Rait Financial Trust (RAS) 10-Q10 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 06, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
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	'	82,511,313

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investment in mortgages and loans, at amortized cost:	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$1,369,782	$1,122,377
Allowance for losses	-15,662	-22,955
Total investment in mortgages and loans	1,354,120	1,099,422
Investments in real estate, net of accumulated depreciation of $155,815 and $127,745, respectively	1,400,715	1,004,186
Investments in securities and security-related receivables, at fair value	568,279	567,302
Cash and cash equivalents	116,767	88,847
Restricted cash	133,374	121,589
Accrued interest receivable	54,929	48,324
Other assets	78,948	57,081
Deferred financing costs, net of accumulated amortization of $23,829 and $17,768, respectively	25,141	18,932
Intangible assets, net of accumulated amortization of $10,941 and $4,564, respectively	23,944	21,554
Total assets	3,756,217	3,027,237
Liabilities and Equity	'	'
Indebtedness ($444,190 and $389,146 at fair value, respectively)	2,613,317	2,086,401
Accrued interest payable	34,164	26,936
Accounts payable and accrued expenses	58,579	32,447
Derivative liabilities	81,998	113,331
Deferred taxes, borrowers' escrows and other liabilities	132,200	79,462
Total liabilities	2,920,258	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, respectively	76,176	52,970
Shareholders' equity:	'	'
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 82,509,635 and 71,447,437 issued and outstanding, respectively, including 541,575 and 369,500 unvested restricted common share awards, respectively	2,474	2,143
Additional paid in capital	2,008,814	1,920,455
Accumulated other comprehensive income (loss)	-43,039	-63,810
Retained earnings (deficit)	-1,364,168	-1,257,306
Total shareholders' equity	604,162	601,563
Noncontrolling interests	155,621	34,127
Total equity	759,783	635,690
Total liabilities and equity	3,756,217	3,027,237
7.75% Series A cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share	41	41
8.375% Series B cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share	23	23
8.875% Series C cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share	17	17
Series E cumulative redeemable preferred shares	'	'
Shareholders' equity:	'	'
Preferred shares, $0.01 par value per share	$0	$0

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Real estate, accumulated depreciation	$155,815	[1]	$127,745	[1]
Deferred financing costs, accumulated amortization	23,829		17,768
Intangible assets, accumulated amortization	10,941		4,564
Indebtedness, fair value	$444,190		$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	82,509,635		71,447,437
Common shares, shares outstanding	82,509,635		71,447,437
Unvested restricted common share awards	541,575		369,500
7.75% Series A cumulative redeemable preferred shares	'		'
Preferred shares, authorized	8,069,288		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	4,075,569		4,069,288
Cumulative redeemable preferred shares, shares outstanding	4,075,569		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

[1]	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue:	'	'	'	'
Investment interest income	$33,273	$32,730	$102,882	$95,266
Investment interest expense	-7,636	-8,235	-22,342	-22,996
Net interest margin	25,637	24,495	80,540	72,270
Rental income	41,814	29,233	116,204	84,260
Fee and other income	7,842	8,667	19,113	22,738
Total revenue	75,293	62,395	215,857	179,268
Expenses:	'	'	'	'
Interest expense	13,910	10,052	38,756	29,696
Real estate operating expense	20,882	15,521	58,655	44,842
Compensation expense	7,187	6,565	23,118	19,849
General and administrative expense	4,756	3,046	13,239	10,384
Acquisition expense	816	199	1,408	199
Provision for losses	1,500	500	3,500	1,500
Depreciation and amortization expense	13,236	8,784	38,719	25,972
Total expenses	62,287	44,667	177,395	132,442
Operating Income	13,006	17,728	38,462	46,826
Other income (expense)	-21,464	-3,849	-21,449	-3,704
Gain (losses) on assets	25	-191	-5,350	30
Gain (losses) on extinguishment of debt	'	'	2,421	'
Change in fair value of financial instruments	-10,223	-24,659	-59,433	-200,436
Income (loss) before taxes	-18,656	-10,971	-45,349	-157,284
Income tax benefit (provision)	2,194	-164	2,454	470
Net income (loss)	-16,462	-11,135	-42,895	-156,814
(Income) loss allocated to preferred shares	-7,407	-6,024	-20,628	-16,831
(Income) loss allocated to noncontrolling interests	603	53	20	130
Net income (loss) allocable to common shares	($23,266)	($17,106)	($63,503)	($173,515)
Earnings (loss) per share-Basic:	'	'	'	'
Earnings (loss) per share-Basic	($0.28)	($0.24)	($0.78)	($2.60)
Weighted-average shares outstanding-Basic	81,967,806	70,192,918	81,111,796	66,807,299
Earnings (loss) per share-Diluted:	'	'	'	'
Earnings (loss) per share-Diluted	($0.28)	($0.24)	($0.78)	($2.60)
Weighted average shares outstanding-Diluted	81,967,806	70,192,918	81,111,796	66,807,299

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Loss) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income (loss)	($16,462)	($11,135)	($42,895)	($156,814)
Other comprehensive income (loss):	'	'	'	'
Change in fair value of interest rate hedges	221	-1,641	-975	-379
Realized (gains) losses on interest rate hedges reclassified to earnings	6,966	7,946	21,746	24,330
Change in fair value of available-for-sale securities	'	93	'	93
Total other comprehensive income (loss)	7,187	6,398	20,771	24,044
Comprehensive income (loss) before allocation to noncontrolling interests	-9,275	-4,737	-22,124	-132,770
Allocation to noncontrolling interests	603	53	20	130
Comprehensive income (loss)	($8,672)	($4,684)	($22,104)	($132,640)

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	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
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)	-42,895	0	0	0	0	0	0	-42,875	-42,875	-20
Preferred dividends	-20,628	0	0	0	0	0	0	-20,628	-20,628	0
Common dividends declared	-43,359	0	0	0	0	0	0	-43,359	-43,359	0
Other comprehensive income (loss), net	20,771	0	0	0	0	0	20,771	0	20,771	0
Share-based compensation	-642	0	0	0	0	-642	0	0	-642	0
Issuance of noncontrolling interests	128,851	0	0	0	0	0	0	0	0	128,851
Distribution to noncontrolling interests	-7,337	0	0	0	0	0	0	0	0	-7,337
Preferred shares issued, net (shares)	'	6,281	'	'	'	'	'	'	'	'
Preferred shares issued, net	85	0	0	0	0	85	0	0	85	0
Common shares issued for equity compensation	1,033	0	0	0	12	1,021	0	0	1,033	0
Common shares issued for equity compensation (in shares)	'	'	'	'	415,456	'	'	'	'	'
Common shares issued, net	88,513	0	0	0	319	88,194	0	0	88,513	0
Common shares issued, net (in shares)	'	'	'	'	10,646,742	'	'	'	'	'
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 Sep. 30, 2014	$759,783	$41	$23	$17	$2,474	$2,008,814	($43,039)	($1,364,168)	$604,162	$155,621
Ending Balance (in shares) at Sep. 30, 2014	'	4,075,569	2,288,465	1,640,100	82,509,635	'	'	'	'	'

Consolidated_Statement_of_Chan1

Consolidated Statement of Changes in Equity (Parenthetical)	Sep. 30, 2014
Convertible senior notes interest rate	4.00%

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Operating activities:	'	'
Net income (loss)	($42,895)	($156,814)
Adjustments to reconcile net income (loss) to cash flow from operating activities:	'	'
Provision for losses	3,500	1,500
Share-based compensation expense	3,777	2,562
Depreciation and amortization	38,719	25,972
Amortization of deferred financing costs and debt discounts	7,728	5,860
Accretion of discounts on investments	-4,719	-5,666
(Gains) losses on assets	5,350	-30
(Gains) losses on extinguishment of debt	-2,421	'
Change in fair value of financial instruments	59,433	200,436
Provision (benefit) for deferred taxes	-2,634	'
Changes in assets and liabilities:	'	'
Accrued interest receivable	-7,882	-4,311
Other assets	-15,626	-7,038
Accrued interest payable	-14,580	-20,998
Accounts payable and accrued expenses	21,611	8,118
Deferred taxes, borrowers' escrows and other liabilities	14,918	-4,920
Cash flow from operating activities	64,279	44,671
Investing activities:	'	'
Proceeds from sales of other securities	8,973	96,991
Purchase and origination of loans for investment	-695,919	-419,661
Principal repayments on loans	134,521	50,851
Sales of conduit loans	238,988	281,959
Investments in real estate	-238,648	-46,725
Proceeds from the disposition of real estate	3,821	3,139
(Increase) Decrease in restricted cash	19,627	-60,662
Cash flow from investing activities	-528,637	-94,108
Financing activities:	'	'
Repayments on secured credit facilities and loans payable on real estate	-25,589	-9,268
Proceeds from secured credit facilities and loans payable on real estate	102,318	'
Repayments and repurchase of CDO notes payable	-174,397	-135,947
Proceeds from issuance of senior notes from CMBS transaction	155,001	101,250
Proceeds from issuance of 4.0% convertible senior notes	16,750	'
Proceeds from issuance of senior unsecured notes	131,905	'
Proceeds from repurchase agreements	357,550	156,781
Repayments of repurchase agreements	-236,129	-138,780
Issuance (acquisition) of noncontrolling interests	115,728	29,322
Payments for deferred costs and convertible senior note hedges	-12,313	-1,864
Preferred share issuance, net of costs incurred	33,639	21,879
Common share issuance, net of costs incurred	85,037	78,873
Distributions paid to preferred shareholders	-17,244	-12,843
Distributions paid to common shareholders	-39,978	-23,384
Cash flow from financing activities	492,278	66,019
Net change in cash and cash equivalents	27,920	16,582
Cash and cash equivalents at the beginning of the period	88,847	100,041
Cash and cash equivalents at the end of the period	116,767	116,623
Supplemental cash flow information:	'	'
Cash paid for interest	29,129	26,494
Cash paid (refunds received) for taxes	191	509
Non-cash increase in investments in real estate from conversion of loans	35,180	51,974
Non-cash increase in non-controlling interests from property acquisition	3,362	1,618
Non-cash decrease in indebtedness from debt extinguishments	-2,421	'
Non-cash increase in indebtedness from the assumption of debt from property acquisitions	129,660	'
Non-cash increase in other assets from business combination	$7,302	'

The_Company

The Company	9 Months Ended
The Company	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 nine-month period ended September 30, 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 own a retail property management firm, which managed 62 properties representing 18,614,490 square feet in 26 states as of September 30, 2014. Upon acquisition in the fourth quarter of 2013, we recorded goodwill with a balance of $14,752 and identifiable intangible 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 consolidate 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, preferred equity interests, debt securities and other loans. We account for our investments in commercial mortgages, mezzanine loans, preferred equity interests 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 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 fully 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 September 30, 2014 and 2013, we received $681 and $1,143, respectively, of earned asset management fees, of which we eliminated $360 and $867, respectively, of management fee income associated with consolidated securitizations.
	During the nine-month periods ended September 30, 2014 and 2013, we received $3,325 and $3,582, respectively, of earned asset management fees, of which we eliminated $2,381 and $2,612, respectively, of management fee income associated with consolidated CDOs.

	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 September 30, 2014 and December 31, 2013. The gross carrying amount for our in-place leases was $11,659 and $2,892 as of September 30, 2014 and December 31, 2013, respectively. The gross carrying amount for our trade name was $1,500 as of September 30, 2014 and December 31, 2013, respectively. The accumulated amortization for our intangible assets was $10,941 and $4,564 as of September 30, 2014 and December 31, 2013, respectively. We recorded amortization expense of $1,980 and $228 for the three-month periods ended September 30, 2014 and 2013, respectively, and $6,376 and $1,318 for the nine-month periods ended September 30, 2014 and 2013, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,758 for the remainder of 2014, $4,326 for 2015, $3,520 for 2016, $2,522 for 2017, $2,031 for 2018 and $9,788 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.
	In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_In_Loans

Investments In Loans	9 Months Ended
Investments In Loans	Sep. 30, 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 September 30, 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 (2)		$	1,068,977			$	(15,787	)	$	1,053,190			86		5.9	%	Dec. 2014 to Jul. 2044
	Mezzanine loans			257,553				(2,576	)		254,977			77		9.4	%	Dec. 2014 to Jan. 2029
	Preferred equity interests			42,608				0			42,608			10		7.7	%	May 2015 to Aug. 2025

	Total CRE Loans			1,369,138				(18,363	)		1,350,775			173		6.6	%
	Other loans			20,138				53			20,191			1		2.8	%	Oct. 2016

	Total Loans		$	1,389,276			$	(18,310	)	$	1,370,966			174		6.6	%

	Deferred fees			(1,184	)			0			(1,184	)

	Total investments in loans		$	1,388,092			$	(18,310	)	$	1,369,782



	-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	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $107,164, a weighted-average coupon of 4.6% and maturity dates ranging from September 2021 through July 2044. These commercial mortgages are classified as loans held for sale.

	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 (2)		$	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.
	-2	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $61,825, a weighted-average coupon of 5.3% and maturity dates ranging from January 2024 through January 2029. These commercial mortgages are classified as loans held for sale.



	During the nine-month period ended September 30, 2014, we completed the conversion of two commercial real estate loans with a carrying value of $35,404 to real estate owned property. We recorded a gain on asset of $136 on one property as the value of the real estate exceeded the carrying amount of the converted loan and charged off $360 to the allowance for losses as the carrying amount of the other loan exceeded the fair value of the real estate property. During the nine-month period ended September 30, 2013, we did not convert any commercial real estate loans to owned real estate property.

	In June 2014, we sold all of the remaining interests, held by Taberna VIII and Taberna IX, in one of our other investments with an unpaid principal balance of $10,488 for $2,850. We recorded a loss on sale of asset of $7,638 due to the illiquid nature of the investment.

	The following table summarizes the delinquency statistics of our commercial real estate loans as of September 30, 2014 and December 31, 2013:



Delinquency Status		As of				As of
		September 30,				December 31,
		2014				2013
30 to 59 days		$	0			$	0
60 to 89 days			0				6,441
90 days or more			32,811				13,603
In foreclosure or bankruptcy proceedings			7,930				23,470

Total		$	40,741			$	43,514


As of September 30, 2014 and December 31, 2013, approximately $40,741 and $37,073, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 7.3% and 6.3%, respectively.

During the nine-month period ended September 30, 2014, we removed a loan with an unpaid principal balance of $5,500 from non-accrual status. The carrying amount of this loan is $4,330 as it was acquired at a discount. We recorded $882 of accrued interest which represents the interest during the time the loan was on non-accrual status. Management believes the entire unpaid principal balance and all accrued interest is collectible.

Allowance For Losses And Impaired Loans

The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans and other loans for the three-month periods ended September 30, 2014 and 2013:



		For the Three-Month				For the Three-Month
		Period Ended				Period Ended
		30-Sep-14				30-Sep-13
Beginning balance		$	15,336			$	24,222
Provision			1,500				500
Charge-offs, net of recoveries			(1,174	)			(1,405	)

Ending balance		$	15,662			$	23,317


The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans and other loans for the nine-month periods ended September 30, 2014 and 2013:



		For the Nine-Month				For the Nine-Month
		Period Ended				Period Ended
		September 30, 2014				September 30, 2013
Beginning balance		$	22,955			$	30,400
Provision			3,500				1,500
Charge-offs, net of recoveries			(10,793	)			(8,583	)

Ending balance		$	15,662			$	23,317




As of September 30, 2014 and December 31, 2013, we identified 14 commercial mortgages and mezzanine loans with unpaid principal balances and recorded investment of $64,741 and $55,573, respectively, as impaired.
The average unpaid principal balance and recorded investment of total impaired loans was $65,129 and $65,199 during the three-month periods ended September 30, 2014 and 2013, respectively, and $58,088 and $67,315 during the nine-month periods ended September 30, 2014 and 2013, respectively. As of September 30, 2014, there are four impaired loans with unpaid principal balances of $20,180 for which there is no allowance. We recorded interest income from impaired loans of $53 and $23 for the three-month periods ended September 30, 2014 and 2013, respectively. We recorded interest income from impaired loans of $938 and $229 for the nine-month periods ended September 30, 2014 and 2013, respectively.

