying Accounts (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Valuation and Qualifying Accounts Disclosure [Line Items]	'	'	'
Balance, Beginning of Period	$30,400	$46,082	$69,691
Additions	3,000	2,000	3,900
Deductions	-10,445	-17,682	-27,509
Balance, End of Period	$22,955	$30,400	$46,082

Real_Estate_and_Accumulated_De

Real Estate and Accumulated Depreciation (Detail) (USD $)

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

In Thousands, unless otherwise specified

Stonecrest

Pine Tree

Mandalay Bay

1501 Yamato Road

Willow Grove

Cherry Hill

Reuss

McDowell

Crestmont

Copper Mill

Cumberland

Heritage Trace

Oyster Point

Tuscany Bay

Corey Landings

Sharpstown Mall

Belle Creek Apartments

Willows

Regency Meadows

Executive Center

Remington

Desert Wind

Eagle Ridge

Emerald Bay

Grand Terrace

Las Vistas

Penny Lane

Sandal Ridge

Long Beach Promenade

Murrells Retail Associates

Preserve @ Colony Lakes

English Aire/Lafayette Landing

Tresa at Arrowhead

Madison Park & Southgreen

Mineral Business Center

Blair Mill

Ventura

Lexington /Trails at Northpointe

Silversmith

Tiffany Square

Vista Lago

Centrepoint

Regency Manor

Four Resource Square

Somervale Apartments

Augusta Apartments

South Plaza

Del Aire

Cardinal Motel

Treasure Island Resort

Sunny Shores Resort

MGS Gift Shop

Saxony Inn

Beachcomber Beach Resort

UBS Tower

May's Crossing

Runaway Bay

South Terrace

River Park West

Berkshire

Crossings

Multi Family

Office

Multi Family

Office

Land

Land

Office

Office

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Land

Retail

Multi Family

Multi Family

Multi Family

Office

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Office

Retail

Multi Family

Multi Family

Multi Family

Multi Family

Office

Office

Multi Family

Multi Family

Multi Family

Office

Multi Family

Multi Family

Multi Family

Office

Multi Family

Multi Family

Retail

Land

Land

Land

Land

Land

Land

Land

Office

Retail

Multi Family

Multi Family

Multi Family

Multi Family

Multi Family

Real Estate and Accumulated Depreciation [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Location

'

'

'

'Birmingham, AL

'Cherry Hill, NJ

'Austin, TX

'Boca Raton, FL

'Willow Grove, PA

'Cherry Hill, NJ

'Milwaukee, WI

'Scottsdale, AZ

'Marietta, GA

[1]

'Austin, TX

[1]

'Smyrna, GA

[1]

'Newport News, VA

[1]

'Newport News, VA

'Orlando, FL

'St. Pete Beach, FL

'Houston, TX

'Henderson, CO

[1]

'Las Vegas, NV

'Las Vegas, NV

'Milwaukee, WI

'Tampa, FL

'Phoenix, AZ

'Colton, CA

'Las Vegas, NV

'Colton, CA

'Phoenix, AZ

'Mesa, AZ

'Mesa, AZ

'Long Beach, CA

'Myrtle Beach, SC

'Stafford, TX

'Austin, TX

'Phoenix, AZ

[1]

'Indianapolis, IN

'Denver, CO

'Willow Grove, PA

'Gainesville, FL

'Jackson, MS

'Jacksonville, FL

'Colorado Springs, CO

'Kendall, FL

'Tucson, AZ

[1]

'Miami, FL

'Charlotte, NC

'Miami Gardens, FL

'Las Vegas, NV

'Nashville, TN

'Daytona Beach, FL

'Daytona Beach, FL

'Daytona Beach, FL

'Daytona Beach, FL

'Daytona Beach, FL

'Daytona Beach, FL

'Daytona Beach, FL

'St. Paul, MN

'Round Rock, TX

'Indianapolis, IN

[2]

'Durham, NC

'Houston, TX

'Indianapolis, IN

[2]

'Jackson, MS

[2]

