Rait Financial Trust (RAS) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		90,895,723

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Investment in mortgages, loans and preferred equity interests, at amortized cost:
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,506,542	$ 1,392,436
Allowance for loan losses		(12,796)	(9,218)
Total investment in mortgages, loans and preferred equity interests		1,493,746	1,383,218
Investments in real estate, net of accumulated depreciation of $178,572 and $168,480, respectively	[1]	1,605,316	1,671,971
Investments in securities and security-related receivables, at fair value			31,412
Cash and cash equivalents		104,772	121,726
Restricted cash		179,878	124,220
Accrued interest receivable		56,844	51,640
Other assets		77,708	72,023
Deferred financing costs, net of accumulated amortization of $30,896 and $26,056, respectively		25,117	27,802
Intangible assets, net of accumulated amortization of $20,935 and $13,911, respectively		32,195	29,463
Total assets		3,575,576	3,513,475
Liabilities and Equity
Indebtedness		2,661,528	2,615,666
Accrued interest payable		11,042	10,269
Accounts payable and accrued expenses		52,728	54,962
Derivative liabilities		12,154	20,695
Deferred taxes, borrowers' escrows and other liabilities		172,621	144,733
Total liabilities		2,910,073	2,846,325
Series D cumulative redeemable preferred shares, $0.01 par value per share, 4,000,000 shares authorized, 4,000,000 and 4,000,000 shares issued and outstanding, respectively		82,513	79,308
Shareholders' equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 82,895,723 and 82,506,606 issued and outstanding, respectively, including 743,014 and 541,575 unvested restricted common share awards, respectively		2,487	2,473
Additional paid in capital		2,039,594	2,025,683
Accumulated other comprehensive income (loss)		(11,605)	(20,788)
Retained earnings (deficit)		(1,651,613)	(1,633,911)
Total shareholders' equity		378,956	373,545
Noncontrolling interests		204,034	214,297
Total equity		582,990	587,842
Total liabilities and equity		3,575,576	3,513,475
7.75% Series A cumulative redeemable preferred shares
Shareholders' equity:
Preferred shares, $0.01 par value per share		53	48
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
[1]	Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Real estate, accumulated depreciation	[1]	$ 178,572	$ 168,480
Deferred financing costs, accumulated amortization		30,896	26,056
Intangible assets, accumulated amortization		$ 20,935	$ 13,911
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	4,000,000
Series D cumulative redeemable preferred shares, shares outstanding		4,000,000	4,000,000
Preferred shares, authorized		25,000,000	25,000,000
Common shares, par value		$ 0.03	$ 0.03
Common shares, shares authorized		200,000,000	200,000,000
Common shares, shares issued		82,895,723	82,506,606
Common shares, shares outstanding		82,895,723	82,506,606
Unvested restricted common share awards		743,014	541,575
7.75% Series A cumulative redeemable preferred shares
Preferred shares, authorized		8,069,288	8,069,288
Preferred shares, dividend rate		7.75%	7.75%
Cumulative redeemable preferred shares, liquidation preference		$ 25	$ 25
Cumulative redeemable preferred shares, shares issued		5,303,591	5,303,591
Cumulative redeemable preferred shares, shares outstanding		4,775,569	4,775,569
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		8.375%	8.375%
Cumulative redeemable preferred shares, liquidation preference		$ 25	$ 25
Cumulative redeemable preferred shares, shares issued		2,325,626	2,325,626
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		8.875%	8.875%
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 June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Investment interest income	$ 24,107	$ 34,646	$ 47,355	$ 69,609
Investment interest expense	(7,582)	(7,523)	(14,496)	(14,706)
Net interest margin	16,525	27,123	32,859	54,903
Rental income	55,473	39,214	109,442	74,390
Fee and other income	7,415	6,919	13,009	11,271
Total revenue	79,413	73,256	155,310	140,564
Expenses:
Interest expense	19,673	13,241	39,356	24,846
Real estate operating expense	26,357	19,690	52,336	37,773
Compensation expense	6,568	7,376	12,676	15,931
General and administrative expense	5,065	4,655	10,465	8,483
Acquisition expense	985	219	1,942	592
Provision for loan losses	2,000	1,000	4,000	2,000
Depreciation and amortization expense	17,005	13,441	36,022	25,483
Total expenses	77,653	59,622	156,797	115,108
Operating Income	1,760	13,634	(1,487)	25,456
Other (expense) income	(241)	5	(636)	15
Gain (losses) on assets	17,281	(7,599)	17,281	(5,375)
Gain (losses) on extinguishment of debt				2,421
Change in fair value of financial instruments	8,356	(25,071)	12,846	(49,210)
Income (loss) before taxes	27,156	(19,031)	28,004	(26,693)
Income tax (provision) benefit	(715)	21	(1,297)	260
Net income (loss)	26,441	(19,010)	26,707	(26,433)
(Income) loss allocated to preferred shares	(8,221)	(7,415)	(16,080)	(13,221)
(Income) loss allocated to noncontrolling interests	736	775	1,232	(583)
Net income (loss) allocable to common shares	$ 18,956	$ (25,650)	$ 11,859	$ (40,237)
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ 0.23	$ (0.31)	$ 0.14	$ (0.50)
Weighted-average shares outstanding-Basic	82,150,475	81,778,947	82,115,941	80,636,895
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ 0.22	$ (0.31)	$ 0.14	$ (0.50)
Weighted average shares outstanding-Diluted	89,268,462	81,778,947	84,134,040	80,636,895

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income (loss)	$ 26,441	$ (19,010)	$ 26,707	$ (26,433)
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(225)	(644)	(182)	(1,196)
Realized (gains) losses on interest rate hedges reclassified to earnings	4,398	7,243	9,365	14,780
Total other comprehensive income (loss)	4,173	6,599	9,183	13,584
Comprehensive income (loss) before allocation to noncontrolling interests	30,614	(12,411)	35,890	(12,849)
Allocation to noncontrolling interests	736	775	1,232	(583)
Comprehensive income (loss)	$ 31,350	$ (11,636)	$ 37,122	$ (13,432)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	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 (in shares) at Dec. 31, 2014		4,775,569	2,288,465	1,640,100	82,506,606
Beginning Balance at Dec. 31, 2014	$ 587,842	$ 48	$ 23	$ 17	$ 2,473	$ 2,025,683	$ (20,788)	$ (1,633,911)	$ 373,545	$ 214,297
Net income (loss)	26,707							27,939	27,939	(1,232)
Preferred dividends	(16,080)							(16,080)	(16,080)
Common dividends declared	(29,561)							(29,561)	(29,561)
Other comprehensive income (loss), net	9,183						9,183		9,183
Share-based compensation	(3,205)					(3,205)			(3,205)
Issuance of noncontrolling interests	(367)									(367)
Distribution to noncontrolling interests	(9,327)									(9,327)
Deconsolidation of real estate owned property	663									663
Preferred shares issued, net (shares)		528,022	37,161
Preferred shares issued, net	12,676	$ 5				12,671			12,676
Common shares issued for equity compensation (in shares)					385,428
Common shares issued for equity compensation	5,033				$ 14	5,019			5,033
Common shares issued, net (in shares)					3,689
Common shares issued, net	(574)					(574)			(574)
Ending Balance (in shares) at Jun. 30, 2015		5,303,591	2,325,626	1,640,100	82,895,723
Ending Balance at Jun. 30, 2015	$ 582,990	$ 53	$ 23	$ 17	$ 2,487	$ 2,039,594	$ (11,605)	$ (1,651,613)	$ 378,956	$ 204,034

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net income (loss)	$ 26,707	$ (26,433)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for losses	4,000	2,000
Share-based compensation expense	2,394	2,629
Depreciation and amortization	36,022	25,483
Amortization of deferred financing costs and debt discounts	9,458	4,646
Accretion of discounts on investments	(1,682)	(1,986)
Amortization of above/below market leases	(317)
(Gains) losses on assets	(17,281)	5,375
(Gains) losses on extinguishment of debt		(2,421)
Change in fair value of financial instruments	(12,846)	49,210
Provision (benefit) for deferred taxes	(897)	(288)
Changes in assets and liabilities:
(Decrease) in accrued interest receivable	(2,956)	(7,196)
(Decrease) in other assets	(2,640)	(9,246)
Increase (decrease) in accrued interest payable	2,459	(10,298)
(Decrease) in accounts payable and accrued expenses	(1,609)	(6,824)
Increase in borrowers' escrows and other liabilities	70,203	12,578
Origination of conduit loans	(251,959)	(165,577)
Sales of conduit loans	223,298	119,356
Net conduit loans (originated) sold	(28,661)	(46,221)
Cash flow from operating activities	82,354	(8,992)
Investing activities:
Proceeds from sales or repayments of other securities	31,241	1,971
Purchase and origination of loans for investment	(191,892)	(297,414)
Principal repayments on loans	130,504	88,322
Investments in real estate	(37,500)	(133,596)
Proceeds from the disposition of real estate	20,596	3,820
(Increase) decrease in restricted cash	(90,590)	34,739
Cash flow from investing activities	(137,641)	(302,158)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(20,640)	(12,596)
Proceeds from secured credit facilities and loans payable on real estate	58,275	46,313
Repayments and repurchase of CDO notes payable	(120,194)	(131,200)
Proceeds from issuance of senior notes from floating rate CMBS transactions	181,215	155,001
Repayments of senior secured notes	(4,000)
Net proceeds (repayments) related to conduit loan repurchase agreements	7,277	576
Net proceeds (repayments) related to floating rate loan repurchase agreements	(14,587)	38,566
Distribution to noncontrolling interests	(9,694)	49,428
Payments for deferred costs and convertible senior note hedges	(4,466)	(7,528)
Financing commitment fee	(4,000)
Preferred share issuance, net of costs incurred	12,676	33,552
Common share issuance, net of costs incurred	(1,140)	85,051
Distributions paid to preferred shareholders	(12,872)	(11,291)
Distributions paid to common shareholders	(29,517)	(25,240)
Cash flow from financing activities	38,333	297,382
Net change in cash and cash equivalents	(16,954)	(13,768)
Cash and cash equivalents at the beginning of the period	121,726	88,847
Cash and cash equivalents at the end of the period	$ 104,772	75,079
4.0% convertible senior notes
Financing activities:
Proceeds from issuance of convertible senior notes		16,750
7.625% senior notes due 2024
Financing activities:
Proceeds from issuance of convertible senior notes		$ 60,000