We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring (TDR) under FASB ASC Topic 310, “Receivables”. During the nine-month period ended September 30, 2014, we have determined that a modification to one commercial real estate loan constituted a TDR as the borrower was experiencing financial difficulties and we, as the lender, granted a concession to the borrower by deferring principal payments to future periods. The outstanding recorded investment was $11,140 both before and after the modification. As of September 30, 2014, there were no TDRs that subsequently defaulted for modifications within the previous 12 months.

Investments_In_Securities

Investments In Securities	9 Months Ended
Investments In Securities	Sep. 30, 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 September 30, 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		$	602,376	$	0		$	(112,438	)	$	489,938		3.8	%		20.2
	Other securities			12,604		0			(12,604	)		0		4.7	%		38.1

	Total trading securities			614,980		0			(125,042	)		489,938		3.8	%		20.5
	Available-for-sale securities			3,600		0			(2,970	)		630		2	%		28.1
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(25,217	)		7,683		3.4	%		17.5
	Unsecured REIT note receivables			30,000		2,532			0			32,532		6.7	%		2.4
	CMBS receivables (2)			53,383		1,656			(18,604	)		36,435		5.8	%		32
	Other securities			28,328		0			(27,267	)		1,061		2.3	%		35.6

	Total security-related receivables			144,611		4,188			(71,088	)		77,711		4.7	%		23.3

	Total investments in securities		$	763,191	$	4,188		$	(199,100	)	$	568,279		4	%		21.2


	-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 $12,122 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $22,667 that are rated “BBB+” and “B-” by Standard & Poor’s and securities with a fair value totaling $1,646 that are rated “D” by Standard & Poor’s.
	All of our gross unrealized losses at September 30, 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 September 30, 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			$	65,557		2	%	$	650		$	83,557		1.8	%	$	5,678
Other securities			36,842		3.2	%		630			41,019		3.1	%		11
CMBS receivables			15,250		5.9	%		328			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 September 30, 2014 and December 31, 2013, investment in securities of $635,276 and $653,276, respectively, in principal amount of TruPS and subordinated debentures, and $78,383 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	9 Months Ended
Investments In Real Estate	Sep. 30, 2014
Investments In Real Estate	'
	NOTE 5: INVESTMENTS IN REAL ESTATE

	The table below summarizes our investments in real estate:



			As of September 30, 2014						As of December 31, 2013
			Book Value				Number of		Book Value			Number of
			Book Value				Properties		Book Value			Properties
	Multi-family real estate properties (a)		$	1,040,808				50	$	716,708			37
	Office real estate properties			330,725				14		282,371			11
	Retail real estate properties			134,341				6		83,653			4
	Parcels of land			50,656				10		49,199			10

	Subtotal			1,556,530				80		1,131,931			62
	Less: Accumulated depreciation and amortization (a)			(155,815	)					(127,745	)

	Investments in real estate		$	1,400,715					$	1,004,186



	(a)	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.

	As of September 30, 2014, our investments in real estate of $1,400,715 were financed through $379,242 of mortgages held by third parties and $944,662 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 were 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 nine-month period ended September 30, 2014, we acquired 14 multi-family properties, two retail properties and three office properties with a combined purchase price of $421,879. 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 $427,194 and recorded a gain on assets of $5,675. Of these acquisitions, Independence Realty Trust, Inc., or IRT, acquired 12 multi-family properties at a fair value of $255,831. We consolidate IRT as it is a VIE and we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs.



	The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the 19 properties acquired during the nine-month period ended September 30, 2014, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.



	Description		Estimated
	Description		Fair Value
	Assets acquired:
	Investments in real estate		$	418,427
	Cash and cash equivalents			308
	Restricted cash			3,094
	Other assets			2,590
	Deferred financing costs			993
	Intangible assets			8,767

	Total assets acquired			434,179
	Liabilities assumed:
	Loans payable on real estate			127,755
	Accounts payable and accrued expenses			5,480
	Other liabilities			710

	Total liabilities assumed			133,945
	Noncontrolling interests assumed:			3,000

	Estimated fair value of net assets acquired		$	297,234


	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
	Description		Fair Value
Fair value of consideration transferred:
Commercial real estate loans and cash		$	297,407
Other considerations			(173	)

Total fair value of consideration transferred		$	297,234


During the nine-month period ended September 30, 2014, these investments contributed revenue of $22,042 and a net income allocable to common shares of $1,813. During the nine-month period ended September 30, 2014, we incurred $1,127 of third-party acquisition-related costs, which is included in general and administrative expense in the accompanying consolidated statements of operations.



The tables below present 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
		30-Sep-14				September 30, 2013
Total revenue of real estate properties acquired, as reported		$	10,039			$	0
Pro forma rental income			45,347				42,260
Net income (loss) allocable to common shares of real estate properties acquired, as reported			846				0
Pro forma net income (loss) allocable to common shares			(22,393	)			(14,912	)
Earnings (loss) per share attributable to common shareholders of real estate properties acquired
Basic and diluted—as reported			0.01				0
Basic and diluted—as pro forma			(0.27	)			(0.21	)



Description		For the Nine-Month				For the Nine-Month
		Period Ended				Period Ended
		30-Sep-14				September 30, 2013
Total revenue of real estate properties acquired, as reported		$	22,042			$	0
Pro forma rental income			133,861				122,776
Net income (loss) allocable to common shares of real estate properties acquired, as reported			1,813				0
Pro forma net income (loss) allocable to common shares			(59,458	)			(166,797	)
Earnings (loss) per share attributable to common shareholders of real estate properties acquired
Basic and diluted—as reported			0.02				0
Basic and diluted—as pro forma			(0.73	)			(2.50	)

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 nine-month period ended September 30, 2014, we have not recorded any adjustments for prior period real estate acquisitions.

Dispositions:

During the nine-month period ended September 30, 2014, we disposed of one multi-family real estate property for a total sale price of $4,250. We recorded a loss on the sale of this asset of $2,526, of which $319 is included in the accompanying consolidated statements of operations during the nine-month period ended September 30, 2014.

Indebtedness

Indebtedness	9 Months Ended
Indebtedness	Sep. 30, 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 September 30, 2014:



	Description		Unpaid			Carrying		Weighted-				Contractual Maturity
			Principal			Amount		Average
			Balance					Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066		$	33,297		7	%		Apr. 2031
	4.0% convertible senior notes (2)			141,750			133,752		4	%		Oct. 2033
	7.625% senior notes			60,000			60,000		7.6	%		Apr. 2024
	7.125% senior notes			71,905			71,905		7.1	%		Aug. 2019
	Secured credit facilities			5,000			5,000		2.7	%		Oct. 2016
	Junior subordinated notes, at fair value (3)			18,671			13,048		0.5	%		Mar. 2035
	Junior subordinated notes, at amortized cost			25,100			25,100		2.7	%		Apr. 2037
	CMBS facilities			159,171			159,171		2.4	%		Nov. 2014 to Jul. 2016

	Total recourse indebtedness (4)			515,663			501,273		4.4	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized			1,086,038			1,084,289		0.6	%		2045 to 2046
	cost (5)(6)			1,086,038			1,084,289		0.6	%		2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			846,941			431,142		1	%		2037 to 2038
	CMBS securitizations (8)			215,518			215,518		1.9	%		Jan. 2029 to May 2031
	Loans payable on real estate (9)			379,259			381,095		4.7	%		Sep. 2015 to Aug. 2024

	Total non-recourse indebtedness			2,527,756			2,112,044		1.4	%

	Total indebtedness		$	3,043,419		$	2,613,317		1.9	%



	-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 $80,000 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 $1,573,559 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 $959,310 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of September 30, 2014 was $731,911. 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 and the FL2 junior notes purchased by us which are eliminated in consolidation. Collateralized by $289,470 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.
	-9	Includes $246,997 of unpaid principal balance with a carrying amount of $248,833 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.7% and has a range of maturity dates from April 2016 to August 2024.



	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			37,749			37,749		2.7	%		Nov. 2014 to Oct. 2015

	Total recourse indebtedness (4)			251,715			235,011		3.8	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized			1,204,117			1,202,772		0.6	%		2045 to 2046
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 (9)			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.
-9	Includes $100,803 of unpaid principal balance and carrying amount of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2019 to November 2022.

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 nine-month period ended September 30, 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 156.8716 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $6.37 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. Holders of 7.0% convertible senior notes may require us to repurchase all or a portion of the 7.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on April 1, 2016, April 1, 2021, and April 1, 2026, or upon the occurrence of certain defined fundamental changes.

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 105.8429 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $9.45 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. Holders of 4.0% convertible senior notes may require us to repurchase all or a portion of the 4.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on October 1, 2018, October 1, 2023, and October 1, 2028, or upon the occurrence of certain defined fundamental changes.

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.



7.625% senior notes. 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 7.625% senior notes are subject to redemption at our option, in whole or in part, at any time on or after April 15, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. They contain financial covenants that are consistent with our other debt agreements.

7.125% senior notes. In August 2014, we issued and sold in a public offering $71,905 aggregate principal amount of our 7.125% Senior Notes due 2019, or the 7.125% senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $69,209 of net proceeds. Interest on the 7.125% senior notes is paid quarterly with a maturity date of August 30, 2019. The 7.125% senior notes are subject to redemption at our option, in whole or in part, at any time on or after August 30, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. They contain financial covenants that are consistent with our other debt agreements.

Secured credit facilities. As of September 30, 2014, we have $5,000 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 2.50% and contains customary financial covenants for this type of revolving credit agreement.

On September 9, 2014, we entered into an amendment under the IROP credit agreement that modified certain terms within the agreement, including, but not limited to, an increase to the lender’s maximum commitment under the credit agreement from $20,000 to $30,000, a change in the LIBOR interest rate from 2.75% to 2.50% and amendments to certain financial covenants.

In January 2014, we repaid the outstanding $6,143 under our other secured credit facility, including any accrued interest.

CMBS facilities. We maintain various CMBS facilities with investment banks with total borrowing capacity of $575,000. The CMBS facilities are repurchase agreements that provide for margin calls in the event the commercial mortgage loans financed by the facilities change in value. As of September 30, 2014, we had $159,171 of outstanding borrowings under the CMBS facilities. As of September 30, 2014, $415,829 in aggregate principal amount remained available under the CMBS facilities. As of September 30, 2014, we were in compliance with all financial covenants contained in all CMBS facilities.

On July 28, 2014, we entered into an amended and restated master repurchase agreement, or the Amended MRA, with the investment bank for one of our CMBS facilities. The Amended MRA added defined floating-rate whole loans and senior interests in whole loans as eligible purchased assets which we could sell to the investment bank and later repurchase. All eligible purchased assets must be acceptable to the investment bank in its sole discretion. The Amended MRA increased the aggregate principal amount available under the facility to $200,000 from $100,000 provided that the aggregate outstanding purchase price under the Amended MRA at any time for all floating rate loans cannot exceed $100,000. Fixed rate loans incur interest at LIBOR plus 250 basis points and floating rate loans incur interest at LIBOR plus 200 basis points. The Amended MRA contains standard margin call provisions and financial covenants. The expiration date of the Amended MRA is July 28, 2016.

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.

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 September 30, 2014.

During the nine-month period ended September 30, 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 nine-month period ended September 30, 2014, $18,255 of cash flows, which is comprised of $4,125 that was re-directed from our retained interests in these securitizations and $14,130 that was from principal collections on the underlying collateral, were used to repay the most senior holders of our CDO notes payable.

CMBS securitizations. During the nine-month period ended September 30, 2014, $40,482 that was from principal collections on the underlying collateral were used to repay the investment grade senior notes issued by RAIT FL1.

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 holders of FL2 junior notes that we hold.

Loans payable on real estate. As of September 30, 2014 and December 31, 2013, we had $381,095 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 nine-month period ended September 30, 2014, we obtained or assumed 11 first mortgages on our investments in real estate from third party lenders that have a total aggregate principal balance of $210,483, maturity dates ranging from April 2016 to August 2024, and interest rates ranging from 3.4% to 5.6%.

Subsequent to September 30, 2014, we obtained one first mortgage on our investments in real estate from a third party lender that has a total aggregate principal balance of $15,991, a maturity date of November 2021, and an interest rate of 3.7%.

Derivative_Financial_Instrumen

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 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 September 30, 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 September 30, 2014 and December 31, 2013:


		As of September 30, 2014							As of December 31, 2013
		Notional		Fair Value of		Fair Value of			Notional		Fair Value of		Fair Value of
		Notional		Assets		Liabilities			Notional		Assets		Liabilities
	Cash flow hedges:
	Interest rate swaps	$	1,072,409	$	46	$	(81,998	)	$	1,071,447	$	183	$	(113,331	)
	Interest rate caps		36,000		686		0			36,000		1,122		0

	Net fair value	$	1,108,409	$	732	$	(81,998	)	$	1,107,447	$	1,305	$	(113,331	)

	During the period October 1, 2014 through December 31, 2014, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $22,400 and a weighted average strike rate of 5.25% as of September 30, 2014, will terminate in accordance with their terms.
	For interest rate swaps that are considered effective hedges, we reclassified realized losses of $6,966 and $7,946, respectively, to earnings for the three-month periods ended September 30, 2014 and 2013 and $21,746 and $24,330 for the nine-month periods ended September 30, 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 were reclassified from accumulated other comprehensive income to earnings over the remaining life of the interest rate swaps. As of September 30, 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 $53,900. See Note 8: “Fair Value of Financial Instruments” for the changes in value of these hedges during the three-month and nine-month periods ended September 30, 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	9 Months Ended
Fair Value Of Financial Instruments	Sep. 30, 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 and CMBS 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 September 30, 2014:



	Financial Instrument		Carrying			Estimated
	Financial Instrument		Amount			Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net		$	1,354,120		$	1,283,719
	Investments in securities and security-related receivables			568,279			568,279
	Cash and cash equivalents			116,767			116,767
	Restricted cash			133,374			133,374
	Derivative assets			732			732
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			33,297			40,062
	4.0% convertible senior notes			133,752			134,308
	7.625% senior notes			60,000			57,624
	7.125% senior notes			71,905			71,013
	Secured credit facilities			5,000			5,000
	Junior subordinated notes, at fair value			13,048			13,048
	Junior subordinated notes, at amortized cost			25,100			14,648
	CMBS facilities			159,171			159,171
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,084,289			919,924
	CDO notes payable, at fair value			431,142			431,142
	CMBS securitizations			215,518			215,527
	Loans payable on real estate			381,095			398,517
	Derivative liabilities			81,998			81,998
	Warrants and investor SARs			29,731			29,731



	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2013:



	Financial Instrument		Carrying			Estimated
	Financial Instrument		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			37,749			37,749
	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 September 30, 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				September 30,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
		(Level 1) (a)
Trading securities
TruPS		$	0		$	0		$	489,938			$	489,938
Other securities			0			0			0				0
Available-for-sale securities			0			630			0				630
Security-related receivables
TruPS receivables			0			0			7,683				7,683
Unsecured REIT note receivables			0			32,532			0				32,532
CMBS receivables			0			36,435			0				36,435
Other securities			0			1,061			0				1,061
Derivative assets			0			732			0				732

