Rait Financial Trust (RAS) 10-Q 12 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	9-May-14
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'RAS	'
Entity Registrant Name	'RAIT FINANCIAL TRUST	'
Entity Central Index Key	'0001045425	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	82,290,907

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investments in mortgages and loans, at amortized cost:	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$1,235,155	$1,122,377
Allowance for losses	-14,279	-22,955
Total investments in mortgages and loans	1,220,876	1,099,422
Investments in real estate, net of accumulated depreciation of $135,876 and $127,745, respectively	1,205,995	1,004,186
Investments in securities and security-related receivables, at fair value	573,739	567,302
Cash and cash equivalents	110,072	88,847
Restricted cash	92,497	121,589
Accrued interest receivable	48,181	48,324
Other assets	70,469	57,081
Deferred financing costs, net of accumulated amortization of $19,389 and $17,768, respectively	19,193	18,932
Intangible assets, net of accumulated amortization of $6,511 and $4,564, respectively	23,386	21,554
Total assets	3,364,408	3,027,237
Liabilities and Equity	'	'
Indebtedness ($411,963 and $389,146 at fair value, respectively)	2,257,238	2,086,401
Accrued interest payable	30,213	26,936
Accounts payable and accrued expenses	24,182	32,447
Derivative liabilities	102,796	113,331
Deferred taxes, borrowers' escrows and other liabilities	121,766	79,462
Total liabilities	2,536,195	2,338,577
Series D cumulative redeemable preferred shares, $0.01 par value per share, 4,000,000 shares authorized, 4,000,000 and 2,600,000 shares issued and outstanding	73,301	52,970
Shareholders' equity:	'	'
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 82,289,029 and 71,447,437 issued and outstanding, including 541,825 and 369,500 unvested restricted common share awards	2,468	2,143
Additional paid in capital	2,005,102	1,920,455
Accumulated other comprehensive income (loss)	-56,825	-63,810
Retained earnings (deficit)	-1,285,807	-1,257,306
Total shareholders' equity	665,019	601,563
Noncontrolling interests	89,893	34,127
Total equity	754,912	635,690
Total liabilities and equity	3,364,408	3,027,237
7.75% Series A cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share, 25,000,000 shares authorized	41	41
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 $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Real estate, accumulated depreciation	$135,876	$127,745
Deferred financing costs, accumulated amortization	19,389	17,768
Intangible assets, accumulated amortization	6,511	4,564
Indebtedness, fair value	$411,963	$389,146
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	4,000,000	2,600,000
Series D cumulative redeemable preferred shares, shares outstanding	4,000,000	2,600,000
Preferred shares, authorized	25,000,000	25,000,000
Cumulative redeemable preferred shares, shares issued	4,000,000	'
Common shares, par value	$0.03	$0.03
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	82,289,029	71,447,437
Common shares, shares outstanding	541,825	71,447,437
Unvested restricted common share awards	541,825	369,500
7.75% Series A cumulative redeemable preferred shares	'	'
Preferred shares, authorized	4,760,000	4,760,000
Preferred shares, dividend rate	7.75%	7.75%
Cumulative redeemable preferred shares, liquidation preference	$25	$25
Cumulative redeemable preferred shares, shares issued	4,069,288	4,069,288
Cumulative redeemable preferred shares, shares outstanding	4,069,288	4,069,288
Preferred Shares, par value	$0.01	$0.01
8.375% Series B cumulative redeemable preferred shares	'	'
Preferred shares, authorized	4,300,000	4,300,000
Preferred shares, dividend rate	8.38%	8.38%
Cumulative redeemable preferred shares, liquidation preference	$25	$25
Cumulative redeemable preferred shares, shares issued	2,288,465	2,288,465
Cumulative redeemable preferred shares, shares outstanding	2,288,465	2,288,465
Preferred Shares, par value	$0.01	$0.01
8.875% Series C cumulative redeemable preferred shares	'	'
Preferred shares, authorized	3,600,000	3,600,000
Preferred shares, dividend rate	8.88%	8.88%
Cumulative redeemable preferred shares, liquidation preference	$25	$25
Cumulative redeemable preferred shares, shares issued	1,640,100	1,640,100
Cumulative redeemable preferred shares, shares outstanding	1,640,100	1,640,100
Preferred Shares, par value	$0.01	$0.01
Series E cumulative redeemable preferred shares	'	'
Preferred shares, authorized	4,000,000	4,000,000
Preferred Shares, par value	$0.01	$0.01

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue:	'	'
Investment interest income	$34,963	$31,280
Investment interest expense	-7,183	-7,483
Net interest margin	27,780	23,797
Rental income	35,176	27,169
Fee and other income	4,352	7,285
Total revenue	67,308	58,251
Expenses:	'	'
Interest expense	11,605	9,666
Real estate operating expense	18,083	14,410
Compensation expense	8,555	6,947
General and administrative expense	4,201	3,776
Provision for losses	1,000	500
Depreciation and amortization expense	12,042	8,570
Total expenses	55,486	43,869
Operating Income	11,822	14,382
Other income (expense)	10	76
Gains (losses) on assets	2,224	-3
Gains (losses) on extinguishment of debt	2,421	0
Change in fair value of financial instruments	-24,139	-99,757
Income (loss) before taxes	-7,662	-85,302
Income tax benefit (provision)	239	-39
Net income (loss)	-7,423	-85,341
(Income) loss allocated to preferred shares	-5,806	-5,218
(Income) loss allocated to noncontrolling interests	-1,358	27
Net income (loss) allocable to common shares	($14,587)	($90,532)
Earnings (loss) per share-Basic:	'	'
Earnings (loss) per share-Basic	($0.18)	($1.50)
Weighted-average shares outstanding-Basic	79,970,599	60,363,153
Earnings (loss) per share-Diluted:	'	'
Earnings (loss) per share-Diluted	($0.18)	($1.50)

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Net income (loss)	($7,423)	($85,341)
Other comprehensive income (loss):	'	'
Change in fair value of interest rate hedges	-552	-532
Realized gains (losses) on interest rate hedges reclassified to earnings	7,537	8,286
Total other comprehensive income (loss)	6,985	7,754
Comprehensive income (loss) before allocation to noncontrolling interests	-438	-77,587
Allocation to noncontrolling interests	-1,358	27
Comprehensive income (loss)	($1,796)	($77,560)

Consolidated_Statement_of_Chan

Consolidated Statement 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, 2013	$635,690	$41	$23	$17	$2,143	$1,920,455	($63,810)	($1,257,306)	$601,563	$34,127
Beginning Balance (in shares) at Dec. 31, 2013	'	4,069,288	2,288,465	1,640,100	71,447,437	'	'	'	'	'
Net income (loss)	-7,423	0	0	0	0	0	0	-8,781	-8,781	1,358
Preferred dividends	-5,806	0	0	0	0	0	0	-5,806	-5,806	0
Common dividends declared	-13,914	0	0	0	0	0	0	-13,914	-13,914	0
Other comprehensive income (loss), net	6,985	0	0	0	0	0	6,985	0	6,985	0
Stock compensation expense	-5,944	0	0	0	0	-5,944	0	0	-5,944	0
Issuance of noncontrolling interests	56,360	0	0	0	0	0	0	0	0	56,360
Distribution to noncontrolling interests	-1,952	0	0	0	0	0	0	0	0	-1,952
Common shares issued for equity compensation	4,477	0	0	0	12	4,465	0	0	4,477	0
Common shares issued for equity compensation (in shares)	'	'	'	'	413,936	'	'	'	'	'
Common shares issued, net	86,738	0	0	0	313	86,425	0	0	86,738	0
Common shares issued, net (in shares)	'	'	'	'	10,427,656	'	'	'	'	'
4.0% convertible senior notes embedded conversion option	1,182	0	0	0	0	1,182	0	0	1,182	0
4.0% convertible senior notes capped call	-1,481	0	0	0	0	-1,481	0	0	-1,481	0
Ending Balance at Mar. 31, 2014	$754,912	$41	$23	$17	$2,468	$2,005,102	($56,825)	($1,285,807)	$665,019	$89,893
Ending Balance (in shares) at Mar. 31, 2014	'	4,069,288	2,288,465	1,640,100	82,289,029	'	'	'	'	'

Consolidated_Statement_of_Chan1

Consolidated Statement of Changes in Equity (Parenthetical)	Mar. 31, 2014
Convertible senior notes interest rate	4.00%

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities:	'	'
Net income (loss)	($7,423)	($85,341)
Adjustments to reconcile net income (loss) to cash flow from operating activities:	'	'
Provision for losses	1,000	500
Share-based compensation expense	1,449	723
Depreciation and amortization	12,042	8,570
Amortization of deferred financing costs and debt discounts	1,853	1,575
Accretion of discounts on investments	-275	-3,037
(Gains) losses on assets	-2,224	3
(Gains) losses on extinguishment of debt	-2,421	0
Change in fair value of financial instruments	24,139	99,757
Provision (benefit for deferred taxes)	-250	0
Changes in assets and liabilities:	'	'
Accrued interest receivable	-2,106	-2,845
Other assets	-7,308	-3,065
Accrued interest payable	-3,946	-4,242
Accounts payable and accrued expenses	-10,570	-2,152
Deferred taxes, borrowers' escrows and other liabilities	18,321	-840
Cash flow from operating activities	22,281	9,606
Investing activities:	'	'
Proceeds from sales of other securities	5	377
Purchase and origination of loans for investment	-225,403	-97,062
Principal repayments on loans	18,276	5,610
Sales of conduit loans	72,422	41,428
Investments in real estate	-87,816	-4,658
Proceeds from the disposition of real estate	3,820	0
(Increase) Decrease in restricted cash	34,563	5,122
Cash flow from investing activities	-184,133	-49,183
Financing activities:	'	'
Repayments on secured credit facilities and loans payable on real estate	-6,777	-7,502
Proceeds from secured credit facilities and loans payable on real estate	18,850	0
Repayments and repurchase of CDO notes payable	-57,097	-7,872
Proceeds from issuance of convertible senior notes	16,750	0
Proceeds from repurchase agreements	106,652	5,310
Repayments of repurchase agreements	-45,318	-2,060
Issuance (acquisition) of noncontrolling interests	51,408	102
Payments for deferred costs and convertible senior note hedges	-2,113	57
Preferred share issuance, net of costs incurred	33,584	14,509
Common share issuance, net of costs incurred	83,825	6,864
Distributions paid to preferred shareholders	-5,329	0
Distributions paid to common shareholders	-11,358	-6,018
Cash flow from financing activities	183,077	3,390
Net change in cash and cash equivalents	21,225	-36,187
Cash and cash equivalents at the beginning of the period	88,847	100,041
Cash and cash equivalents at the end of the period	110,072	63,854
Supplemental cash flow information:	'	'
Cash paid for interest	6,682	6,031
Cash paid (refunds received) for taxes	39	132
Non-cash decrease in indebtedness from conversion to shares or debt extinguishments	-2,421	0
Non-cash increase in indebtedness from the assumption of debt from property acquisitions	111,986	0
Non-cash increase in other assets from business combination	$7,302	$0

The_Company

The Company	3 Months Ended
	Mar. 31, 2014
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	3 Months Ended
	Mar. 31, 2014
Summary Of Significant Accounting Policies	'
	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2013 included in our Annual Report on Form 10-K. 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 and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
	For the three month period ended March 31, 2014, gains (losses) on assets in the accompanying consolidated statement of operations includes the write-off of assets totaling $3,001 that were associated with property transactions completed in a prior period.
	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.
	We expanded our third party property management platform and now own a retail property management firm, which managed 62 properties representing 16,744,360 square feet in 26 states as of March 31, 2014. As of March 31, 2014, we have goodwill with a balance of $14,752 and identifiable intangibles assets of $19,050.
	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. The items that include significant estimates are fair value of financial instruments and allowance for losses. Actual results could differ from those estimates.
	d. 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.
	e. 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.
	f. 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 appraisals obtained or 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.
	g. 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.
	h. 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 estimated effective yield to maturity basis. 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 three-month periods ended March 31, 2014 and 2013, we received $1,128 and $1,216, respectively, of earned asset management fees. During the three-month periods ended March 31, 2014 and 2013, we eliminated $842 and $882, respectively, of these earned asset management fees as it was associated with consolidated securitizations.
	i. 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, CMBS receivables and certain financial instruments classified as derivatives where the fair value is based primarily 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. 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 significant 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.
	j. 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.” The gross carrying amount for our customer relationships was $21,726 as of March 31, 2014 and December 31, 2013, respectively. The gross carrying amount for our in-place leases was $6,671 and $2,892 as of March 31, 2014 and December 31, 2013, respectively. The gross carrying amount for our trade name was $1,500 as of March 31, 2014 and December 31, 2013, respectively. The accumulated amortization for our intangible assets was $6,511 and $4,564 as of March 31, 2014 and December 31, 2013, respectively. We recorded amortization expense of $1,946 and $560 for the three-month periods ended March 31, 2014 and 2013, respectively. We expect to record amortization expense of intangible assets of $4,590 for the remainder of 2014, $2,929 for 2015, $2,686 for 2016, $1,969 for 2017, $1,921 for 2018 and $9,291 thereafter.
	k. Recent Accounting Pronouncements
	In April 2014, the FASB issued an accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_In_Loans