Initial Cost, Land

$233,820

'

'

$5,858

$1,980

$5,363

$8,200

$307

$307

$4,080

$9,803

$3,207

[1]

$3,420

[1]

$3,194

[1]

$2,642

[1]

$3,920

$7,002

$21,595

$6,737

$1,890

[1]

$2,184

$1,875

$1,581

$4,273

$2,520

$3,198

$6,500

$4,619

$2,440

$1,540

$1,980

$860

$0

$6,720

$3,440

$7,080

[1]

$1,260

$1,940

$2,280

$1,913

$4,522

$1,048

$2,400

$0

$5,620

[1]

$2,320

$4,060

$5,420

$6,180

$4,480

$1,188

$884

$6,230

$3,379

$409

$1,653

$10,300

$3,660

$1,820

$3,079

[2]

$4,210

$6,000

$2,650

[2]

$4,600

[2]

Initial Cost, Building

797,243

'

'

23,433

7,920

21,453

32,800

0

0

36,720

55,523

12,828

[1]

13,681

[1]

12,776

[1]

10,568

[1]

15,680

28,009

0

26,948

7,562

[1]

8,737

7,499

6,324

17,092

10,080

12,792

26,000

18,477

9,760

6,160

7,920

3,440

2,500

26,880

13,760

28,320

[1]

5,040

7,760

9,120

7,650

18,086

4,191

9,600

10,500

22,480

[1]

9,280

16,240

5,575

24,720

17,920

0

0

0

0

0

0

0

13,715

7,133

12,318

[2]

32,434

23,572

10,319

[2]

17,948

[2]

Cost of Improvements, net of Retirements, Land

1,232

'

'

-31

0

99

0

0

0

10

5

47

[1]

52

[1]

-94

[1]

31

[1]

47

122

0

-1

0

[1]

0

0

-51

0

0

0

0

0

0

0

0

0

0

0

0

0

[1]

0

0

0

0

0

0

996

0

0

[1]

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

[2]

0

0

0

[2]

0

[2]

Cost of Improvements, net of Retirements, Building

99,636

'

'

-105

1,397

810

5,146

0

0

19,537

5,877

442

[1]

623

[1]

698

[1]

543

[1]

615

1,167

2,786

7,111

403

[1]

64

327

2,867

2,902

202

534

637

497

377

287

489

200

8,486

650

2,076

533

[1]

1,031

401

476

490

842

486

2,569

641

435

[1]

562

148

19,298

252

518

3

3

110

38

1

0

7

2,787

0

192

[2]

147

11

7

[2]

3

[2]

Gross Carrying Amount, Land

235,052

[3]

'

'

5,827

[3]

1,980

[3]

5,462

[3]

8,200

[3]

307

[3]

307

[3]

4,090

[3]

9,808

[3]

3,254

[1],[3]

3,472

[1],[3]

3,100

[1],[3]

2,673

[1],[3]

3,967

[3]

7,124

[3]

21,595

[3]

6,736

[3]

1,890

[1],[3]

2,184

[3]

1,875

[3]

1,530

[3]

4,273

[3]

2,520

[3]

3,198

[3]

6,500

[3]

4,619

[3]

2,440

[3]

1,540

[3]

1,980

[3]

860

[3]

0

[3]

6,720

[3]

3,440

[3]

7,080

[1],[3]

1,260

[3]

1,940

[3]

2,280

[3]

1,913

[3]

4,522

[3]

1,048

[3]

3,396

[3]

0

[3]

5,620

[1],[3]

2,320

[3]

4,060

[3]

5,420

[3]

6,180

[3]

4,480

[3]

1,188

[3]

884

[3]

6,230

[3]

3,379

[3]

409

[3]

1,653

[3]

10,300

[3]

3,660

[3]

1,820

[3]

3,079

[2],[3]

4,210

[3]

6,000

[3]

2,650

[2],[3]

4,600

[2],[3]

Gross Carrying Amount, Building

896,879

[3]

'

'

23,328

[3]