Total assets		$	0		$	71,390		$	497,621			$	569,011




Liabilities:		Quoted Prices in			Significant Other			Significant				Balance as of
		Active Markets for			Observable Inputs			Unobservable Inputs				September 30,
		Identical Assets			(Level 2) (a)			(Level 3) (a)				2014
		(Level 1) (a)
Junior subordinated notes, at fair value		$	0		$	0		$	13,048			$	13,048
CDO notes payable, at fair value			0			0			431,142				431,142
Derivative liabilities			0			28,098			53,900				81,998
Warrants and investor SARs			0			0			29,731				29,731

Total liabilities		$	0		$	28,098		$	527,821			$	555,919



(a)	During the nine-month period ended September 30, 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 September 30, 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 nine-month period ended September 30, 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			9,093			(528	)		8,565
Purchases			0			0			0
Principal Repayments			0			0			0

Balance, as of September 30, 2014		$	489,938		$	7,683		$	497,621




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			(13,505	)		(15,314	)		72,162				1,137				44,480
Purchases			0			13,741			0				0				13,741
Sales			0			0			0				0				0
Principal repayments			0			0			(18,255	)			0				(18,255	)

Balance, as of September 30, 2014		$	53,900		$	29,731		$	431,142			$	13,048			$	527,821


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 and CMBS 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
		September 30,			September 30,					Markets for				(Level 2)				Inputs
		2014			2014					Identical Assets								(Level 3)
										(Level 1)
Commercial mortgages, mezzanine loans and other loans, net		$	1,354,120		$	1,283,719		Discounted cash flows		$	0			$	0			$	1,283,719
7.0% convertible senior notes			33,297			40,062		Trading price			40,062				0				0
4.0% convertible senior notes			133,752			134,308		Trading price			134,308				0				0
7.625% senior notes			60,000			57,624		Trading price			57,624				0				0
7.125% senior notes			71,905			71,013		Trading price			71,013				0				0
Junior subordinated notes, at amortized cost			25,100			14,648		Discounted cash flows			0				0				14,648
CDO notes payable, at amortized cost			1,084,289			919,924		Discounted cash flows			0				0				919,924
CMBS securitizations			215,518			215,527		Discounted cash flows			0				0				215,527
Loans payable on real estate			381,095			398,517		Discounted cash flows			0				0				398,517



										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						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
Description		2014			2013			2014				2013
Change in fair value of trading securities and security-related receivables		$	2,386		$	(2,107	)	$	10,960			$	16,059
Change in fair value of CDO notes payable and trust preferred obligations			(23,961	)		(17,524	)		(73,294	)			(203,149	)
Change in fair value of derivatives			(702	)		(8,076	)		(12,413	)			(11,752	)
Change in fair value of warrants and investors SARs			12,054			3,048			15,314				(1,594	)

Change in fair value of financial instruments		$	(10,223	)	$	(24,659	)	$	(59,433	)		$	(200,436	)


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 and nine-month periods ended September 30, 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 and nine-month periods ended September 30, 2014 and 2013 was mainly due to changes in interest rates.

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 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 September 30, 2014 and December 31, 2013, our consolidated VIEs were: Taberna VIII, Taberna IX, RAIT I, RAIT II, Independence Realty Trust, Inc., Willow Grove and Cherry Hill.


		As of			As of
		September 30,			December 31,
		2014			2013
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,718,528		$	1,816,507
	Allowance for losses		(16,205	)		(17,250	)

	Total investments in mortgages and loans		1,702,323			1,799,257
	Investments in real estate, net of accumulated depreciation of $24,290 and 18,538, respectively		443,428			194,648
	Investments in securities and security-related receivables, at fair value		566,330			566,577
	Cash and cash equivalents		35,051			3,599
	Restricted cash		30,898			40,793
	Accrued interest receivable		80,240			68,456
	Deferred financing costs, net of accumulated amortization of $19,993 and $17,107, respectively		8,857			10,263
	Intangible assets, net of accumulated amortization of $3,495 and $568, respectively		1,327			517

	Total assets	$	2,868,454		$	2,684,110

	Liabilities and Equity
	Indebtedness (including $431,142 and $377,235 at fair value, respectively)	$	2,044,328		$	1,946,536
	Accrued interest payable		83,059			73,122
	Accounts payable and accrued expenses		10,767			5,771
	Derivative liabilities		81,653			113,323
	Deferred taxes, borrowers’ escrows and other liabilities		8,634			5,805

	Total liabilities		2,228,441			2,144,557
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(38,912	)		(59,684	)
	RAIT investment		340,609			311,635
	Retained earnings (deficit)		188,809			258,270

	Total shareholders’ equity		490,506			510,221
	Noncontrolling interests		149,507			29,332

	Total liabilities and equity	$	2,868,454		$	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	9 Months Ended
Series D Preferred Shares	Sep. 30, 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 $5.69.
	The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $29,731 as of September 30, 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 September 30, 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 10,479,889 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 7,107,948.84 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 September 30, 2014:


	Aggregate purchase price			$	100,000
	Initial value of warrants and investor SARs issued to-date	(22,874	)
	Costs incurred	(6,384	)

	Total discount				(29,258	)
	Discount amortization to-date				5,434

	Carrying amount of Series D Preferred Shares			$	76,176

Shareholders_Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 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.
	On May 13, 2014, our board of trustees declared a second 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 June 30, 2014 to holders of record on June 2, 2014 and totaled $5,962.

	On July 29, 2014, our board of trustees declared a third 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 September 30, 2014 to holders of record on September 2, 2014 and totaled $5,953.
	On October 28, 2014, our board of trustees declared a fourth 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 will be paid on December 31, 2014 to holders of record on December 1, 2014.
	At Market Issuance Sales Agreement (ATM):
	On June 13, 2014, we entered into an At Market Issuance Sales Agreement, or the Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV, up to $150,000 aggregate amount of preferred shares. With respect to each series of preferred shares, the maximum amount issuable is as follows: 4,000,000 Series A Preferred Shares, 1,000,000 Series B Preferred Shares, and 1,000,000 Series C Preferred Shares. Unless the Preferred ATM agreement is earlier terminated by MLV or us, the Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares subject to the Preferred ATM agreement. From the effective date of the Preferred ATM Agreement through September 30, 2014, we issued a total of 6,281 Series A Preferred Shares pursuant to this agreement at a weighted-average price of $24.57 and we received $150 of proceeds. From the effective date of the Preferred ATM Agreement through September 30, 2014, we did not issue any Series B Preferred Shares or Series C Preferred Shares. As of September 30, 2014, 3,993,719, 1,000,000, and 1,000,000 Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares, respectively, remain available for issuance under the Preferred ATM agreement.
	On June 13, 2014, we amended our declaration of trust to reclassify and designate an additional 3,309,288 of our unclassified preferred shares of beneficial interest, par value $0.01 per share, as 3,309,288 Series A Preferred Shares. This reclassification increased the number of shares classified as Series A Preferred Shares from 4,760,000 shares to 8,069,288 shares. This reclassification decreased the number of unclassified preferred shares from 4,340,000 shares to 1,030,712 shares. We engaged in this reclassification in order to authorize additional Series A Preferred Shares issuable under 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.
	On June 12, 2014, the board of trustees declared a $0.18 dividend on our common shares to holders of record as of July 11, 2014. The dividend was paid on July 31, 2014 and totaled $14,729.
	On September 15, 2014, the board of trustees declared a $0.18 dividend on our common shares to holders of record as of October 7, 2014. The dividend was paid on October 31, 2014 and totaled $14,716.
	Equity Compensation:
	During the nine-month period ended September 30, 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 nine-month period ended September 30, 2014, we issued a total of 5,603 common shares pursuant to the DRSPP at a weighted-average price of $8.09 per share and we received $45 of net proceeds. As of September 30, 2014, 7,772,217 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 nine-month period ended September 30, 2014, we issued a total of 641,139 common shares pursuant to this agreement at a weighted-average price of $8.26 per share and we received $5,164 of net proceeds. As of September 30, 2014, 7,918,819 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, 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 net proceeds of $62,984. 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. On July 21, 2014, IRT completed an underwritten public offering selling 8,050,000 shares of IRT common stock for $9.50 per share raising net proceeds of $72,426. We purchased 300,000 shares of common stock in the offering, at the public offering price, for which no underwriting discounts and commissions will be paid to the underwriters. As of September 30, 2014 and December 31, 2013, we held 7,269,719 and 5,764,900 shares, respectively, of IRT common stock representing 28.2% 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	9 Months Ended
Earnings (Loss) Per Share	Sep. 30, 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 and nine-month periods ended September 30, 2014 and 2013:


		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2014			2013			2014			2013
	Net income (loss)	$	(16,462	)	$	(11,135	)	$	(42,895	)	$	(156,814	)
	(Income) loss allocated to preferred shares		(7,407	)		(6,024	)		(20,628	)		(16,831	)
	(Income) loss allocated to noncontrolling interests		603			53			20			130

	Net income (loss) allocable to common shares	$	(23,266	)	$	(17,106	)	$	(63,503	)	$	(173,515	)

	Weighted-average shares outstanding—Basic		81,967,806			70,192,918			81,111,796			66,807,299
	Dilutive securities under the treasury stock method		0			0			0			0

	Weighted-average shares outstanding—Diluted		81,967,806			70,192,918			81,111,796			66,807,299

	Earnings (loss) per share—Basic:
	Earnings (loss) per share—Basic	$	(0.28	)	$	(0.24	)	$	(0.78	)	$	(2.60	)

	Earnings (loss) per share—Diluted:
	Earnings (loss) per share—Diluted	$	(0.28	)	$	(0.24	)	$	(0.78	)	$	(2.60	)

	For the three-month and nine-month periods ended September 30, 2014, securities convertible into 31,456,338 and 31,539,962 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive. For the three-month and nine-month periods ended September 30, 2013, securities convertible into 16,434,324 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 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 with ARS VI Investor I, LLC. 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	9 Months Ended
Commitments and Contingencies	Sep. 30, 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 they had initiated a non-public investigation concerning our investment advisory subsidiary, Taberna Capital Management, LLC, or TCM. The investigation relates to TCM’s receipt of approximately $15,000 of restructuring fees from issuers of securities collateralizing Taberna securitizations for which TCM served as collateral manager in connection with certain exchange transactions involving these securities and securitizations. TCM participated in these exchange transactions between March 2, 2009 and November 28, 2012 and has not subsequently participated in any exchange transactions in which it has collected a fee. The SEC staff has issued administrative subpoenas seeking testimony and information from us in connection with this matter, and we are cooperating fully in providing such information.
	On September 16, 2014, an agreement in principle with SEC staff was reached to resolve this investigation which remains subject to final documentation and approval by the SEC. The settlement will be entered into by TCM without admitting or denying the allegations and will resolve all violations alleged by the SEC relating to this investigation against TCM under the Investment Advisers Act of 1940, or the Investment Advisers Act, and the Securities Exchange Act of 1934, or the Exchange Act. Under the terms of the agreement in principle, among other things, TCM will pay $21,500 and RAIT will guarantee this payment obligation. This non-recurring settlement charge is included as a component of other liabilities in the accompanying consolidated balance sheet as of September 30, 2014 and other income (expense) in the accompanying consolidated statements of operations for the three-month and nine-month periods ended September 30, 2014. We cannot assure you that the settlement with the SEC will be finalized and/or approved or that any final settlement will not have different or additional material terms.
	On October 8, 2014, two executive officers and one former employee of RAIT each received a written “Wells Notice” from the SEC staff. A Wells Notice is neither a formal allegation of wrongdoing nor a finding that any of the recipients violated any law. Rather, it provides a recipient an opportunity to respond to issues raised by the SEC staff and to present any reasons of law, policy or fact why the SEC staff should not recommend that the SEC initiate an enforcement action prior to the SEC staff making such a recommendation. The Wells Notices in this matter indicate the SEC staff has made a preliminary determination to recommend to the SEC that the SEC file an action against each of the named individuals relating to the individuals’ activities on behalf of TCM in connection with the matters that were the subject of the investigation described above. One of these executive officers is our Managing Director-Business Development, General Counsel and Secretary and the other of these executive officers is our Executive Vice President-Portfolio and Risk Management. The former employee left RAIT in 2010.

Subsequent_Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2014
Subsequent Events	'
	NOTE 15: SUBSEQUENT EVENTS

	On October 20, 2014, IRT entered into five purchase and sale agreements to acquire an apartment residential portfolio with a total of 1,549 units located in Louisville, KY. Pursuant to the terms and conditions of the purchase and sale agreements, the aggregate purchase price is $162,500. The closing is subject to customary terms and conditions and IRT may terminate any of the purchase agreements with or without cause prior to the expiration of the due diligence period.

	On October 29, 2014, we closed a CMBS securitization transaction, or RAIT FL3, structured to be collateralized by $219,378 of floating rate commercial mortgage loans and participation interests, or the FL3 collateral, that we originated. The CMBS securitization transaction is intended to finance the FL3 collateral on a non-recourse basis. In connection with the CMBS securitization transaction, our subsidiaries made certain customary representations, warranties and covenants. RAIT FL3 does not have OC triggers or IC triggers.