Investments In Loans	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
			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		$	927,998		$	(18,137	)	$	909,861			73		6.3	%	May 2014 to Apr. 2024
	Mezzanine loans			257,845			(3,021	)		254,824			77		9.5	%	Jun. 2014 to Jan. 2029
	Preferred equity interests			42,609			(914	)		41,695			10		7.7	%	May 2015 to Aug. 2025
	Total CRE Loans			1,228,452			(22,072	)		1,206,380			160		7	%
	Other loans			30,625			66			30,691			2		4.3	%	Jun. 2014 to Oct. 2016
	Total Loans		$	1,259,077		$	(22,006	)	$	1,237,071			162		6.9	%
	Deferred fees			(1,916	)		0			(1,916	)
	Total investments in loans		$	1,257,161		$	(22,006	)	$	1,235,155
	-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, 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.
	During the three-month period ended March 31, 2014 and 2013, we did not convert any underperforming commercial real estate loans to real estate owned property.
	The following table summarizes the delinquency statistics of our commercial real estate loans as of March 31, 2014 and December 31, 2013:
	Delinquency Status		As of			As of
			March 31,			December 31,
			2014			2013
	30 to 59 days		$	23,972		$	0
	60 to 89 days			0			6,441
	90 days or more			19,103			2,163
	In foreclosure or bankruptcy proceedings			8,916			16,002
	Total		$	51,991		$	24,606
	As of March 31, 2014 and December 31, 2013, approximately $28,019 and $37,073, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 4.7% and 6.3%, respectively. As of March 31, 2014 and December 31, 2013, 1 Other loan with a carrying amount of approximately $10,487 was on non-accrual status and had a weighted-average interest rate of 7.2%.
	Allowance For Losses And Impaired Loans
	The following table provides a roll-forward of our allowance for losses for the three-month periods ended March 31, 2014 and 2013:
			For the Three-Month			For the Three-Month
			Period Ended			Period Ended
			March 31, 2014			March 31, 2013
	Beginning balance		$	22,955		$	30,400
	Provision			1,000			500
	Charge-offs			(9,676	)		(4,694	)
	Ending balance		$	14,279		$	26,206
	As of March 31, 2014 and December 31, 2013, we identified 8 and 10, respectively, commercial mortgages, mezzanine loans and other loans with unpaid principal balances and recorded investment of $21,089 and $30,143, respectively, as impaired.
	The average unpaid principal balance and recorded investment of total impaired loans was $25,616 and $47,036 during the three-month periods ended March 31, 2014 and 2013. As of March 31, 2014, there are no impaired loans in which there is no allowance. We recorded interest income from impaired loans of $1 and $19 for the three-month periods ended March 31, 2014 and 2013.
	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 three-month periods ended March 31, 2014 and 2013, we have determined that there were no modifications to any commercial real estate loans that constituted a TDR. As of March 31, 2014, there were no TDRs that subsequently defaulted for modifications within the previous 12 months.

Investments_In_Securities

Investments In Securities	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	Investment Description		Amortized		Gross			Gross			Estimated		Weighted			Weighted
			Cost		Unrealized			Unrealized			Fair Value		Average			Average
					Gains			Losses					Coupon (1)			Years to
																Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	0		$	(133,628	)	$	486,748		3.7	%		20.2
	Other securities			12,460		0			(12,460	)		0		4.7	%		38.6
	Total trading securities			632,836		0			(146,088	)		486,748		3.8	%		20.5
	Available-for-sale securities			3,600		0			(3,598	)		2		2	%		28.6
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(24,510	)		8,390		3.4	%		18
	Unsecured REIT note receivables			30,000		3,066			0			33,066		6.7	%		2.9
	CMBS receivables (2)			65,905		1,936			(23,372	)		44,469		5.6	%		30.1
	Other securities			32,972		0			(31,908	)		1,064		2.2	%		36.2
	Total security-related receivables			161,777		5,002			(79,790	)		86,989		4.6	%		23.8
	Total investments in securities		$	798,213	$	5,002		$	(229,476	)	$	573,739		3.9	%		21.4
	-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 $10,167 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $24,902 that are rated “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,183 that are rated “CCC” by Standard & Poor’s and securities with a fair value totaling $1,217 that are rated “D” by Standard & Poor’s.
	All of our gross unrealized losses at March 31, 2014 were greater than 12 months.
	The following table summarizes our investments in securities as of December 31, 2013:
	Investment Description		Amortized		Gross			Gross			Estimated		Weighted			Weighted
			Cost		Unrealized			Unrealized			Fair Value		Average			Average
					Gains			Losses					Coupon (1)			Years to
																Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	0		$	(139,531	)	$	480,845		3.7	%		20.4
	Other securities			12,312		0			(12,312	)		0		4.7	%		38.9
	Total trading securities			632,688		0			(151,843	)		480,845		3.8	%		20.8
	Available-for-sale securities			3,600		0			(3,598	)		2		2	%		28.9
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(24,689	)		8,211		3.4	%		18.3
	Unsecured REIT note receivables			30,000		3,046			0			33,046		6.7	%		3.1
	CMBS receivables (2)			69,905		1,722			(27,509	)		44,118		5.6	%		30.6
	Other securities			33,144		0			(32,064	)		1,080		2.2	%		36.5
	Total security-related receivables			165,949		4,768			(84,262	)		86,455		4.7	%		24.4
	Total investments in securities		$	802,237	$	4,768		$	(239,703	)	$	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.
	All of our gross unrealized losses at December 31, 2013 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 March 31, 2014								As of December 31, 2013
			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	%	$	1,450		$	83,557		1.8	%	$	5,678
	Other securities			41,299		3.1	%		11			41,019		3.1	%		11
	CMBS receivables			18,772		5.9	%		227			22,772		5.9	%		447
	The assets of our consolidated CDOs collateralize the debt of such entities and are not available to our creditors. As of March 31, 2014 and December 31, 2013, investment in securities of $653,276, respectively, in principal amount of TruPS and subordinated debentures, and $87,383 and $91,383, 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	3 Months Ended
	Mar. 31, 2014
Investments In Real Estate	'
	NOTE 5: INVESTMENTS IN REAL ESTATE
	The table below summarizes our investments in real estate:
		As of March 31, 2014					As of December 31, 2013
		Book Value			Number of		Book Value			Number of
					Properties					Properties
	Multi-family real estate properties	$	914,330			45	$	716,708			37
	Office real estate properties		294,091			12		282,371			11
	Retail real estate properties		83,767			4		83,653			4
	Parcels of land		49,683			10		49,199			10
	Subtotal		1,341,871			71		1,131,931			62
	Less: Accumulated depreciation and amortization		(135,876	)				(127,745	)
	Investments in real estate	$	1,205,995				$	1,004,186
	As of March 31, 2014, our investments in real estate of $1,205,995 are financed through $297,082 of mortgages held by third parties and $891,314 of mortgages held by our RAIT I and RAIT II CDO securitizations. 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. 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.
	Acquisitions:
	During the three-month period ended March 31, 2014, we acquired nine multi-family properties and one office property with a combined purchase price of $211,942, which we assumed first mortgages on some of these properties. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $217,481 and recorded a gain on asset of $5,539. Of these acquisitions, our subsidiary, Independence Realty Trust, Inc., acquired seven properties at a fair value of $132,131.
	The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the ten properties acquired during the three-month period ended March 31, 2014, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.
	Description	Estimated
		Fair Value
	Assets acquired:
	Investments in real estate	$	213,703
	Cash and cash equivalents		283
	Restricted cash		1,436
	Other assets		1,457
	Deferred financing costs		702
	Intangible assets		3,778
	Total assets acquired		221,359
	Liabilities assumed:
	Loans payable on real estate		110,255
	Accounts payable and accrued expenses		3,049
	Other liabilities		2,481
	Total liabilities assumed		115,785
	Noncontrolling interests assumed:		3,000
	Estimated fair value of net assets acquired	$	102,574
	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 and cash	$	97,680
	Other considerations		4,894
	Total fair value of consideration transferred	$	102,574
	During the three-month period ended March 31, 2014, these investments contributed revenue of $3,933 and a net income allocable to common shares of $209. During the three-month period ended March 31, 2014, we incurred $317 of third-party acquisition-related costs, which is included in general and administrative expense in the accompanying consolidated statements of operations.
	The table below presents the revenue, net income and earnings per share effect of the acquired properties, as reported in our consolidated financial statements and on a pro forma basis as if the acquisitions occurred on January 1, 2013. 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 Three-Month			For the Three-Month
		Period Ended			Period Ended
		31-Mar-14			31-Mar-13
	Total revenue of real estate properties acquired, as reported	$	3,933		$	0
	Pro forma revenue of real estate properties acquired		7,017			6,733
	Net income (loss) allocable to common shares of real estate properties acquired, as reported		209			0
	Pro forma net income (loss) allocable to common shares of real estate properties acquired		759			1,274
	Earnings (loss) per share attributable to common shareholders of real estate properties acquired
	Basic and diluted—as reported		0			0
	Basic and diluted—as pro forma		0.01			0.02
	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. During the three-month period ended March 31, 2014, we have not recorded any adjustments for prior period real estate acquisitions.
	Subsequent to March 31, 2014, we acquired one office real estate property with a purchase price of $26,085, which consisted of the assumption of one commercial real estate loan. We are completing the process of estimating the fair value of the assets acquired.
	Dispositions:
	During the three-month period ended March 31, 2014, we disposed of one multi-family real estate property for a total sale price of $4,250. We recorded losses on the sale of this asset of $2,528, of which $321 is included in the accompanying consolidated statements of operations during the three-month period ended March 31, 2014.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066	$	33,058		7	%	Apr. 2031
	4.0% convertible senior notes (2)			141,750		132,419		4	%	Oct. 2033
	Secured credit facilities			5,000		5,000		3.5	%	Oct. 2016
	Junior subordinated notes, at fair value (3)			18,671		12,515		0.5	%	Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.7	%	Apr. 2037
	CMBS facilities			22,133		22,133		2.7	%	Nov. 2014 to Oct. 2015
	Commercial mortgage facilities			76,951		76,951		2.4	%	Dec. 2014 to Jan. 2016
	Total recourse indebtedness (4)			323,671		307,176		3.5	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (5)(6)			1,162,992		1,161,735		0.6	%	2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			857,616		399,448		0.9	%	2037 to 2038
	CMBS securitization (8)			89,331		89,331		2.2	%	Jan. 2029
	Loans payable on real estate			297,100		299,548		5.1	%	Sep. 2015 to Mar. 2024
	Total non-recourse indebtedness			2,407,039		1,950,062		1.3	%
	Total indebtedness		$	2,730,710	$	2,257,238		1.6	%
	-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 $84,000 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 $1,652,296 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 $983,429 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of March 31, 2014 was $741,732. 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 $123,093 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, 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.
	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 three-month period ended March 31, 2014 is as follows:
	Recourse Indebtedness
	7.0% convertible senior notes. The 7.0% Convertible Senior Notes due 2031, or the 7.0% convertible senior notes, are convertible at the option of the holder at a current conversion rate of 149.7815 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $6.68 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 diluted 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.
	4.0% convertible senior notes. The 4.0% Convertible Senior Notes due 2033, or the 4.0% convertible senior notes, are convertible at the option of the holder at a current conversion rate of 99.2356 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $10.08 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 diluted 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.
	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.
According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 4.0% convertible senior notes of $1,182. 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.
We entered into a second capped call transaction with an affiliate of the underwriter of the 4.0% convertible senior notes to reduce the potential dilution to holders of our common shares upon conversion of the 4.0% convertible senior notes. The second 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 strike price and the cap price of the second capped call transaction are identical to those in the first capped call transaction. The capped calls expire on various dates ranging from June 2018 to October 2018. 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.
Secured credit facilities. As of March 31, 2014, we have $2,500 outstanding under the Independence Realty Operating Partnership, LP, or IROP, credit agreement. 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.
In January 2014, we repaid the outstanding $6,143 under our other secured credit facility, including any accrued interest.
CMBS facilities. We maintain CMBS facilities with two investment banks with total borrowing capacity of $250,000. The CMBS facilities are repurchase agreements that provide for margin calls in the event the conduit loans financed by the facilities change in value. As of March 31, 2014, we had $22,133 of outstanding borrowings under the CMBS facilities. As of March 31, 2014, $227,867 in aggregate principal amount remained available under the CMBS facilities. As of March 31, 2014, we were in compliance with all financial covenants contained in both CMBS facilities.
Commercial Mortgage Facilities. We maintain a commercial mortgage facility with an investment bank with total borrowing capacity of $150,000, or the $150,000 commercial mortgage facility. The $150,000 commercial mortgage facility is a repurchase agreement that provides for margin calls in the event the commercial mortgages financed by the facility change in value. As of March 31, 2014, we had $26,373 of outstanding borrowings under the $150,000 commercial mortgage facility. As of March 31, 2014, $123,627 in aggregate principal amount remained available under the $150,000 commercial mortgage facility. As of March 31, 2014, 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 $75,000 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. As of March 31, 2014, we had $50,578 of outstanding borrowings under the $75,000 commercial mortgage facility. As of March 31, 2014, $24,422 in aggregate principal amount remained available under the $75,000 commercial mortgage facility. As of March 31, 2014, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility.
Non-Recourse Indebtedness
CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by consolidated CDO entities 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. Two of our consolidated securitizations collateralized primarily by commercial real estate loans, RAIT I and RAIT II, are meeting all of their over collateralization, or OC, and interest coverage, or IC, trigger tests as of March 31, 2014.
During the three-month period ended March 31, 2014, we repurchased, from the market, a total of $5,800 in aggregate principal amount of CDO notes payable issued by RAIT I. The aggregate purchase price was $3,379 and we recorded a gain on extinguishment of debt of $2,421.
CDO notes payable, at fair value. Both of our consolidated securitizations collateralized primarily by TruPS, 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 CDO 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 test failures are due to defaulted collateral assets and credit risk securities. During the three month period ended March 31, 2014, $7,584 of cash flows, which is comprised of $1,445 that was re-directed from our retained interests in these securitizations and $6,139 that was from principal collections on the underlying collateral, were used to repay the most senior holders of our CDO notes payable.
CMBS securitization. During the three month period ended March 31, 2014, $10,804 that was from principal collections on the underlying collateral were used to repay the investment grade senior notes issued by the trust.
Loans payable on real estate. As of March 31, 2014 and December 31, 2013, we had $297,100 and $171,244, 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 three-month period ended March 31, 2014, we obtained or assumed five first mortgages on our investments in real estate from third party lenders that have a total aggregate principal balance of $126,635, maturity dates ranging from April 2016 to March 2024, and have interest rates ranging from 3.8% to 5.6%.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2014
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 and Caps
	We have entered into various interest rate swap and cap 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 using regression analysis and determined that the hypothetical derivative method would be used in measuring any ineffectiveness. At each reporting period, we update our regression analysis and, as of March 31, 2014, we concluded that these hedging arrangements were highly effective during their remaining term and used the hypothetical derivative method in measuring the ineffective portions of these hedging arrangements.
	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of March 31, 2014 and December 31, 2013:
		As of March 31, 2014							As of December 31, 2013
		Notional		Fair Value of		Fair Value of			Notional		Fair Value of		Fair Value of
				Assets		Liabilities					Assets		Liabilities
	Cash flow hedges:
	Interest rate swaps	$	1,046,547	$	0	$	(102,796	)	$	1,071,447	$	183	$	(113,331	)
	Interest rate caps		36,000		946		0			36,000		1,122		0
	Net fair value	$	1,082,547	$	946	$	(102,796	)	$	1,107,447	$	1,305	$	(113,331	)
	During the period April 1, 2014 through December 31, 2014, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $67,288 and a weighted average strike rate of 5.25% as of March 31, 2014, will terminate in accordance with their terms.
	For interest rate swaps that are considered effective hedges, we reclassified realized losses of $7,537 and $8,286, respectively, to earnings for the three-month periods ended March 31, 2014 and 2013.
	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 March 31, 2014, the notional value associated with these interest rate swaps where hedge accounting was discontinued was $561,151 and had a liability balance with a fair value of $62,821. See Note 8: “Fair Value of Financial Instruments” for the changes in value of these hedges during the three-month periods ended March 31, 2014 and 2013. 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	3 Months Ended
	Mar. 31, 2014
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 facilities 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 March 31, 2014:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net		$	1,220,876		$	1,185,050
	Investments in securities and security-related receivables			573,739			573,739
	Cash and cash equivalents			110,072			110,072
	Restricted cash			92,497			92,497
	Derivative assets			946			946
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			33,058			44,626
	4.0% convertible senior notes			132,419			137,125
	Secured credit facilities			5,000			5,000
	Junior subordinated notes, at fair value			12,515			12,515
	Junior subordinated notes, at amortized cost			25,100			14,534
	CMBS facilities			22,133			22,133
	Commercial mortgage facility			76,951			76,951
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,161,735			975,719
	CDO notes payable, at fair value			399,448			399,448
	CMBS securitization			89,331			89,331
	Loans payable on real estate			299,548			303,873
	Derivative liabilities			102,796			102,796
	Warrants and investor SARs			41,004			41,004
	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
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	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
	Warrants and investor SARs			31,304			31,304
	Fair Value Measurements
	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of March 31, 2014, 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				March 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
			(Level 1) (a)
	Trading securities
	TruPS		$	0		$	0		$	486,748			$	486,748
Other securities			0			0			0				0
Available-for-sale securities			0			2			0				2
Security-related receivables
TruPS receivables			0			0			8,390				8,390
Unsecured REIT note receivables			0			33,066			0				33,066
CMBS receivables			0			44,469			0				44,469
Other securities			0			1,064			0				1,064
Derivative assets			0			946			0				946
Total assets		$	0		$	79,547		$	495,138			$	574,685
Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
		Active Markets for			Observable Inputs			Unobservable Inputs				March 31,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
		(Level 1) (a)
Junior subordinated notes, at fair value		$	0		$	0		$	12,515			$	12,515
CDO notes payable, at fair value			0			0			399,448				399,448
Derivative liabilities			0			39,975			62,821				102,796
Warrants and investor SARs			0			0			41,004				41,004
Total liabilities		$	0		$	39,975		$	515,788			$	555,763
(a)	During the three-month period ended March 31, 2014, 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, 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
Warrants and investor SARs			0			0			31,304				31,304
Total liabilities		$	0		$	45,926		$	487,855			$	533,781
(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.
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 March 31, 2014 and December 31, 2013 was 76 and 75, respectively.
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 three-month period ended March 31, 2014:
Assets		Trading			Security-Related			Total
		Securities—TruPS			Receivables—TruPS			Level 3
		and Subordinated			and Subordinated			Assets
		Debentures			Debenture Receivables
Balance, as of December 31, 2013		$	480,845		$	8,211		$	489,056
Change in fair value of financial instruments			5,903			179			6,082
Purchases			0			0			0
Principal Repayments			0			0			0
Balance, as of March 31, 2014		$	486,748		$	8,390		$	495,138
Liabilities		Derivative			Warrants and			CDO Notes				Junior				Total
		Liabilities			investor SARs			Payable, at				Subordinated				Level 3
								Fair Value				Notes, at Fair				Liabilities
												Value
Balance, as of December 31, 2013		$	67,405		$	31,304		$	377,235			$	11,911			$	487,855
Change in fair value of financial instruments			(4,584	)		-4,041			29,797				604				21,776
Purchases			0			13,741			0				0				13,741
Sales			0			0			0				0				0
Principal repayments			0			0			(7,584	)			0				(7,584	)
Balance, as of March 31, 2014		$	62,821		$	41,004		$	399,448			$	12,515			$	515,788
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 fair valued 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 facilities approximates cost due to the nature of these instruments and are not included in the tables below.
										Fair Value Measurement
		Carrying Amount			Estimated Fair			Valuation		Quoted Prices in				Significant Other				Significant
		as of			Value as of			Technique		Active				Observable Inputs				Unobservable
		March 31,			March 31,					Markets for				(Level 2)				Inputs
		2014			2014					Identical Assets								(Level 3)
										(Level 1)
Commercial mortgages, mezzanine loans and other loans		$	1,220,876		$	1,185,050		Discounted cash flows		$	0			$	0			$	1,185,050
7.0% convertible senior notes			33,058			44,626		Trading price			44,626				0				0
4.0% convertible senior notes			132,419			137,125		Trading price			137,125				0				0
Junior subordinated notes, at amortized cost			25,100			14,534		Discounted cash flows			0				0				14,534
CDO notes payable, at amortized cost			1,161,735			975,719		Discounted cash flows			0				0				975,719
CMBS securitization			89,331			89,331		Discounted cash flows			0				0				89,331
Loans payable on real estate			299,548			303,873		Discounted cash flows			0				0				303,873
										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,			December 31,					Markets for				(Level 2)				Inputs
		2013			2013					Identical Assets								(Level 3)
										(Level 1)
Commercial mortgages, mezzanine loans and other loans		$	1,122,377		$	1,083,118		Discounted cash flows		$	0			$	0			$	1,083,118
7.0% convertible senior notes			32,938			47,778		Trading price			47,778				0				0
4.0% convertible senior notes			116,184			124,063		Trading price			124,063				0				0
Junior subordinated notes, at amortized cost			25,100			14,007		Discounted cash flows			0				0				14,007
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
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 of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations:
		For the Three-Month
		Periods Ended March 31
Description		2014			2013
Change in fair value of trading securities and security-related receivables		$	6,442		$	15,113
Change in fair value of CDO notes payable, trust preferred obligations and other liabilities			(26,354	)		(109,874	)
Change in fair value of derivatives			(4,227	)		(4,996	)
Change in fair value of financial instruments		$	(24,139	)	$	(99,757	)
The changes in the fair value for the trading securities and security-related receivables, CDO notes payable, and other liabilities for which the fair value option was elected for the three-month periods ended March 31, 2014 and 2013 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 three-month periods ended March 31, 2014 and 2013 was mainly due to changes in interest rates.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
	NOTE 9: VARIABLE INTEREST ENTITIES
	The following table presents the assets and liabilities of our consolidated VIEs as of each respective date. As of March 31, 2014 and December 31, 2013, our consolidated VIEs were: Taberna VIII, Taberna IX, RAIT I, RAIT II, IRT, Willow Grove and Cherry Hill.
		As of			As of
		March 31,			December 31,
		2014			2013
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,806,603		$	1,816,507
	Allowance for losses		(13,511	)		(17,250	)
	Total investments in mortgages and loans		1,793,092			1,799,257
	Investments in real estate, net of accumulated depreciation of $20,023 and 18,538, respectively		323,619			194,648
	Investments in securities and security-related receivables, at fair value		572,708			566,577
	Cash and cash equivalents		24,850			3,599
	Restricted cash		24,395			40,793
	Accrued interest receivable		75,010			68,456
	Deferred financing costs, net of accumulated amortization of $18,034 and $17,107, respectively		10,011			10,263
	Intangible assets, net of accumulated amortization of $1,299 and $568, respectively		1,827			517
	Total assets	$	2,825,512		$	2,684,110
	Liabilities and Equity
	Indebtedness (including $399,448 and $377,235 at fair value, respectively)	$	2,022,617		$	1,946,536
	Accrued interest payable		76,414			73,122
	Accounts payable and accrued expenses		8,833			5,771
	Derivative liabilities		102,596			113,323
	Deferred taxes, borrowers’ escrows and other liabilities		7,230			5,805
	Total liabilities		2,217,690			2,144,557
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(52,699	)		(59,684	)
	RAIT investment		331,968			311,635
	Retained earnings (deficit)		245,011			258,270
	Total shareholders’ equity		524,280			510,221
	Noncontrolling interests		83,542			29,332
	Total liabilities and equity	$	2,825,512		$	2,684,110
	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 our other 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	3 Months Ended
	Mar. 31, 2014
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, exercisable for 9,931,000 of our common shares, or the common shares, and (iii) common share appreciation rights, or the investor SARs with respect to up to 6,735,667 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.
	The warrants and investor SARs 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 and investor SARs were both determined to be classified as liabilities and had a combined fair value of $41,004 as of March 31, 2014. 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 March 31, 2014, we sold the following securities to the investor for an aggregate purchase price of $100.0 million: (i) 4,000,000 Series D Preferred Shares, (ii) warrants exercisable for 9,931,000 common shares (which have subsequently adjusted to 10,153,168 shares as of the date of filing this report); and (iii) investor SARs exercisable with respect to 6,735,667 common shares (which have subsequently adjusted to 6,886,351.2 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 March 31, 2014:
	Aggregate purchase price			$	100,000
	Initial value of warrants and investor SARs issued to-date	(22,874	)
	Costs incurred	(6,352	)
	Total discount				(29,226	)
	Discount amortization to-date				2,527
	Carrying amount of Series D Preferred Shares			$	73,301