THE COMPANY

THE COMPANY	6 Months Ended
	Jun. 30, 2015
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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
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, 2014 included in our Annual Report on Form 10-K, or the 2014 annual report. 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. Certain prior period amounts have been reclassified to conform with the current period presentation. During the six-month period ended June 30, 2015, we recorded the following adjustments in the accompanying consolidated statement of operations that related to transactions completed in a prior period: (a) investment interest income includes the write-off of accrued interest receivable of $842 that was associated with investments in loans that was determined to be not collectible and (b) depreciation and amortization expense includes $708 associated with capital additions associated with our investment in real estate which were not properly eliminated previously. We also recorded an adjustment to correct the deferred tax liability balance with an offset to goodwill for $2,257 related to our acquisition of Urban Retail Properties, LLC. During the six-month period ended June 30, 2015, we revised the Consolidated Statements of Cash Flows for the six-month period ended June 30, 2014. The revision consisted of classifying the origination of conduit loans and the sale of conduit loans from cash flows from investing activities to cash flows from operating activities. The impact of this revision was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $46,221 for the period ended June 30, 2014. The revision had no impact to cash and cash equivalents as of June 30, 2014. In addition, the revision did not impact any other consolidated financial statement as of June 30, 2014 or for the six-month or three-month periods ended June 30, 2014. We evaluated these revisions and reclassifications and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements. 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. 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, and preferred equity interests. We account for our investments in commercial mortgages, mezzanine loans and other loans at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans. e. Allowance for Losses, Impaired Loans and Non-accrual Status We maintain an allowance for losses on our investments in commercial mortgages, mezzanine loans and preferred equity interests. 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 management based on market conditions and inputs at the time the asset is acquired. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. g. Revenue Recognition 1) Interest income 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 3) Fee and other income h. 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 • Level 2 Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based primarily on observable market inputs. • Level 3 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. i. 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 $19,149 as of June 30, 2015 and December 31, 2014. The gross carrying amount for our in-place leases, above market leases, and ground lease was $32,481 and $22,725 as of June 30, 2015 and December 31, 2014, respectively. The gross carrying amount for our trade name was $1,500 as of June 30, 2015 and December 31, 2014. The accumulated amortization for our intangible assets was $20,935 and $13,911 as of June 30, 2015 and December 31, 2014, respectively. We recorded amortization expense of $3,108 and $2,449 for the three-month periods ended June 30, 2015 and 2014, respectively, and $7,039 and $4,396 for the six-month periods ended June 30, 2015 and 2014, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $3,133 for the remainder of 2015, $5,289 for 2016, $3,848 for 2017, $3,172 for 2018, $2,997 for 2019 and $13,756 thereafter. As of June 30, 2015, we have determined that no impairment exists on our intangible assets. j. Goodwill Goodwill on our consolidated balance sheet represented the amounts paid in excess of the fair value of the net assets acquired from business acquisitions accounted for under FASB ASC Topic 805, “Business Combinations.” Pursuant to FASB ASC Topic 350, “Intangibles-Goodwill and Other”, goodwill is not amortized to expense but rather is analyzed for impairment. We evaluate goodwill for impairment on an annual basis and as events and circumstances change, in accordance with FASB ASC Topic 350. As of June 30, 2015 and December 31, 2014, we have $8,757 and $11,014 of goodwill, respectively, that is included in Other Assets in the accompanying consolidated balance sheets. The change in goodwill is attributable to the correction discussed in the Basis of Presentation section within this Note above. As of June 30, 2015, we have determined that no triggering events occurred that would indicate an impairment on our goodwill. k. Recent Accounting Pronouncements On January 1, 2015, we adopted the 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. The adoption of this standard did not have a material effect 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 currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements.

INVESTMENTS IN LOANS

INVESTMENTS IN LOANS	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN LOANS	NOTE 3: INVESTMENTS IN LOANS Investments in Commercial Mortgages, Mezzanine Loans, and Preferred Equity Interests The following table summarizes our investments in commercial mortgages, mezzanine loans, and preferred equity interests as of June 30, 2015: Unpaid Unamortized Carrying Number of Weighted- Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,282,154 $ (14,428 ) $ 1,267,726 108 5.3 % Sep. 2015 to Jan. 2029 Mezzanine loans 202,694 (1,024 ) 201,670 62 9.8 % Jul. 2015 to May 2025 Preferred equity interests 39,311 (2,335 ) 36,976 9 7.3 % Feb. 2016 to Aug. 2033 Total CRE 1,524,159 (17,787 ) 1,506,372 179 6.0 % Deferred fees, net 170 — 170 Total $ 1,524,329 $ (17,787 ) $ 1,506,542 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgages includes eleven conduit loans with an unpaid principal balance and carrying amount of $114,048 a weighted-average coupon of 4.3% and maturity dates ranging from November 2022 through July 2025. These commercial mortgages are accounted for 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, 2014: Unpaid Unamortized Carrying Number of Weighted- Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 2015 to Jan. 2025 Mezzanine loans 226,105 (1,602 ) 224,503 74 9.8 % Mar. 2015 to Jan. 2029 Preferred equity interests 34,859 (1 ) 34,858 9 7.1 % Feb. 2016 to Aug. 2025 Total CRE 1,409,254 (16,122 ) 1,393,132 178 6.5 % Deferred fees, net (696 ) — (696 ) Total $ 1,408,558 $ (16,122 ) $ 1,392,436 (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 $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are accounted for as loans held for sale. During the six-month period ended June 30, 2015, we did not convert any commercial real estate loans to owned real estate property. During the six-month period ended June 30, 2014, we completed the conversion of one commercial real estate loan with a carrying value of $28,588 to real estate owned property and we recorded a gain on asset of $112 as the value of the real estate exceeded the carrying amount of the converted loan. The following table summarizes the delinquency statistics of our commercial real estate loans as of June 30, 2015 and December 31, 2014: As of June 30, 2015 Delinquency Status Commercial Mezzanine Preferred Total Current $ 1,282,154 $ 181,493 $ 35,661 $ 1,499,308 30 to 59 days — — — — 60 to 89 days — — — — 90 days or more — 19,953 3,650 23,603 In foreclosure or bankruptcy proceedings — 1,248 — 1,248 Total $ 1,282,154 $ 202,694 $ 39,311 $ 1,524,159 As of December 31, 2014 Delinquency Status Commercial Mezzanine Preferred Total Current $ 1,148,290 $ 202,919 $ 31,209 $ 1,382,418 30 to 59 days — — — — 60 to 89 days — 1,555 — 1,555 90 days or more — 19,953 3,650 23,603 In foreclosure or bankruptcy proceedings — 1,678 — 1,678 Total $ 1,148,290 $ 226,105 $ 34,859 $ 1,409,254 As of June 30, 2015 and December 31, 2014, all $24,851 and $25,281, respectively, of our commercial real estate loans that were 90 days or more past due or in foreclosure or bankruptcy were on non-accrual status and had a weighted-average interest rate of 5.7% and 5.8%, respectively. Also, as of June 30, 2015, two loans, with a recorded investment of $68,155 and a weighted average interest rate of 9.2%, were recognizing interest on the cash basis. Additionally, as of June 30, 2015, one loan, with an unpaid principal balance of $18,500, which had previously been restructured in a troubled debt restructuring, does not accrue interest in accordance with its restructured terms as it may be prepaid at par. Allowance For Loan Losses And Impaired Loans We closely monitor our loans which require evaluation for loan loss in two categories: satisfactory and watchlist/impaired. Loans classified as impaired are generally loans which have credit weaknesses or whose credit quality has temporarily deteriorated or have been restructured in troubled debt restructuring. As of June 30, 2015 and December 31, 2015, we have classified our investment in loans by credit risk category as follows: As of June 30, 2015 Credit Status Commercial Mezzanine Preferred Total Satisfactory $ 1,247,234 $ 154,493 $ 31,365 $ 1,433,092 Watchlist/Impaired 34,920 48,201 7,946 91,067 Total $ 1,282,154 $ 202,694 $ 39,311 $ 1,524,159 As of December 31, 2014 Credit Status Commercial Mezzanine Preferred Total Satisfactory $ 1,125,370 $ 175,915 $ 26,849 $ 1,328,134 Watchlist/Impaired 22,920 50,190 8,010 81,120 Total $ 1,148,290 $ 226,105 $ 34,859 $ 1,409,254 The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the three-month periods ended June 30, 2015 and 2014: For the Three-Month Period Ended June 30, 2015 Commercial Mezzanine Preferred Total Beginning balance $ — $ 9,471 $ 1,326 $ 10,797 Provision for loan losses — 2,000 — $ 2,000 Charge-offs, net of recoveries — (1 ) — $ (1 ) Ending balance $ — $ 11,470 $ 1,326 $ 12,796 For the Three-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 12,960 $ 1,319 $ 14,279 Provision for loan losses — 1,000 — 1,000 Charge-offs, net of recoveries — 57 — 57 Ending balance $ — $ 14,017 $ 1,319 $ 15,336 The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the six-month periods ended June 30, 2015 and 2014: For the Six-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses — 4,000 — $ 4,000 Charge-offs, net of recoveries — (422 ) — $ (422 ) Ending balance $ — $ 11,470 $ 1,326 $ 12,796 For the Six-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses — 2,000 — 2,000 Charge-offs, net of recoveries — (9,619 ) — (9,619 ) Ending balance $ — $ 14,017 $ 1,319 $ 15,336 Information related to those loans on our watchlist or considered to be impaired was as follows: As of June 30, 2015 Watchlist/Impaired Loans Commercial Mezzanine Preferred Total Watchlist/Impaired loans expecting full recovery $ 34,920 $ 8,500 $ 4,296 $ 47,716 Watchlist/Impaired loans with reserves — 39,701 3,650 43,351 Total Watchlist/Impaired Loans(1) $ 34,920 $ 48,201 $ 7,946 $ 91,067 Allowance for losses $ — $ 11,470 $ 1,326 $ 12,796 (1) As of June 30, 2015, this includes $5,500 of unpaid principal relating to previously identified troubled debt restructurings (TDRs) that are on accrual status. As of December 31, 2014 Watchlist/Impaired Loans Commercial Mezzanine Preferred Total Watchlist/Impaired loans expecting full recovery $ 22,920 $ 40,559 $ 4,360 $ 67,839 Watchlist/Impaired loans with reserves — 9,631 3,650 13,281 Total Watchlist/Impaired Loans(1) $ 22,920 $ 50,190 $ 8,010 $ 81,120 Allowance for losses $ — $ 7,892 $ 1,326 $ 9,218 (1) As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status. The average unpaid principal balance and recorded investment of total impaired loans was $53,179 and $60,230 during the three-month periods ended June 30, 2015 and 2014, respectively, and $53,333 and $60,378 during the six-month periods ended June 30, 2015 and 2014, respectively. We recorded interest income of $634 and $882 on loans that were impaired for the three-month periods ended June 30, 2015 and 2014, respectively. We recorded interest income of $685 and $882 on loans that were impaired for the six-month periods ended June 30, 2015 and 2014, respectively. We have evaluated restructurings of our commercial real estate loans to determine if the restructuring constitutes a troubled debt restructuring (TDR) under FASB ASC Topic 310, “Receivables”. During the six-month period ended June 30, 2015, there were no restructurings of our commercial real estate loans that constituted a TDR. As of June 30, 2015, there were no TDRs that subsequently defaulted for restructurings that occurred within the previous 12 months.