	On the closing date, our subsidiary, RAIT 2014-FL3 Trust, or the FL3 issuer, issued classes of investment grade senior notes, or the FL3 senior notes, with an aggregate principal balance of approximately $181,261 to investors, representing an advance rate of approximately 82.6%. A RAIT subsidiary received the unrated classes of junior notes, or the FL3 junior notes, including a class with an aggregate principal balance of $38,117, and the equity, or the retained interests, of the FL3 issuer. The FL3 senior notes bear interest at a weighted average rate equal to LIBOR plus 1.75%. The stated maturity of the FL3 notes is December 2031, unless redeemed or repaid prior thereto. Subject to certain conditions, beginning in October 2016 or upon defined tax events, the FL3 issuer may redeem the FL3 senior notes, in whole but not in part, at the direction of holders of FL3 junior notes that we hold.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 nine-month period ended September 30, 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 own a retail property management firm, which managed 62 properties representing 18,614,490 square feet in 26 states as of September 30, 2014. Upon acquisition in the fourth quarter of 2013, we recorded goodwill with a balance of $14,752 and identifiable intangible 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 consolidate 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, preferred equity interests, debt securities and other loans. We account for our investments in commercial mortgages, mezzanine loans, preferred equity interests 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 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 fully 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 September 30, 2014 and 2013, we received $681 and $1,143, respectively, of earned asset management fees, of which we eliminated $360 and $867, respectively, of management fee income associated with consolidated securitizations.
	During the nine-month periods ended September 30, 2014 and 2013, we received $3,325 and $3,582, respectively, of earned asset management fees, of which we eliminated $2,381 and $2,612, respectively, of management fee income associated with consolidated CDOs.
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 September 30, 2014 and December 31, 2013. The gross carrying amount for our in-place leases was $11,659 and $2,892 as of September 30, 2014 and December 31, 2013, respectively. The gross carrying amount for our trade name was $1,500 as of September 30, 2014 and December 31, 2013, respectively. The accumulated amortization for our intangible assets was $10,941 and $4,564 as of September 30, 2014 and December 31, 2013, respectively. We recorded amortization expense of $1,980 and $228 for the three-month periods ended September 30, 2014 and 2013, respectively, and $6,376 and $1,318 for the nine-month periods ended September 30, 2014 and 2013, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,758 for the remainder of 2014, $4,326 for 2015, $3,520 for 2016, $2,522 for 2017, $2,031 for 2018 and $9,788 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.
	In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard generally replaces existing guidance by requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This standard is effective for annual reporting periods beginning after December 15, 2016. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

Investments_In_Loans_Tables

Investments In Loans (Tables)	9 Months Ended
Investments In Loans (Tables)	Sep. 30, 2014
Investments in Loans	'
	The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of September 30, 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 (2)		$	1,068,977		$	(15,787	)	$	1,053,190			86		5.9	%	Dec. 2014 to Jul. 2044
	Mezzanine loans			257,553			(2,576	)		254,977			77		9.4	%	Dec. 2014 to Jan. 2029
	Preferred equity interests			42,608			0			42,608			10		7.7	%	May 2015 to Aug. 2025

	Total CRE Loans			1,369,138			(18,363	)		1,350,775			173		6.6	%
	Other loans			20,138			53			20,191			1		2.8	%	Oct. 2016

	Total Loans		$	1,389,276		$	(18,310	)	$	1,370,966			174		6.6	%

	Deferred fees			(1,184	)		0			(1,184	)

	Total investments in loans		$	1,388,092		$	(18,310	)	$	1,369,782


	-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	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $107,164, a weighted-average coupon of 4.6% and maturity dates ranging from September 2021 through July 2044. These commercial mortgages are classified as loans held for sale.
	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 (2)		$	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.
	-2	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $61,825, a weighted-average coupon of 5.3% and maturity dates ranging from January 2024 through January 2029. These commercial mortgages are classified as loans held for sale.
Delinquency Statistics of Commercial Real Estate Loan	'
	The following table summarizes the delinquency statistics of our commercial real estate loans as of September 30, 2014 and December 31, 2013:


	Delinquency Status		As of			As of
			September 30,			December 31,
			2014			2013
	30 to 59 days		$	0		$	0
	60 to 89 days			0			6,441
	90 days or more			32,811			13,603
	In foreclosure or bankruptcy proceedings			7,930			23,470

	Total		$	40,741		$	43,514

Roll-Forward of Allowance for Losses for Commercial Mortgages Mezzanine Loans, and Other Loans	'
	The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans and other loans for the three-month periods ended September 30, 2014 and 2013:


			For the Three-Month			For the Three-Month
			Period Ended			Period Ended
			30-Sep-14			30-Sep-13
	Beginning balance		$	15,336		$	24,222
	Provision			1,500			500
	Charge-offs, net of recoveries			(1,174	)		(1,405	)

	Ending balance		$	15,662		$	23,317

	The following table provides a roll-forward of our allowance for losses for our commercial mortgages, mezzanine loans and other loans for the nine-month periods ended September 30, 2014 and 2013:


			For the Nine-Month			For the Nine-Month
			Period Ended			Period Ended
			September 30, 2014			September 30, 2013
	Beginning balance		$	22,955		$	30,400
	Provision			3,500			1,500
	Charge-offs, net of recoveries			(10,793	)		(8,583	)

	Ending balance		$	15,662		$	23,317

Investments_In_Securities_Tabl

Investments In Securities (Tables)	9 Months Ended
Investments In Securities (Tables)	Sep. 30, 2014
Investments in Securities and Security-Related Receivables	'
	The following table summarizes our investments in securities as of September 30, 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		$	602,376	$	0		$	(112,438	)	$	489,938		3.8	%		20.2
	Other securities			12,604		0			(12,604	)		0		4.7	%		38.1

	Total trading securities			614,980		0			(125,042	)		489,938		3.8	%		20.5
	Available-for-sale securities			3,600		0			(2,970	)		630		2	%		28.1
	Security-related receivables
	TruPS and subordinated debenture receivables			32,900		0			(25,217	)		7,683		3.4	%		17.5
	Unsecured REIT note receivables			30,000		2,532			0			32,532		6.7	%		2.4
	CMBS receivables (2)			53,383		1,656			(18,604	)		36,435		5.8	%		32
	Other securities			28,328		0			(27,267	)		1,061		2.3	%		35.6

	Total security-related receivables			144,611		4,188			(71,088	)		77,711		4.7	%		23.3

	Total investments in securities		$	763,191	$	4,188		$	(199,100	)	$	568,279		4	%		21.2


	-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 $12,122 that are rated between “AAA” and “A-” by Standard & Poor’s, securities with a fair value totaling $22,667 that are rated “BBB+” and “B-” by Standard & Poor’s and securities with a fair value totaling $1,646 that are rated “D” by Standard & Poor’s.


	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 September 30, 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		$	65,557		2	%	$	650		$	83,557		1.8	%	$	5,678
	Other securities			36,842		3.2	%		630			41,019		3.1	%		11
	CMBS receivables			15,250		5.9	%		328			22,772		5.9	%		447

Investments_In_Real_Estate_Tab

Investments In Real Estate (Tables)	9 Months Ended
Investments In Real Estate (Tables)	Sep. 30, 2014
Summary of Investments in Real Estate	'
	The table below summarizes our investments in real estate:


			As of September 30, 2014						As of December 31, 2013
			Book Value			Number of			Book Value			Number of
			Book Value			Properties			Book Value			Properties
	Multi-family real estate properties (a)		$	1,040,808			50		$	716,708			37
	Office real estate properties			330,725			14			282,371			11
	Retail real estate properties			134,341			6			83,653			4
	Parcels of land			50,656			10			49,199			10

	Subtotal			1,556,530			80			1,131,931			62
	Less: Accumulated depreciation and amortization (a)			(155,815	)					(127,745	)

	Investments in real estate		$	1,400,715					$	1,004,186


	(a)	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.
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 19 properties acquired during the nine-month period ended September 30, 2014, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.


	Description		Estimated
	Description		Fair Value
	Assets acquired:
	Investments in real estate		$	418,427
	Cash and cash equivalents			308
	Restricted cash			3,094
	Other assets			2,590
	Deferred financing costs			993
	Intangible assets			8,767

	Total assets acquired			434,179
	Liabilities assumed:
	Loans payable on real estate			127,755
	Accounts payable and accrued expenses			5,480
	Other liabilities			710

	Total liabilities assumed			133,945
	Noncontrolling interests assumed:			3,000

	Estimated fair value of net assets acquired		$	297,234

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
	Description		Fair Value
	Fair value of consideration transferred:
	Commercial real estate loans and cash		$	297,407
	Other considerations			(173	)

	Total fair value of consideration transferred		$	297,234

Consolidated Unaudited Pro Forma Information	'
	The tables below present 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
			30-Sep-14			September 30, 2013
	Total revenue of real estate properties acquired, as reported		$	10,039		$	0
	Pro forma rental income			45,347			42,260
	Net income (loss) allocable to common shares of real estate properties acquired, as reported			846			0
	Pro forma net income (loss) allocable to common shares			(22,393	)		(14,912	)
	Earnings (loss) per share attributable to common shareholders of real estate properties acquired
	Basic and diluted—as reported			0.01			0
	Basic and diluted—as pro forma			(0.27	)		(0.21	)



	Description		For the Nine-Month			For the Nine-Month
			Period Ended			Period Ended
			30-Sep-14			September 30, 2013
	Total revenue of real estate properties acquired, as reported		$	22,042		$	0
	Pro forma rental income			133,861			122,776
	Net income (loss) allocable to common shares of real estate properties acquired, as reported			1,813			0
	Pro forma net income (loss) allocable to common shares			(59,458	)		(166,797	)
	Earnings (loss) per share attributable to common shareholders of real estate properties acquired
	Basic and diluted—as reported			0.02			0
	Basic and diluted—as pro forma			(0.73	)		(2.50	)

Indebtedness_Tables

Indebtedness (Tables)	9 Months Ended
Indebtedness (Tables)	Sep. 30, 2014
Summary of Total Recourse and Non-Recourse Indebtedness	'
	The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2014:



	Description		Unpaid			Carrying		Weighted-				Contractual Maturity
			Principal			Amount		Average
			Balance					Interest Rate
	Recourse indebtedness:
	7.0% convertible senior notes (1)		$	34,066		$	33,297		7	%		Apr. 2031
	4.0% convertible senior notes (2)			141,750			133,752		4	%		Oct. 2033
	7.625% senior notes			60,000			60,000		7.6	%		Apr. 2024
	7.125% senior notes			71,905			71,905		7.1	%		Aug. 2019
	Secured credit facilities			5,000			5,000		2.7	%		Oct. 2016
	Junior subordinated notes, at fair value (3)			18,671			13,048		0.5	%		Mar. 2035
	Junior subordinated notes, at amortized cost			25,100			25,100		2.7	%		Apr. 2037
	CMBS facilities			159,171			159,171		2.4	%		Nov. 2014 to Jul. 2016

	Total recourse indebtedness (4)			515,663			501,273		4.4	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized			1,086,038			1,084,289		0.6	%		2045 to 2046
	cost (5)(6)			1,086,038			1,084,289		0.6	%		2045 to 2046
	CDO notes payable, at fair value (3)(5)(7)			846,941			431,142		1	%		2037 to 2038
	CMBS securitizations (8)			215,518			215,518		1.9	%		Jan. 2029 to May 2031
	Loans payable on real estate (9)			379,259			381,095		4.7	%		Sep. 2015 to Aug. 2024

	Total non-recourse indebtedness			2,527,756			2,112,044		1.4	%

	Total indebtedness		$	3,043,419		$	2,613,317		1.9	%



	-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 $80,000 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 $1,573,559 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 $959,310 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of September 30, 2014 was $731,911. 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 and the FL2 junior notes purchased by us which are eliminated in consolidation. Collateralized by $289,470 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.
	-9	Includes $246,997 of unpaid principal balance with a carrying amount of $248,833 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.7% and has a range of maturity dates from April 2016 to August 2024.



	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			37,749			37,749		2.7	%		Nov. 2014 to Oct. 2015

	Total recourse indebtedness (4)			251,715			235,011		3.8	%
	Non-recourse indebtedness:
	CDO notes payable, at amortized			1,204,117			1,202,772		0.6	%		2045 to 2046
	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 (9)			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.
-9	Includes $100,803 of unpaid principal balance and carrying amount of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2019 to November 2022.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 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 September 30, 2014 and December 31, 2013:


		As of September 30, 2014							As of December 31, 2013
		Notional		Fair Value of		Fair Value of			Notional		Fair Value of		Fair Value of
		Notional		Assets		Liabilities			Notional		Assets		Liabilities
	Cash flow hedges:
	Interest rate swaps	$	1,072,409	$	46	$	(81,998	)	$	1,071,447	$	183	$	(113,331	)
	Interest rate caps		36,000		686		0			36,000		1,122		0

	Net fair value	$	1,108,409	$	732	$	(81,998	)	$	1,107,447	$	1,305	$	(113,331	)

Fair_Value_Of_Financial_Instru1

Fair Value Of Financial Instruments (Tables)	9 Months Ended
Fair Value Of Financial Instruments (Tables)	Sep. 30, 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 September 30, 2014:



	Financial Instrument		Carrying				Estimated
	Financial Instrument		Amount				Fair Value
	Assets
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net		$	1,354,120			$	1,283,719
	Investments in securities and security-related receivables			568,279				568,279
	Cash and cash equivalents			116,767				116,767
	Restricted cash			133,374				133,374
	Derivative assets			732				732
	Liabilities
	Recourse indebtedness:
	7.0% convertible senior notes			33,297				40,062
	4.0% convertible senior notes			133,752				134,308
	7.625% senior notes			60,000				57,624
	7.125% senior notes			71,905				71,013
	Secured credit facilities			5,000				5,000
	Junior subordinated notes, at fair value			13,048				13,048
	Junior subordinated notes, at amortized cost			25,100				14,648
	CMBS facilities			159,171				159,171
	Non-recourse indebtedness:
	CDO notes payable, at amortized cost			1,084,289				919,924
	CDO notes payable, at fair value			431,142				431,142
	CMBS securitizations			215,518				215,527
	Loans payable on real estate			381,095				398,517
	Derivative liabilities			81,998				81,998
	Warrants and investor SARs			29,731				29,731



	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2013:



	Financial Instrument		Carrying				Estimated
	Financial Instrument		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			37,749				37,749
	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 September 30, 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				September 30,
			Identical Assets				(Level 2) (a)				(Level 3) (a)				2014
			(Level 1) (a)
	Trading securities
	TruPS		$	0			$	0			$	489,938			$	489,938
	Other securities			0				0				0				0
	Available-for-sale securities			0				630				0				630
	Security-related receivables
	TruPS receivables			0				0				7,683				7,683
	Unsecured REIT note receivables			0				32,532				0				32,532
	CMBS receivables			0				36,435				0				36,435
	Other securities			0				1,061				0				1,061
	Derivative assets			0				732				0				732

	Total assets		$	0			$	71,390			$	497,621			$	569,011



	Liabilities:		Quoted Prices in				Significant Other				Significant				Balance as of
			Active Markets for				Observable Inputs				Unobservable Inputs				September 30,
			Identical Assets				(Level 2) (a)				(Level 3) (a)				2014
			(Level 1) (a)
	Junior subordinated notes, at fair value		$	0			$	0			$	13,048			$	13,048
	CDO notes payable, at fair value			0				0				431,142				431,142
	Derivative liabilities			0				28,098				53,900				81,998
	Warrants and investor SARs			0				0				29,731				29,731

	Total liabilities		$	0			$	28,098			$	527,821			$	555,919


	(a)	During the nine-month period ended September 30, 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 nine-month period ended September 30, 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			9,093				(528	)			8,565
	Purchases			0				0				0
	Principal Repayments			0				0				0

	Balance, as of September 30, 2014		$	489,938			$	7,683			$	497,621

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			(13,505	)			(15,314	)			72,162				1,137				44,480
	Purchases			0				13,741				0				0				13,741
	Sales			0				0				0				0				0
	Principal repayments			0				0				(18,255	)			0				(18,255	)

	Balance, as of September 30, 2014		$	53,900			$	29,731			$	431,142			$	13,048			$	527,821

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 and CMBS 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
			September 30,				September 30,						Markets for				(Level 2)				Inputs
			2014				2014						Identical Assets								(Level 3)
													(Level 1)
	Commercial mortgages, mezzanine loans and other loans, net		$	1,354,120			$	1,283,719			Discounted cash flows		$	0			$	0			$	1,283,719
	7.0% convertible senior notes			33,297				40,062			Trading price			40,062				0				0
	4.0% convertible senior notes			133,752				134,308			Trading price			134,308				0				0
	7.625% senior notes			60,000				57,624			Trading price			57,624				0				0
	7.125% senior notes			71,905				71,013			Trading price			71,013				0				0
	Junior subordinated notes, at amortized cost			25,100				14,648			Discounted cash flows			0				0				14,648
	CDO notes payable, at amortized cost			1,084,289				919,924			Discounted cash flows			0				0				919,924
	CMBS securitizations			215,518				215,527			Discounted cash flows			0				0				215,527
	Loans payable on real estate			381,095				398,517			Discounted cash flows			0				0				398,517



													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								For the Nine-Month
			Periods Ended September 30								Periods Ended September 30
	Description		2014				2013				2014				2013
	Change in fair value of trading securities and security-related receivables		$	2,386			$	(2,107	)		$	10,960			$	16,059
	Change in fair value of CDO notes payable and trust preferred obligations			(23,961	)			(17,524	)			(73,294	)			(203,149	)
	Change in fair value of derivatives			(702	)			(8,076	)			(12,413	)			(11,752	)
	Change in fair value of warrants and investors SARs			12,054				3,048				15,314				(1,594	)

	Change in fair value of financial instruments		$	(10,223	)		$	(24,659	)		$	(59,433	)		$	(200,436	)

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 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 September 30, 2014 and December 31, 2013, our consolidated VIEs were: Taberna VIII, Taberna IX, RAIT I, RAIT II, Independence Realty Trust, Inc., Willow Grove and Cherry Hill.