9,317

[3]

22,263

[3]

37,946

[3]

0

[3]

0

[3]

56,257

[3]

61,400

[3]

13,270

[1],[3]

14,304

[1],[3]

13,474

[1],[3]

11,111

[1],[3]

16,295

[3]

29,176

[3]

2,786

[3]

34,059

[3]

7,965

[1],[3]

8,801

[3]

7,826

[3]

9,191

[3]

19,994

[3]

10,282

[3]

13,326

[3]

26,637

[3]

18,974

[3]

10,137

[3]

6,447

[3]

8,409

[3]

3,640

[3]

10,986

[3]

27,530

[3]

15,836

[3]

28,853

[1],[3]

6,071

[3]

8,161

[3]

9,596

[3]

8,140

[3]

18,928

[3]

4,677

[3]

12,169

[3]

11,141

[3]

22,915

[1],[3]

9,842

[3]

16,388

[3]

24,873

[3]

24,972

[3]

18,438

[3]

3

[3]

3

[3]

110

[3]

38

[3]

1

[3]

0

[3]

7

[3]

16,502

[3]

7,133

[3]

12,510

[2],[3]

32,581

[3]

23,583

[3]

10,326

[2],[3]

17,951

[2],[3]

Accumulated Depreciation - Building

-127,745

-97,392

-69,372

-4,217

-1,440

-4,308

-5,686

0

0

-17,774

-11,084

-2,129

[1]

-2,326

[1]

-2,180

[1]

-1,811

[1]

-3,138

-5,648

0

-5,799

-1,123

[1]

-1,422

-1,302

-1,408

-3,601

-1,619

-2,159

-4,198

-2,996

-1,629

-1,049

-1,386

-532

-1,682

-3,962

-2,825

-3,455

[1]

-916

-1,165

-1,323

-1,185

-2,566

-771

-1,631

-1,281

-2,272

[1]

-1,070

-1,635

-1,954

-2,127

-1,479

0

0

0

0

0

0

0

-757

-376

-377

[2]

-542

-328

-65

[2]

-37

[2]

Encumbrances (Unpaid Principal)

($1,035,912)

'

'

($26,069)

[4]

($10,174)

[5]

($27,852)

[6]

($55,420)

[7]

$0

$0

($35,692)

[8]

($74,195)

[8]

($6,698)

[1],[9]

($7,293)

[1],[9]

($6,846)

[1],[9]

($5,457)

[1],[9]

($17,133)

[8]

($29,721)

[8]

$0

($52,962)

[8]

($10,575)

[1],[8]

($11,800)

[8]

($10,270)

[8]

($11,750)

[8]

($24,750)

[8]

($12,635)

[8]

($16,994)

[8]

($27,947)

[8]

($23,847)

[8]

($12,540)

[8]

($9,784)

[8]

($11,852)

[8]

($5,225)

[8]

($29,200)

[8]

($33,719)

[10]

($18,000)

[8]

($27,500)

[1],[8]

($7,520)

[8]

($11,300)

[8]

($11,246)

[8]

($8,872)

[8]

($26,084)

[8]

($9,441)

[8]

($16,086)

[8]

($14,972)

[8]

($17,600)

[1],[9]

($11,500)

[8]

($22,654)

[8]

($34,041)

[8]

($35,000)

[8]

($23,160)

[8]

($1,455)

[8]

($1,083)

[8]

($11,077)

[8]

($4,323)

[8]

($520)

[8]

($2,594)

[8]

($12,649)

[8]

($18,500)

[8]

($8,600)

[8]

($10,222)

[2],[9]

($33,404)

[8]

($19,500)

[9]

($8,612)

[2],[9]

$0

[2]

Year of Acquisition

'

'

'

'2008

'2010

'2008

'2009

'2001

'2001

'2004

'2007

'2008

[1]

'2008

[1]

'2008

[1]

'2008

[1]

'2008

'2008

'2009

'2009

'2009

[1]

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

'2009

[1]