INVESTMENTS IN SECURITIES

INVESTMENTS IN SECURITIES	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN SECURITIES	NOTE 4: INVESTMENTS IN SECURITIES Our investments in securities and security-related receivables are accounted for at fair value. On December 19, 2014, our subsidiary assigned or delegated its rights and responsibilities as collateral manager for the T8 and T9 securitizations, as referenced in our 2014 annual report. As a result of the assignment and delegation, we determined that we are no longer the primary beneficiary of T8 and T9 and deconsolidated the two securitizations. During the first quarter of 2015, we sold all of our remaining securities with an aggregate fair value of $31,412 and we had no investments in securities as of June 30, 2015. The following table summarizes our investments in securities as of December 31, 2014: Investment Description Amortized Gross Gross Estimated Weighted Weighted Available-for-sale securities $ 210,600 $ 2,053 $ (193,486 ) $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 995 — 10,995 6.7 % 3.0 CMBS receivables (3) 5,000 — (3,750 ) 1,250 5.7 % 34.5 Total security-related receivables 15,000 995 (3,750 ) 12,245 6.3 % 13.5 Total investments in securities $ 225,600 $ 3,048 $ (197,236 ) $ 31,412 3.6 % 22.7 (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) As of December 31, 2014, this includes available-for-sale securities that are accounted for under the fair value option other than an available-for-sale security that has an amortized cost of $3,600 and a carrying value of $3,606. (3) CMBS receivables include securities with a fair value totaling $1,250 that are rated “D” by Standard & Poor’s. The following table summarizes the non-accrual status of our investments in securities: As of December 31, 2014 Principal /Par Weighted Average Fair Value Other securities $ 210,600 3.5 % $ 17,120 CMBS receivables 5,000 5.7 % 1,250 The assets of our consolidated CDOs collateralize the debt of such entities and are not available to our creditors. As of December 31, 2014, investment in securities of $0 in principal amount of TruPS and subordinated debentures, and $10,000 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	6 Months Ended
	Jun. 30, 2015
INVESTMENTS IN REAL ESTATE	NOTE 5: INVESTMENTS IN REAL ESTATE The table below summarizes our investments in real estate: Book Value As of June 30, As of December 31, Multi-family real estate properties (a) $ 1,234,056 $ 1,286,898 Office real estate properties 364,077 370,114 Retail real estate properties 133,471 132,117 Parcels of land 52,284 51,322 Subtotal 1,783,888 1,840,451 Less: Accumulated depreciation and amortization (a) (178,572 ) (168,480 ) Investments in real estate (b) $ 1,605,316 $ 1,671,971 (a) As of June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376. (b) Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000. As of June 30, 2015 and December 31, 2014, our investments in real estate were comprised of land of $324,595 and $338,057, respectively, and investments in real estate and improvements of $1,459,293 and $1,502,394, respectively. As of June 30, 2015, our investments in real estate of $1,605,316 are financed through $639,493 of mortgages held by third parties and $845,620 of mortgages held by our RAIT I and RAIT II CDO securitizations. As of December 31, 2014, our investments in real estate of $1,671,971 are financed through $641,874 of mortgages held by third parties and $878,856 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 six-month period ended June 30, 2015, Independence Realty Trust, Inc., or IRT, whom we consolidate, acquired one multi-family property with a purchase price of $25,250. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250. The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the one property acquired during the six-month period ended June 30, 2015 on the date of acquisition, which is accounted for under FASB ASC Topic 805. Description Estimated Fair Value Assets acquired: Investments in real estate $ 25,031 Other assets 87 Intangible assets 219 Total assets acquired 25,337 Liabilities assumed: Loans payable on real estate — Accounts payable and accrued expenses 488 Other liabilities 103 Total liabilities assumed 591 Estimated fair value of net assets acquired $ 24,746 The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective conversion date: Description Estimated Fair Value Fair value of consideration transferred: Cash $ 24,808 Other considerations (62 ) Total fair value of consideration transferred $ 24,746 During the six-month period ended June 30, 2015, this investment contributed revenue of $597 and a net income allocable to common shares of $240. During the six-month period ended June 30, 2015, we incurred $88 of third-party acquisition-related costs, which is included in general and administrative expense in the accompanying consolidated statements of operations. The table below presents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2014. 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 Six-Month Period Ended June 30, 2015 For the Six-Month Period Ended June 30, 2014 Total revenue of real estate property acquired, as reported $ 597 $ — Net income (loss) allocable to common shares of real estate property acquired, as reported 240 — Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as reported 0.00 0.00 Pro forma revenue of real estate property acquired (unaudited) 1,469 1,257 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 562 424 Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as pro forma (unaudited) 0.01 0.01 During the six-month period ended June 30, 2015, we updated our allocation for a real estate acquisition from a prior period. This resulted in $4,374 being allocated between buildings (decrease) and intangible assets (increase). The cumulative catch up effect of the allocation (based on the different useful lives) was an increase to net income of $56. Dispositions: During the six-month period ended June 30, 2015, we disposed of two multi-family real estate properties for a total sale price of $68,037. We recorded a gain on the sale of one of these assets of $17,281, which is included in the accompanying consolidated statements of operations during the six-month period ended June 30, 2015, and deferred a gain on the sale for one of these assets of $3,136 which is classified within other liabilities and will be recognized under the installment method as the buyer’s initial investment was insufficient. During the six-month period ended June 30, 2015, we deconsolidated one multi-family real estate property with a total carrying value of $23,897 as we agreed to amend our consent rights in the related limited partnership agreement. We did not record a gain or loss on the deconsolidation of this property. On July 22, 2015, the company entered into a purchase and sale agreement to sell one multi-family property with a purchase price of $17,500. The sale is subject to customary closing conditions and, if completed, we expect to record a gain on sale of real estate.