		As of			As of
		September 30,			December 31,
		2014			2013
	Assets
	Investments in mortgages and loans, at amortized cost:
	Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$	1,718,528		$	1,816,507
	Allowance for losses		(16,205	)		(17,250	)

	Total investments in mortgages and loans		1,702,323			1,799,257
	Investments in real estate, net of accumulated depreciation of $24,290 and 18,538, respectively		443,428			194,648
	Investments in securities and security-related receivables, at fair value		566,330			566,577
	Cash and cash equivalents		35,051			3,599
	Restricted cash		30,898			40,793
	Accrued interest receivable		80,240			68,456
	Deferred financing costs, net of accumulated amortization of $19,993 and $17,107, respectively		8,857			10,263
	Intangible assets, net of accumulated amortization of $3,495 and $568, respectively		1,327			517

	Total assets	$	2,868,454		$	2,684,110

	Liabilities and Equity
	Indebtedness (including $431,142 and $377,235 at fair value, respectively)	$	2,044,328		$	1,946,536
	Accrued interest payable		83,059			73,122
	Accounts payable and accrued expenses		10,767			5,771
	Derivative liabilities		81,653			113,323
	Deferred taxes, borrowers’ escrows and other liabilities		8,634			5,805

	Total liabilities		2,228,441			2,144,557
	Equity:
	Shareholders’ equity:
	Accumulated other comprehensive income (loss)		(38,912	)		(59,684	)
	RAIT investment		340,609			311,635
	Retained earnings (deficit)		188,809			258,270

	Total shareholders’ equity		490,506			510,221
	Noncontrolling interests		149,507			29,332

	Total liabilities and equity	$	2,868,454		$	2,684,110

Series_D_Preferred_Shares_Tabl

Series D Preferred Shares (Tables)	9 Months Ended
Series D Preferred Shares (Tables)	Sep. 30, 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 September 30, 2014:


	Aggregate purchase price			$	100,000
	Initial value of warrants and investor SARs issued to-date	(22,874	)
	Costs incurred	(6,384	)

	Total discount				(29,258	)
	Discount amortization to-date				5,434

	Carrying amount of Series D Preferred Shares			$	76,176

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	9 Months Ended
Earnings (Loss) Per Share (Tables)	Sep. 30, 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 and nine-month periods ended September 30, 2014 and 2013:


		For the Three-Month						For the Nine-Month
		Periods Ended September 30						Periods Ended September 30
		2014			2013			2014			2013
	Net income (loss)	$	(16,462	)	$	(11,135	)	$	(42,895	)	$	(156,814	)
	(Income) loss allocated to preferred shares		(7,407	)		(6,024	)		(20,628	)		(16,831	)
	(Income) loss allocated to noncontrolling interests		603			53			20			130

	Net income (loss) allocable to common shares	$	(23,266	)	$	(17,106	)	$	(63,503	)	$	(173,515	)

	Weighted-average shares outstanding—Basic		81,967,806			70,192,918			81,111,796			66,807,299
	Dilutive securities under the treasury stock method		0			0			0			0

	Weighted-average shares outstanding—Diluted		81,967,806			70,192,918			81,111,796			66,807,299

	Earnings (loss) per share—Basic:
	Earnings (loss) per share—Basic	$	(0.28	)	$	(0.24	)	$	(0.78	)	$	(2.60	)

	Earnings (loss) per share—Diluted:
	Earnings (loss) per share—Diluted	$	(0.28	)	$	(0.24	)	$	(0.78	)	$	(2.60	)

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	sqft		Property
	State		sqft
			State
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	18,614,490	'	18,614,490	'	'
Number of states in which properties are managed	26	'	26	'	'
Goodwill	'	'	'	'	14,752
Intangible assets, gross carrying amount	'	'	'	'	19,050
Earned asset management fees	681	1,143	3,325	3,582	'
Eliminated management fee income	360	867	2,381	2,612	'
Intangible assets, accumulated amortization	10,941	'	10,941	'	4,564
Intangible assets, amortization expenses	1,980	228	6,376	1,318	'
Expected amortization expense of intangible assets in 2014	1,758	'	1,758	'	'
Expected amortization expense of intangible assets in 2015	4,326	'	4,326	'	'
Expected amortization expense of intangible assets in 2016	3,520	'	3,520	'	'
Expected amortization expense of intangible assets in 2017	2,522	'	2,522	'	'
Expected amortization expense of intangible assets in 2018	2,031	'	2,031	'	'
Expected amortization expense of intangible assets thereafter	9,788	'	9,788	'	'
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	'	21,726
In-place leases	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Intangible assets, gross carrying amount	11,659	'	11,659	'	2,892
Trade name	'	'	'	'	'
Significant Accounting Policies [Line Items]	'	'	'	'	'
Intangible assets, gross carrying amount	$1,500	'	$1,500	'	$1,500

Investments_in_Loans_Detail

Investments in Loans (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	$1,389,276		$1,146,574
Total investment in loans, Unamortized (Discounts) Premiums	-18,310		-23,397
Carrying Amount	1,370,966		1,123,177
Number of Loans	174		153
Weighted-Average Coupon	6.60%	[1]	7.20%	[1]
Deferred fees	-1,184		-800
Total investments in loans, Unpaid Principal Balance	1,388,092		1,145,774
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,369,782		1,122,377
CRE Loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	1,369,138		1,115,949
Total investment in loans, Unamortized (Discounts) Premiums	-18,363		-23,469
Carrying Amount	1,350,775		1,092,480
Number of Loans	173		151
Weighted-Average Coupon	6.60%	[1]	7.30%	[1]
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	1,068,977	[2]	792,526	[3]
Total investment in loans, Unamortized (Discounts) Premiums	-15,787	[2]	-19,257	[3]
Carrying Amount	1,053,190	[2]	773,269	[3]
Number of Loans	86	[2]	59	[3]
Weighted-Average Coupon	5.90%	[1],[2]	6.40%	[1],[3]
Range of Maturity Dates, Minimum	1-Dec-14	[2]	1-Mar-14	[3]
Range of Maturity Dates, Maximum	1-Jul-44	[2]	1-Jan-29	[3]
Mezzanine Loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	257,553		269,034
Total investment in loans, Unamortized (Discounts) Premiums	-2,576		-3,273
Carrying Amount	254,977		265,761
Number of Loans	77		81
Weighted-Average Coupon	9.40%	[1]	9.60%	[1]
Range of Maturity Dates, Minimum	1-Dec-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	42,608		54,389
Total investment in loans, Unamortized (Discounts) Premiums	0		-939
Carrying Amount	42,608		53,450
Number of Loans	10		11
Weighted-Average Coupon	7.70%	[1]	8.60%	[1]
Range of Maturity Dates, Minimum	1-May-15		1-May-15
Range of Maturity Dates, Maximum	1-Aug-25		1-Aug-25
Other loans	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Unpaid Principal Balance	20,138		30,625
Total investment in loans, Unamortized (Discounts) Premiums	53		72
Carrying Amount, Other loans	$20,191		$30,697
Number of Loans	1		2
Weighted-Average Coupon	2.80%	[1]	4.30%	[1]
Range of Maturity Dates, Minimum	1-Oct-16		1-Mar-14
Range of Maturity Dates, Maximum	'		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]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $107,164, a weighted-average coupon of 4.6% and maturity dates ranging from September 2021 through July 2044. These commercial mortgages are classified as loans held for sale.
[3]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $61,825, a weighted-average coupon of 5.3% and maturity dates ranging from January 2024 through January 2029. These commercial mortgages are classified as loans held for sale.

Investments_in_Loans_Parenthet

Investments in Loans (Parenthetical) (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
	Loan		Loan
Mortgage Loans on Real Estate [Line Items]	'		'
Number of Loans	174		153
Carrying Amount	$1,370,966		$1,123,177
Weighted-Average Coupon	6.60%	[1]	7.20%	[1]
Commercial mortgages	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Number of Loans	86	[2]	59	[3]
Carrying Amount	1,053,190	[2]	773,269	[3]
Weighted-Average Coupon	5.90%	[1],[2]	6.40%	[1],[3]
Range of Maturity Dates, Minimum	1-Dec-14	[2]	1-Mar-14	[3]
Range of Maturity Dates, Maximum	1-Jul-44	[2]	1-Jan-29	[3]
Conduit Loans Held for Sale \| Commercial mortgages	'		'
Mortgage Loans on Real Estate [Line Items]	'		'
Number of Loans	11		6
Carrying Amount	$107,164		$61,825
Weighted-Average Coupon	4.60%		5.30%
Range of Maturity Dates, Minimum	1-Sep-21		1-Jan-24
Range of Maturity Dates, Maximum	1-Jul-44		1-Jan-29

[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]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $107,164, a weighted-average coupon of 4.6% and maturity dates ranging from September 2021 through July 2044. These commercial mortgages are classified as loans held for sale.
[3]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $61,825, a weighted-average coupon of 5.3% and maturity dates ranging from January 2024 through January 2029. These commercial mortgages are classified as loans held for sale.

Investments_in_Loans_Additiona

Investments in Loans - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Loan	Sep. 30, 2013	Loan	Sep. 30, 2013	Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'
Commercial real estate loans carrying value	$35,404	'	$35,404	'	'
Gains (losses) on assets	25	-191	-5,350	30	'
Commercial real estate loans on non-accrual status	4,330	'	4,330	'	'
Loan with unpaid principal balance removed from non-accrual status	5,500	'	5,500	'	'
Accrued interest on loans with non-accrual status	'	'	882	'	'
Number of commercial mortgages	'	'	174	'	153
Average impaired loans unpaid balance	65,129	65,199	58,088	67,315	'
Interest income from impaired loans	53	23	938	229	'
Number of impaired loans with no related allowance	4	'	4	'	'
Impaired loans unpaid principal balance with no related allowance	20,180	'	20,180	'	'
Taberna VIII and Taberna IX	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'
Impaired unpaid principal balances	10,488	'	10,488	'	'
Proceed from sale of investment in loans	'	'	2,850	'	'
Gain (loss) on sale of investment in loans	'	'	-7,638	'	'
Commercial real estate loans	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'
Charge off to the allowance for losses	'	'	360	'	'
Gains (losses) on assets	'	'	136	'	'
Commercial Portfolio Segment	'	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'
Impaired unpaid principal balances	64,741	'	64,741	'	55,573
Commercial real estate loans on non-accrual status	40,741	'	40,741	'	37,073
Weighted-average interest rate	7.30%	'	7.30%	'	6.30%
Number of commercial mortgages	'	'	14	'	14
Modification troubled debt restructuring, number of loans	'	'	1	'	'
Modification troubled debt restructuring, subsequently defaulted, number of loans	'	'	0	'	'
Outstanding recorded investment in loan before and after modification	'	'	$11,140	'	'

Delinquency_Statistics_of_Comm

Delinquency Statistics of Commercial Real Estate Loan (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$40,741	$43,514
30 to 59 days	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	0	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	32,811	13,603
In foreclosure or bankruptcy proceedings	'	'
Mortgage Loans on Real Estate [Line Items]	'	'
Delinquency statistics, Total	$7,930	$23,470

RollForward_of_Allowance_for_L

Roll-Forward of Allowance for Losses for Commercial Mortgages Mezzanine Loans, and Other Loans (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Mortgage Loans on Real Estate [Line Items]	'	'	'	'
Beginning balance	$15,336	$24,222	$22,955	$30,400
Provision	1,500	500	3,500	1,500
Charge-offs, net of recoveries	-1,174	-1,405	-10,793	-8,583
Ending balance	$15,662	$23,317	$15,662	$23,317

Investments_in_Securities_and_

Investments in Securities and Security-Related Receivables (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	$763,191		$802,237
Total investments in securities, Gains	4,188		4,768
Total investments in securities, Losses	-199,100		-239,703
Investments in securities and security-related receivables, at fair value	568,279		567,302
Total investments in securities, Weighted Average Coupon	4.00%	[1]	3.90%	[1]
Total investments in securities, Weighted Average Years to Maturity	'21 years 2 months 12 days		'21 years 8 months 12 days
Trading securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	614,980		632,688
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-125,042		-151,843
Investments in securities and security-related receivables, at fair value	489,938		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	602,376		620,376
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-112,438		-139,531
Investments in securities and security-related receivables, at fair value	489,938		480,845
Total investments in securities, Weighted Average Coupon	3.80%	[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	12,604		12,312
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-12,604		-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 1 month 6 days		'38 years 10 months 24 days
Security-related receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	144,611		165,949
Total investments in securities, Gains	4,188		4,768
Total investments in securities, Losses	-71,088		-84,262
Investments in securities and security-related receivables, at fair value	77,711		86,455
Total investments in securities, Weighted Average Coupon	4.70%	[1]	4.70%	[1]
Total investments in securities, Weighted Average Years to Maturity	'23 years 3 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	-25,217		-24,689
Investments in securities and security-related receivables, at fair value	7,683		8,211
Total investments in securities, Weighted Average Coupon	3.40%	[1]	3.40%	[1]
Total investments in securities, Weighted Average Years to Maturity	'17 years 6 months		'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	2,532		3,046
Total investments in securities, Losses	0		0
Investments in securities and security-related receivables, at fair value	32,532		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 4 months 24 days		'3 years 1 month 6 days
Security-related receivables \| CMBS receivables	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	53,383	[2]	69,905	[3]
Total investments in securities, Gains	1,656	[2]	1,722	[3]
Total investments in securities, Losses	-18,604	[2]	-27,509	[3]
Investments in securities and security-related receivables, at fair value	36,435	[2]	44,118	[3]
Total investments in securities, Weighted Average Coupon	5.80%	[1],[2]	5.60%	[1],[3]
Total investments in securities, Weighted Average Years to Maturity	'32 years	[2]	'30 years 7 months 6 days	[3]
Security-related receivables \| Other securities	'		'
Investment Securities [Line Items]	'		'
Total investments in securities, Amortized Cost	28,328		33,144
Total investments in securities, Gains	0		0
Total investments in securities, Losses	-27,267		-32,064
Investments in securities and security-related receivables, at fair value	1,061		1,080
Total investments in securities, Weighted Average Coupon	2.30%	[1]	2.20%	[1]
Total investments in securities, Weighted Average Years to Maturity	'35 years 7 months 6 days		'36 years 6 months
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	-2,970		-3,598
Investments in securities and security-related receivables, at fair value	$630		$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 1 month 6 days		'28 years 10 months 24 days

[1]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments, which does not necessarily correspond to the carrying amount.
[2]	CMBS receivables include securities with a fair value totaling $12,122 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $22,667 that are rated "BBB+" and "B-" by Standard & Poor's and securities with a fair value totaling $1,646 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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Standard & Poor's AAA and A- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$12,122	$8,228
Standard & Poor's BBB+ and B- Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	22,667	26,594
Standard & Poor's, CCC Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	'	8,164
Standard & Poor's, D Rating	'	'
Investment Securities [Line Items]	'	'
Securities, fair value	$1,646	$1,132

NonAccrual_Status_of_Investmen

Non-Accrual Status of Investments (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Investment Holdings [Line Items]	'		'
Weighted Average Coupon	4.00%	[1]	3.90%	[1]
TruPS and TruPS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	65,557		83,557
Weighted Average Coupon	2.00%		1.80%
Fair Value	650		5,678
Other securities	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	36,842		41,019
Weighted Average Coupon	3.20%		3.10%
Fair Value	630		11
CMBS receivables	'		'
Investment Holdings [Line Items]	'		'
Principal/Par Amount on Non Accrual	15,250		22,772
Weighted Average Coupon	5.90%		5.90%
Fair Value	328		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 $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Investment Securities [Line Items]	'	'
Principal amount of unsecured REIT note receivables and CMBS receivables	$78,383	$91,383
TruPS and subordinated debentures	'	'
Investment Securities [Line Items]	'	'
Principal amount of TruPS	$635,276	$653,276

Summary_of_Investments_in_Real

Summary of Investments in Real Estate (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Property		Property
Real Estate Properties [Line Items]	'		'
Investments in real estate, Book Value	$1,556,530		$1,131,931
Less: Accumulated depreciation and amortization	-155,815	[1]	-127,745	[1]
Investments in real estate, net, Book Value	1,400,715		1,004,186
Number of Properties	80		62
Multi-family real estate properties	'		'
Real Estate Properties [Line Items]	'		'
Investments in real estate, Book Value	1,040,808	[1]	716,708	[1]
Number of Properties	50	[1]	37	[1]
Office real estate properties	'		'
Real Estate Properties [Line Items]	'		'
Investments in real estate, Book Value	330,725		282,371
Number of Properties	14		11
Retail real estate properties	'		'
Real Estate Properties [Line Items]	'		'
Investments in real estate, Book Value	134,341		83,653
Number of Properties	6		4
Parcels of land	'		'
Real Estate Properties [Line Items]	'		'
Investments in real estate, Book Value	$50,656		$49,199
Number of Properties	10		10

[1]	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.