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2014
Shareholders' Equity	'
	NOTE 11: SHAREHOLDERS’ EQUITY
	Preferred Shares
	Dividends:
	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, $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 were paid on March 31, 2014 to holders of record on March 3, 2014 and totaled $5,329.
	At Market Issuance Sales Agreement (ATM):
	On January 10, 2014, we agreed with MLV & Co. LLC, or 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.
	Common Shares
	Dividends:
	On March 18, 2014, the board of trustees declared a $0.17 dividend on our common shares to holders of record as of April 4, 2014. The dividend was paid on April 30, 2014 and totaled $13,914.
	Equity Compensation:
	During the three-month period ended March 31, 2014, 20,530 phantom unit awards were redeemed for common shares, a portion of which was withheld in order to satisfy the applicable withholding taxes. These phantom units were fully vested at the time of redemption.
	On January 29, 2014, the compensation committee awarded 42,217 common share awards, valued at $350 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.
	On January 29, 2014, the compensation committee awarded 891,600 stock appreciation rights, or 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.
	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 three-month period ended March 31, 2014, we issued a total of 1,736 common shares pursuant to the DRSPP at a weighted-average price of $8.42 per share and we received $15 of net proceeds. As of March 31, 2014, 7,776,084 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 three-month period ended March 31, 2014, we issued a total of 425,920 common shares pursuant to this agreement at a weighted-average price of $8.36 per share and we received $3,473 of net proceeds. As of March 31, 2014, 8,134,138 common shares, in the aggregate, remain available for issuance under the COD sales agreement.
	Common Share Public Offering:
	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.
	Noncontrolling Interests
	On January 29, 2014, our subsidiary, Independence Realty Trust, Inc., or 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 were paid to the underwriters. As of March 31, 2014 and December 31, 2013, we held 6,969,719 and 5,764,900 shares, respectively, of IRT common stock representing 39.3% and 59.7%, respectively, of the outstanding shares of IRT common stock. We consolidate IRT as it is a VIE and we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	3 Months Ended
	Mar. 31, 2014
Earnings (Loss) Per Share	'
	NOTE 12: EARNINGS (LOSS) PER SHARE
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month periods ended March 31, 2014 and 2013:
		For the Three-Month
		Periods Ended March 31
		2014			2013
	Net income (loss)	$	(7,423	)	$	(85,341	)
	(Income) loss allocated to preferred shares		(5,806	)		(5,218	)
	(Income) loss allocated to noncontrolling interests		(1,358	)		27
	Net income (loss) allocable to common shares	$	(14,587	)	$	(90,532	)
	Weighted-average shares outstanding—Basic		79,970,599			60,363,153
	Dilutive securities under the treasury stock method		0			0
	Weighted-average shares outstanding—Diluted		79,970,599			60,363,153
	Earnings (loss) per share—Basic:
	Earnings (loss) per share—Basic	$	(0.18	)	$	(1.50	)
	Earnings (loss) per share—Diluted:
	Earnings (loss) per share—Diluted	$	(0.18	)	$	(1.50	)
	For the three-month periods ended March 31, 2014 and 2013, securities convertible into 14,806,114 and 16,021,459 common shares were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
	NOTE 13: 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.
	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 $25,000 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.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	NOTE 14: COMMITMENTS AND CONTINGENCIES
	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.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
	NOTE 15: SUBSEQUENT EVENTS
	On April 14, 2014, we issued and sold in a public offering $60,000 aggregate principal amount of our 7.625% Senior Notes due 2024, or the 7.625% senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $57,500 of net proceeds. Interest on the 7.625% senior notes is paid quarterly with a maturity date of April 15, 2024. The senior notes are not convertible into equity securities of RAIT. They contain financial covenants that are consistent with our other debt agreements.
	On April 29, 2014, we closed a CMBS securitization transaction, or RAIT FL2, structured to be collateralized by $196,052 of floating rate commercial mortgage loans and participation interests, or the FL2 collateral, that we originated. The CMBS securitization transaction is intended to finance the FL2 collateral on a non-recourse basis. In connection with the CMBS securitization transaction, our subsidiaries made certain customary representations, warranties and covenants. RAIT FL2 does not have OC triggers or IC triggers.
	On the closing date, our subsidiary, RAIT 2014-FL2 Trust, or the FL2 issuer, issued classes of investment grade senior notes, or the FL2 senior notes, with an aggregate principal balance of approximately $155,861 to investors, representing an advance rate of approximately 79.5%. A RAIT subsidiary received the unrated classes of junior notes, or the FL2 junior notes, including a class with an aggregate principal balance of $40,191, and the equity, or the retained interests, of the FL2 issuer. The FL2 senior notes bear interest at a weighted average rate equal to LIBOR plus 1.79%. The stated maturity of the FL2 notes is May 2031, unless redeemed or repaid prior thereto. Subject to certain conditions, beginning in April 2016 or upon defined tax events, the FL2 issuer may redeem the FL2 senior notes, in whole but not in part, at the direction of defined holders of FL2 junior notes that we hold.