INDEBTEDNESS

INDEBTEDNESS	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015: Description Unpaid Carrying Amount Weighted- Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,658 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 135,752 4.0 % 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 14,848 14,848 2.7 % Oct. 2016 Senior secured notes 74,000 65,559 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 12,866 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.8 % Apr. 2037 CMBS facilities 77,742 77,742 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 518,082 497,430 5.2 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 987,813 986,891 0.6 % 2045 to 2046 CMBS securitizations (6) 537,375 536,796 2.0 % Jan. 2029 to Dec. 3031 Loans payable on real estate (7) 639,493 640,411 4.5 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,164,681 2,164,098 2.1 % Total indebtedness $ 2,682,763 $ 2,661,528 2.7 % (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 CDO notes payable purchased by us which are eliminated in consolidation. (5) Collateralized by $1,478,859 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes, RAIT FL3 junior notes and RAIT FL4 junior notes purchased by us which are eliminated in consolidation. Collateralized by $676,161 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $403,360 of unpaid principal balance with a carrying amount of $404,279 of third party 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 May 2025. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2014: Description Unpaid Carrying Amount Weighted- Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,417 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 134,418 4.0 % 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 18,392 18,392 2.7 % Oct. 2016 Senior secured notes 78,000 68,314 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 13,102 0.5 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 85,053 85,053 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 532,937 509,701 4.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 1,074,102 1,073,145 0.6 % 2045 to 2046 CMBS securitizations (6) 389,994 389,415 1.9 % Jan. 2029 to Dec. 2031 Loans payable on real estate (7) 641,874 643,405 4.6 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,105,970 2,105,965 2.1 % Total indebtedness $ 2,638,907 $ 2,615,666 2.6 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026. (2) Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028. (3) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (4) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (5) Collateralized by $1,572,126 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025. 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 six-month period ended June 30, 2015 is as follows: Recourse Indebtedness 7.0% convertible senior notes. 4.0% convertible senior notes. 7.625% senior notes. 7.125% senior notes. Secured credit facilities. Senior secured notes. The senior secured notes were issued pursuant to an indenture agreement dated October 5, 2011 which contains customary events of default, including those relating to nonpayment of principal or interest when due and defaults based upon events of bankruptcy and insolvency. The senior secured notes are each $25,000 principal amount with a weighted average interest rate of 7.0% and have maturity dates ranging from April 2017 to April 2019. Interest is at a fixed rate and accrues from October 5, 2011 and is payable quarterly in arrears on October 30, January 30, April 30 and July 30 of each year, beginning October 30, 2011. The senior secured notes are secured and are not convertible into equity securities of RAIT. During the six-month period ended June 30, 2015, we prepaid $4,000 of the senior secured notes. As of June 30, 2015 we have $74,000 of outstanding senior secured notes. Junior subordinated notes, at fair value. On October 25, 2010, pursuant to a securities exchange agreement, we exchanged and cancelled the first $18,671 junior subordinated note for another junior subordinated note, which we refer to as the second $18,671 junior subordinated note, in aggregate principal amount of $18,671 with a reduced interest rate and provided $5,000 of our 6.875% convertible senior notes as collateral for the second $18,671 junior subordinated note. This $18,671 junior subordinated note has a fixed rate of interest of 0.5% through March 30, 2015 and thereafter has a floating rate of three-month LIBOR plus 400 basis points, with such floating rate not to exceed 7.0%. The maturity date is March 30, 2035. At issuance, of these notes, we elected to record the second $18,671 junior subordinated note at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. The fair value, or carrying amount, of this indebtedness was $12,866 as of June 30, 2015. CMBS facilities. As of June 30, 2015, we had $22,272 of outstanding borrowings under the $150,000 CMBS facility. As of June 30, 2015, we were in compliance with all financial covenants contained in the $150,000 CMBS facility. As of June 30, 2015, we had $9,752 of outstanding borrowings under the $75,000 commercial mortgage facility. As of June 30, 2015, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. As of June 30, 2015, we had $4,756 of outstanding borrowings under the $150,000 commercial mortgage facility. As of June 30, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility. Non-Recourse Indebtedness CDO notes payable, at amortized cost. CMBS securitizations. As of June 30, 2015, our subsidiary, RAIT 2014-FL2 Trust, or RAIT FL 2, had $185,572 of total collateral at par value. RAIT FL2 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $150,558 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $35,014, and the equity, or the retained interests, of RAIT FL2. RAIT FL2 does not have OC triggers or IC triggers. As of June 30, 2015, our subsidiary, RAIT 2014-FL3 Trust, or RAIT FL 3, had $216,293 of total collateral at par value. RAIT FL3 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $177,797 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $38,496, and the equity, or the retained interests, of RAIT FL3. RAIT FL3 does not have OC triggers or IC triggers. As of June 30, 2015, our subsidiary, RAIT 2015-FL4 Trust, or RAIT FL 4, had $219,284 of total collateral at par value. RAIT FL4 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $181,215 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $38,069, and the equity, or the retained interests, of RAIT FL4. RAIT FL4 does not have OC triggers or IC triggers. We closed RAIT FL4 on May 22, 2015. Loans payable on real estate. During the six-month period ended June 30, 2015, IRT obtained two first mortgages on its investment in real estate from third party lenders that have a total aggregate principal balance of $43,427, a maturity dates ranging from February 2025 to May 2025, and have interest rates ranging from 3.2% to 3.4%.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 7: DERIVATIVE FINANCIAL INSTRUMENTS We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. Interest Rate Swaps We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. We designate interest rate hedge agreements at inception and determine whether or not the interest rate hedge agreement is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. At designation, certain of these interest rate swaps had a fair value not equal to zero. However, we concluded, at designation, that these hedging arrangements were highly effective during their term 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 June 30, 2015, 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 June 30, 2015 and December 31, 2014: As of June 30, 2015 As of December 31, 2014 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges: Interest rate swaps $ 381,286 $ 278 $ (12,154 ) $ 496,025 $ — $ (20,695 ) Net fair value $ 381,286 $ 278 $ (12,154 ) $ 496,025 $ — $ (20,695 ) During the period July 1, 2015 through December 31, 2015, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $83,641 and a weighted average strike rate of 5.1% as of June 30, 2015, will terminate in accordance with their terms. For interest rate swaps that are considered effective hedges, we reclassified realized losses of $4,398 and $7,243, respectively, to earnings for the three-month periods ended June 30, 2015 and 2014 and $9,365 and $14,780 for the six-month periods ended June 30, 2015 and 2014. 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 INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 8: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of investments in mortgages and loans, investments in securities, CDO notes payable, convertible senior notes, junior subordinated notes and derivative assets and liabilities is based on significant observable and unobservable inputs. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facilities approximates cost due to the nature of these instruments. The following table summarizes the carrying amount and the fair value of our financial instruments as of June 30, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net $ 1,493,746 $ 1,448,755 Cash and cash equivalents 104,772 104,772 Restricted cash 179,878 179,878 Derivative assets 278 278 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,658 36,882 4.0% convertible senior notes 135,752 120,480 7.625% senior notes 60,000 55,440 7.125% senior notes 71,905 71,330 Secured credit facilities 14,848 14,848 Junior subordinated notes, at fair value 12,866 12,866 Junior subordinated notes, at amortized cost 25,100 14,107 CMBS facilities 77,742 77,742 Senior secured notes 65,559 75,777 Non-recourse indebtedness: CDO notes payable, at amortized cost 986,891 807,995 CMBS securitizations 536,796 536,528 Loans payable on real estate 640,411 667,791 Derivative liabilities 12,154 12,154 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2014: Financial Instrument Carrying Estimated Fair Assets Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net $ 1,392,436 $ 1,316,796 Investments in securities and security-related receivables 31,412 31,412 Cash and cash equivalents 121,726 121,726 Restricted cash 124,220 124,220 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,417 41,901 4.0% convertible senior notes 134,418 123,677 7.625% senior notes 60,000 56,016 7.125% senior notes 71,905 70,064 Secured credit facilities 18,392 18,392 Junior subordinated notes, at fair value 13,102 13,102 Junior subordinated notes, at amortized cost 25,100 14,471 CMBS facilities 55,956 55,956 Commercial mortgage facility 29,097 29,097 Senior secured notes 68,314 79,594 Non-recourse indebtedness: CDO notes payable, at amortized cost 1,073,145 913,050 CMBS securitizations 389,415 389,771 Loans payable on real estate 643,405 678,306 Derivative liabilities 20,695 20,695 Warrants and investor SARs 35,384 35,384 Fair Value Measurements The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of June 30, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Significant Other Significant Balance of Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 278 — 278 Total assets $ — $ 278 $ — $ 278 Liabilities: Quoted Prices in Significant Other Significant Balance of Junior subordinated notes, at fair value $ — $ — $ 12,866 $ 12,866 Derivative liabilities — 12,154 — 12,154 Warrants and investor SARs — — 22,181 22,181 Total liabilities $ — $ 12,154 $ 35,047 $ 47,201 (a) During the six-month period ended June 30, 2015, there were no transfers between Level 1 and Level 2, nor were there any 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, 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 of Available-for-sale securities $ — $ 19,167 $ — $ 19,167 Security-related receivables Unsecured REIT note receivables — 10,995 — 10,995 CMBS receivables — 1,250 — 1,250 Other securities — — — — Derivative assets — — — — Total assets $ — $ 31,412 $ — $ 31,412 Liabilities: Quoted Prices in Significant Other Significant Balance of Junior subordinated notes, at fair value $ — $ — $ 13,102 $ 13,102 Derivative liabilities — 20,695 — 20,695 Warrants and investor SARs — — 35,384 35,384 Total liabilities $ — $ 20,695 $ 48,486 $ 69,181 (a) During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, nor were there any 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 following tables summarize additional information about liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three-month period ended June 30, 2015: Liabilities Warrants and investor Junior Total Balance, as of December 31, 2014 $ 35,384 $ 13,102 $ 48,486 Change in fair value of financial instruments (13,203 ) (236 ) (13,439 ) Purchases — — — Sales — — — Principal repayments — — — Balance, as of June 30, 2015 $ 22,181 $ 12,866 $ 35,047 Our non-routine fair value measurements relate primarily to our commercial real estate loans that are considered impaired and for which we maintain an allowance for loss. In determining the allowance for losses, we estimate the fair value of the respective commercial real estate loan and compare that fair value to our total investment in the loan. When estimating the fair value of the commercial real estate loan, management uses discounted cash flow analyses and capitalization rates on the underlying property’s net operating income. The discounted cash flow analyses and capitalization rates are based on market information and comparable sales of similar properties. The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount June 30, 2015 Estimated Fair 2015 Valuation Technique Quoted Prices in Significant Other Significant Other (Level 3) Commercial mortgages, mezzanine loans and other loans $ 1,493,746 $ 1,448,755 Discounted cash flows $ — $ — $ 1,448,755 7.0% convertible senior notes 33,658 36,882 Trading price 36,882 — — 4.0% convertible senior notes 135,752 120,480 Trading price 120,480 — — 7.625% senior notes 60,000 55,440 Trading price 55,440 — — 7.125% senior notes 71,905 71,330 Trading price 71,330 — — Senior Secured Notes 65,559 75,777 Discounted cash flows — — 75,777 Junior subordinated notes, at amortized cost 25,100 14,107 Discounted cash flows — — 14,107 CDO notes payable, at amortized cost 986,891 807,995 Trading price 807,995 — — CMBS securitization 536,796 536,528 Trading price 536,528 — — Loans payable on real estate 640,411 667,791 Discounted cash flows — — 667,791 Fair Value Measurement Carrying Amount Estimated Fair Valuation Technique Quoted Prices in Significant Other Significant Other Commercial mortgages, mezzanine loans and other loans $ 1,392,436 $ 1,316,796 Discounted cash flows $ — $ — $ 1,316,796 7.0% convertible senior notes 33,417 41,901 Trading price 41,901 — — 4.0% convertible senior notes 134,418 123,677 Trading price 123,677 — — 7.625% senior notes 60,000 56,016 Trading price 56,016 — — 7.125% senior notes 71,905 70,064 Trading price 70,064 — — Senior Secured Notes 68,314 79,594 Discounted cash flows — — 79,594 Junior subordinated notes, at amortized cost 25,100 14,471 Discounted cash flows — — 14,471 CDO notes payable, at amortized cost 1,073,145 913,050 Trading price 913,050 — — CMBS securitization 389,415 389,771 Trading price 389,771 — — Loans payable on real estate 643,405 678,306 Discounted cash flows — — 678,306 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 Six-Month Description 2015 2014 2015 2014 Change in fair value of trading securities and security- related receivables $ — $ 2,132 $ (173 ) $ 8,574 Change in fair value of CDO notes payable and trust preferred obligations 316 (18,937 ) 236 (49,333 ) Change in fair value of derivatives 1,627 (7,484 ) (420 ) (11,711 ) Change in fair value of warrants and investor SARs 6,413 (782 ) 13,203 3,260 Change in fair value of financial instruments $ 8,356 $ (25,071 ) $ 12,846 $ (49,210 ) 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 six-month periods ended June 30, 2015 and 2014 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 required repayments at par of senior CDO notes due of OC failures when the CDO notes being repaid 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 six-month periods ended June 30, 2015 and 2014 was mainly due to changes in interest rates. The change in fair value of the warrants and investor SARs was due to changes in the reference stock price.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2015
VARIABLE INTEREST ENTITIES	NOTE 9: VARIABLE INTEREST ENTITIES The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined that, as of June 30, 2015 and December 31, 2014, our consolidated VIEs were: RAIT I, RAIT II, IRT, Willow Grove and Cherry Hill (RAIT VIE Properties). The following table presents the assets and liabilities of our consolidated VIEs as of each respective date. As of June 30, 2015 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,446,541 $ — $ — $ 1,446,541 Allowance for losses 421 — — 421 Total investments in mortgages and loans 1,446,962 — — 1,446,962 Investments in real estate Investments in real estate — 716,582 24,116 740,698 Accumulated depreciation — (31,189 ) (4,211 ) (35,400 ) Total investments in real estate — 685,393 19,905 705,298 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 21,568 247 21,815 Restricted cash 13,540 6,335 357 20,232 Accrued interest receivable 74,942 — — 74,942 Other assets 11,140 6,689 7,197 25,026 Deferred financing costs Deferred financing costs 26,028 3,807 345 30,180 Accumulated amortization (21,752 ) (815 ) (272 ) (22,839 ) Total deferred financing costs 4,276 2,992 73 7,341 Intangible assets Intangible assets — 7,816 — 7,816 Accumulated amortization — (7,633 ) — (7,633 ) Total intangible assets — 183 — 183 Total assets $ 1,550,860 $ 723,160 $ 27,779 $ 2,301,799 Liabilities and Equity Indebtedness $ 1,228,741 $ 457,202 $ 21,206 $ 1,707,149 Accrued interest payable 584 30 4,057 4,671 Accounts payable and accrued expenses 5 10,922 3,305 14,232 Derivative liabilities 11,553 — — 11,553 Deferred taxes, borrowers’ escrows and other liabilities — 3,876 3,458 7,334 Total liabilities 1,240,883 472,030 32,026 1,744,939 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (11,605 ) — — (11,605 ) RAIT investment 163,604 80,380 845 244,829 Retained earnings (deficit) 157,978 (28,065 ) (5,092 ) 124,821 Total shareholders’ equity 309,977 52,315 (4,247 ) 358,045 Noncontrolling Interests — 198,815 — 198,815 Total liabilities and equity $ 1,550,860 $ 723,160 $ 27,779 $ 2,301,799 As of December 31, 2014 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,535,097 $ — $ — $ 1,535,097 Allowance for losses (8,423 ) — — (8,423 ) Total investments in mortgages and loans 1,526,674 — — 1,526,674 Investments in real estate Investments in real estate — 689,112 23,899 713,011 Accumulated depreciation — (23,376 ) (3,686 ) (27,062 ) Total investments in real estate — 665,736 20,213 685,949 Investments in securities and security-related receivables, at fair value 10,995 — — 10,995 Cash and cash equivalents — 14,763 216 14,979 Restricted cash 14,715 5,205 244 20,164 Accrued interest receivable 74,904 — — 74,904 Other assets 136 (420 ) 6,908 6,624 Deferred financing costs Deferred financing costs 26,028 3,431 346 29,805 Accumulated amortization (20,095 ) (507 ) (239 ) (20,841 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,596 — 7,596 Accumulated amortization — (4,345 ) — (4,345 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 691,459 $ 27,688 $ 2,352,504 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,900 $ 21,280 $ 1,755,283 Accrued interest payable 670 31 3,661 4,362 Accounts payable and accrued expenses 3 8,371 3,290 11,664 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 1,124 2,950 4,074 Total liabilities 1,335,827 428,426 31,181 1,795,434 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (20,788 ) — — (20,788 ) RAIT investment 114,207 71,024 743 185,974 Retained earnings (deficit) 204,111 (16,729 ) (4,236 ) 183,146 Total shareholders’ equity 297,530 54,295 (3,493 ) 348,332 Noncontrolling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 691,459 $ 27,688 $ 2,352,504 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	6 Months Ended
	Jun. 30, 2015
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. During the period from the effective date of the purchase agreement through June 30, 2015, we sold to the investor on a private placement basis in four sales between October 2012 and March 2014 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 (which have subsequently adjusted to 11,014,048 shares as of the date of filing this report), and (iii) common share appreciation rights, or the investor SARs with respect to up to 6,735,667 common shares (which have subsequently adjusted to 7,470,241 shares as of the date of filing this report). 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 $5.41. The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $22,181 as of June 30, 2015. 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. The following table summarizes the sales activity of the Series D Preferred Shares from the effective date of the agreement through June 30, 2015: Aggregate purchase price $ 100,000 Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,384 ) Total discount (28,189 ) Discount amortization to-date 10,702 Carrying amount of Series D Preferred Shares $ 82,513