'2009

'2009

'2010

'2010

'2010

'2010

'2010

'2010

'2010

[1]

'2010

'2011

'2011

'2011

'2011

'2011

'2011

'2011

'2011

'2011

'2011

'2011

'2012

'2012

'2012

[2]

'2013

'2013

'2013

[2]

'2013

[2]

Life of Depreciation

'

'

'

'30 years

'30 years

'30 years

'30 years

'

'

'30 years

'30 years

'40 years

[1]

'40 years

[1]

'40 years

[1]

'40 years

[1]

'30 years

'30 years

'

'30 years

'40 years

[1]

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'40 years

[1]

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'30 years

'40 years

[1]

'30 years

'30 years

'30 years

'30 years

'30 years

'

'

'

'

'

'

'

'30 years

'30 years

'40 years

[2]

'30 years

'30 years

'40 years

[2]

'40 years

[2]

[1]

During 2012 and 2011, these properties were acquired by our subsidiary, Independence Realty Trust, Inc.

[2]

These properties were acquired in the year of acquisition, as noted in the table above, by our subsidiary, Independence Realty Trust, Inc.

[3]

The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2013.

[4]

Of these encumbrances, $18,944 is held by third parties and $7,125 is held by RAIT I.

[5]

Of these encumbrances, $8,561 is held by third parties and $1,613 is held by RAIT.

[6]

Of these encumbrances, $12,876 is held by third parties and $14,976 is held by Taberna IX and RAIT II.

[7]

Of these encumbrances, $22,920 is held by third parties and $32,500 is held by RAIT I.

[8]

These encumbrances are held by our consolidated securitizations, RAIT I, RAIT II, Taberna VIII, or Taberna IX.

[9]

These encumbrances are held entirely by third parties.

[10]

Of these encumbrances, $25,694 is held by third parties and $8,025 is held by RAIT I.

Real_Estate_and_Accumulated_De1

Real Estate and Accumulated Depreciation (Parenthetical) (Detail) (USD $)	Dec. 31, 2013
In Thousands, unless otherwise specified
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	$1,035,912
Third Party | Stonecrest	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	18,944
Third Party | Pine Tree	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	8,561
Third Party | Mandalay Bay	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	12,876
Third Party | 1501 Yamato Road	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	22,920
Third Party | Preserve @ Colony Lakes	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	25,694
RAIT I | Stonecrest	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	7,125
RAIT I | Pine Tree	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	1,613
RAIT I | 1501 Yamato Road	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	32,500
RAIT I | Preserve @ Colony Lakes	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	8,025
Taberna IX and RAIT II | Mandalay Bay	'
Real Estate and Accumulated Depreciation [Line Items]	'
Encumbrances (Unpaid Principal)	$14,976

Investment_in_Real_Estate_Deta

Investment in Real Estate (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]	'	'
Balance, beginning of period	$1,015,581	$960,874
Additions during period:	'	'
Acquisitions	101,888	42,797
Improvements to land and building	19,942	11,910
Deductions during period:	'	'
Dispositions of real estate	-5,480	0
Balance, end of period:	$1,131,931	$1,015,581

Accumulated_Depreciation_Detai

Accumulated Depreciation (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]	'	'
Balance, beginning of period	$97,392	$69,372
Depreciation expense	31,206	28,020
Dispositions of real estate	-853	0
Balance, end of period:	$127,745	$97,392