Summary_Of_Significant_Account1

Summary Of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
	a. Basis of Presentation
	The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2013 included in our Annual Report on Form 10-K. 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 and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year.
	For the three month period ended March 31, 2014, gains (losses) on assets in the accompanying consolidated statement of operations includes the write-off of assets totaling $3,001 that were associated with property transactions completed in a prior period.
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.
	We expanded our third party property management platform and now own a retail property management firm, which managed 62 properties representing 16,744,360 square feet in 26 states as of March 31, 2014. As of March 31, 2014, we have goodwill with a balance of $14,752 and identifiable intangibles assets of $19,050.
	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. The items that include significant estimates are fair value of financial instruments and allowance for losses. Actual results could differ from those estimates.
Investments in Loans	'
	d. 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	'
	e. 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	'
	f. 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 appraisals obtained or 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	'
	g. 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.
Revenue Recognition	'
	h. 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 estimated effective yield to maturity basis. 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 three-month periods ended March 31, 2014 and 2013, we received $1,128 and $1,216, respectively, of earned asset management fees. During the three-month periods ended March 31, 2014 and 2013, we eliminated $842 and $882, respectively, of these earned asset management fees as it was associated with consolidated securitizations.
Fair Value of Financial Instruments	'
	i. 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, CMBS receivables and certain financial instruments classified as derivatives where the fair value is based primarily 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. 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 significant 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.
Deferred Financing Costs and Intangible Assets	'
	j. 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.” The gross carrying amount for our customer relationships was $21,726 as of March 31, 2014 and December 31, 2013, respectively. The gross carrying amount for our in-place leases was $6,671 and $2,892 as of March 31, 2014 and December 31, 2013, respectively. The gross carrying amount for our trade name was $1,500 as of March 31, 2014 and December 31, 2013, respectively. The accumulated amortization for our intangible assets was $6,511 and $4,564 as of March 31, 2014 and December 31, 2013, respectively. We recorded amortization expense of $1,946 and $560 for the three-month periods ended March 31, 2014 and 2013, respectively. We expect to record amortization expense of intangible assets of $4,590 for the remainder of 2014, $2,929 for 2015, $2,686 for 2016, $1,969 for 2017, $1,921 for 2018 and $9,291 thereafter.
Recent Accounting Pronouncements	'
	k. Recent Accounting Pronouncements
	In April 2014, the FASB issued an accounting standard classified under FASB ASC Topic 205, “Presentation of Financial Statements”. This accounting standard amends existing guidance to change reporting requirements for discontinued operations by requiring the disposal of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has or will have a major effect on an entity’s operations and financial results. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2014. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_In_Loans_Tables

Investments In Loans (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in Loans	'
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of March 31, 2014:
			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		$	927,998		$	(18,137	)	$	909,861			73		6.3	%	May 2014 to Apr. 2024
	Mezzanine loans			257,845			(3,021	)		254,824			77		9.5	%	Jun. 2014 to Jan. 2029
	Preferred equity interests			42,609			(914	)		41,695			10		7.7	%	May 2015 to Aug. 2025
	Total CRE Loans			1,228,452			(22,072	)		1,206,380			160		7	%
	Other loans			30,625			66			30,691			2		4.3	%	Jun. 2014 to Oct. 2016
	Total Loans		$	1,259,077		$	(22,006	)	$	1,237,071			162		6.9	%
	Deferred fees			(1,916	)		0			(1,916	)
	Total investments in loans		$	1,257,161		$	(22,006	)	$	1,235,155
	-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, 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.
Delinquency Statistics of Commercial Real Estate Loan	'
	The following table summarizes the delinquency statistics of our commercial real estate loans as of March 31, 2014 and December 31, 2013:
	Delinquency Status		As of			As of
			March 31,			December 31,
			2014			2013
	30 to 59 days		$	23,972		$	0
	60 to 89 days			0			6,441
	90 days or more			19,103			2,163
	In foreclosure or bankruptcy proceedings			8,916			16,002
	Total		$	51,991		$	24,606
Roll-Forward of Allowance for Losses	'
	The following table provides a roll-forward of our allowance for losses for the three-month periods ended March 31, 2014 and 2013:
			For the Three-Month			For the Three-Month
			Period Ended			Period Ended
			March 31, 2014			March 31, 2013
	Beginning balance		$	22,955		$	30,400
	Provision			1,000			500
	Charge-offs			(9,676	)		(4,694	)
	Ending balance		$	14,279		$	26,206

Investments_In_Securities_Tabl

Investments In Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in Securities and Security-Related Receivables	'
	The following table summarizes our investments in securities as of March 31, 2014:
	Investment Description		Amortized		Gross			Gross			Estimated		Weighted			Weighted
			Cost		Unrealized			Unrealized			Fair Value		Average			Average
					Gains			Losses					Coupon (1)			Years to
																Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	0		$	(133,628	)	$	486,748		3.7	%		20.2
	Other securities			12,460		0			(12,460	)		0		4.7	%		38.6
	Total trading securities			632,836		0			(146,088	)		486,748		3.8	%		20.5
	Available-for-sale securities			3,600		0			(3,598	)		2		2	%		28.6
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(24,510	)		8,390		3.4	%		18
	Unsecured REIT note receivables			30,000		3,066			0			33,066		6.7	%		2.9
	CMBS receivables (2)			65,905		1,936			(23,372	)		44,469		5.6	%		30.1
	Other securities			32,972		0			(31,908	)		1,064		2.2	%		36.2
	Total security-related receivables			161,777		5,002			(79,790	)		86,989		4.6	%		23.8
	Total investments in securities		$	798,213	$	5,002		$	(229,476	)	$	573,739		3.9	%		21.4
	-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 $10,167 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $24,902 that are rated “BBB+” and “B-” by Standard & Poor’s, securities with a fair value totaling $8,183 that are rated “CCC” by Standard & Poor’s and securities with a fair value totaling $1,217 that are rated “D” by Standard & Poor’s.
	All of our gross unrealized losses at March 31, 2014 were greater than 12 months.
	The following table summarizes our investments in securities as of December 31, 2013:
	Investment Description		Amortized		Gross			Gross			Estimated		Weighted			Weighted
			Cost		Unrealized			Unrealized			Fair Value		Average			Average
					Gains			Losses					Coupon (1)			Years to
																Maturity
	Trading securities
	TruPS and subordinated debentures		$	620,376	$	0		$	(139,531	)	$	480,845		3.7	%		20.4
	Other securities			12,312		0			(12,312	)		0		4.7	%		38.9
	Total trading securities			632,688		0			(151,843	)		480,845		3.8	%		20.8
	Available-for-sale securities			3,600		0			(3,598	)		2		2	%		28.9
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(24,689	)		8,211		3.4	%		18.3
	Unsecured REIT note receivables			30,000		3,046			0			33,046		6.7	%		3.1
	CMBS receivables (2)			69,905		1,722			(27,509	)		44,118		5.6	%		30.6
	Other securities			33,144		0			(32,064	)		1,080		2.2	%		36.5
	Total security-related receivables			165,949		4,768			(84,262	)		86,455		4.7	%		24.4
	Total investments in securities		$	802,237	$	4,768		$	(239,703	)	$	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.
Non-Accrual Status of Investments	'
	The following table summarizes the non-accrual status of our investments in securities:
			As of March 31, 2014								As of December 31, 2013
			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	%	$	1,450		$	83,557		1.8	%	$	5,678
	Other securities			41,299		3.1	%		11			41,019		3.1	%		11
	CMBS receivables			18,772		5.9	%		227			22,772		5.9	%		447

Investments_In_Real_Estate_Tab

Investments In Real Estate (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Investments in Real Estate	'
	The table below summarizes our investments in real estate:
		As of March 31, 2014					As of December 31, 2013
		Book Value			Number of		Book Value			Number of
					Properties					Properties
	Multi-family real estate properties	$	914,330			45	$	716,708			37
	Office real estate properties		294,091			12		282,371			11
	Retail real estate properties		83,767			4		83,653			4
	Parcels of land		49,683			10		49,199			10
	Subtotal		1,341,871			71		1,131,931			62
	Less: Accumulated depreciation and amortization		(135,876	)				(127,745	)
	Investments in real estate	$	1,205,995				$	1,004,186
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 ten properties acquired during the three-month period ended March 31, 2014, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.
	Description	Estimated
		Fair Value
	Assets acquired:
	Investments in real estate	$	213,703
	Cash and cash equivalents		283
	Restricted cash		1,436
	Other assets		1,457
	Deferred financing costs		702
	Intangible assets		3,778
	Total assets acquired		221,359
	Liabilities assumed:
	Loans payable on real estate		110,255
	Accounts payable and accrued expenses		3,049
	Other liabilities		2,481
	Total liabilities assumed		115,785
	Noncontrolling interests assumed:		3,000
	Estimated fair value of net assets acquired	$	102,574
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 and cash	$	97,680
	Other considerations		4,894
	Total fair value of consideration transferred	$	102,574
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 acquisition occurred on January 1, 2013. 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 Three-Month			For the Three-Month
		Period Ended			Period Ended
		31-Mar-14			31-Mar-13
	Total revenue of real estate properties acquired, as reported	$	3,933		$	0
	Pro forma revenue of real estate properties acquired		7,017			6,733
	Net income (loss) allocable to common shares of real estate properties acquired, as reported		209			0
	Pro forma net income (loss) allocable to common shares of real estate properties acquired		759			1,274
	Earnings (loss) per share attributable to common shareholders of real estate properties acquired
	Basic and diluted—as reported		0			0
	Basic and diluted—as pro forma		0.01			0.02

Indebtedness_Tables

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Total Recourse and Non-Recourse Indebtedness	'
	The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2014:
	Description		Unpaid		Carrying		Weighted-			Contractual Maturity
			Principal		Amount		Average
			Balance				Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066	$	33,058		7	%	Apr. 2031
	4.0% convertible senior notes (2)			141,750		132,419		4	%	Oct. 2033
	Secured credit facilities			5,000		5,000		3.5	%	Oct. 2016
	Junior subordinated notes, at fair value (3)			18,671		12,515		0.5	%	Mar. 2035
	Junior subordinated notes, at amortized cost			25,100		25,100		2.7	%	Apr. 2037
	CMBS facilities			22,133		22,133		2.7	%	Nov. 2014 to Oct. 2015
	Commercial mortgage facilities			76,951		76,951		2.4	%	Dec. 2014 to Jan. 2016
	Total recourse indebtedness (4)			323,671		307,176		3.5	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost (5)(6)			1,162,992		1,161,735		0.6	%	2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			857,616		399,448		0.9	%	2037 to 2038
	CMBS securitization (8)			89,331		89,331		2.2	%	Jan. 2029
	Loans payable on real estate			297,100		299,548		5.1	%	Sep. 2015 to Mar. 2024
	Total non-recourse indebtedness			2,407,039		1,950,062		1.3	%
	Total indebtedness		$	2,730,710	$	2,257,238		1.6	%
	-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 $84,000 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 $1,652,296 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 $983,429 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of March 31, 2014 was $741,732. 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 $123,093 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, 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.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013:
		As of March 31, 2014							As of December 31, 2013
		Notional		Fair Value of		Fair Value of			Notional		Fair Value of		Fair Value of
				Assets		Liabilities					Assets		Liabilities
	Cash flow hedges:
	Interest rate swaps	$	1,046,547	$	0	$	(102,796	)	$	1,071,447	$	183	$	(113,331	)
	Interest rate caps		36,000		946		0			36,000		1,122		0
	Net fair value	$	1,082,547	$	946	$	(102,796	)	$	1,107,447	$	1,305	$	(113,331	)