Summary_of_Investments_in_Real1

Summary of Investments in Real Estate (Parenthetical) (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Property		Property
Real Estate Properties [Line Items]	'		'
Number of Properties	80		62
Investments in real estate, Book Value	$1,556,530		$1,131,931
Accumulated depreciation and amortization	155,815	[1]	127,745	[1]
Independence Realty Trust Inc	'		'
Real Estate Properties [Line Items]	'		'
Number of Properties	22		10
Number of units	6,470		2,790
Investments in real estate, Book Value	444,050		190,096
Accumulated depreciation and amortization	$20,848		$15,775

[1]	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.

Investments_in_Real_Estate_Add

Investments in Real Estate - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Real Estate Properties [Line Items]	'	'	'	'	'
Investments in real estate	$1,400,715	'	$1,400,715	'	$1,004,186
Mortgages held by third parties	379,242	'	379,242	'	171,223
Mortgages held by consolidated securitizations	944,662	'	944,662	'	864,689
Gains (losses) on assets	25	-191	-5,350	30	'
Investment contributed revenue	41,814	29,233	116,204	84,260	'
Net income allocable to common shares	-23,266	-17,106	-63,503	-173,515	'
Acquisition expense	816	199	1,408	199	'
Proceed from sale of real estate property	'	'	3,821	3,139	'
Loss on sale of real estate property	'	'	2,526	'	'
Multi-family real estate properties	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Proceed from sale of real estate property	'	'	4,250	'	'
Series of Individually Immaterial Business Acquisitions	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Investments in acquisition of real estate	418,427	'	418,427	'	'
Gains (losses) on assets	'	'	5,675	'	'
Investment contributed revenue	'	'	22,042	'	'
Net income allocable to common shares	'	'	1,813	'	'
Acquisition expense	'	'	1,127	'	'
Series of Individually Immaterial Business Acquisitions \| Working Capital and Intangible Assets	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Investments in acquisition of real estate	427,194	'	427,194	'	'
Series of Individually Immaterial Business Acquisitions \| Multi-family real estate properties	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Number of real estate properties acquired	'	'	14	'	'
Series of Individually Immaterial Business Acquisitions \| Office real estate properties	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Number of real estate properties acquired	'	'	3	'	'
Series of Individually Immaterial Business Acquisitions \| Multi Family Real Estate Properties and Office Real Estate Properties \| Commercial Real Estate	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Investments in acquisition of real estate	421,879	'	421,879	'	'
Series of Individually Immaterial Business Acquisitions \| Independence Realty Trust Inc	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Number of real estate properties acquired	'	'	12	'	'
Investments in acquisition of real estate	$255,831	'	$255,831	'	'
Series of Individually Immaterial Business Acquisitions \| Retail real estate properties	'	'	'	'	'
Real Estate Properties [Line Items]	'	'	'	'	'
Number of real estate properties acquired	'	'	2	'	'

Aggregate_Estimated_Fair_Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	Sep. 30, 2014
In Thousands, unless otherwise specified	Sep. 30, 2014
Series of Individually Immaterial Business Acquisitions	'
Assets acquired:	'
Investments in real estate	$418,427
Cash and cash equivalents	308
Restricted cash	3,094
Other assets	2,590
Deferred financing costs	993
Intangible assets	8,767
Total assets acquired	434,179
Liabilities assumed:	'
Loans payable on real estate	127,755
Accounts payable and accrued expenses	5,480
Other liabilities	710
Total liabilities assumed	133,945
Noncontrolling interests assumed:	3,000
Estimated fair value of net assets acquired	$297,234

Consideration_Transferred_to_A

Consideration Transferred to Acquire Real Estate Properties (Detail) (Series of Individually Immaterial Business Acquisitions, USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014
Series of Individually Immaterial Business Acquisitions	'
Fair value of consideration transferred:	'
Commercial real estate loans and cash	$297,407
Other considerations	-173
Total fair value of consideration transferred	$297,234

Consolidated_Unaudited_Pro_For

Consolidated Unaudited Pro Forma Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Business Acquisition, Pro Forma Information [Line Items]	'	'	'	'
Total revenue of real estate properties acquired, as reported	$10,039	$0	$22,042	$0
Pro forma rental income	45,347	42,260	133,861	122,776
Net income (loss) allocable to common shares of real estate properties acquired, as reported	846	0	1,813	0
Pro forma net income (loss) allocable to common shares	($22,393)	($14,912)	($59,458)	($166,797)
Earnings (loss) per share attributable to common shareholders of real estate properties acquired	'	'	'	'
Basic and diluted-as reported	$0.01	$0	$0.02	$0
Basic and diluted-as pro forma	($0.27)	($0.21)	($0.73)	($2.50)

Summary_of_Total_Recourse_and_

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) (USD $)	9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	$3,043,419		$2,592,414
Carrying Amount	2,613,317		2,086,401
Weighted- Average Interest Rate	1.90%		1.40%
Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	515,663	[1]	251,715	[2]
Carrying Amount	501,273	[1]	235,011	[2]
Weighted- Average Interest Rate	4.40%	[1]	3.80%	[2]
Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	2,527,756		2,340,699
Carrying Amount	2,112,044		1,851,390
Weighted- Average Interest Rate	1.40%		1.10%
7.0% convertible senior notes \| Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	34,066	[3]	34,066	[3]
Carrying Amount	33,297	[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	133,752	[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]
CMBS Facilities	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount	1,573,559		1,662,537
CMBS Facilities \| Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	159,171		37,746
Carrying Amount	159,171		37,749
Weighted- Average Interest Rate	2.40%		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	'2016-07		'2015-10
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	2.70%		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	13,048	[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
CDO notes payable, at amortized cost \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	1,086,038	[6],[7]	1,204,117	[6],[8]
Carrying Amount	1,084,289	[6],[7]	1,202,772	[6],[8]
Weighted- Average Interest Rate	0.60%	[6],[7]	0.60%	[6],[8]
CDO notes payable, at amortized cost \| Minimum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2045	[6],[7]	'2045	[6],[8]
CDO notes payable, at amortized cost \| Maximum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2046	[6],[7]	'2046	[6],[8]
CDO notes payable, at fair value \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	846,941	[5],[6],[9]	865,199	[10],[5],[6]
Carrying Amount	431,142	[5],[6],[9]	377,235	[10],[5],[6]
Weighted- Average Interest Rate	1.00%	[5],[6],[9]	0.90%	[10],[5],[6]
CDO notes payable, at fair value \| Minimum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2037	[5],[6],[9]	'2037	[10],[5],[6]
CDO notes payable, at fair value \| Maximum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, year	'2038	[5],[6],[9]	'2038	[10],[5],[6]
Loans payable on real estate \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	379,259	[11]	171,244	[12]
Carrying Amount	381,095	[11]	171,244	[12]
Weighted- Average Interest Rate	4.70%	[11]	5.30%	[12]
Loans payable on real estate \| Minimum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2015-09	[11]	'2015-09	[12]
Loans payable on real estate \| Maximum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2024-08	[11]	'2023-12	[12]
7.625% senior notes due 2024 \| Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	60,000		'
Carrying Amount	60,000		'
Weighted- Average Interest Rate	7.60%		'
Contractual Maturity, month and year	'2024-04		'
7.125% Senior Notes due 2019 \| Recourse Indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	71,905		'
Carrying Amount	71,905		'
Weighted- Average Interest Rate	7.10%		'
Contractual Maturity, month and year	'2019-08		'
CMBS securitizations	'		'
Debt Instrument [Line Items]	'		'
Carrying Amount	289,470		131,843
CMBS securitizations \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Unpaid Principal Balance	215,518	[13]	100,139	[14]
Carrying Amount	$215,518	[13]	$100,139	[14]
Weighted- Average Interest Rate	1.90%	[13]	2.10%	[14]
Contractual Maturity, month and year	'		'2029-01	[14]
CMBS securitizations \| Minimum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'2029-01	[13]	'
CMBS securitizations \| Maximum \| Non-recourse indebtedness	'		'
Debt Instrument [Line Items]	'		'
Contractual Maturity, month and year	'3031-05	[13]	'

[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $80,000 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 CDO notes payable purchased by us which are eliminated in consolidation.
[7]	Collateralized by $1,573,559 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[8]	Collateralized by $1,662,537 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.
[9]	Collateralized by $959,310 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of September 30, 2014 was $731,911. 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]	Includes $246,997 of unpaid principal balance with a carrying amount of $248,833 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.7% and has a range of maturity dates from April 2016 to August 2024.
[12]	Includes $100,803 of unpaid principal balance and carrying amount of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2019 to November 2022.
[13]	Excludes the FL1 junior notes and the FL2 junior notes purchased by us which are eliminated in consolidation. Collateralized by $289,470 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.
[14]	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.

Summary_of_Total_Recourse_and_1

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Debt Instrument [Line Items]	'	'
Stated interest rate	4.00%	'
Principal amount of senior secured notes issued	80,000	86,000
Carrying Amount	2,613,317	2,086,401
Principal amount of investment in securities and security-related receivables and loans	959,310	989,781
Fair value of investments securitized	731,911	746,939
Unpaid Principal Balance	3,043,419	2,592,414
Weighted- Average Interest Rate	1.90%	1.40%
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%
CMBS Facilities	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	1,573,559	1,662,537
Independence Realty Trust Inc	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	248,833	100,803
Unpaid Principal Balance	246,997	100,803
Weighted- Average Interest Rate	3.70%	3.80%
Minimum \| Independence Realty Trust Inc	'	'
Debt Instrument [Line Items]	'	'
Contractual Maturity, month and year	'2016-04	'2019-01
Maximum \| Independence Realty Trust Inc	'	'
Debt Instrument [Line Items]	'	'
Contractual Maturity, month and year	'2024-08	'2022-11
CMBS securitizations	'	'
Debt Instrument [Line Items]	'	'
Carrying Amount	289,470	131,843

Indebtedness_Additional_Inform

Indebtedness - Additional Information (Detail) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

12 Months Ended

9 Months Ended

0 Months Ended

In Thousands, except Per Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Apr. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Jan. 31, 2014

Apr. 14, 2014

Apr. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Aug. 11, 2014

Sep. 30, 2014

Jul. 28, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jan. 31, 2014

Sep. 30, 2014

Sep. 09, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 09, 2014

Jan. 27, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 28, 2014

Sep. 30, 2014

Apr. 29, 2014

Sep. 30, 2014

Apr. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Nov. 04, 2014

London Interest Bank Offer Rate

Second Capped Call Option

4.0% convertible senior notes

7.625% senior notes due 2024

CMBS securitizations

CMBS Facilities

7.0% convertible senior notes

7.125% Senior Notes due 2019

Recourse Indebtedness

Investment Grade Senior Notes

Equity interest

Non-recourse indebtedness

Minimum

Maximum

Overallotment Option

Additional Principal Amount Overallotment Option Exercised By Underwriters

4.0% convertible senior notes

7.625% senior notes due 2024

Secured credit facilities

Amended IROP Credit agreement

CMBS securitizations

CMBS Facilities

7.0% convertible senior notes

7.125% Senior Notes due 2019

Amended Master Repurchase Agreement

Upon Occurrence Of Certain Events

CMBS securitizations

CDO notes payable, at amortized cost

CDO notes payable, at fair value

Loans payable on real estate

London Interest Bank Offer Rate

Minimum

Maximum

London Interest Bank Offer Rate

$75,000 Thousand Commercial Mortgage Facility

Minimum

Maximum

$250,000 Thousand CMBS facility

Floating Rate Loans

Fixed Rate Loans

re-directed from retained interests

Principal collections of the underlying collateral

Minimum

Maximum

First Mortgage

London Interest Bank Offer Rate

MortgageLoan

Subsequent Event

MortgageLoan

Debt Instrument [Line Items]

Convertible note conversion rate

105.8429

156.8716

Principal amount of convertible note, conversion rate

Initial conversion price

$9.45

$6.37

Principal amount of convertible senior notes issued

80,000

86,000

16,750

141,750

60,000

71,905

Proceeds from issuance of convertible senior notes

16,300

137,238

Discount on convertible senior notes

1,182

Cap price of capped call transaction

11.91

Initial strike price of capped call transaction

$9.57

Capped call expiration date

'2018-06

'2018-10

Stated interest rate

4.00%

7.63%

7.00%

7.13%

3.70%

Net proceeds from notes issued

57,500

69,209

Senior secured notes, maturity date

15-Apr-24

30-Aug-19

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

15-Apr-17

30-Aug-17

Revolving credit agreement term

'3 years

Outstanding borrowings

5,000

159,171

LIBOR plus interest rate

1.79%

2.50%

2.00%

2.50%

Line of credit facility, borrowing capacity

100,000

20,000

30,000

75,000

575,000

200,000

100,000

Payment of notes

25,589

9,268

6,143

40,482

18,255

4,125

14,130

Line of credit facility, remaining borrowing capacity

415,829

Line of credit facility, expiration date

28-Jul-16

Credit agreement term

'2 years

Principal amount repurchase convertible senior notes

5,800

Purchase price of notes

3,379

Gain on extinguishment of debt

2,421

Real estate investment

5,500

196,052

155,861

40,191

Real estate investment advance rate

79.50%

Maturity date of investment

'2031-05

'2016-04

Carrying Amount

2,613,317

2,086,401

1,573,559

1,662,537

501,273

[1]

235,011

[2]

133,752

[3]

116,184

[3]

60,000

5,000

11,129

159,171

37,749

33,297

[4]

32,938

[4]

71,905

2,112,044

1,851,390

1,084,289

[5],[6]

1,202,772

[5],[7]

431,142

[5],[8],[9]

377,235

[10],[5],[8]

381,095

[11]

171,244

[12]

Number of mortgages obtained

Unpaid Principal Balance

$3,043,419

$2,592,414

$515,663

[1]

$251,715

[2]

$141,750

[3]

$125,000

[3]

$60,000

$5,000

$11,129

$159,171

$37,746

$34,066

[4]

$34,066

[4]

$71,905

$2,527,756

$2,340,699

$1,086,038

[5],[6]

$1,204,117

[5],[7]

$846,941

[5],[8],[9]

$865,199

[10],[5],[8]

$379,259

[11]

$171,244

[12]

$210,483

$15,991

Contractual Maturity, start year

'2016-04

Contractual Maturity, end year

'2024-08

Stated interest rate, minimum

3.40%

Stated interest rate, maximum

5.60%

Contractual Maturity, month and year

'2033-10

[3]

'2033-10

[3]

'2024-04

'2016-10

'2016-12

'2014-11

'2016-07

'2015-10

'2031-04

[4]

'2031-04

[4]

'2019-08

'2015-09

[11]

'2015-09

[12]

'2024-08

[11]

'2023-12

[12]

'2021-11

[1]

Excludes senior secured notes issued by us with an aggregate principal amount equal to $80,000 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 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

[4]

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

[5]

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

[6]

Collateralized by $1,573,559 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[7]

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

[8]

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

[9]

Collateralized by $959,310 principal amount of investments in securities and security-related receivables and loans, before fair value adjustments. The fair value of these investments as of September 30, 2014 was $731,911. 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]

Includes $246,997 of unpaid principal balance with a carrying amount of $248,833 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.7% and has a range of maturity dates from April 2016 to August 2024.