Summary_of_Commercial_Mortgage

Summary of Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	153		150	'
Interest Rate Lowest	0.00%		'	'
Interest Rate Highest	16.00%		'	'
Carrying Amount of Mortgages	$1,123,177	[1]	$1,076,360	$997,412
Commercial mortgages	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	59		'	'
Interest Rate Lowest	4.50%		'	'
Interest Rate Highest	11.20%		'	'
Carrying Amount of Mortgages	773,269		'	'
Commercial mortgages | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	7		'	'
Interest Rate Lowest	5.00%		'	'
Interest Rate Highest	7.80%		'	'
Carrying Amount of Mortgages	105,451		'	'
Commercial mortgages | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	27		'	'
Interest Rate Lowest	5.30%		'	'
Interest Rate Highest	8.00%		'	'
Carrying Amount of Mortgages	320,240		'	'
Commercial mortgages | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	17		'	'
Interest Rate Lowest	5.00%		'	'
Interest Rate Highest	11.20%		'	'
Carrying Amount of Mortgages	292,853		'	'
Commercial mortgages | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	8		'	'
Interest Rate Lowest	4.50%		'	'
Interest Rate Highest	8.00%		'	'
Carrying Amount of Mortgages	54,725		'	'
Mezzanine Loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	81		'	'
Interest Rate Lowest	0.50%		'	'
Interest Rate Highest	14.50%		'	'
Carrying Amount of Mortgages	265,761		'	'
Mezzanine Loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	28		'	'
Interest Rate Lowest	4.10%		'	'
Interest Rate Highest	14.50%		'	'
Carrying Amount of Mortgages	61,099		'	'
Mezzanine Loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	35		'	'
Interest Rate Lowest	6.00%		'	'
Interest Rate Highest	12.50%		'	'
Carrying Amount of Mortgages	123,191		'	'
Mezzanine Loan | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	11		'	'
Interest Rate Lowest	0.50%	[1]	'	'
Interest Rate Highest	14.40%		'	'
Carrying Amount of Mortgages	59,743		'	'
Mezzanine Loan | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	7		'	'
Interest Rate Lowest	3.70%		'	'
Interest Rate Highest	12.50%		'	'
Carrying Amount of Mortgages	21,728		'	'
Preferred Equity Interests	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	11		'	'
Interest Rate Lowest	0.00%		'	'
Interest Rate Highest	16.00%		'	'
Carrying Amount of Mortgages	53,450		'	'
Preferred Equity Interests | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	8		'	'
Interest Rate Lowest	4.00%		'	'
Interest Rate Highest	16.00%		'	'
Carrying Amount of Mortgages	36,390		'	'
Preferred Equity Interests | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate Lowest	0.00%	[2]	'	'
Interest Rate Highest	10.50%		'	'
Carrying Amount of Mortgages	15,760		'	'
Preferred Equity Interests | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate Lowest	12.00%		'	'
Interest Rate Highest	12.00%		'	'
Carrying Amount of Mortgages	1,300		'	'
Other loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate Lowest	2.80%		'	'
Interest Rate Highest	7.20%		'	'
Carrying Amount of Mortgages	30,697		'	'
Other loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate Lowest	7.20%		'	'
Interest Rate Highest	7.20%		'	'
Carrying Amount of Mortgages	10,487		'	'
Other loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate Lowest	2.80%		'	'
Interest Rate Highest	2.80%		'	'
Carrying Amount of Mortgages	20,210		'	'
Minimum	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	9-Feb-14		'	'
Principal	100		'	'
Minimum | Commercial mortgages	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	9-Feb-14		'	'
Principal	801		'	'
Minimum | Commercial mortgages | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Nov-16		'	'
Principal	5,500		'	'
Minimum | Commercial mortgages | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	9-Feb-14		'	'
Principal	4,575		'	'
Minimum | Commercial mortgages | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	9-Sep-14		'	'