Fair_Value_Of_Financial_Instru1

Fair Value Of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net		$	1,220,876		$	1,185,050
	Investments in securities and security-related receivables			573,739			573,739
	Cash and cash equivalents			110,072			110,072
	Restricted cash			92,497			92,497
	Derivative assets			946			946
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			33,058			44,626
	4.0% convertible senior notes			132,419			137,125
	Secured credit facilities			5,000			5,000
	Junior subordinated notes, at fair value			12,515			12,515
	Junior subordinated notes, at amortized cost			25,100			14,534
	CMBS facilities			22,133			22,133
	Commercial mortgage facility			76,951			76,951
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,161,735			975,719
	CDO notes payable, at fair value			399,448			399,448
	CMBS securitization			89,331			89,331
	Loans payable on real estate			299,548			303,873
	Derivative liabilities			102,796			102,796
	Warrants and investor SARs			41,004			41,004
	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
	Financial Instrument		Carrying			Estimated
			Amount			Fair Value
	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
	Warrants and investor SARs			31,304			31,304
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 March 31, 2014, 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				March 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
			(Level 1) (a)
	Trading securities
	TruPS		$	0		$	0		$	486,748			$	486,748
	Other securities			0			0			0				0
	Available-for-sale securities			0			2			0				2
	Security-related receivables
	TruPS receivables			0			0			8,390				8,390
	Unsecured REIT note receivables			0			33,066			0				33,066
	CMBS receivables			0			44,469			0				44,469
	Other securities			0			1,064			0				1,064
	Derivative assets			0			946			0				946
	Total assets		$	0		$	79,547		$	495,138			$	574,685
	Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
			Active Markets for			Observable Inputs			Unobservable Inputs				March 31,
			Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
			(Level 1) (a)
	Junior subordinated notes, at fair value		$	0		$	0		$	12,515			$	12,515
	CDO notes payable, at fair value			0			0			399,448				399,448
	Derivative liabilities			0			39,975			62,821				102,796
	Warrants and investor SARs			0			0			41,004				41,004
	Total liabilities		$	0		$	39,975		$	515,788			$	555,763
	(a)	During the three-month period ended March 31, 2014, 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, 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
	Warrants and investor SARs			0			0			31,304				31,304
	Total liabilities		$	0		$	45,926		$	487,855			$	533,781
	(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.
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 three-month period ended March 31, 2014:
	Assets		Trading			Security-Related			Total
			Securities—TruPS			Receivables—TruPS			Level 3
			and Subordinated			and Subordinated			Assets
			Debentures			Debenture Receivables
	Balance, as of December 31, 2013		$	480,845		$	8,211		$	489,056
	Change in fair value of financial instruments			5,903			179			6,082
	Purchases			0			0			0
	Principal Repayments			0			0			0
	Balance, as of March 31, 2014		$	486,748		$	8,390		$	495,138
Rollforward of Level 3 Liabilities	'
	Liabilities		Derivative			Warrants and			CDO Notes				Junior				Total
			Liabilities			investor SARs			Payable, at				Subordinated				Level 3
									Fair Value				Notes, at Fair				Liabilities
													Value
	Balance, as of December 31, 2013		$	67,405		$	31,304		$	377,235			$	11,911			$	487,855
	Change in fair value of financial instruments			(4,584	)		-4,041			29,797				604				21,776
	Purchases			0			13,741			0				0				13,741
	Sales			0			0			0				0				0
	Principal repayments			0			0			(7,584	)			0				(7,584	)
	Balance, as of March 31, 2014		$	62,821		$	41,004		$	399,448			$	12,515			$	515,788
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 fair valued 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 facilities approximates cost due to the nature of these instruments and are not included in the tables below.
											Fair Value Measurement
			Carrying Amount			Estimated Fair			Valuation		Quoted Prices in				Significant Other				Significant
			as of			Value as of			Technique		Active				Observable Inputs				Unobservable
			March 31,			March 31,					Markets for				(Level 2)				Inputs
			2014			2014					Identical Assets								(Level 3)
											(Level 1)
	Commercial mortgages, mezzanine loans and other loans		$	1,220,876		$	1,185,050		Discounted cash flows		$	0			$	0			$	1,185,050
	7.0% convertible senior notes			33,058			44,626		Trading price			44,626				0				0
	4.0% convertible senior notes			132,419			137,125		Trading price			137,125				0				0
	Junior subordinated notes, at amortized cost			25,100			14,534		Discounted cash flows			0				0				14,534
	CDO notes payable, at amortized cost			1,161,735			975,719		Discounted cash flows			0				0				975,719
	CMBS securitization			89,331			89,331		Discounted cash flows			0				0				89,331
	Loans payable on real estate			299,548			303,873		Discounted cash flows			0				0				303,873
											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,			December 31,					Markets for				(Level 2)				Inputs
			2013			2013					Identical Assets								(Level 3)
											(Level 1)
	Commercial mortgages, mezzanine loans and other loans		$	1,122,377		$	1,083,118		Discounted cash flows		$	0			$	0			$	1,083,118
	7.0% convertible senior notes			32,938			47,778		Trading price			47,778				0				0
	4.0% convertible senior notes			116,184			124,063		Trading price			124,063				0				0
	Junior subordinated notes, at amortized cost			25,100			14,007		Discounted cash flows			0				0				14,007
	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
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 of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations:
			For the Three-Month
			Periods Ended March 31
	Description		2014			2013
	Change in fair value of trading securities and security-related receivables		$	6,442		$	15,113
	Change in fair value of CDO notes payable, trust preferred obligations and other liabilities			(26,354	)		(109,874	)
	Change in fair value of derivatives			(4,227	)		(4,996	)
	Change in fair value of financial instruments		$	(24,139	)	$	(99,757	)

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014 and December 31, 2013, our consolidated VIEs were: Taberna VIII, Taberna IX, RAIT I, RAIT II, IRT, Willow Grove and Cherry Hill.
		As of			As of
		March 31,			December 31,
		2014			2013
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,806,603		$	1,816,507
	Allowance for losses		(13,511	)		(17,250	)
	Total investments in mortgages and loans		1,793,092			1,799,257
	Investments in real estate, net of accumulated depreciation of $20,023 and 18,538, respectively		323,619			194,648
	Investments in securities and security-related receivables, at fair value		572,708			566,577
	Cash and cash equivalents		24,850			3,599
	Restricted cash		24,395			40,793
	Accrued interest receivable		75,010			68,456
	Deferred financing costs, net of accumulated amortization of $18,034 and $17,107, respectively		10,011			10,263
	Intangible assets, net of accumulated amortization of $1,299 and $568, respectively		1,827			517
	Total assets	$	2,825,512		$	2,684,110
	Liabilities and Equity
	Indebtedness (including $399,448 and $377,235 at fair value, respectively)	$	2,022,617		$	1,946,536
	Accrued interest payable		76,414			73,122
	Accounts payable and accrued expenses		8,833			5,771
	Derivative liabilities		102,596			113,323
	Deferred taxes, borrowers’ escrows and other liabilities		7,230			5,805
	Total liabilities		2,217,690			2,144,557
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(52,699	)		(59,684	)
	RAIT investment		331,968			311,635
	Retained earnings (deficit)		245,011			258,270
	Total shareholders’ equity		524,280			510,221
	Noncontrolling interests		83,542			29,332
	Total liabilities and equity	$	2,825,512		$	2,684,110

Series_D_Preferred_Shares_Tabl

Series D Preferred Shares (Tables)	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	Aggregate purchase price			$	100,000
	Initial value of warrants and investor SARs issued to-date	(22,874	)
	Costs incurred	(6,352	)
	Total discount				(29,226	)
	Discount amortization to-date				2,527
	Carrying amount of Series D Preferred Shares			$	73,301

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Basic and Diluted Earnings (Loss) per Share	'
	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month periods ended March 31, 2014 and 2013:
		For the Three-Month
		Periods Ended March 31
		2014			2013
	Net income (loss)	$	(7,423	)	$	(85,341	)
	(Income) loss allocated to preferred shares		(5,806	)		(5,218	)
	(Income) loss allocated to noncontrolling interests		(1,358	)		27
	Net income (loss) allocable to common shares	$	(14,587	)	$	(90,532	)
	Weighted-average shares outstanding—Basic		79,970,599			60,363,153
	Dilutive securities under the treasury stock method		0			0
	Weighted-average shares outstanding—Diluted		79,970,599			60,363,153
	Earnings (loss) per share—Basic:
	Earnings (loss) per share—Basic	$	(0.18	)	$	(1.50	)
	Earnings (loss) per share—Diluted:
	Earnings (loss) per share—Diluted	$	(0.18	)	$	(1.50	)

Recovered_Sheet1

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Property
	State
	sqft
Significant Accounting Policies [Line Items]	'	'	'
Write-off of assets	$3,001	'	'
Properties managed by third party property management platform	62	'	'
Area of properties managed by third party property management platform	16,744,360	'	'
Number of states in which properties are managed	26	'	'
Non-cash increase in other assets from business combination	7,302	0	'
Goodwill	14,752	'	'
Intangible assets, gross carrying amount	19,050	'	'
Earned asset management fees	1,128	1,216	'
Eliminated management fee income	842	882	'
Intangible assets, accumulated amortization	6,511	'	4,564
Intangible assets, amortization expenses	1,946	560	'
Expected amortization expense of intangible assets in 2014	4,590	'	'
Expected amortization expense of intangible assets in 2015	2,929	'	'
Expected amortization expense of intangible assets in 2016	2,686	'	'
Expected amortization expense of intangible assets in 2017	1,969	'	'
Expected amortization expense of intangible assets in 2018	1,921	'	'
Expected amortization expense of intangible assets thereafter	9,291	'	'
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	'	'
Customer relationships	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Intangible assets, gross carrying amount	21,726	'	21,726
In-place leases	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Intangible assets, gross carrying amount	6,671	'	2,892
Trade name	'	'	'
Significant Accounting Policies [Line Items]	'	'	'
Intangible assets, gross carrying amount	$1,500	'	$1,500

Investments_in_Loans_Detail

Investments in Loans (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	$1,259,077		$1,146,574
Deferred fees	-1,916		-800
Total investments in loans, Unpaid Principal Balance	1,257,161		1,145,774
Total investment in loans, Unamortized (Discounts) Premiums	-22,006		-23,397
Carrying Amount	1,237,071		1,123,177
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,235,155		1,122,377
Number of Loans	162		153
Weighted-Average Coupon	6.90%	[1]	7.20%	[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	927,998		792,526
Total investment in loans, Unamortized (Discounts) Premiums	-18,137		-19,257
Carrying Amount	909,861		773,269
Number of Loans	73		59
Weighted-Average Coupon	6.30%	[1]	6.40%	[2]
Range of Maturity Dates, Minimum	1-May-14		1-Mar-14
Range of Maturity Dates, Maximum	1-Apr-24		1-Jan-29
Mezzanine Loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	257,845		269,034
Total investment in loans, Unamortized (Discounts) Premiums	-3,021		-3,273
Carrying Amount	254,824		265,761
Number of Loans	77		81
Weighted-Average Coupon	9.50%	[1]	9.60%	[2]
Range of Maturity Dates, Minimum	1-Jun-14		1-Mar-14
Range of Maturity Dates, Maximum	1-Jan-29		1-Jan-29
Preferred Equity Interests	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	42,609		54,389
Total investment in loans, Unamortized (Discounts) Premiums	-914		-939
Carrying Amount	41,695		53,450
Number of Loans	10		11
Weighted-Average Coupon	7.70%	[1]	8.60%	[2]
Range of Maturity Dates, Minimum	1-May-15		1-May-15
Range of Maturity Dates, Maximum	1-Aug-25		1-Aug-25
CRE Loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	1,228,452		1,115,949
Total investment in loans, Unamortized (Discounts) Premiums	-22,072		-23,469
Carrying Amount	1,206,380		1,092,480
Number of Loans	160		151
Weighted-Average Coupon	7.00%	[1]	7.30%	[2]
Other loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	30,625		30,625
Total investment in loans, Unamortized (Discounts) Premiums	66		72
Carrying Amount, Other loans	$30,691		$30,697
Number of Loans	2		2
Weighted-Average Coupon	4.30%	[1]	4.30%	[2]
Range of Maturity Dates, Minimum	1-Jun-14		1-Mar-14
Range of Maturity Dates, Maximum	1-Oct-16		1-Oct-16
[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]	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 $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$51,991	$24,606
30 to 59 days	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	23,972	0
60 to 89 days	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	0	6,441
90 days or more	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	19,103	2,163
In foreclosure or bankruptcy proceedings	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$8,916	$16,002

Investments_in_Loans_Additiona

Investments in Loans - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
	Loan		Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Number of commercial mortgages	162	'	153
Average impaired loans unpaid balance	$25,616	$47,036	'
Interest income from impaired loans	1	19	'
Commercial Portfolio Segment	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Commercial real estate loans on non-accrual status	28,019	'	37,073
Weighted-average interest rate	4.70%	'	6.30%
Number of commercial mortgages	8	'	10
Impaired unpaid principal balances	21,089	'	30,143
Modification troubled debt restructuring, number of loans	0	0	'
Modification troubled debt restructuring, subsequently defaulted, number of loans	0	'	'
Unallocated Financing Receivables	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Commercial real estate loans on non-accrual status	$10,487	'	10,487
Weighted-average interest rate	7.20%	'	'

RollForward_of_Allowance_for_L

Roll-Forward of Allowance for Losses (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'
Beginning balance	$22,955	$30,400
Provision	1,000	500
Charge-offs	-9,676	-4,694
Ending balance	$14,279	$26,206