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
SHAREHOLDERS' EQUITY	NOTE 11: SHAREHOLDERS’ EQUITY Preferred Shares Dividends: On February 10, 2015, our board of trustees declared a first quarter 2015 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, 2015 to holders of record on March 2, 2015 and totaled $6,296. On May 20, 2015, our board of trustees declared a second quarter 2015 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, 2015 to holders of record on June 1, 2015 and totaled $6,569. On July 28, 2015, our board of trustees declared a third quarter 2015 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 September 30, 2015 to holders of record on September 1, 2015. At Market Issuance Sales Agreement (ATM): On June 13, 2014, we entered into an At Market Issuance Sales Agreement, or the 2014 Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the 2014 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 2014 Preferred ATM agreement is earlier terminated by MLV or us, the 2014 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. During the three- and six-month periods ended June 30, 2015, we issued a total of 528,022 Series A Preferred Shares pursuant to this agreement at a weighted-average price of $23.10 and we received $11,832 of net proceeds. During the three- and six-month periods ended June 30, 2015, we issued a total of 37,161 Series B Preferred Shares pursuant to this agreement at a weighted-average price of $24.26 per share and we received $875 of net proceeds. During the three- and six-month periods ended June 30, 2015, we did not issue any Series C Preferred Shares. As of June 30, 2015, 2,765,697 Series A Preferred Shares, 962,839 Series B Preferred Shares, and 1,000,000 Series C Preferred Shares remain available for issuance under the 2014 Preferred ATM agreement. Common Shares Dividends: On March 16, 2015, the board of trustees declared a $0.18 dividend on our common shares to holders of record as of April 10, 2015. The dividend was paid on April 30, 2015 and totaled $14,773. On June 22, 2015, the board of trustees declared a $0.18 dividend on our common shares to holders of record as of July 10, 2015. The dividend was paid on July 31, 2015 and totaled $14,775. Equity Compensation: On February 10, 2015, the compensation committee awarded 48,405 common share awards, valued at $350 using our closing stock price of $7.23, to the board’s non-management trustees. These awards vested immediately. On February 10, 2015, the compensation committee awarded 338,500 restricted common share awards, valued at $2,447 using our closing stock price of $7.23, to our executive officers and non-executive officer employees. These awards generally vest over three-year periods. On February 10, 2015, the compensation committee awarded 1,177,500 stock appreciation rights, or SARs, valued at $1,126 based on 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. On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, and made awards to three of our executive officers, or the eligible officers, setting forth the basis on which 2015 target cash bonus awards are earned. In addition, the compensation committee adopted a 2015 Long Term Incentive Plan, or the LTIP, and made awards to the eligible officers setting forth the basis on which the eligible officers could earn equity compensation for the years 2015 through 2018. Pursuant to the LTIP, each eligible officer was granted an initial long term equity award, consisting of both a performance share unit award for a three year performance period and an annual restricted share award vesting over a four year period. Three components of the performance share unit award have market conditions and had grant date fair values of $3.35, $3.26 and $2.17 per share. Both the annual cash bonus plan and the LTIP were adopted pursuant to our 2012 Incentive Award Plan. From the date of adoption through June 30, 2015, we recorded $122 of compensation expense related to the LTIP. The total compensation awarded under our new short term annual cash bonus plan is at-risk and tied to pre-determined performance criteria. For 2015, 75% of the target cash bonus awards is payable based on the following objective performance goals and weightings; cash available for distribution per share of 35%, adjusted book value per share of 20% and return on equity at 20%. The amounts are earned based on our annual performance relative to threshold, target and maximum performance goals for these objective measures, with 50% of target incentive opportunity payable based on threshold performance achieved, 100% based on target performance achieved and 150% based on maximum performance achieved. The remaining 25% of the target cash bonus award is based on the achievement of various individual performance criterion that may be earned based on individual performance factors deemed relevant by the compensation committee. The long term incentive plan is an equity program whereby long-term performance awards are granted each year and earned based on our performance over a three year period. Compensation awarded under the long term equity plan is based on predefined performance for 75% of the award, performance measures and weighting for the performance component of the 2015-2017 awards are based on the following objective performance measures relating to the total shareholder return (stock price appreciation plus aggregate dividends or TSR); TSR as compared to a peer group of public companies over the same period at 40%, TSR as compared to the TSR for the NAREIT Mortgage Index at 20%, company’s absolute TSR at 20%, and strategic objective at 20%. The remaining 25% of the compensation award is time-based vesting over three years. 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 six-month period ended June 30, 2015, we issued a total of 3,689 common shares pursuant to the DRSPP at a weighted-average price of $6.81 per share and we received $25 of net proceeds. As of June 30, 2015, 7,766,850 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 six-month period ended June 30, 2015, we did not issue any common shares pursuant to this agreement. As of June 30, 2015, 7,918,919 common shares, in the aggregate, remain available for issuance under the COD sales agreement. Common Share Public Offering: On August 5, 2015, we completed an 8,000,000 common share offering at a net price of $5.40 per common share. Our net proceeds were $43,200. In connection with this offering, we have granted the underwriters the right to purchase up to 1,200,000 additional common shares within 30 days after July 31, 2015 at $5.40 per share. We cannot provide any assurance whether the underwriters will exercise this right. Noncontrolling Interests On January 29, 2014, IRT completed an underwritten public offering selling 8,050,000 shares of IRT common stock for $8.30 per share raising net proceeds of $62,718. 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 $72,002. We purchased 300,000 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 November 25, 2014, IRT completed an underwritten public offering selling 6,000,000 shares of IRT common stock for $9.60 per share raising net proceeds of $54,648. As of June 30, 2015 and December 31, 2014, we held 7,269,719 shares, respectively, of IRT common stock representing 22.8% and 22.9%, 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. On May 11, 2015, IRT entered into a definitive merger agreement to acquire the common stock of Trade Street Residential, Inc. (NASDAQ: TSRE). Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations, Independence Realty Trust, Inc., for further information regarding the merger.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2015
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 six-month periods ended June 30, 2015 and 2014: For the Three-Month For the Six-Month Periods Ended June 30 Periods Ended June 30 2015 2014 2015 2014 Net income (loss) $ 26,441 $ (19,010 ) $ 26,707 $ (26,433 ) (Income) loss allocated to preferred shares (8,221 ) (7,415 ) (16,080 ) (13,221 ) (Income) loss allocated to noncontrolling interests 736 775 1,232 (583 ) Net income (loss) allocable to common shares $ 18,956 $ (25,650 ) $ 11,859 $ (40,237 ) Plus: Impact of assumed conversions $ 617 $ — $ — $ — Net income (loss) allocable to common shares plus assumed conversions $ 19,573 $ (25,650 ) $ 11,859 $ (40,237 ) Weighted-average shares outstanding—Basic 82,150,475 81,778,947 82,115,941 80,636,895 Dilutive securities 7,117,987 — 2,018,099 — Weighted-average shares outstanding—Diluted 89,268,462 81,778,947 84,134,040 80,636,895 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ 0.23 $ (0.31 ) $ 0.14 $ (0.50 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ 0.22 $ (0.31 ) $ 0.14 $ (0.50 ) For the three-month and six-month periods ended June 30, 2015, securities convertible into 15,124,221 and 20,599,422 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 six-month periods ended June 30, 2014, securities convertible into 30,602,086 and 30,691,078 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	6 Months Ended
	Jun. 30, 2015
RELATED PARTY TRANSACTIONS	NOTE 13: RELATED PARTY TRANSACTIONS In the ordinary course of our business operations, we have ongoing relationships and have engaged in transactions with the related entities described below. All of these relationships and transactions were approved or ratified by our audit committee as being on terms comparable to those available on an arm’s-length basis from an unaffiliated third party or otherwise not creating a conflict of interest. Andrew M. Silberstein serves as a trustee on our board of trustees, as designated pursuant to the purchase agreement. Mr. Silberstein is an equity owner of Almanac and an officer of the investor and holds indirect equity interests in the investor. The transactions pursuant to the purchase agreement are described above in Note 10.