Principal	801		'	'
Minimum | Commercial mortgages | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Jul-14		'	'
Principal	2,225		'	'
Minimum | Mezzanine Loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Mar-14		'	'
Principal	100		'	'
Minimum | Mezzanine Loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Mar-14		'	'
Principal	100		'	'
Minimum | Mezzanine Loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Apr-14		'	'
Principal	151		'	'
Minimum | Mezzanine Loan | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	10-May-15		'	'
Principal	192		'	'
Minimum | Mezzanine Loan | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Sep-15		'	'
Principal	545		'	'
Minimum | Preferred Equity Interests	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-May-15		'	'
Principal	884		'	'
Minimum | Preferred Equity Interests | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	11-Feb-16		'	'
Principal	884		'	'
Minimum | Preferred Equity Interests | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-May-15		'	'
Principal	3,650		'	'
Minimum | Preferred Equity Interests | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Sep-16		'	'
Principal	1,300		'	'
Minimum | Other loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Mar-14		'	'
Principal	10,487		'	'
Minimum | Other loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Mar-14		'	'
Principal	10,487		'	'
Minimum | Other loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Oct-16		'	'
Principal	20,138		'	'
Maximum	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	2-Jan-29		'	'
Principal	80,179		'	'
Maximum | Commercial mortgages	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Jan-29		'	'
Principal	80,179		'	'
Maximum | Commercial mortgages | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Jan-24		'	'
Principal	29,493		'	'
Maximum | Commercial mortgages | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Jan-24		'	'
Principal	43,196		'	'
Maximum | Commercial mortgages | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Jan-29		'	'
Principal	80,179		'	'
Maximum | Commercial mortgages | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Jan-24		'	'
Principal	15,500		'	'
Maximum | Mezzanine Loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	2-Jan-29		'	'
Principal	25,860		'	'
Maximum | Mezzanine Loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Apr-24		'	'
Principal	12,339		'	'
Maximum | Mezzanine Loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	2-Jan-29		'	'
Principal	24,909		'	'
Maximum | Mezzanine Loan | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Dec-22		'	'
Principal	25,860		'	'
Maximum | Mezzanine Loan | Other	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	31-Aug-21		'	'
Principal	13,572		'	'
Maximum | Preferred Equity Interests	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	18-Aug-25		'	'
Principal	8,917		'	'
Maximum | Preferred Equity Interests | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	18-Aug-25		'	'
Principal	8,917		'	'
Maximum | Preferred Equity Interests | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	11-Mar-17		'	'
Principal	7,750		'	'
Maximum | Preferred Equity Interests | Retail	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Sep-16		'	'
Principal	1,300		'	'
Maximum | Other loan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Oct-16		'	'
Principal	20,138		'	'
Maximum | Other loan | Multi Family	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	1-Mar-14		'	'
Principal	10,487		'	'
Maximum | Other loan | Office	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Maturity Date	30-Oct-16		'	'
Principal	$20,138		'	'
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
[2]	Relates to a $3.7 million and a $4.4 million equity investments where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