Investments_in_Securities_and_

Investments in Securities and Security-Related Receivables (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	$798,213		$802,237
Total investments in securities, Gains	5,002		4,768
Total investments in securities, Losses	-229,476		-239,703
Investments in securities and security-related receivables, at fair value	573,739		567,302
Total investments in securities, Weighted Average Coupon	3.90%	[1]	3.90%	[1]
Total investments in securities, Weighted Average Years to Maturity	'21 years 4 months 24 days		'21 years 8 months 12 days
Trading securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	632,836		632,688
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-146,088		-151,843
Investments in securities and security-related receivables, at fair value	486,748		480,845
Total investments in securities, Weighted Average Coupon	3.80%	[1]	3.80%	[1]
Total investments in securities, Weighted Average Years to Maturity	'20 years 6 months		'20 years 9 months 18 days
Trading securities | TruPS and subordinated debentures	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	620,376		620,376
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-133,628		-139,531
Investments in securities and security-related receivables, at fair value	486,748		480,845
Total investments in securities, Weighted Average Coupon	3.70%	[1]	3.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'20 years 2 months 12 days		'20 years 4 months 24 days
Trading securities | Other securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	12,460		12,312
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-12,460		-12,312
Investments in securities and security-related receivables, at fair value	0		0
Total investments in securities, Weighted Average Coupon	4.70%	[1]	4.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'38 years 7 months 6 days		'38 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, Gains	0		0
Total investments in securities, Losses	-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]	2.00%	[1]
Total investments in securities, Weighted Average Years to Maturity	'28 years 7 months 6 days		'28 years 10 months 24 days
Security-related receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	161,777		165,949
Total investments in securities, Gains	5,002		4,768
Total investments in securities, Losses	-79,790		-84,262
Investments in securities and security-related receivables, at fair value	86,989		86,455
Total investments in securities, Weighted Average Coupon	4.60%	[1]	4.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'23 years 9 months 18 days		'24 years 4 months 24 days
Security-related receivables | Trups Receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	32,900		32,900
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-24,510		-24,689
Investments in securities and security-related receivables, at fair value	8,390		8,211
Total investments in securities, Weighted Average Coupon	3.40%	[1]	3.40%	[1]
Total investments in securities, Weighted Average Years to Maturity	'18 years		'18 years 3 months 18 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, Gains	3,066		3,046
Total investments in securities, Losses	0		0
Investments in securities and security-related receivables, at fair value	33,066		33,046
Total investments in securities, Weighted Average Coupon	6.70%	[1]	6.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'2 years 10 months 24 days		'3 years 1 month 6 days
Security-related receivables | CMBS receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	65,905	[2]	69,905	[3]
Total investments in securities, Gains	1,936	[2]	1,722	[3]
Total investments in securities, Losses	-23,372	[2]	-27,509	[3]
Investments in securities and security-related receivables, at fair value	44,469	[2]	44,118	[3]
Total investments in securities, Weighted Average Coupon	5.60%	[1],[2]	5.60%	[1],[3]
Total investments in securities, Weighted Average Years to Maturity	'30 years 1 month 6 days	[2]	'30 years 7 months 6 days	[3]
Security-related receivables | Other securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	32,972		33,144
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-31,908		-32,064
Investments in securities and security-related receivables, at fair value	$1,064		$1,080
Total investments in securities, Weighted Average Coupon	2.20%	[1]	2.20%	[1]
Total investments in securities, Weighted Average Years to Maturity	'36 years 2 months 12 days		'36 years 6 months
[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 $10,167 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $24,902 that are rated "BBB+" and "B-" by Standard & Poor's, securities with a fair value totaling $8,183 that are rated "CCC" by Standard & Poor's and securities with a fair value totaling $1,217 that are rated "D" by Standard & Poor's.
[3]	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.

Investments_in_Securities_and_1

Investments in Securities and Security-Related Receivables (Parenthetical) (Detail) (CMBS receivables, Security-related receivables, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Standard & Poor's AAA and A- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$10,167	$8,228
Standard & Poor's BBB+ and B- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	24,902	26,594
Standard & Poor's, CCC Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	8,183	8,164
Standard & Poor's, D Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$1,217	$1,132

NonAccrual_Status_of_Investmen

Non-Accrual Status of Investments (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Investment Holdings [Line Items]	'		'
Weighted Average Coupon	3.90%	[1]	3.90%	[1]
TruPS and TruPS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	83,557		83,557
Weighted Average Coupon	1.80%		1.80%
Fair Value	1,450		5,678
Other securities	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	41,299		41,019
Weighted Average Coupon	3.10%		3.10%
Fair Value	11		11
CMBS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	18,772		22,772
Weighted Average Coupon	5.90%		5.90%
Fair Value	227		447
[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 $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Investment Securities [Line Items]	'	'
Principal amount of unsecured REIT note receivables and CMBS receivables	$87,383	$91,383
TruPS and subordinated debentures	'	'
Investment Securities [Line Items]	'	'
Principal amount of TruPS	$653,276	$653,276

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Property	Property
Real Estate Properties [Line Items]	'	'
Investments in real estate, Book Value	$1,341,871	$1,131,931
Less: Accumulated depreciation and amortization	-135,876	-127,745
Number of Properties	71	62
Investments in real estate, net, Book Value	1,205,995	1,004,186
Multi-family real estate properties	'	'
Real Estate Properties [Line Items]	'	'
Investments in real estate, Book Value	914,330	716,708
Number of Properties	45	37
Office real estate properties	'	'
Real Estate Properties [Line Items]	'	'
Investments in real estate, Book Value	294,091	282,371
Number of Properties	12	11
Retail real estate properties	'	'
Real Estate Properties [Line Items]	'	'
Investments in real estate, Book Value	83,767	83,653
Number of Properties	4	4
Parcels of land	'	'
Real Estate Properties [Line Items]	'	'
Investments in real estate, Book Value	$49,683	$49,199
Number of Properties	10	10

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended			3 Months Ended		0 Months Ended		3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	12-May-14	Mar. 31, 2014	Mar. 31, 2014
				Multi-family real estate properties	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions	Series of Individually Immaterial Business Acquisitions
						Working Capital and Intangible Assets	Multi-family real estate properties	Office real estate properties	Office real estate properties	Multi Family Real Estate Properties and Office Real Estate Properties	Independence Realty Trust Inc
							Property	Property	Subsequent Event	Commercial Real Estate	Property
									Property
									Loan
Real Estate Properties [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Investments in real estate	$1,205,995	'	$1,004,186	'	'	'	'	'	'	'	'
Mortgages held by third parties	297,082	'	171,223	'	'	'	'	'	'	'	'
Mortgages held by consolidated securitizations	891,314	'	864,689	'	'	'	'	'	'	'	'
Number of real estate properties acquired	'	'	'	'	'	'	9	1	1	'	7
Investments in acquisition of real estate	'	'	'	'	213,703	217,481	'	'	26,085	211,942	132,131
Gains (losses) on assets	2,224	-3	'	'	5,539	'	'	'	'	'	'
Investment contributed revenue	35,176	27,169	'	'	3,933	'	'	'	'	'	'
Net income allocable to common shares	-14,587	-90,532	'	'	209	'	'	'	'	'	'
Acquisition related cost	'	'	'	'	317	'	'	'	'	'	'
Number of commercial real estate loan	'	'	'	'	'	'	'	'	1	'	'
Proceed from sale of real estate property	3,820	0	'	4,250	'	'	'	'	'	'	'
Losses on sale of real estate property	$2,528	'	'	'	'	'	'	'	'	'	'

Aggregate_Estimated_Fair_Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Series of Individually Immaterial Business Acquisitions	'
Assets acquired:	'
Investments in real estate	$213,703
Cash and cash equivalents	283
Restricted cash	1,436
Other assets	1,457
Deferred financing costs	702
Intangible assets	3,778
Total assets acquired	221,359
Liabilities assumed:	'
Loans payable on real estate	110,255
Accounts payable and accrued expenses	3,049
Other liabilities	2,481
Total liabilities assumed	115,785
Noncontrolling interests assumed:	3,000
Estimated fair value of net assets acquired	$102,574

Consideration_Transferred_to_A

Consideration Transferred to Acquire Real Estate Properties (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Series of Individually Immaterial Business Acquisitions	'
Fair value of consideration transferred:	'
Commercial real estate loans and cash	$97,680
Other considerations	4,894
Total fair value of consideration transferred	$102,574

Consolidated_Unaudited_Pro_For

Consolidated Unaudited Pro Forma Information (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Business Acquisition, Pro Forma Information [Line Items]	'	'
Total revenue of real estate properties acquired, as reported	$3,933	$0
Pro forma revenue of real estate properties acquired	7,017	6,733
Net income (loss) allocable to common shares of real estate properties acquired, as reported	209	0
Pro forma net income (loss) allocable to common shares of real estate properties acquired	$759	$1,274
Earnings (loss) per share attributable to common shareholders of real estate properties acquired	'	'
Basic and diluted-as reported	$0	$0
Basic and diluted-as pro forma	$0.01	$0.02

Summary_of_Total_Recourse_and_

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) (USD $)	3 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	2,730,710		2,592,414
Carrying Amount	2,257,238		2,086,401
Weighted- Average Interest Rate	1.60%		1.40%
Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	323,671	[1]	251,715	[2]
Carrying Amount	307,176	[1]	235,011	[2]
Weighted- Average Interest Rate	3.50%	[1]	3.80%	[2]
Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	2,407,039		2,340,699
Carrying Amount	1,950,062		1,851,390
Weighted- Average Interest Rate	1.30%		1.10%
CMBS Facilities	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount	1,652,296		1,662,537
CMBS Facilities | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	22,133		30,618
Carrying Amount	22,133		30,618
Weighted- Average Interest Rate	2.70%		2.70%
CMBS Facilities | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2014-11		'2014-11
CMBS Facilities | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2015-10		'2015-10
7.0% convertible senior notes | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	34,066	[3]	34,066	[3]
Carrying Amount	33,058	[3]	32,938	[3]
Weighted- Average Interest Rate	7.00%	[3]	7.00%	[3]
Contractual Maturity, month and year	'2031-04	[3]	'2031-04	[3]
4.0% convertible senior notes | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	141,750	[4]	125,000	[4]
Carrying Amount	132,419	[4]	116,184	[4]
Weighted- Average Interest Rate	4.00%	[4]	4.00%	[4]
Contractual Maturity, month and year	'2033-10	[4]	'2033-10	[4]
Secured credit facilities | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	5,000		11,129
Carrying Amount	5,000		11,129
Weighted- Average Interest Rate	3.50%		3.20%
Contractual Maturity, month and year	'2016-10		'
Secured credit facilities | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'		'2016-10
Secured credit facilities | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'		'2016-12
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	18,671	[5]	18,671	[5]
Carrying Amount	12,515	[5]	11,911	[5]
Weighted- Average Interest Rate	0.50%	[5]	0.50%	[5]
Contractual Maturity, month and year	'2035-03	[5]	'2035-03	[5]
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%		2.70%
Contractual Maturity, month and year	'2037-04		'2037-04
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
CMBS securitization | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	89,331	[6]	100,139	[7]
Carrying Amount	89,331	[6]	100,139	[7]
Weighted- Average Interest Rate	2.20%	[6]	2.10%	[7]
Contractual Maturity, month and year	'2029-01	[6]	'2029-01	[7]
CDO notes payable, at amortized cost | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	1,162,992	[8],[9]	1,204,117	[10],[8]
Carrying Amount	1,161,735	[8],[9]	1,202,772	[10],[8]
Weighted- Average Interest Rate	0.60%	[8],[9]	0.60%	[10],[8]
CDO notes payable, at amortized cost | Minimum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2045	[8],[9]	'2045	[10],[8]
CDO notes payable, at amortized cost | Maximum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2046	[8],[9]	'2046	[10],[8]
CDO notes payable, at fair value | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	857,616	[11],[5],[8]	865,199	[12],[5],[8]
Carrying Amount	399,448	[11],[5],[8]	377,235	[12],[5],[8]
Weighted- Average Interest Rate	0.90%	[11],[5],[8]	0.90%	[12],[5],[8]
CDO notes payable, at fair value | Minimum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2037	[11],[5],[8]	'2037	[12],[5],[8]
CDO notes payable, at fair value | Maximum | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2038	[11],[5],[8]	'2038	[12],[5],[8]
Loans payable on real estate | Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	297,100		171,244
Carrying Amount	299,548		171,244
Weighted- Average Interest Rate	5.10%		5.30%
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	'2024-03		'2023-12
Commercial mortgage facility | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	76,951		'
Carrying Amount	76,951		'
Weighted- Average Interest Rate	2.40%		'
Commercial mortgage facility | Minimum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2014-12		'
Commercial mortgage facility | Maximum | Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2016-01		'
[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $84,000 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 $86,000 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]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[5]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[6]	Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $123,093 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.
[7]	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.
[8]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[9]	Collateralized by $1,652,296 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.
[10]	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.
[11]	Collateralized by $983,429 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of March 31, 2014 was $741,732. 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.
[12]	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.