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	6 Months Ended
	Jun. 30, 2015
SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	NOTE 14: SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS The following are supplemental disclosures to the statements of cash flows for the six-month periods ended June 30, 2015 and 2014: For the Six-Month Periods Ended June 30 2015 2014 Cash paid for interest $ 33,918 $ 17,727 Cash paid (refunds received) for taxes 54 62 Non-cash increase in investments in real estate from conversion of loans — 28,700 Non-cash increase in non-controlling interest from property acquisition — 1,986 Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments — (2,421 ) Non-cash increase in indebtedness from the assumption of debt from property acquisitions — 111,986 Non-cash increase in other assets from business combination — 7,302 Also, during the six months ended June 30, 2015, we deconsolidated a real estate property which resulted in a non-cash decrease of $23,897 to investments in real estate, a non-cash increase of $4,791 to investment in mortgages, loans and preferred equity interests, and a non-cash decrease of $18,382 to indebtedness. During the six months ended June 30, 2015, we sold a real estate property whose purchase price was financed by an existing RAIT loan on the property that was assumed by the buyer. This resulted in a non-cash decrease of $15,751 to investments in real estate and a non-cash increase of $18,000 to investment in mortgages, loans and preferred equity interests.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2015
SEGMENT REPORTING	NOTE 15: SEGMENT REPORTING As a group, our executive officers act as the Chief Operating Decision Maker (“CODM”). The CODM reviews operating results of our reportable segments to make decisions about investments and resources and to assess performance for each of these reportable segments. We conduct our business through the following reportable segments: • Our real estate lending, owning and managing segment concentrates on lending, owning and managing commercial real estate assets throughout the United States. The form of our investment may range from first mortgage loans to equity ownership of a commercial real estate property. We manage our investments in-house through our asset management and property management professionals. • Our IRT segment concentrates on the ownership of apartment properties in opportunistic markets throughout the United States. As of June 30, 2015, IRT owns properties totaling $716,581 in gross real estate investments, before accumulated depreciation. • Our Taberna Securitization segment included the management of three real estate trust preferred securitizations, two of which we consolidated. Up to December 19, 2014, we managed these securitizations and received fees for services provided. On December 19, 2014, we sold these remaining collateral management contracts and deconsolidated the securitizations from our financial statements. The following tables present segment reporting: Real Estate Lending IRT Eliminations (a) Consolidated Three-Month Period Ended June 30, 2015: Net interest margin $ 16,766 $ — $ (241 ) 16,525 Rental income 32,661 22,812 — 55,473 Fee and other income 11,835 — (4,420 ) 7,415 Provision for losses 2,000 — — 2,000 Depreciation and amortization expense 11,285 5,720 — 17,005 Operating income 1,406 353 1 1,760 Change in fair value of financial instruments 8,356 — — 8,356 Income tax benefit (provision) (715 ) — — (715 ) Net income (loss) 27,396 353 (1,308 ) 26,441 Six-Month Period Ended June 30, 2015: Net interest margin $ 33,338 $ — $ (479 ) 32,859 Rental income 64,930 44,512 — 109,442 Fee and other income 21,625 — (8,616 ) 13,009 Provision for losses 4,000 — — 4,000 Depreciation and amortization expense 24,264 11,758 — 36,022 Operating income (1,598 ) 111 — (1,487 ) Change in fair value of financial instruments 12,846 — — 12,846 Income tax benefit (provision) (1,297 ) — — (1,297 ) Net income (loss) 29,213 112 (2,618 ) 26,707 (a) The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgages on our owned real estate. Real Estate Lending IRT Taberna Eliminations (a) Consolidated Three-Month Period Ended June 30, 2014: Net interest margin $ 25,075 $ — $ 8,109 $ (6,061 ) $ 27,123 Rental income 27,565 11,649 — — 39,214 Fee and other income 8,770 — 332 (2,183 ) 6,919 Provision for losses 1,000 — — — 1,000 Depreciation and amortization expense 10,176 3,232 33 — 13,441 Operating income 7,433 (129 ) 9,085 (2,755 ) 13,634 Change in fair value of financial instruments (1,388 ) — (23,683 ) — (25,071 ) Income tax benefit (provision) 292 — (271 ) — 21 Net income (loss) 8,106 (128 ) (22,941 ) (4,047 ) (19,010 ) Six-Month Period Ended June 30, 2014: Net interest margin $ 49,347 $ — $ 17,305 $ (11,749 ) $ 54,903 Rental income 54,606 19,784 — — 74,390 Fee and other income 14,171 — 616 (3,516 ) 11,271 Provision for losses 2,000 — — — 2,000 Depreciation and amortization expense 20,061 5,355 67 — 25,483 Operating income 12,347 (80 ) 16,175 (2,986 ) 25,456 Change in fair value of financial instruments 2,318 — (51,528 ) — (49,210 ) Income tax benefit (provision) 772 — (512 ) — 260 Net income (loss) 19,870 2,807 (43,577 ) (5,533 ) (26,433 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES	NOTE 16: COMMITMENTS AND CONTINGENCIES We are involved from time to time in litigation on various matters, including disputes with tenants of owned properties, disputes arising out of agreements to purchase or sell properties and disputes arising out of our loan portfolio. Given the nature of our business activities, these lawsuits are considered routine to the conduct of our business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. We do not expect that the liabilities, if any, that may ultimately result from such routine legal actions will have a material adverse effect on our consolidated financial position, results of operations or cash flows. On March 13, 2012, the staff of the SEC notified us that the SEC had initiated a non-public investigation concerning our investment advisory subsidiary, Taberna Capital Management, LLC, or TCM. The investigation relates to TCM’s receipt of approximately $15 million 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, we reached an agreement in principle with SEC staff to resolve a non-public investigation initiated by the SEC staff regarding our subsidiary, TCM. This agreement in principle remains subject to final documentation and approval by the SEC. Under the terms of the agreement in principle, among other things, TCM will pay $21.5 million and RAIT will guarantee this payment obligation. As a result of this agreement in principle, RAIT took a charge of $21.5 million in 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. In addition, on October 8, 2014, two former executive officers and a former employee of RAIT received “Wells Notices” from the SEC staff relating to the subject of such investigation. We cannot provide any assurance what the ultimate resolution of these Wells Notices or any related action will be or whether any such resolution may have an adverse effect on us. 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. 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. The former executive officers left RAIT as of December 31, 2014 and the former employee left RAIT in 2010.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
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, 2014 included in our Annual Report on Form 10-K, or the 2014 annual report. 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. Certain prior period amounts have been reclassified to conform with the current period presentation. During the six-month period ended June 30, 2015, we recorded the following adjustments in the accompanying consolidated statement of operations that related to transactions completed in a prior period: (a) investment interest income includes the write-off of accrued interest receivable of $842 that was associated with investments in loans that was determined to be not collectible and (b) depreciation and amortization expense includes $708 associated with capital additions associated with our investment in real estate which were not properly eliminated previously. We also recorded an adjustment to correct the deferred tax liability balance with an offset to goodwill for $2,257 related to our acquisition of Urban Retail Properties, LLC. During the six-month period ended June 30, 2015, we revised the Consolidated Statements of Cash Flows for the six-month period ended June 30, 2014. The revision consisted of classifying the origination of conduit loans and the sale of conduit loans from cash flows from investing activities to cash flows from operating activities. The impact of this revision was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $46,221 for the period ended June 30, 2014. The revision had no impact to cash and cash equivalents as of June 30, 2014. In addition, the revision did not impact any other consolidated financial statement as of June 30, 2014 or for the six-month or three-month periods ended June 30, 2014. We evaluated these revisions and reclassifications and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements.
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. 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, and preferred equity interests. We account for our investments in commercial mortgages, mezzanine loans and other loans at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans.
Allowance for Losses, Impaired Loans and Non-accrual Status	e. Allowance for Losses, Impaired Loans and Non-accrual Status We maintain an allowance for losses on our investments in commercial mortgages, mezzanine loans and preferred equity interests. 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 management based on market conditions and inputs at the time the asset is acquired. The fair value of the real estate acquired is allocated to the acquired tangible assets, consisting of land, building and tenant improvements, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships, based in each case on their fair values. Purchase accounting is applied to assets and liabilities associated with the real estate acquired. Transaction costs and fees incurred related to acquisitions are expensed as incurred. Upon the acquisition of properties, we estimate the fair value of acquired tangible assets (consisting of land, building and improvements) and identified intangible assets and liabilities (consisting of above and below-market leases, in-place leases and tenant relationships), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that date. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property.
Revenue Recognition	g. Revenue Recognition 1) Interest income 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 3) Fee and other income
Fair Value of Financial Instruments	h. 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 • Level 2 Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based primarily on observable market inputs. • Level 3 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	i. 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 $19,149 as of June 30, 2015 and December 31, 2014. The gross carrying amount for our in-place leases, above market leases, and ground lease was $32,481 and $22,725 as of June 30, 2015 and December 31, 2014, respectively. The gross carrying amount for our trade name was $1,500 as of June 30, 2015 and December 31, 2014. The accumulated amortization for our intangible assets was $20,935 and $13,911 as of June 30, 2015 and December 31, 2014, respectively. We recorded amortization expense of $3,108 and $2,449 for the three-month periods ended June 30, 2015 and 2014, respectively, and $7,039 and $4,396 for the six-month periods ended June 30, 2015 and 2014, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $3,133 for the remainder of 2015, $5,289 for 2016, $3,848 for 2017, $3,172 for 2018, $2,997 for 2019 and $13,756 thereafter. As of June 30, 2015, we have determined that no impairment exists on our intangible assets.
Goodwill	j. Goodwill Goodwill on our consolidated balance sheet represented the amounts paid in excess of the fair value of the net assets acquired from business acquisitions accounted for under FASB ASC Topic 805, “Business Combinations.” Pursuant to FASB ASC Topic 350, “Intangibles-Goodwill and Other”, goodwill is not amortized to expense but rather is analyzed for impairment. We evaluate goodwill for impairment on an annual basis and as events and circumstances change, in accordance with FASB ASC Topic 350. As of June 30, 2015 and December 31, 2014, we have $8,757 and $11,014 of goodwill, respectively, that is included in Other Assets in the accompanying consolidated balance sheets. The change in goodwill is attributable to the correction discussed in the Basis of Presentation section within this Note above. As of June 30, 2015, we have determined that no triggering events occurred that would indicate an impairment on our goodwill.
Recent Accounting Pronouncements	k. Recent Accounting Pronouncements On January 1, 2015, we adopted the 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. The adoption of this standard did not have a material effect 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 currently effective for annual reporting periods beginning after December 15, 2016. On July 9, 2015, the FASB affirmed its proposal to defer the effective date of this accounting standard by one year. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2015, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. This accounting standard amends the consolidation analysis required under GAAP and requires management to reevaluate all previous consolidation conclusions. This standard considers limited partnerships as VIEs, unless the limited partners have either substantive kick-out or participating rights. The presumption that a general partner should consolidate a limited partnership has also been eliminated. The standard amends the effect that fees paid to a decision maker or service provider have on the consolidation analysis, as well as amends how variable interests held by a reporting entity’s related parties affect the consolidation conclusion. This standard also clarifies how to determine whether equity holders as a group have power over an entity. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In April 2015, the FASB issued an accounting standard classified under FASB ASC Topic 835, “Interest”. This accounting standard amends existing guidance to change reporting requirements for debt issuance costs by requiring debt issuance costs to be presented on the balance sheet as a direct deduction from the debt liability. This standard is effective for interim and annual reporting periods beginning on or after December 15, 2015, with an early adoption permitted. Retrospective application to prior periods is required. Management does not expect that this accounting standard will have a significant impact on our consolidated financial statements.

INVESTMENTS IN LOANS (Tables)

INVESTMENTS IN LOANS (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Loans	The following table summarizes our investments in commercial mortgages, mezzanine loans, and preferred equity interests as of June 30, 2015: Unpaid Unamortized Carrying Number of Weighted- Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,282,154 $ (14,428 ) $ 1,267,726 108 5.3 % Sep. 2015 to Jan. 2029 Mezzanine loans 202,694 (1,024 ) 201,670 62 9.8 % Jul. 2015 to May 2025 Preferred equity interests 39,311 (2,335 ) 36,976 9 7.3 % Feb. 2016 to Aug. 2033 Total CRE 1,524,159 (17,787 ) 1,506,372 179 6.0 % Deferred fees, net 170 — 170 Total $ 1,524,329 $ (17,787 ) $ 1,506,542 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgages includes eleven conduit loans with an unpaid principal balance and carrying amount of $114,048 a weighted-average coupon of 4.3% and maturity dates ranging from November 2022 through July 2025. These commercial mortgages are accounted for 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, 2014: Unpaid Unamortized Carrying Number of Weighted- Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 2015 to Jan. 2025 Mezzanine loans 226,105 (1,602 ) 224,503 74 9.8 % Mar. 2015 to Jan. 2029 Preferred equity interests 34,859 (1 ) 34,858 9 7.1 % Feb. 2016 to Aug. 2025 Total CRE 1,409,254 (16,122 ) 1,393,132 178 6.5 % Deferred fees, net (696 ) — (696 ) Total $ 1,408,558 $ (16,122 ) $ 1,392,436 (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 $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are accounted for 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 June 30, 2015 and December 31, 2014: As of June 30, 2015 Delinquency Status Commercial Mezzanine Preferred Total Current $ 1,282,154 $ 181,493 $ 35,661 $ 1,499,308 30 to 59 days — — — — 60 to 89 days — — — — 90 days or more — 19,953 3,650 23,603 In foreclosure or bankruptcy proceedings — 1,248 — 1,248 Total $ 1,282,154 $ 202,694 $ 39,311 $ 1,524,159 As of December 31, 2014 Delinquency Status Commercial Mezzanine Preferred Total Current $ 1,148,290 $ 202,919 $ 31,209 $ 1,382,418 30 to 59 days — — — — 60 to 89 days — 1,555 — 1,555 90 days or more — 19,953 3,650 23,603 In foreclosure or bankruptcy proceedings — 1,678 — 1,678 Total $ 1,148,290 $ 226,105 $ 34,859 $ 1,409,254
Investment in Loans by Credit Risk Category	we have classified our investment in loans by credit risk category as follows: As of June 30, 2015 Credit Status Commercial Mezzanine Preferred Total Satisfactory $ 1,247,234 $ 154,493 $ 31,365 $ 1,433,092 Watchlist/Impaired 34,920 48,201 7,946 91,067 Total $ 1,282,154 $ 202,694 $ 39,311 $ 1,524,159 As of December 31, 2014 Credit Status Commercial Mezzanine Preferred Total Satisfactory $ 1,125,370 $ 175,915 $ 26,849 $ 1,328,134 Watchlist/Impaired 22,920 50,190 8,010 81,120 Total $ 1,148,290 $ 226,105 $ 34,859 $ 1,409,254
Roll-Forwards of Allowance for Losses for Commercial Mortgages Mezzanine Loans, and Other Loans	The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the three-month periods ended June 30, 2015 and 2014: For the Three-Month Period Ended June 30, 2015 Commercial Mezzanine Preferred Total Beginning balance $ — $ 9,471 $ 1,326 $ 10,797 Provision for loan losses — 2,000 — $ 2,000 Charge-offs, net of recoveries — (1 ) — $ (1 ) Ending balance $ — $ 11,470 $ 1,326 $ 12,796 For the Three-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 12,960 $ 1,319 $ 14,279 Provision for loan losses — 1,000 — 1,000 Charge-offs, net of recoveries — 57 — 57 Ending balance $ — $ 14,017 $ 1,319 $ 15,336 The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the six-month periods ended June 30, 2015 and 2014: For the Six-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses — 4,000 — $ 4,000 Charge-offs, net of recoveries — (422 ) — $ (422 ) Ending balance $ — $ 11,470 $ 1,326 $ 12,796 For the Six-Month Commercial Mezzanine Preferred Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses — 2,000 — 2,000 Charge-offs, net of recoveries — (9,619 ) — (9,619 ) Ending balance $ — $ 14,017 $ 1,319 $ 15,336
Loans on Watchlist or Considered to be Impaired	Information related to those loans on our watchlist or considered to be impaired was as follows: As of June 30, 2015 Watchlist/Impaired Loans Commercial Mezzanine Preferred Total Watchlist/Impaired loans expecting full recovery $ 34,920 $ 8,500 $ 4,296 $ 47,716 Watchlist/Impaired loans with reserves — 39,701 3,650 43,351 Total Watchlist/Impaired Loans(1) $ 34,920 $ 48,201 $ 7,946 $ 91,067 Allowance for losses $ — $ 11,470 $ 1,326 $ 12,796 (1) As of June 30, 2015, this includes $5,500 of unpaid principal relating to previously identified troubled debt restructurings (TDRs) that are on accrual status. As of December 31, 2014 Watchlist/Impaired Loans Commercial Mezzanine Preferred Total Watchlist/Impaired loans expecting full recovery $ 22,920 $ 40,559 $ 4,360 $ 67,839 Watchlist/Impaired loans with reserves — 9,631 3,650 13,281 Total Watchlist/Impaired Loans(1) $ 22,920 $ 50,190 $ 8,010 $ 81,120 Allowance for losses $ — $ 7,892 $ 1,326 $ 9,218 (1) As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.