Summary_of_Commercial_Mortgage1

Summary of Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests (Parenthetical) (Detail) (USD $)	12 Months Ended						12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013
						Commercial Real Estate Loan	Commercial Real Estate Loan	Commercial Real Estate Loan	Equity Investments	Equity Investments
							Minimum	Maximum	Investment 1	Investment 2
Mortgage Loans on Real Estate [Line Items]	'		'		'	'	'	'	'	'
Carrying Amount of Mortgages	$1,123,177	[1]	$1,076,360		$997,412	$7,800	'	'	$3,700	$4,400
Commercial real estate interest rate	7.20%	[2]	7.30%	[2]	'	'	0.50%	10.25%	'	'
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
[2]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.

Reconciliation_of_Carrying_Amo

Reconciliation of Carrying Amount of Commercial Mortgages, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Mortgage Loans on Real Estate [Line Items]	'		'
Balance, beginning of period	$1,076,360		$997,412
Investments in loans	589,902		356,197
Accretion of discount	7,828		3,192
Collections of principal	-486,369		-238,015
Conversion of loans to real estate owned property and charge-offs	-64,544		-42,426
Balance, end of period:	$1,123,177	[1]	$1,076,360
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.

Summary_of_Commercial_Mortgage2

Summary of Commercial Mortgages, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Detail) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	153		150	'
Interest Rate, Lowest	0.00%		'	'
Interest Rate, Highest	16.00%		'	'
Principal	'		$24,871	'
Total Carrying Amount of Mortgages	1,123,177	[1]	1,076,360	997,412
Various States	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	8		'	'
Interest Rate, Lowest	0.50%	[1]	'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	203,363	[1]	'	'
Texas	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	31		'	'
Interest Rate, Lowest	3.70%		'	'
Interest Rate, Highest	14.50%		'	'
Total Carrying Amount of Mortgages	190,552	[1]	'	'
Florida	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	14		'	'
Interest Rate, Lowest	4.10%		'	'
Interest Rate, Highest	12.00%		'	'
Total Carrying Amount of Mortgages	133,548	[1]	'	'
Pennsylvania	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	14		'	'
Interest Rate, Lowest	5.00%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	124,981	[1]	'	'
California	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	13		'	'
Interest Rate, Lowest	0.00%	[2]	'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	69,217	[1]	'	'
Ohio	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	5		'	'
Interest Rate, Lowest	6.10%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	64,598	[1]	'	'
Colorado	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	6.50%		'	'
Interest Rate, Highest	12.00%		'	'
Total Carrying Amount of Mortgages	32,935	[1]	'	'
Massachusetts	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate, Lowest	5.20%		'	'
Interest Rate, Highest	7.20%		'	'
Total Carrying Amount of Mortgages	31,160	[1]	'	'
New York	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	8		'	'
Interest Rate, Lowest	8.50%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	29,916	[1]	'	'
Wisconsin	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	12		'	'
Interest Rate, Lowest	6.00%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	28,342	[1]	'	'
Arizona	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	6		'	'
Interest Rate, Lowest	5.00%		'	'
Interest Rate, Highest	12.10%		'	'
Total Carrying Amount of Mortgages	27,859	[1]	'	'
Oregon	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	6.30%		'	'
Interest Rate, Highest	6.30%		'	'
Total Carrying Amount of Mortgages	23,500	[1]	'	'
Alabama	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	5.00%		'	'
Interest Rate, Highest	7.00%		'	'
Total Carrying Amount of Mortgages	23,298	[1]	'	'
Minnesota	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate, Lowest	5.50%		'	'
Interest Rate, Highest	16.00%		'	'
Total Carrying Amount of Mortgages	22,955	[1]	'	'
Tennessee	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	4.00%		'	'
Interest Rate, Highest	11.00%		'	'
Total Carrying Amount of Mortgages	14,639	[1]	'	'
Maryland	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	6.60%		'	'
Interest Rate, Highest	14.50%		'	'
Total Carrying Amount of Mortgages	18,024	[1]	'	'
Kentucky	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	5.20%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	13,441	[1]	'	'
Illinois	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate, Lowest	6.80%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	13,210	[1]	'	'
New Jersey	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	4		'	'
Interest Rate, Lowest	5.70%		'	'
Interest Rate, Highest	12.00%		'	'
Total Carrying Amount of Mortgages	12,649	[1]	'	'
Georgia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	4		'	'
Interest Rate, Lowest	6.00%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	10,855	[1]	'	'
Connecticut	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	12.00%		'	'
Interest Rate, Highest	12.00%		'	'
Total Carrying Amount of Mortgages	8,302	[1]	'	'
Michigan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	2		'	'
Interest Rate, Lowest	7.30%		'	'
Interest Rate, Highest	12.00%		'	'
Total Carrying Amount of Mortgages	7,850	[1]	'	'
Idaho	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	7.50%		'	'
Interest Rate, Highest	7.50%		'	'
Total Carrying Amount of Mortgages	6,500	[1]	'	'
SOUTH CAROLINA	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	7.00%		'	'
Interest Rate, Highest	7.00%		'	'
Total Carrying Amount of Mortgages	4,000	[1]	'	'
Indiana	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	3		'	'
Interest Rate, Lowest	12.00%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	2,999	[1]	'	'
Missouri	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	9.20%		'	'
Interest Rate, Highest	9.20%		'	'
Total Carrying Amount of Mortgages	2,600	[1]	'	'
Mississippi	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	12.50%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	820	[1]	'	'
Delaware	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	12.50%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	666	[1]	'	'