Summary_of_Total_Recourse_and_1

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Stated interest rate	4.00%	'
Principal amount of senior secured notes issued	$84,000	$86,000
Carrying Amount	2,257,238	2,086,401
Principal amount of investment in securities and security-related receivables and loans	983,429	989,781
Fair value of investments securitized	741,732	746,939
CMBS securitization	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	123,093	131,843
CMBS Facilities	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	$1,652,296	$1,662,537
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%	4.00%

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jan. 31, 2014

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Jan. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Jan. 27, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Second Capped Call Option

Second Capped Call Option

Second Capped Call Option

4.0% convertible senior notes

4.0% convertible senior notes

CMBS Facilities

CMBS Facilities

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

Minimum

Maximum

Overallotment Option

Additional Principal Amount Overallotment Option Exercised By Underwriters

7.0% convertible senior notes

7.0% convertible senior notes

4.0% convertible senior notes

4.0% convertible senior notes

Secured credit facilities

Secured credit facilities

Secured credit facilities

CMBS Facilities

CMBS Facilities

CMBS Facilities

CMBS securitization

CMBS securitization

CMBS securitization

CMBS securitization

Loans payable on real estate

Loans payable on real estate

Loans payable on real estate

CMBS securitization

CMBS securitization

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 amortized cost

CDO notes payable, at amortized cost

$250,000 Thousand CMBS facility

$150,000 Thousand Commercial Mortgage Facility

$75,000 Thousand Commercial Mortgage Facility

$75,000 Thousand Commercial Mortgage Facility

First Mortgage

re-directed from retained interests

Principal collections of the underlying collateral

MortgageLoan

Debt Instrument [Line Items]

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Convertible note conversion rate

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149.7815

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99.2356

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Principal amount of convertible note, conversion rate

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$1

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$1

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Initial conversion price

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$6.68

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$10.08

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Principal amount of convertible senior notes issued

84,000

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86,000

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16,750

141,750

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Proceeds from issuance of convertible senior notes

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16,300

137,238

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Discount on convertible senior notes

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1,182

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Cap price of capped call transaction

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11.91

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Initial strike price of capped call transaction

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$9.57

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Capped call expiration date

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'2018-06

'2018-10

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Revolving credit agreement term

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'3 years

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Outstanding borrowings

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2,500

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22,133

'

26,373

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50,578

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LIBOR plus interest rate

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2.75%

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2.00%

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Payment of notes

6,777

7,502

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6,143

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10,804

'

7,584

'

1,445

6,139

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Line of credit facility, borrowing capacity

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250,000

'

150,000

75,000

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Line of credit facility, remaining borrowing capacity

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227,867

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123,627

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24,422

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Credit agreement term

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'2 years

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Principal amount repurchase convertible senior notes

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5,800

'

Purchase price of notes

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3,379

'

Gain on extinguishment of debt

2,421

0

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2,421

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Carrying Amount

2,257,238

'

2,086,401

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1,652,296

1,662,537

307,176

[1]

235,011

[2]

33,058

[3]

32,938

[3]

132,419

[4]

116,184

[4]

'

5,000

11,129

22,133

30,618

'

7,131

'

'

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1,950,062

1,851,390

299,548

171,244

'

89,331

[5]

100,139

[6]

399,448

[7],[8],[9]

377,235

[10],[7],[8]

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1,161,735

[11],[7]

1,202,772

[12],[7]

Number of mortgages obtained

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5

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Unpaid Principal Balance

$2,730,710

'

$2,592,414

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$323,671

[1]

$251,715

[2]

$34,066

[3]

$34,066

[3]

$141,750

[4]

$125,000

[4]

'

$5,000

$11,129

$22,133

$30,618

'

$7,131

'

'

'

$2,407,039

$2,340,699

$297,100

$171,244

$126,635

$89,331

[5]

$100,139

[6]

$857,616

[7],[8],[9]

$865,199

[10],[7],[8]

'

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$1,162,992

[11],[7]

$1,204,117

[12],[7]

Contractual Maturity, start year

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'2016-04

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Contractual Maturity, end year

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'2024-03

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Stated interest rate, minimum

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3.80%

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Stated interest rate, maximum

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5.60%

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'

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[1]

Excludes senior secured notes issued by us with an aggregate principal amount equal to $84,000 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 $86,000 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]

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

[5]

Excludes the FL1 junior notes purchased by us which are eliminated in consolidation. Collateralized by $123,093 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.

[6]

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.

[7]

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

[8]

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

[9]

Collateralized by $983,429 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of March 31, 2014 was $741,732. 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 $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.

[11]

Collateralized by $1,652,296 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.

[12]

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.

Aggregate_Notional_Amount_and_

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Derivative [Line Items]	'	'
Notional amount	$1,082,547	$1,107,447
Fair Value of Assets	946	1,305
Fair Value of Liabilities	-102,796	-113,331
Interest rate swaps	'	'
Derivative [Line Items]	'	'
Notional amount	1,046,547	1,071,447
Fair Value of Assets	0	183
Fair Value of Liabilities	-102,796	-113,331
Interest rate caps	'	'
Derivative [Line Items]	'	'
Notional amount	36,000	36,000
Fair Value of Assets	946	1,122
Fair Value of Liabilities	$0	$0

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Derivative [Line Items]	'	'	'
Notional amount	$1,082,547	'	$1,107,447
Realized losses	7,537	8,286	'
Discontinued Interest Rate Swaps	'	'	'
Derivative [Line Items]	'	'	'
Notional amount	561,151	'	'
Liability Of hedge Accounting	62,821	'	'
Interest rate swaps	'	'	'
Derivative [Line Items]	'	'	'
Notional amount	1,046,547	'	1,071,447
RAIT I and RAIT II | Interest rate swaps	'	'	'
Derivative [Line Items]	'	'	'
Weighted average strike rate	5.25%	'	'
Notional amount	$67,288	'	'
Derivative, inception date	1-Apr-14	'	'
Derivative, maturity date	31-Dec-14	'	'

Carrying_Amount_and_Fair_Value

Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $)	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	$1,235,155		$1,122,377		'	'
Investments in securities and security-related receivables, Carrying Amount	573,739		567,302		'	'
Cash and cash equivalents, Carrying Amount	110,072		88,847		63,854	100,041
Restricted cash, Carrying Amount	92,497		121,589		'	'
Derivative assets	946		1,305		'	'
Liabilities	'		'		'	'
Junior subordinated notes	12,515		11,911		'	'
Carrying Amount	2,257,238		2,086,401		'	'
Notes payable, Estimated Fair Value	399,448		377,235		'	'
Derivative liabilities	102,796		113,331		'	'
Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	307,176	[1]	235,011	[2]	'	'
Non-recourse indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,950,062		1,851,390		'	'
Carrying Amount	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	1,220,876		1,122,377		'	'
Investments in securities and security-related receivables, Carrying Amount	573,739		567,302		'	'
Cash and cash equivalents, Carrying Amount	110,072		88,847		'	'
Restricted cash, Carrying Amount	92,497		121,589		'	'
Carrying Amount | Derivative assets	'		'		'	'
Assets	'		'		'	'
Derivative assets	946		1,305		'	'
Carrying Amount | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	33,058		32,938		'	'
Carrying Amount | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	132,419		116,184		'	'
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	1,161,735		1,202,772		'	'
Carrying Amount | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	89,331		100,139		'	'
Carrying Amount | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	299,548		171,244		'	'
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	33,058		32,938		'	'
Carrying Amount | Recourse Indebtedness | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	132,419		116,184		'	'
Carrying Amount | Recourse Indebtedness | Secured credit facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	5,000		11,129		'	'
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at fair value	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	12,515		11,911		'	'
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	25,100		25,100		'	'
Carrying Amount | Recourse Indebtedness | CMBS Facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	22,133		30,618		'	'
Carrying Amount | Recourse Indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	76,951		7,131		'	'
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,161,735		1,202,772		'	'
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	399,448		377,235		'	'
Carrying Amount | Non-recourse indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	89,331		100,139		'	'
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	299,548		171,244		'	'
Carrying Amount | Non-recourse indebtedness | Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	102,796		113,331		'	'
Carrying Amount | Non-recourse indebtedness | Warrants and investor SARs	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	41,004		31,304		'	'
Estimated Fair Value	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Estimated Fair Value	1,185,050		1,083,118		'	'
Investments in securities and security-related receivables, Carrying Amount	573,739		567,302		'	'
Cash and cash equivalents, Estimated Fair Value	110,072		88,847		'	'
Restricted cash, Carrying Amount	92,497		121,589		'	'
Estimated Fair Value | Derivative assets	'		'		'	'
Assets	'		'		'	'
Derivative assets	946		1,305		'	'
Estimated Fair Value | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	44,626		47,778		'	'
Estimated Fair Value | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	137,125		124,063		'	'
Estimated Fair Value | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,534		14,007		'	'
Estimated Fair Value | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	975,719		724,885		'	'
Estimated Fair Value | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	89,331		100,214		'	'
Estimated Fair Value | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	303,873		176,979		'	'
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	44,626		47,778		'	'
Estimated Fair Value | Recourse Indebtedness | 4.0% Convertible Senior Notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	137,125		124,063		'	'
Estimated Fair Value | Recourse Indebtedness | Secured credit facilities	'		'		'	'
Liabilities	'		'		'	'
Secured credit facilities, Estimated Fair Value	5,000		11,129		'	'
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at fair value	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	12,515		11,911		'	'
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,534		14,007		'	'
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	22,133		30,618		'	'
Estimated Fair Value | Recourse Indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	76,951		7,131		'	'
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	975,719		724,885		'	'
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	399,448		377,235		'	'
Estimated Fair Value | Non-recourse indebtedness | CMBS securitization	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	89,331		100,214		'	'
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	303,873		176,979		'	'
Estimated Fair Value | Non-recourse indebtedness | Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Derivative liabilities	102,796		113,331		'	'
Estimated Fair Value | Non-recourse indebtedness | Warrants and investor SARs	'		'		'	'
Liabilities	'		'		'	'
Derivative liabilities	$41,004		$31,304		'	'
[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $84,000 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 $86,000 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 $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Assets:	'		'
Marketable Securities	$573,739		$567,302
Derivative assets	946		1,305
Total assets	574,685		568,607
Liabilities:	'		'
Junior subordinated notes	12,515		11,911
CDO notes payable, at fair value	399,448		377,235
Derivative liabilities	102,796		113,331
Warrants and investor SARs	41,004		31,304
Total liabilities	555,763		533,781
Trading securities	'		'
Assets:	'		'
Marketable Securities	486,748		480,845
Trading securities | TruPs	'		'
Assets:	'		'
Marketable Securities	486,748		480,845
Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0		0
Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	2		2
Security-related receivables	'		'
Assets:	'		'
Marketable Securities	86,989		86,455
Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	8,390		8,211
Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	33,066		33,046
Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	44,469	[1]	44,118	[2]
Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	1,064		1,080
Quoted Prices in Active Markets for Identical Assets (Level 1)	'		'
Assets:	'		'
Derivative assets	0	[3]	0	[4]
Total assets	0	[3]	0	[4]
Liabilities:	'		'
Junior subordinated notes	0	[3]	0	[4]
CDO notes payable, at fair value	0	[3]	0	[4]
Derivative liabilities	0	[3]	0	[4]
Warrants and investor SARs	0	[3]	0	[4]
Total liabilities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Trading securities | TruPs	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Quoted Prices in Active Markets for Identical Assets (Level 1) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Other Observable Inputs (Level 2)	'		'
Assets:	'		'
Derivative assets	946	[3]	1,305	[4]
Total assets	79,547	[3]	79,551	[4]
Liabilities:	'		'
Junior subordinated notes	0	[3]	0	[4]
CDO notes payable, at fair value	0	[3]	0	[4]
Derivative liabilities	39,975	[3]	45,926	[4]
Warrants and investor SARs	0	[3]	0	[4]
Total liabilities	39,975	[3]	45,926	[4]
Significant Other Observable Inputs (Level 2) | Trading securities | TruPs	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Other Observable Inputs (Level 2) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	2	[3]	2	[4]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	33,066	[3]	33,046	[4]
Significant Other Observable Inputs (Level 2) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	44,469	[3]	44,118	[4]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	1,064	[3]	1,080	[4]
Significant Unobservable Inputs (Level 3)	'		'
Assets:	'		'
Derivative assets	0	[3]	0	[4]
Total assets	495,138	[3]	489,056	[4]
Liabilities:	'		'
Junior subordinated notes	12,515	[3]	11,911	[4]
CDO notes payable, at fair value	399,448	[3]	377,235	[4]
Derivative liabilities	62,821	[3]	67,405	[4]
Warrants and investor SARs	41,004	[3]	31,304	[4]
Total liabilities	515,788	[3]	487,855	[4]
Significant Unobservable Inputs (Level 3) | Trading securities | TruPs	'		'
Assets:	'		'
Marketable Securities	486,748	[3]	480,845	[4]
Significant Unobservable Inputs (Level 3) | Trading securities | Other securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Unobservable Inputs (Level 3) | Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Trups Receivables	'		'
Assets:	'		'
Marketable Securities	8,390	[3]	8,211	[4]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Unobservable Inputs (Level 3) | Security-related receivables | CMBS receivables	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Unobservable Inputs (Level 3) | Security-related receivables | Other securities	'		'
Assets:	'		'
Marketable Securities	$0	[3]	$0	[4]
[1]	CMBS receivables include securities with a fair value totaling $10,167 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $24,902 that are rated "BBB+" and "B-" by Standard & Poor's, securities with a fair value totaling $8,183 that are rated "CCC" by Standard & Poor's and securities with a fair value totaling $1,217 that are rated "D" by Standard & Poor's.
[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.
[3]	During the three-month period ended March 31, 2014, there were no transfers between Level 1 and Level 2, as well as, there were no transfers into and out of Level 3.
[4]	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.