[12]

Includes $100,803 of unpaid principal balance and carrying amount of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from January 2019 to November 2022.

Aggregate_Notional_Amount_and_

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Notional amount	$1,108,409	$1,107,447
Fair Value of Assets	732	1,305
Fair Value of Liabilities	-81,998	-113,331
Interest rate swaps	'	'
Derivative [Line Items]	'	'
Notional amount	1,072,409	1,071,447
Fair Value of Assets	46	183
Fair Value of Liabilities	-81,998	-113,331
Interest rate caps	'	'
Derivative [Line Items]	'	'
Notional amount	36,000	36,000
Fair Value of Assets	686	1,122
Fair Value of Liabilities	$0	$0

Derivative_Financial_Instrumen2

Derivative Financial Instruments - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Derivative [Line Items]	'	'	'	'	'
Notional amount	$1,108,409	'	$1,108,409	'	$1,107,447
Realized losses	6,966	7,946	21,746	24,330	'
Discontinued Interest Rate Swaps	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional amount	561,151	'	561,151	'	'
Liability Of hedge Accounting	53,900	'	53,900	'	'
Interest rate swaps	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Notional amount	1,072,409	'	1,072,409	'	1,071,447
RAIT I and RAIT II \| Interest rate swaps	'	'	'	'	'
Derivative [Line Items]	'	'	'	'	'
Weighted average strike rate	5.25%	'	5.25%	'	'
Notional amount	$22,400	'	$22,400	'	'
Derivative, inception date	'	'	1-Oct-14	'	'
Derivative, maturity date	'	'	31-Dec-14	'	'

Carrying_Amount_and_Fair_Value

Carrying Amount and Fair Value of Financial Instruments (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2013	Dec. 31, 2012
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	$1,369,782		$1,122,377		'	'
Investments in securities and security-related receivables, Carrying Amount	568,279		567,302		'	'
Cash and cash equivalents, Carrying Amount	116,767		88,847		116,623	100,041
Restricted cash, Carrying Amount	133,374		121,589		'	'
Derivative assets	732		1,305		'	'
Liabilities	'		'		'	'
Junior subordinated notes	13,048		11,911		'	'
Carrying Amount	2,613,317		2,086,401		'	'
Notes payable, Estimated Fair Value	431,142		377,235		'	'
Derivative liabilities	81,998		113,331		'	'
Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	501,273	[1]	235,011	[2]	'	'
Non-recourse indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	2,112,044		1,851,390		'	'
Carrying Amount	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	1,354,120		1,122,377		'	'
Investments in securities and security-related receivables, Carrying Amount	568,279		567,302		'	'
Cash and cash equivalents, Carrying Amount	116,767		88,847		'	'
Restricted cash, Carrying Amount	133,374		121,589		'	'
Carrying Amount \| 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	33,297		32,938		'	'
Carrying Amount \| 4.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	133,752		116,184		'	'
Carrying Amount \| 7.625% senior notes due 2024	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	60,000		'		'	'
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	1,084,289		1,202,772		'	'
Carrying Amount \| CMBS securitizations	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	215,518		100,139		'	'
Carrying Amount \| Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	381,095		171,244		'	'
Carrying Amount \| 7.125% Senior Notes due 2019	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	71,905		'		'	'
Carrying Amount \| Recourse Indebtedness \| 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	33,297		32,938		'	'
Carrying Amount \| Recourse Indebtedness \| 4.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	133,752		116,184		'	'
Carrying Amount \| Recourse Indebtedness \| 7.625% senior notes due 2024	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	60,000		'		'	'
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	159,171		37,749		'	'
Carrying Amount \| Recourse Indebtedness \| 7.125% Senior Notes due 2019	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	71,905		'		'	'
Carrying Amount \| Non-recourse indebtedness \| Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	81,998		113,331		'	'
Carrying Amount \| Non-recourse indebtedness \| CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	1,084,289		1,202,772		'	'
Carrying Amount \| Non-recourse indebtedness \| CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	431,142		377,235		'	'
Carrying Amount \| Non-recourse indebtedness \| CMBS securitizations	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	215,518		100,139		'	'
Carrying Amount \| Non-recourse indebtedness \| Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	381,095		171,244		'	'
Carrying Amount \| Non-recourse indebtedness \| Warrants and investor SARs	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	29,731		31,304		'	'
Estimated Fair Value	'		'		'	'
Assets	'		'		'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Estimated Fair Value	1,283,719		1,083,118		'	'
Investments in securities and security-related receivables, Carrying Amount	568,279		567,302		'	'
Cash and cash equivalents, Estimated Fair Value	116,767		88,847		'	'
Restricted cash, Carrying Amount	133,374		121,589		'	'
Estimated Fair Value \| 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	40,062		47,778		'	'
Estimated Fair Value \| 4.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	134,308		124,063		'	'
Estimated Fair Value \| 7.625% senior notes due 2024	'		'		'	'
Liabilities	'		'		'	'
Senior notes, Estimated Fair Value	57,624		'		'	'
Estimated Fair Value \| Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,648		14,007		'	'
Estimated Fair Value \| CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	919,924		724,885		'	'
Estimated Fair Value \| CMBS securitizations	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	215,527		100,214		'	'
Estimated Fair Value \| Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	398,517		176,979		'	'
Estimated Fair Value \| 7.125% Senior Notes due 2019	'		'		'	'
Liabilities	'		'		'	'
Senior notes, Estimated Fair Value	71,013		'		'	'
Estimated Fair Value \| Recourse Indebtedness \| 7.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	40,062		47,778		'	'
Estimated Fair Value \| Recourse Indebtedness \| 4.0% convertible senior notes	'		'		'	'
Liabilities	'		'		'	'
Convertible senior notes, Estimated Fair Value	134,308		124,063		'	'
Estimated Fair Value \| Recourse Indebtedness \| 7.625% senior notes due 2024	'		'		'	'
Liabilities	'		'		'	'
Senior notes, Estimated Fair Value	57,624		'		'	'
Estimated Fair Value \| Recourse Indebtedness \| Junior subordinated notes, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	14,648		14,007		'	'
Estimated Fair Value \| Recourse Indebtedness \| CMBS Facilities	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	159,171		37,749		'	'
Estimated Fair Value \| Recourse Indebtedness \| 7.125% Senior Notes due 2019	'		'		'	'
Liabilities	'		'		'	'
Senior notes, Estimated Fair Value	71,013		'		'	'
Estimated Fair Value \| Non-recourse indebtedness \| Derivative Liabilities	'		'		'	'
Liabilities	'		'		'	'
Derivative liabilities	81,998		113,331		'	'
Estimated Fair Value \| Non-recourse indebtedness \| CDO notes payable, at amortized cost	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	919,924		724,885		'	'
Estimated Fair Value \| Non-recourse indebtedness \| CDO notes payable, at fair value	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	431,142		377,235		'	'
Estimated Fair Value \| Non-recourse indebtedness \| CMBS securitizations	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	215,527		100,214		'	'
Estimated Fair Value \| Non-recourse indebtedness \| Loans payable on real estate	'		'		'	'
Liabilities	'		'		'	'
Notes payable, Estimated Fair Value	398,517		176,979		'	'
Estimated Fair Value \| Non-recourse indebtedness \| Warrants and investor SARs	'		'		'	'
Liabilities	'		'		'	'
Derivative liabilities	29,731		31,304		'	'
Derivative assets \| Carrying Amount	'		'		'	'
Assets	'		'		'	'
Derivative assets	732		1,305		'	'
Derivative assets \| Estimated Fair Value	'		'		'	'
Assets	'		'		'	'
Derivative assets	732		1,305		'	'
Secured credit facilities \| Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	5,000		11,129		'	'
Secured credit facilities \| Carrying Amount \| Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	5,000		11,129		'	'
Secured credit facilities \| Estimated Fair Value \| Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Secured credit facilities, Estimated Fair Value	5,000		11,129		'	'
Junior subordinated notes, at fair value \| Carrying Amount \| Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Carrying Amount	13,048		11,911		'	'
Junior subordinated notes, at fair value \| Estimated Fair Value \| Recourse Indebtedness	'		'		'	'
Liabilities	'		'		'	'
Junior subordinated notes	$13,048		$11,911		'	'

[1]	Excludes senior secured notes issued by us with an aggregate principal amount equal to $80,000 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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Assets:	'		'
Marketable Securities	$568,279		$567,302
Derivative assets	732		1,305
Total assets	569,011		568,607
Liabilities:	'		'
Junior subordinated notes, at fair value	13,048		11,911
CDO notes payable, at fair value	431,142		377,235
Derivative liabilities	81,998		113,331
Warrants and investor SARs	29,731		31,304
Total liabilities	555,919		533,781
Trading securities	'		'
Assets:	'		'
Marketable Securities	489,938		480,845
Trading securities \| TruPs	'		'
Assets:	'		'
Marketable Securities	489,938		480,845
Trading securities \| Other securities	'		'
Assets:	'		'
Marketable Securities	0		0
Security-related receivables	'		'
Assets:	'		'
Marketable Securities	77,711		86,455
Security-related receivables \| Trups Receivables	'		'
Assets:	'		'
Marketable Securities	7,683		8,211
Security-related receivables \| Unsecured REIT note receivables	'		'
Assets:	'		'
Marketable Securities	32,532		33,046
Security-related receivables \| CMBS receivables	'		'
Assets:	'		'
Marketable Securities	36,435	[1]	44,118	[2]
Security-related receivables \| Other securities	'		'
Assets:	'		'
Marketable Securities	1,061		1,080
Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	630		2
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, at fair value	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) \| 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]
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	0	[3]	0	[4]
Significant Other Observable Inputs (Level 2)	'		'
Assets:	'		'
Derivative assets	732	[3]	1,305	[4]
Total assets	71,390	[3]	79,551	[4]
Liabilities:	'		'
Junior subordinated notes, at fair value	0	[3]	0	[4]
CDO notes payable, at fair value	0	[3]	0	[4]
Derivative liabilities	28,098	[3]	45,926	[4]
Warrants and investor SARs	0	[3]	0	[4]
Total liabilities	28,098	[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) \| 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	32,532	[3]	33,046	[4]
Significant Other Observable Inputs (Level 2) \| Security-related receivables \| CMBS receivables	'		'
Assets:	'		'
Marketable Securities	36,435	[3]	44,118	[4]
Significant Other Observable Inputs (Level 2) \| Security-related receivables \| Other securities	'		'
Assets:	'		'
Marketable Securities	1,061	[3]	1,080	[4]
Significant Other Observable Inputs (Level 2) \| Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	630	[3]	2	[4]
Significant Unobservable Inputs (Level 3)	'		'
Assets:	'		'
Derivative assets	0	[3]	0	[4]
Total assets	497,621	[3]	489,056	[4]
Liabilities:	'		'
Junior subordinated notes, at fair value	13,048	[3]	11,911	[4]
CDO notes payable, at fair value	431,142	[3]	377,235	[4]
Derivative liabilities	53,900	[3]	67,405	[4]
Warrants and investor SARs	29,731	[3]	31,304	[4]
Total liabilities	527,821	[3]	487,855	[4]
Significant Unobservable Inputs (Level 3) \| Trading securities \| TruPs	'		'
Assets:	'		'
Marketable Securities	489,938	[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) \| Security-related receivables \| Trups Receivables	'		'
Assets:	'		'
Marketable Securities	7,683	[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]
Significant Unobservable Inputs (Level 3) \| Available-for-sale Securities	'		'
Assets:	'		'
Marketable Securities	$0	[3]	$0	[4]

[1]	CMBS receivables include securities with a fair value totaling $12,122 that are rated between "AAA" and "A-" by Standard & Poor's, securities with a fair value totaling $22,667 that are rated "BBB+" and "B-" by Standard & Poor's and securities with a fair value totaling $1,646 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 nine-month period ended September 30, 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 $)	Sep. 30, 2014	Dec. 31, 2013
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_Sheet1

Fair Value of Financial Instruments - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
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 $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 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	8,565
Purchases	0
Principal Repayments	0
Ending Balance	497,621
Beginning Balance	487,855
Change in fair value of financial instruments	44,480
Purchases	13,741
Sales	0
Principal repayments	-18,255
Ending Balance	527,821
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	-13,505
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	53,900
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	-15,314
Purchases	13,741
Sales	0
Principal repayments	0
Ending Balance	29,731
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	72,162
Purchases	0
Sales	0
Principal repayments	-18,255
Ending Balance	431,142
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	1,137
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	13,048
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	9,093
Purchases	0
Principal Repayments	0
Ending Balance	489,938
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	-528
Purchases	0
Principal Repayments	0
Ending Balance	$7,683

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 $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	$1,369,782		$1,122,377
Carrying Amount	2,613,317		2,086,401
Estimated Fair Value	'		'
Junior subordinated notes	13,048		11,911
CDO notes payable, Estimated Fair Value	431,142		377,235
Estimated Fair Value	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,283,719		1,083,118
Carrying Amount	'		'
Carrying Amount	'		'
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,354,120		1,122,377
7.0% convertible senior notes \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	40,062		47,778
7.0% convertible senior notes \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	33,297		32,938
4.0% convertible senior notes \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Convertible senior notes, Estimated Fair Value	134,308		124,063
4.0% convertible senior notes \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	133,752		116,184
Junior subordinated notes, at amortized cost \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Junior subordinated notes	14,648		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	919,924		724,885
CDO notes payable, at amortized cost \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	1,084,289		1,202,772
CMBS securitizations \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	215,527		100,214
CMBS securitizations \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	215,518		100,139
Loans payable on real estate \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	398,517		176,979
Loans payable on real estate \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	381,095		171,244
7.625% senior notes due 2024 \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	57,624		'
7.625% senior notes due 2024 \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	60,000		'
7.125% Senior Notes due 2019 \| Estimated Fair Value	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	71,013		'
7.125% Senior Notes due 2019 \| Carrying Amount	'		'
Carrying Amount	'		'
Carrying Amount	71,905		'
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	40,062		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	134,308		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 securitizations	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	0		0
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 7.625% senior notes due 2024	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	57,624		'
Quoted Prices in Active Markets for Identical Assets (Level 1) \| 7.125% Senior Notes due 2019	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	71,013		'
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 securitizations	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	0		0
Significant Other Observable Inputs (Level 2) \| Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	0		0
Significant Other Observable Inputs (Level 2) \| 7.625% senior notes due 2024	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	0		'
Significant Other Observable Inputs (Level 2) \| 7.125% Senior Notes due 2019	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	0		'
Significant Unobservable Inputs (Level 3)	'		'
Estimated Fair Value	'		'
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,283,719		1,083,118
Junior subordinated notes	13,048	[1]	11,911	[2]
CDO notes payable, Estimated Fair Value	431,142	[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	14,648		14,007
Significant Unobservable Inputs (Level 3) \| CDO notes payable, at amortized cost	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	919,924		724,885
Significant Unobservable Inputs (Level 3) \| CMBS securitizations	'		'
Estimated Fair Value	'		'
CDO notes payable, Estimated Fair Value	215,527		100,214
Significant Unobservable Inputs (Level 3) \| Loans payable on real estate	'		'
Estimated Fair Value	'		'
Loans payable on real estate, Estimated Fair Value	398,517		176,979
Significant Unobservable Inputs (Level 3) \| 7.625% senior notes due 2024	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	0		'
Significant Unobservable Inputs (Level 3) \| 7.125% Senior Notes due 2019	'		'
Estimated Fair Value	'		'
Senior notes, Estimated Fair Value	$0		'