INVESTMENTS IN SECURITIES (Tabl

INVESTMENTS IN SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in Securities and Security-Related Receivables	The following table summarizes our investments in securities as of December 31, 2014: Investment Description Amortized Gross Gross Estimated Weighted Weighted Available-for-sale securities $ 210,600 $ 2,053 $ (193,486 ) $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 995 — 10,995 6.7 % 3.0 CMBS receivables (3) 5,000 — (3,750 ) 1,250 5.7 % 34.5 Total security-related receivables 15,000 995 (3,750 ) 12,245 6.3 % 13.5 Total investments in securities $ 225,600 $ 3,048 $ (197,236 ) $ 31,412 3.6 % 22.7 (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) As of December 31, 2014, this includes available-for-sale securities that are accounted for under the fair value option other than an available-for-sale security that has an amortized cost of $3,600 and a carrying value of $3,606. (3) CMBS receivables include securities with a fair value totaling $1,250 that are rated “D” by Standard & Poor’s.
Non-Accrual Status of Investments	The following table summarizes the non-accrual status of our investments in securities: As of December 31, 2014 Principal /Par Weighted Average Fair Value Other securities $ 210,600 3.5 % $ 17,120 CMBS receivables 5,000 5.7 % 1,250

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of June 30, As of December 31, Multi-family real estate properties (a) $ 1,234,056 $ 1,286,898 Office real estate properties 364,077 370,114 Retail real estate properties 133,471 132,117 Parcels of land 52,284 51,322 Subtotal 1,783,888 1,840,451 Less: Accumulated depreciation and amortization (a) (178,572 ) (168,480 ) Investments in real estate (b) $ 1,605,316 $ 1,671,971 (a) As of June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376. (b) Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000.
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 one property acquired during the six-month period ended June 30, 2015 on the date of acquisition, which is accounted for under FASB ASC Topic 805. Description Estimated Fair Value Assets acquired: Investments in real estate $ 25,031 Other assets 87 Intangible assets 219 Total assets acquired 25,337 Liabilities assumed: Loans payable on real estate — Accounts payable and accrued expenses 488 Other liabilities 103 Total liabilities assumed 591 Estimated fair value of net assets acquired $ 24,746
Consideration Transferred to Acquire Real Estate Properties	The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective conversion date: Description Estimated Fair Value Fair value of consideration transferred: Cash $ 24,808 Other considerations (62 ) Total fair value of consideration transferred $ 24,746
Consolidated Unaudited Pro Forma Information	The table below presents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2014. 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 Six-Month Period Ended June 30, 2015 For the Six-Month Period Ended June 30, 2014 Total revenue of real estate property acquired, as reported $ 597 $ — Net income (loss) allocable to common shares of real estate property acquired, as reported 240 — Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as reported 0.00 0.00 Pro forma revenue of real estate property acquired (unaudited) 1,469 1,257 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 562 424 Earnings (loss) per share attributable to common shareholders of real estate property acquired Basic and diluted—as pro forma (unaudited) 0.01 0.01

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 2015
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of June 30, 2015: Description Unpaid Carrying Amount Weighted- Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,658 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 135,752 4.0 % 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 14,848 14,848 2.7 % Oct. 2016 Senior secured notes 74,000 65,559 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 12,866 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.8 % Apr. 2037 CMBS facilities 77,742 77,742 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 518,082 497,430 5.2 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 987,813 986,891 0.6 % 2045 to 2046 CMBS securitizations (6) 537,375 536,796 2.0 % Jan. 2029 to Dec. 3031 Loans payable on real estate (7) 639,493 640,411 4.5 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,164,681 2,164,098 2.1 % Total indebtedness $ 2,682,763 $ 2,661,528 2.7 % (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 CDO notes payable purchased by us which are eliminated in consolidation. (5) Collateralized by $1,478,859 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes, RAIT FL3 junior notes and RAIT FL4 junior notes purchased by us which are eliminated in consolidation. Collateralized by $676,161 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $403,360 of unpaid principal balance with a carrying amount of $404,279 of third party 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 May 2025. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2014: Description Unpaid Carrying Amount Weighted- Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,417 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 134,418 4.0 % 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 18,392 18,392 2.7 % Oct. 2016 Senior secured notes 78,000 68,314 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 13,102 0.5 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 85,053 85,053 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 532,937 509,701 4.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 1,074,102 1,073,145 0.6 % 2045 to 2046 CMBS securitizations (6) 389,994 389,415 1.9 % Jan. 2029 to Dec. 2031 Loans payable on real estate (7) 641,874 643,405 4.6 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,105,970 2,105,965 2.1 % Total indebtedness $ 2,638,907 $ 2,615,666 2.6 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2016, April 2021, and April 2026. (2) Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028. (3) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (4) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (5) Collateralized by $1,572,126 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 principal amount of commercial mortgages loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.

DERIVATIVE FINANCIAL INSTRUME29

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014: As of June 30, 2015 As of December 31, 2014 Notional Fair Value of Fair Value of Notional Fair Value of Fair Value of Cash flow hedges: Interest rate swaps $ 381,286 $ 278 $ (12,154 ) $ 496,025 $ — $ (20,695 ) Net fair value $ 381,286 $ 278 $ (12,154 ) $ 496,025 $ — $ (20,695 )

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net $ 1,493,746 $ 1,448,755 Cash and cash equivalents 104,772 104,772 Restricted cash 179,878 179,878 Derivative assets 278 278 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,658 36,882 4.0% convertible senior notes 135,752 120,480 7.625% senior notes 60,000 55,440 7.125% senior notes 71,905 71,330 Secured credit facilities 14,848 14,848 Junior subordinated notes, at fair value 12,866 12,866 Junior subordinated notes, at amortized cost 25,100 14,107 CMBS facilities 77,742 77,742 Senior secured notes 65,559 75,777 Non-recourse indebtedness: CDO notes payable, at amortized cost 986,891 807,995 CMBS securitizations 536,796 536,528 Loans payable on real estate 640,411 667,791 Derivative liabilities 12,154 12,154 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2014: Financial Instrument Carrying Estimated Fair Assets Commercial mortgages, mezzanine loans, other loans and preferred equity interests, net $ 1,392,436 $ 1,316,796 Investments in securities and security-related receivables 31,412 31,412 Cash and cash equivalents 121,726 121,726 Restricted cash 124,220 124,220 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,417 41,901 4.0% convertible senior notes 134,418 123,677 7.625% senior notes 60,000 56,016 7.125% senior notes 71,905 70,064 Secured credit facilities 18,392 18,392 Junior subordinated notes, at fair value 13,102 13,102 Junior subordinated notes, at amortized cost 25,100 14,471 CMBS facilities 55,956 55,956 Commercial mortgage facility 29,097 29,097 Senior secured notes 68,314 79,594 Non-recourse indebtedness: CDO notes payable, at amortized cost 1,073,145 913,050 CMBS securitizations 389,415 389,771 Loans payable on real estate 643,405 678,306 Derivative liabilities 20,695 20,695 Warrants and investor SARs 35,384 35,384
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 June 30, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Significant Other Significant Balance of Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 278 — 278 Total assets $ — $ 278 $ — $ 278 Liabilities: Quoted Prices in Significant Other Significant Balance of Junior subordinated notes, at fair value $ — $ — $ 12,866 $ 12,866 Derivative liabilities — 12,154 — 12,154 Warrants and investor SARs — — 22,181 22,181 Total liabilities $ — $ 12,154 $ 35,047 $ 47,201 (a) During the six-month period ended June 30, 2015, there were no transfers between Level 1 and Level 2, nor were there any 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, 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 of Available-for-sale securities $ — $ 19,167 $ — $ 19,167 Security-related receivables Unsecured REIT note receivables — 10,995 — 10,995 CMBS receivables — 1,250 — 1,250 Other securities — — — — Derivative assets — — — — Total assets $ — $ 31,412 $ — $ 31,412 Liabilities: Quoted Prices in Significant Other Significant Balance of Junior subordinated notes, at fair value $ — $ — $ 13,102 $ 13,102 Derivative liabilities — 20,695 — 20,695 Warrants and investor SARs — — 35,384 35,384 Total liabilities $ — $ 20,695 $ 48,486 $ 69,181 (a) During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, nor were there any transfers into and out of Level 3.
Rollforward of Level 3 Liabilities	The following tables summarize additional information about liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three-month period ended June 30, 2015: Liabilities Warrants and investor Junior Total Balance, as of December 31, 2014 $ 35,384 $ 13,102 $ 48,486 Change in fair value of financial instruments (13,203 ) (236 ) (13,439 ) Purchases — — — Sales — — — Principal repayments — — — Balance, as of June 30, 2015 $ 22,181 $ 12,866 $ 35,047
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount June 30, 2015 Estimated Fair 2015 Valuation Technique Quoted Prices in Significant Other Significant Other (Level 3) Commercial mortgages, mezzanine loans and other loans $ 1,493,746 $ 1,448,755 Discounted cash flows $ — $ — $ 1,448,755 7.0% convertible senior notes 33,658 36,882 Trading price 36,882 — — 4.0% convertible senior notes 135,752 120,480 Trading price 120,480 — — 7.625% senior notes 60,000 55,440 Trading price 55,440 — — 7.125% senior notes 71,905 71,330 Trading price 71,330 — — Senior Secured Notes 65,559 75,777 Discounted cash flows — — 75,777 Junior subordinated notes, at amortized cost 25,100 14,107 Discounted cash flows — — 14,107 CDO notes payable, at amortized cost 986,891 807,995 Trading price 807,995 — — CMBS securitization 536,796 536,528 Trading price 536,528 — — Loans payable on real estate 640,411 667,791 Discounted cash flows — — 667,791 Fair Value Measurement Carrying Amount Estimated Fair Valuation Technique Quoted Prices in Significant Other Significant Other Commercial mortgages, mezzanine loans and other loans $ 1,392,436 $ 1,316,796 Discounted cash flows $ — $ — $ 1,316,796 7.0% convertible senior notes 33,417 41,901 Trading price 41,901 — — 4.0% convertible senior notes 134,418 123,677 Trading price 123,677 — — 7.625% senior notes 60,000 56,016 Trading price 56,016 — — 7.125% senior notes 71,905 70,064 Trading price 70,064 — — Senior Secured Notes 68,314 79,594 Discounted cash flows — — 79,594 Junior subordinated notes, at amortized cost 25,100 14,471 Discounted cash flows — — 14,471 CDO notes payable, at amortized cost 1,073,145 913,050 Trading price 913,050 — — CMBS securitization 389,415 389,771 Trading price 389,771 — — Loans payable on real estate 643,405 678,306 Discounted cash flows — — 678,306
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 Six-Month Description 2015 2014 2015 2014 Change in fair value of trading securities and security- related receivables $ — $ 2,132 $ (173 ) $ 8,574 Change in fair value of CDO notes payable and trust preferred obligations 316 (18,937 ) 236 (49,333 ) Change in fair value of derivatives 1,627 (7,484 ) (420 ) (11,711 ) Change in fair value of warrants and investor SARs 6,413 (782 ) 13,203 3,260 Change in fair value of financial instruments $ 8,356 $ (25,071 ) $ 12,846 $ (49,210 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,446,541 $ — $ — $ 1,446,541 Allowance for losses 421 — — 421 Total investments in mortgages and loans 1,446,962 — — 1,446,962 Investments in real estate Investments in real estate — 716,582 24,116 740,698 Accumulated depreciation — (31,189 ) (4,211 ) (35,400 ) Total investments in real estate — 685,393 19,905 705,298 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 21,568 247 21,815 Restricted cash 13,540 6,335 357 20,232 Accrued interest receivable 74,942 — — 74,942 Other assets 11,140 6,689 7,197 25,026 Deferred financing costs Deferred financing costs 26,028 3,807 345 30,180 Accumulated amortization (21,752 ) (815 ) (272 ) (22,839 ) Total deferred financing costs 4,276 2,992 73 7,341 Intangible assets Intangible assets — 7,816 — 7,816 Accumulated amortization — (7,633 ) — (7,633 ) Total intangible assets — 183 — 183 Total assets $ 1,550,860 $ 723,160 $ 27,779 $ 2,301,799 Liabilities and Equity Indebtedness $ 1,228,741 $ 457,202 $ 21,206 $ 1,707,149 Accrued interest payable 584 30 4,057 4,671 Accounts payable and accrued expenses 5 10,922 3,305 14,232 Derivative liabilities 11,553 — — 11,553 Deferred taxes, borrowers’ escrows and other liabilities — 3,876 3,458 7,334 Total liabilities 1,240,883 472,030 32,026 1,744,939 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (11,605 ) — — (11,605 ) RAIT investment 163,604 80,380 845 244,829 Retained earnings (deficit) 157,978 (28,065 ) (5,092 ) 124,821 Total shareholders’ equity 309,977 52,315 (4,247 ) 358,045 Noncontrolling Interests — 198,815 — 198,815 Total liabilities and equity $ 1,550,860 $ 723,160 $ 27,779 $ 2,301,799 As of December 31, 2014 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,535,097 $ — $ — $ 1,535,097 Allowance for losses (8,423 ) — — (8,423 ) Total investments in mortgages and loans 1,526,674 — — 1,526,674 Investments in real estate Investments in real estate — 689,112 23,899 713,011 Accumulated depreciation — (23,376 ) (3,686 ) (27,062 ) Total investments in real estate — 665,736 20,213 685,949 Investments in securities and security-related receivables, at fair value 10,995 — — 10,995 Cash and cash equivalents — 14,763 216 14,979 Restricted cash 14,715 5,205 244 20,164 Accrued interest receivable 74,904 — — 74,904 Other assets 136 (420 ) 6,908 6,624 Deferred financing costs Deferred financing costs 26,028 3,431 346 29,805 Accumulated amortization (20,095 ) (507 ) (239 ) (20,841 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,596 — 7,596 Accumulated amortization — (4,345 ) — (4,345 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 691,459 $ 27,688 $ 2,352,504 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,900 $ 21,280 $ 1,755,283 Accrued interest payable 670 31 3,661 4,362 Accounts payable and accrued expenses 3 8,371 3,290 11,664 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 1,124 2,950 4,074 Total liabilities 1,335,827 428,426 31,181 1,795,434 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (20,788 ) — — (20,788 ) RAIT investment 114,207 71,024 743 185,974 Retained earnings (deficit) 204,111 (16,729 ) (4,236 ) 183,146 Total shareholders’ equity 297,530 54,295 (3,493 ) 348,332 Noncontrolling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 691,459 $ 27,688 $ 2,352,504