Information_of_Assets_and_Liab1

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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 $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value of Financial Instruments [Line Items]	'	'
Weighted average effective dollar price of TruPS and TruPS receivables	$76	$75

Additional_Information_about_A

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	$489,056
Change in fair value of financial instruments	6,082
Purchases	0
Principal Repayments	0
Ending Balance	495,138
Beginning Balance	487,855
Change in fair value of financial instruments	21,776
Purchases	13,741
Sales	0
Principal repayments	-7,584
Ending Balance	515,788
Derivative Liabilities	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	67,405
Change in fair value of financial instruments	-4,584
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	62,821
Warrants and investor SARs	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	31,304
Change in fair value of financial instruments	-4,041
Purchases	13,741
Sales	0
Principal repayments	0
Ending Balance	41,004
CDO notes payable, at fair value	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	377,235
Change in fair value of financial instruments	29,797
Purchases	0
Sales	0
Principal repayments	-7,584
Ending Balance	399,448
Junior Subordinated Notes, at Fair Value	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	11,911
Change in fair value of financial instruments	604
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	12,515
Trading Securities-TruPS and Subordinated Debentures	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	480,845
Change in fair value of financial instruments	5,903
Purchases	0
Principal Repayments	0
Ending Balance	486,748
Security-Related Receivables-TruPS and subordinated Debenture Receivables	'
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Beginning Balance	8,211
Change in fair value of financial instruments	179
Purchases	0
Principal Repayments	0
Ending Balance	$8,390

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 $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	$1,235,155		$1,122,377
Carrying Amount	2,257,238		2,086,401
Estimated Fair Value	'		'
Junior subordinated notes	12,515		11,911
CDO notes payable, Estimated Fair Value	399,448		377,235
Estimated Fair Value	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,185,050		1,083,118
Carrying Amount	'		'
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,220,876		1,122,377
7.0% convertible senior notes | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	44,626		47,778
7.0% convertible senior notes | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	33,058		32,938
4.0% Convertible Senior Notes | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	137,125		124,063
4.0% Convertible Senior Notes | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	132,419		116,184
Junior subordinated notes, at amortized cost | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Junior subordinated notes	14,534		14,007
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	975,719		724,885
CDO notes payable, at amortized cost | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	1,161,735		1,202,772
CMBS securitization | Estimated Fair Value	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	89,331		100,214
CMBS securitization | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	89,331		100,139
Loans payable on real estate | Estimated Fair Value	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	303,873		176,979
Loans payable on real estate | Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	299,548		171,244
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	44,626		47,778
Quoted Prices in Active Markets for Identical Assets (Level 1) | 4.0% Convertible Senior Notes	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	137,125		124,063
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) | CMBS securitization	'		'
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
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) | 4.0% 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) | CMBS securitization	'		'
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 Unobservable Inputs (Level 3)	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,185,050		1,083,118
Junior subordinated notes	12,515	[1]	11,911	[2]
CDO notes payable, Estimated Fair Value	399,448	[1]	377,235	[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) | 4.0% 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	14,534		14,007
Significant Unobservable Inputs (Level 3) | CDO notes payable, at amortized cost	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	975,719		724,885
Significant Unobservable Inputs (Level 3) | CMBS securitization	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	89,331		100,214
Significant Unobservable Inputs (Level 3) | Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	$303,873		$176,979
[1]	During the three-month period ended March 31, 2014, 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, 2013, 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
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'
Change in fair value of financial instruments, Assets	$6,082	'
Change in fair value of financial instruments, Liabilities	21,776	'
Change in fair value of financial instruments	-24,139	-99,757
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	6,442	15,113
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	-26,354	-109,874
Derivative	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'
Change in fair value of financial instruments, Liabilities	($4,227)	($4,996)

Assets_and_Liabilities_of_Cons

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 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	$1,235,155	$1,122,377	'	'
Allowance for losses	-14,279	-22,955	-26,206	-30,400
Total investments in mortgages and loans	1,220,876	1,099,422	'	'
Investments in real estate, net of accumulated depreciation of $20,023 and 18,538, respectively	1,205,995	1,004,186	'	'
Investments in securities and security-related receivables, at fair value	573,739	567,302	'	'
Cash and cash equivalents	110,072	88,847	63,854	100,041
Restricted cash	92,497	121,589	'	'
Accrued interest receivable	48,181	48,324	'	'
Deferred financing costs, net of accumulated amortization of $18,034 and $17,107, respectively	19,193	18,932	'	'
Intangible assets, net of accumulated amortization of $1,299 and $568, respectively	23,386	21,554	'	'
Total assets	3,364,408	3,027,237	'	'
Liabilities and Equity	'	'	'	'
Indebtedness (including $399,448 and $377,235 at fair value, respectively)	2,257,238	2,086,401	'	'
Accrued interest payable	30,213	26,936	'	'
Accounts payable and accrued expenses	24,182	32,447	'	'
Derivative liabilities	102,796	113,331	'	'
Deferred taxes, borrowers' escrows and other liabilities	121,766	79,462	'	'
Total liabilities	2,536,195	2,338,577	'	'
Shareholders' equity:	'	'	'	'
Accumulated other comprehensive income (loss)	-56,825	-63,810	'	'
Retained earnings (deficit)	-1,285,807	-1,257,306	'	'
Total shareholders' equity	665,019	601,563	'	'
Noncontrolling interests	89,893	34,127	'	'
Total liabilities and equity	3,364,408	3,027,237	'	'
Variable Interest Entities	'	'	'	'
Investments in mortgages and loans, at amortized cost:	'	'	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,806,603	1,816,507	'	'
Allowance for losses	-13,511	-17,250	'	'
Total investments in mortgages and loans	1,793,092	1,799,257	'	'
Investments in real estate, net of accumulated depreciation of $20,023 and 18,538, respectively	323,619	194,648	'	'
Investments in securities and security-related receivables, at fair value	572,708	566,577	'	'
Cash and cash equivalents	24,850	3,599	'	'
Restricted cash	24,395	40,793	'	'
Accrued interest receivable	75,010	68,456	'	'
Deferred financing costs, net of accumulated amortization of $18,034 and $17,107, respectively	10,011	10,263	'	'
Intangible assets, net of accumulated amortization of $1,299 and $568, respectively	1,827	517	'	'
Total assets	2,825,512	2,684,110	'	'
Liabilities and Equity	'	'	'	'
Indebtedness (including $399,448 and $377,235 at fair value, respectively)	2,022,617	1,946,536	'	'
Accrued interest payable	76,414	73,122	'	'
Accounts payable and accrued expenses	8,833	5,771	'	'
Derivative liabilities	102,596	113,323	'	'
Deferred taxes, borrowers' escrows and other liabilities	7,230	5,805	'	'
Total liabilities	2,217,690	2,144,557	'	'
Shareholders' equity:	'	'	'	'
Accumulated other comprehensive income (loss)	-52,699	-59,684	'	'
RAIT investment	331,968	311,635	'	'
Retained earnings (deficit)	245,011	258,270	'	'
Total shareholders' equity	524,280	510,221	'	'
Noncontrolling interests	83,542	29,332	'	'
Total liabilities and equity	$2,825,512	$2,684,110	'	'

Assets_and_Liabilities_of_Cons1

Assets and Liabilities of Consolidated Variable Interest Entities (Parenthetical) (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Variable Interest Entity [Line Items]	'	'
Real estate, accumulated depreciation	$135,876	$127,745
Deferred financing costs, accumulated amortization	19,389	17,768
Intangible assets, accumulated amortization	6,511	4,564
Indebtedness, fair value	411,963	389,146
Variable Interest Entities	'	'
Variable Interest Entity [Line Items]	'	'
Real estate, accumulated depreciation	20,023	18,538
Deferred financing costs, accumulated amortization	18,034	17,107
Intangible assets, accumulated amortization	1,299	568
Indebtedness, fair value	$399,448	$377,235

Series_D_Preferred_Shares_Addi

Series D Preferred Shares - Additional Information (Detail) (USD $)	12 Months Ended				3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2012	6-May-14	Dec. 31, 2012
			Adjusted	ARS VI	Series D Preferred Stock	Series D Preferred Stock	Series D Preferred Stock	Series D Preferred Stock
							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	'	$100,000	'	$100,000	'	'	'	'
Preferred shares total issued	'	4,000,000	'	'	'	'	'	4,000,000
Cumulative Redeemable Preferred Shares, par value	'	'	'	'	'	'	'	$0.01
Preferred shares with warrants	'	'	'	'	'	9,931,000	'	'
Stock Appreciation Rights	6,735,667	6,735,667	6,886,351.20	'	'	'	'	'
Stock Appreciation Rights Exercise Price	'	'	'	'	$6	'	$5.87	'
Fair value of Warrants and stock appreciation rights	'	$41,004	'	'	'	'	'	'
Warrants exercisable for common shares	'	9,931,000	10,153,168	'	'	'	'	'

Sales_Activity_of_Series_D_Pre

Sales Activity of Series D Preferred Shares (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Temporary Equity [Line Items]	'	'
Aggregate purchase price	$100,000,000	'
Initial value of warrants and investor SARs issued to-date	-22,874,000	'
Costs incurred	-6,352,000	'
Total discount	-29,226,000	'
Discount amortization to-date	2,527,000	'
Carrying amount of Series D Preferred Shares	$73,301,000	$52,970,000

Shareholders_Equity_Additional

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

0 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Mar. 18, 2014

Mar. 03, 2014

Jan. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Jan. 29, 2014

Mar. 31, 2014

Dec. 31, 2013

Jan. 29, 2014

Mar. 31, 2014

Nov. 21, 2012

Apr. 30, 2014

Jan. 29, 2014

Mar. 31, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Mar. 31, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Jan. 29, 2014

Mar. 18, 2014

Independence Realty Trust Inc

Independence Realty Trust Inc

Independence Realty Trust Inc

Parent Company

Capital on Demand Sales Agreement

Capital on Demand Sales Agreement

Subsequent Event

Stock Appreciation Rights (SARs)

Dividend Reinvestment And Share Purchase Plan

Restricted Stock

Restricted Stock

Restricted Stock

Restricted Stock

Phantom Share Units (PSUs) [Member]

7.75% Series A cumulative redeemable preferred shares

8.375% Series B cumulative redeemable preferred shares

8.875% Series C cumulative redeemable preferred shares

Series D Preferred Stock

Preferred Stock

Common Stock

Independence Realty Trust Inc

Maximum

Non-management trustees

Executive Officers

Employees

Class of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Preferred Shares, dividend declared

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0.48

$0.52

$0.55

$0.47

'

'

Dividend payment date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

31-Mar-14

30-Apr-14

Dividend record date

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3-Mar-14

4-Apr-14

Preferred Shares, dividend paid

'

$5,329

'

$5,806

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, dividend declared

$0.17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common stock, dividend paid

'

'

'

13,914

'

'

'

'

'

'

'

'

13,914

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of phantom units redeemed during that period

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20,530

'

'

'

'

'

'

Number of shares awarded, share

'

'

'

'

'

'

'

'

'

'

'

'

'

891,600

'

'

42,217

293,700

293,700

'

'

'

'

'

'

'

Number of shares awarded, value

'

'

'

4,477

'

'

'

'

'

'

'

'

'

1,178

'

'

350

2,435

2,435

'

'

'

'

'

'

'

Closing stock price

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8.29

$8.29

$8.29

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'3 years

'

'

'

'

'

'

'

'

'

'

Expiration date

'

'

'

'

'

'

'

'

'

'

'

'

'

29-Jan-19

'

'

'

'

'

'

'

'

'

'

'

'

Registered and reserved common shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10,500,000

'

'

'

'

'

'

'

'

'

'

'

Common shares pursuant to the DRSPP

'

'

'

1,736

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average price per shares

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$8.42

'

'

'

'

'

'

'

'

'

'

'

Net proceeds received

'

'

'

15

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares remaining available under the DRSPP

'

'

'

7,776,084

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares to be issued and sold

'

'

'

'

'

'

'

'

'

'

'

10,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares issued

'

'

'

82,289,029

'

71,447,437

'

'

'

'

425,920

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted-average price per share

'

'

'

'

'

'

'

'

'

'

$8.36

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net proceeds received from issuance of common shares

'

'

'

83,825

6,864

'

'

'

'

'

3,473

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares remaining available for issuance

'

'

'

'

'

'

'

'

'

'

8,134,138

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares in an underwritten public offering

'

'

10,000,000

'

'

'

8,050,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Public offering price

'

'

$8.52

'

'

'

$8.30

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

$82,570

'

'

'

$66,815

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Common shares purchased by us in underwritten public offering

'

'

'

'

'

'

'

'

'

1,204,819

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares outstanding

'

'

'

'

'

'

'

6,969,719

5,764,900

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage

'

'

'

'

'

'

'

39.30%

59.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reconciliation_of_Basic_and_Di

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Schedule Of Earnings Per Share Basic And Diluted [Line Items]	'	'
Net income (loss)	($7,423)	($85,341)
(Income) loss allocated to preferred shares	-5,806	-5,218
(Income) loss allocated to noncontrolling interests	-1,358	27
Net income (loss) allocable to common shares	($14,587)	($90,532)
Weighted-average shares outstanding-Basic	79,970,599	60,363,153
Dilutive securities under the treasury stock method	0	0
Weighted-average shares outstanding-Diluted	79,970,599	60,363,153
Earnings (loss) per share-Basic:	'	'
Earnings (loss) per share-Basic	($0.18)	($1.50)
Earnings (loss) per share-Diluted:	'	'
Earnings (loss) per share-Diluted	($0.18)	($1.50)

Earnings_Loss_Per_Share_Additi

Earnings (Loss) Per Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule Of Earnings Per Share Basic And Diluted [Line Items]	'	'
Anti-dilutive shares not included in computation of earnings per common share	14,806,114	16,021,459

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Related Party Transaction [Line Items]	'	'
Fees received for managing securitization of marketable securities	$573,739	$567,302
Trust Preferred Securities	'	'
Related Party Transaction [Line Items]	'	'
Fees received for managing securitization of marketable securities	$25,000	'

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Apr. 29, 2014	Apr. 29, 2014	Apr. 29, 2014	Apr. 29, 2014	Apr. 14, 2014	Apr. 29, 2014
In Thousands, unless otherwise specified			Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event
			Investment Grade Senior Notes	Investment Grade Senior Notes	Equity interest	London Interest Bank Offer Rate	7.625% Senior Notes due 2024	CMBS securitization
				Upon Occurrence Of Certain Events
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'
Principal amount of senior secured notes issued	$84,000	$86,000	'	'	'	'	$60,000	'
Stated interest rate	4.00%	'	'	'	'	'	7.63%	'
Net proceeds from notes issued	'	'	'	'	'	'	57,500	'
Senior secured notes, maturity date	'	'	'	'	'	'	15-Apr-14	'
Real estate investment	'	'	$155,861	'	$40,191	'	'	$196,052
Real estate investment advance rate	'	'	79.50%	'	'	'	'	'
LIBOR plus interest rate	'	'	'	'	'	1.79%	'	'
Maturity date of investment	'	'	'2031-05	'2016-04	'	'	'	'