[1]	During the nine-month period ended September 30, 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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'
Change in fair value of financial instruments, Assets	'	'	$8,565	'
Change in fair value of financial instruments, Liabilities	'	'	44,480	'
Change in fair value of financial instruments	-10,223	-24,659	-59,433	-200,436
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	2,386	-2,107	10,960	16,059
Collateralized Debt Obligations Notes Payable and Trust Preferred Obligations	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'
Change in fair value of financial instruments, Liabilities	-23,961	-17,524	-73,294	-203,149
Derivative	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'
Change in fair value of financial instruments, Liabilities	-702	-8,076	-12,413	-11,752
Warrants and investor SARs	'	'	'	'
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]	'	'	'	'
Change in fair value of financial instruments, Liabilities	$12,054	$3,048	$15,314	($1,594)

Assets_and_Liabilities_of_Cons

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) (USD $)	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Investments in mortgages and loans, at amortized cost:	'	'	'	'	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$1,369,782	'	$1,122,377	'	'	'
Allowance for losses	-15,662	-15,336	-22,955	-23,317	-24,222	-30,400
Total investments in mortgages and loans	1,354,120	'	1,099,422	'	'	'
Investments in real estate, net of accumulated depreciation of $24,290 and 18,538, respectively	1,400,715	'	1,004,186	'	'	'
Investments in securities and security-related receivables, at fair value	568,279	'	567,302	'	'	'
Cash and cash equivalents	116,767	'	88,847	116,623	'	100,041
Restricted cash	133,374	'	121,589	'	'	'
Accrued interest receivable	54,929	'	48,324	'	'	'
Deferred financing costs, net of accumulated amortization of $19,993 and $17,107, respectively	25,141	'	18,932	'	'	'
Intangible assets, net of accumulated amortization of $3,495 and $568, respectively	23,944	'	21,554	'	'	'
Total assets	3,756,217	'	3,027,237	'	'	'
Liabilities and Equity	'	'	'	'	'	'
Indebtedness (including $431,142 and $377,235 at fair value, respectively)	2,613,317	'	2,086,401	'	'	'
Accrued interest payable	34,164	'	26,936	'	'	'
Accounts payable and accrued expenses	58,579	'	32,447	'	'	'
Derivative liabilities	81,998	'	113,331	'	'	'
Deferred taxes, borrowers' escrows and other liabilities	132,200	'	79,462	'	'	'
Total liabilities	2,920,258	'	2,338,577	'	'	'
Shareholders' equity:	'	'	'	'	'	'
Accumulated other comprehensive income (loss)	-43,039	'	-63,810	'	'	'
Retained earnings (deficit)	-1,364,168	'	-1,257,306	'	'	'
Total shareholders' equity	604,162	'	601,563	'	'	'
Noncontrolling interests	155,621	'	34,127	'	'	'
Total liabilities and equity	3,756,217	'	3,027,237	'	'	'
Variable Interest Entities	'	'	'	'	'	'
Investments in mortgages and loans, at amortized cost:	'	'	'	'	'	'
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,718,528	'	1,816,507	'	'	'
Allowance for losses	-16,205	'	-17,250	'	'	'
Total investments in mortgages and loans	1,702,323	'	1,799,257	'	'	'
Investments in real estate, net of accumulated depreciation of $24,290 and 18,538, respectively	443,428	'	194,648	'	'	'
Investments in securities and security-related receivables, at fair value	566,330	'	566,577	'	'	'
Cash and cash equivalents	35,051	'	3,599	'	'	'
Restricted cash	30,898	'	40,793	'	'	'
Accrued interest receivable	80,240	'	68,456	'	'	'
Deferred financing costs, net of accumulated amortization of $19,993 and $17,107, respectively	8,857	'	10,263	'	'	'
Intangible assets, net of accumulated amortization of $3,495 and $568, respectively	1,327	'	517	'	'	'
Total assets	2,868,454	'	2,684,110	'	'	'
Liabilities and Equity	'	'	'	'	'	'
Indebtedness (including $431,142 and $377,235 at fair value, respectively)	2,044,328	'	1,946,536	'	'	'
Accrued interest payable	83,059	'	73,122	'	'	'
Accounts payable and accrued expenses	10,767	'	5,771	'	'	'
Derivative liabilities	81,653	'	113,323	'	'	'
Deferred taxes, borrowers' escrows and other liabilities	8,634	'	5,805	'	'	'
Total liabilities	2,228,441	'	2,144,557	'	'	'
Shareholders' equity:	'	'	'	'	'	'
Accumulated other comprehensive income (loss)	-38,912	'	-59,684	'	'	'
RAIT investment	340,609	'	311,635	'	'	'
Retained earnings (deficit)	188,809	'	258,270	'	'	'
Total shareholders' equity	490,506	'	510,221	'	'	'
Noncontrolling interests	149,507	'	29,332	'	'	'
Total liabilities and equity	$2,868,454	'	$2,684,110	'	'	'

Assets_and_Liabilities_of_Cons1

Assets and Liabilities of Consolidated Variable Interest Entities (Parenthetical) (Detail) (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014		Dec. 31, 2013
Variable Interest Entity [Line Items]	'		'
Real estate, accumulated depreciation	$155,815	[1]	$127,745	[1]
Deferred financing costs, accumulated amortization	23,829		17,768
Intangible assets, accumulated amortization	10,941		4,564
Indebtedness, fair value	444,190		389,146
Variable Interest Entities	'		'
Variable Interest Entity [Line Items]	'		'
Real estate, accumulated depreciation	24,290		18,538
Deferred financing costs, accumulated amortization	19,993		17,107
Intangible assets, accumulated amortization	3,495		568
Indebtedness, fair value	$431,142		$377,235

[1]	As of September 30, 2014, includes 22 apartment properties owned by Independence Realty Trust, Inc., with 6,470 units and a book value of $444,050 and accumulated depreciation of $20,848. As of December 31, 2013, includes 10 apartment properties owned by Independence Realty Trust, Inc., with 2,790 units and a book value of $190,096 and accumulated depreciation of $15,775.

Series_D_Preferred_Shares_Addi

Series D Preferred Shares - Additional Information (Detail) (USD $)	12 Months Ended				9 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2012	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2012	Sep. 30, 2014	Dec. 31, 2012	Nov. 04, 2014	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	7,107,948.84	'	'	'	'	'
Stock Appreciation Rights Exercise Price	'	'	'	'	$6	'	$5.69	'
Fair value of Warrants and stock appreciation rights	'	$29,731	'	'	'	'	'	'
Warrants exercisable for common shares	'	9,931,000	10,479,889	'	'	'	'	'

Sales_Activity_of_Series_D_Pre

Sales Activity of Series D Preferred Shares (Detail) (USD $)	9 Months Ended
	Sep. 30, 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	-6,384,000	'
Total discount	-29,258,000	'
Discount amortization to-date	5,434,000	'
Carrying amount of Series D Preferred Shares	$76,176,000	$52,970,000

Shareholders_Equity_Additional

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

0 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 15, 2014

Jul. 31, 2014

Jun. 30, 2014

Jun. 12, 2014

Apr. 30, 2014

Mar. 31, 2014

Mar. 18, 2014

Jan. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Jun. 13, 2013

Jul. 21, 2014

Jan. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Jul. 21, 2014

Jan. 29, 2014

Sep. 30, 2014

Nov. 21, 2012

Oct. 31, 2014

Jan. 29, 2014

Sep. 30, 2014

Jul. 29, 2014

13-May-14

Jan. 29, 2014

Oct. 28, 2014

Sep. 15, 2014

Jun. 12, 2014

Mar. 18, 2014

Sep. 30, 2014

Jul. 29, 2014

Jun. 13, 2014

13-May-14

Jan. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Jun. 13, 2013

Oct. 28, 2014

Jun. 13, 2014

Jul. 29, 2014

13-May-14

Jan. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Jun. 13, 2013

Oct. 28, 2014

Jul. 29, 2014

13-May-14

Jan. 29, 2014

Sep. 30, 2014

Dec. 31, 2013

Jun. 13, 2013

Oct. 28, 2014

Jul. 29, 2014

13-May-14

Jan. 29, 2014

Oct. 28, 2014

Jun. 13, 2014

Independence Realty Trust Inc

Parent Company

Capital on Demand Sales Agreement

Subsequent Event

Restricted Stock

Stock Appreciation Rights (SARs)

Dividend Reinvestment And Share Purchase Plan

Phantom Share Units (PSUs)

Preferred Stock

Common Stock

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

Unclassified Preferred Stock

Independence Realty Trust Inc

Maximum

Non-management trustees

Executive Officers

Employees

Subsequent Event

After Reclassification

Before Reclassification

Subsequent Event

After Reclassification

Before Reclassification

Class of Stock [Line Items]

Preferred Shares, dividend declared

$0.48

$0.52

$0.55

$0.47

Dividend payment date

30-Sep-14

30-Jun-14

31-Mar-14

31-Dec-14

31-Oct-14

31-Jul-14

30-Apr-14

Dividend record date

2-Sep-14

2-Jun-14

3-Mar-14

1-Dec-14

7-Oct-14

11-Jul-14

4-Apr-14

Preferred Shares, dividend paid

$5,953

$5,962

$5,329

$20,628

Preferred shares aggregate amount to be issued and sold

150,000

4,000,000

1,000,000

Aggregate of Series A,B,C Preferred Shares available for issuance

3,993,719

1,000,000

Cumulative redeemable preferred shares, shares issued

6,281

Weighted-average price per share

$24.57

Net proceeds received from issuance of Preferred Shares

150

Reclassification of unclassified preferred shares to Series A preferred shares

3,309,288

Increase in Series A preferred shares as a result of reclassification

3,309,288

Preferred Shares, par value

$0.01

Preferred shares, authorized

25,000,000

8,069,288

4,760,000

8,069,288

4,300,000

3,600,000

4,340,000

1,030,712

Common stock, dividend declared

$0.18

$0.17

Common stock, dividend paid

14,729

13,914

43,359

14,716

Number of phantom units redeemed during that period

20,530

Number of shares awarded, share

42,217

293,700

891,600

Number of shares awarded, value

1,033

350

2,435

1,178

Closing stock price

$8.29

Vesting period

'3 years

Expiration date

29-Jan-19

Registered and reserved common shares

10,500,000

Common shares pursuant to the DRSPP

5,603

Weighted-average price per shares

$8.09

Net proceeds received

Common shares remaining available under the DRSPP

7,772,217

Common shares to be issued and sold

10,000,000

Common shares issued

82,509,635

71,447,437

641,139

Weighted-average price per share

$8.26

Net proceeds received from issuance of common shares

85,037

78,873

5,164

Common shares remaining available for issuance

7,918,819

Common shares in an underwritten public offering

10,000,000

8,050,000

Public offering price

$8.52

$9.50

$8.30

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

$82,570

$72,426

$62,984

Common shares purchased by us in underwritten public offering

300,000

1,204,819

Shares outstanding

7,269,719

5,764,900

Ownership percentage

28.20%

59.70%

Reconciliation_of_Basic_and_Di

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule Of Earnings Per Share Basic And Diluted [Line Items]	'	'	'	'
Net income (loss)	($16,462)	($11,135)	($42,895)	($156,814)
(Income) loss allocated to preferred shares	-7,407	-6,024	-20,628	-16,831
(Income) loss allocated to noncontrolling interests	603	53	20	130
Net income (loss) allocable to common shares	($23,266)	($17,106)	($63,503)	($173,515)
Weighted-average shares outstanding-Basic	81,967,806	70,192,918	81,111,796	66,807,299
Dilutive securities under the treasury stock method	0	0	0	0
Weighted-average shares outstanding-Diluted	81,967,806	70,192,918	81,111,796	66,807,299
Earnings (loss) per share-Basic:	'	'	'	'
Earnings (loss) per share-Basic	($0.28)	($0.24)	($0.78)	($2.60)
Earnings (loss) per share-Diluted:	'	'	'	'
Earnings (loss) per share-Diluted	($0.28)	($0.24)	($0.78)	($2.60)

Earnings_Loss_Per_Share_Additi

Earnings (Loss) Per Share - Additional Information (Detail)	3 Months Ended		9 Months Ended
Earnings (Loss) Per Share - Additional Information (Detail)	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Schedule Of Earnings Per Share Basic And Diluted [Line Items]	'	'	'	'
Anti-dilutive shares not included in computation of earnings per common share	31,456,338	16,434,324	31,539,962	16,434,324

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'
Fees received for managing securitization of marketable securities	$568,279	$567,302
Trust Preferred Securities	'	'
Related Party Transaction [Line Items]	'	'
Fees received for managing securitization of marketable securities	$25,000	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	0 Months Ended
In Thousands, unless otherwise specified	Sep. 16, 2014	Mar. 13, 2012
Commitment And Contingencies [Line Items]	'	'
Amount under investigation by the SEC	'	$15,000
Non-recurring settlement charge	$21,500	'

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Apr. 29, 2014	Oct. 20, 2014	Oct. 20, 2014	Oct. 29, 2014	Oct. 29, 2014	Oct. 29, 2014	Oct. 29, 2014	Oct. 29, 2014
In Thousands, unless otherwise specified			London Interest Bank Offer Rate	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event	Subsequent Event
				Independence Realty Trust Inc	Independence Realty Trust Inc	Senior Notes	Senior Notes	Senior Notes	Junior Notes	Floating Rate Commercial Mortgage Loans
				Agreement	Unit			London Interest Bank Offer Rate
				Unit
Subsequent Event [Line Items]	'	'	'	'	'	'	'	'	'	'
Number of purchase agreements to acquire an apartment residential portfolio	'	'	'	5	'	'	'	'	'	'
Number of units in apartment residential portfolio acquired	'	'	'	'	1,549	'	'	'	'	'
Aggregate purchase price	'	'	'	$162,500	'	'	'	'	'	'
Floating rate commercial mortgage loans and participation interests	'	'	'	'	'	'	'	'	'	219,378
Aggregate principal balance	$80,000	$86,000	'	'	'	'	$181,261	'	$38,117	'
Advance rate	'	'	'	'	'	'	82.60%	'	'	'
LIBOR plus interest rate	'	'	1.79%	'	'	'	'	1.75%	'	'
Stated maturity of FL3 notes	'	'	'	'	'	'2031-12	'	'	'	'
Redemption date	'	'	'	'	'	'2016-10	'	'	'	'