Virginia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Number of Loans	1		'	'
Interest Rate, Lowest	12.50%		'	'
Interest Rate, Highest	12.50%		'	'
Total Carrying Amount of Mortgages	398	[1]	'	'
Maximum	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	80,179		'	'
Maximum | Various States	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	80,179		'	'
Maximum | Texas	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	25,860		'	'
Maximum | Florida	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	24,974		'	'
Maximum | Pennsylvania	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	29,493		'	'
Maximum | California	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	12,125		'	'
Maximum | Ohio	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	43,196		'	'
Maximum | Colorado	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	26,085		'	'
Maximum | Massachusetts	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	18,500		'	'
Maximum | New York	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	7,750		'	'
Maximum | Wisconsin	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	13,000		'	'
Maximum | Arizona	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	11,750		'	'
Maximum | Oregon	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	23,500		'	'
Maximum | Alabama	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	13,500		'	'
Maximum | Minnesota	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	21,000		'	'
Maximum | Tennessee	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	7,250		'	'
Maximum | Maryland	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	9,151		'	'
Maximum | Kentucky	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	12,000		'	'
Maximum | Illinois	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	13,000		'	'
Maximum | New Jersey	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	6,750		'	'
Maximum | Georgia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	7,000		'	'
Maximum | Connecticut	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	8,302		'	'
Maximum | Michigan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	6,550		'	'
Maximum | Idaho	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	6,500		'	'
Maximum | SOUTH CAROLINA	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	4,000		'	'
Maximum | Indiana	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	1,568		'	'
Maximum | Missouri	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	2,600		'	'
Maximum | Mississippi	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	820		'	'
Maximum | Delaware	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	666		'	'
Maximum | Virginia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	398		'	'
Minimum	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	100		'	'
Minimum | Various States	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	963		'	'
Minimum | Texas	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	244		'	'
Minimum | Florida	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	192		'	'
Minimum | Pennsylvania	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	151		'	'
Minimum | California	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	245		'	'
Minimum | Ohio	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	430		'	'
Minimum | Colorado	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	3,000		'	'
Minimum | Massachusetts	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	13,572		'	'
Minimum | New York	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	731		'	'
Minimum | Wisconsin	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	249		'	'
Minimum | Arizona	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	100		'	'
Minimum | Oregon	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	23,500		'	'
Minimum | Alabama	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	2,603		'	'
Minimum | Minnesota	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	1,955		'	'
Minimum | Tennessee	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	1,230		'	'
Minimum | Maryland	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	1,373		'	'
Minimum | Kentucky	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	241		'	'
Minimum | Illinois	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	210		'	'
Minimum | New Jersey	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	811		'	'
Minimum | Georgia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	389		'	'
Minimum | Connecticut	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	8,302		'	'
Minimum | Michigan	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	1,300		'	'
Minimum | Idaho	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	6,500		'	'
Minimum | SOUTH CAROLINA	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	4,000		'	'
Minimum | Indiana	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	363		'	'
Minimum | Missouri	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	2,600		'	'
Minimum | Mississippi	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	820		'	'
Minimum | Delaware	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	666		'	'
Minimum | Virginia	'		'	'
Mortgage Loans on Real Estate [Line Items]	'		'	'
Principal	$398		'	'
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
[2]	Relates to a $3.7 million and a $4.4 million equity investments where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

Summary_of_Commercial_Mortgage3

Summary of Commercial Mortgages, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Parenthetical) (Detail) (USD $)	12 Months Ended						12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013
						Commercial Real Estate Loan	Commercial Real Estate Loan	Commercial Real Estate Loan	Equity Investments	Equity Investments
							Maximum	Minimum	Investment 1	Investment 2
Mortgage Loans on Real Estate [Line Items]	'		'		'	'	'	'	'	'
Carrying Amount of Mortgages	$1,123,177	[1]	$1,076,360		$997,412	$7,800	'	'	$3,700	$4,400
Commercial real estate interest rate	7.20%	[2]	7.30%	[2]	'	'	10.25%	0.50%	'	'
[1]	Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%.
[2]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments which does not necessarily correspond to the carrying amount.