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015: Aggregate purchase price $ 100,000 Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,384 ) Total discount (28,189 ) Discount amortization to-date 10,702 Carrying amount of Series D Preferred Shares $ 82,513

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
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 six-month periods ended June 30, 2015 and 2014: For the Three-Month For the Six-Month Periods Ended June 30 Periods Ended June 30 2015 2014 2015 2014 Net income (loss) $ 26,441 $ (19,010 ) $ 26,707 $ (26,433 ) (Income) loss allocated to preferred shares (8,221 ) (7,415 ) (16,080 ) (13,221 ) (Income) loss allocated to noncontrolling interests 736 775 1,232 (583 ) Net income (loss) allocable to common shares $ 18,956 $ (25,650 ) $ 11,859 $ (40,237 ) Plus: Impact of assumed conversions $ 617 $ — $ — $ — Net income (loss) allocable to common shares plus assumed conversions $ 19,573 $ (25,650 ) $ 11,859 $ (40,237 ) Weighted-average shares outstanding—Basic 82,150,475 81,778,947 82,115,941 80,636,895 Dilutive securities 7,117,987 — 2,018,099 — Weighted-average shares outstanding—Diluted 89,268,462 81,778,947 84,134,040 80,636,895 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ 0.23 $ (0.31 ) $ 0.14 $ (0.50 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ 0.22 $ (0.31 ) $ 0.14 $ (0.50 )

SUPPLEMENTAL DISCLOSURE TO ST34

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Supplemental Disclosures to Statements of Cash Flows	The following are supplemental disclosures to the statements of cash flows for the six-month periods ended June 30, 2015 and 2014: For the Six-Month Periods Ended June 30 2015 2014 Cash paid for interest $ 33,918 $ 17,727 Cash paid (refunds received) for taxes 54 62 Non-cash increase in investments in real estate from conversion of loans — 28,700 Non-cash increase in non-controlling interest from property acquisition — 1,986 Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments — (2,421 ) Non-cash increase in indebtedness from the assumption of debt from property acquisitions — 111,986 Non-cash increase in other assets from business combination — 7,302

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Segment Reporting	The following tables present segment reporting: Real Estate Lending IRT Eliminations (a) Consolidated Three-Month Period Ended June 30, 2015: Net interest margin $ 16,766 $ — $ (241 ) 16,525 Rental income 32,661 22,812 — 55,473 Fee and other income 11,835 — (4,420 ) 7,415 Provision for losses 2,000 — — 2,000 Depreciation and amortization expense 11,285 5,720 — 17,005 Operating income 1,406 353 1 1,760 Change in fair value of financial instruments 8,356 — — 8,356 Income tax benefit (provision) (715 ) — — (715 ) Net income (loss) 27,396 353 (1,308 ) 26,441 Six-Month Period Ended June 30, 2015: Net interest margin $ 33,338 $ — $ (479 ) 32,859 Rental income 64,930 44,512 — 109,442 Fee and other income 21,625 — (8,616 ) 13,009 Provision for losses 4,000 — — 4,000 Depreciation and amortization expense 24,264 11,758 — 36,022 Operating income (1,598 ) 111 — (1,487 ) Change in fair value of financial instruments 12,846 — — 12,846 Income tax benefit (provision) (1,297 ) — — (1,297 ) Net income (loss) 29,213 112 (2,618 ) 26,707 (a) The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgages on our owned real estate. Real Estate Lending IRT Taberna Eliminations (a) Consolidated Three-Month Period Ended June 30, 2014: Net interest margin $ 25,075 $ — $ 8,109 $ (6,061 ) $ 27,123 Rental income 27,565 11,649 — — 39,214 Fee and other income 8,770 — 332 (2,183 ) 6,919 Provision for losses 1,000 — — — 1,000 Depreciation and amortization expense 10,176 3,232 33 — 13,441 Operating income 7,433 (129 ) 9,085 (2,755 ) 13,634 Change in fair value of financial instruments (1,388 ) — (23,683 ) — (25,071 ) Income tax benefit (provision) 292 — (271 ) — 21 Net income (loss) 8,106 (128 ) (22,941 ) (4,047 ) (19,010 ) Six-Month Period Ended June 30, 2014: Net interest margin $ 49,347 $ — $ 17,305 $ (11,749 ) $ 54,903 Rental income 54,606 19,784 — — 74,390 Fee and other income 14,171 — 616 (3,516 ) 11,271 Provision for losses 2,000 — — — 2,000 Depreciation and amortization expense 20,061 5,355 67 — 25,483 Operating income 12,347 (80 ) 16,175 (2,986 ) 25,456 Change in fair value of financial instruments 2,318 — (51,528 ) — (49,210 ) Income tax benefit (provision) 772 — (512 ) — 260 Net income (loss) 19,870 2,807 (43,577 ) (5,533 ) (26,433 )

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Investment interest income	$ 24,107	$ 34,646	$ 47,355	$ 69,609
Depreciation and amortization expense	17,005	13,441	36,022	25,483
Intangible assets, accumulated amortization	20,935		20,935		$ 13,911
Intangible assets, amortization expenses	3,108	$ 2,449	7,039	4,396
Expected amortization expense of intangible assets in 2015	3,133		3,133
Expected amortization expense of intangible assets in 2016	5,289		5,289
Expected amortization expense of intangible assets in 2017	3,848		3,848
Expected amortization expense of intangible assets in 2018	3,172		3,172
Expected amortization expense of intangible assets in 2019	2,997		2,997
Expected amortization expense of intangible assets thereafter	13,756		13,756
Goodwill	8,757		8,757		11,014
Scenario, Adjustment
Significant Accounting Policies [Line Items]
Investment interest income			842
Depreciation and amortization expense			708
Deferred tax liability	2,257		$ 2,257
Building and Building Improvements | Minimum
Significant Accounting Policies [Line Items]
Property, useful lives			30 years
Building and Building 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	19,149		$ 19,149		19,149
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	32,481		32,481		22,725
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	$ 1,500		$ 1,500		$ 1,500
Cash Flows from Operating Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities				(46,221)
Cash Flows from Investing Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities				$ 46,221

Investments in Loans (Detail)

Investments in Loans (Detail) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)Loan		Dec. 31, 2014USD ($)Loan
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 1,524,159		$ 1,409,254
Deferred fees	170		(696)
Total investments in loans, Unpaid Principal Balance	1,524,329		1,408,558
Total investment in loans, Unamortized (Discounts) Premiums	(17,787)		(16,122)
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,506,542		1,392,436
CRE Loans
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	1,524,159		1,409,254
Total investment in loans, Unamortized (Discounts) Premiums	(17,787)		(16,122)
Carrying Amount	1,506,372		1,393,132
Carrying Amount, Other loans	$ 0		$ 0
Number of Loans | Loan	179		178
Weighted-Average Coupon	6.00%	[1]	6.50%	[2]
Commercial mortgages
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 1,282,154	[3]	$ 1,148,290	[4]
Total investment in loans, Unamortized (Discounts) Premiums	(14,428)	[3]	(14,519)	[4]
Carrying Amount	1,267,726	[3]	1,133,771	[4]
Carrying Amount, Other loans	$ 0	[3]	$ 0	[4]
Number of Loans | Loan	108	[3]	95	[4]
Weighted-Average Coupon	5.30%	[1],[3]	5.90%	[2],[4]
Range of Maturity Dates, Minimum	Sep. 1, 2015	[3]	Jan. 1, 2015	[4]
Range of Maturity Dates, Maximum	Jan. 1, 2029	[3]	Jan. 1, 2025	[4]
Mezzanine Loans
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 202,694		$ 226,105
Total investment in loans, Unamortized (Discounts) Premiums	(1,024)		(1,602)
Carrying Amount	201,670		224,503
Carrying Amount, Other loans	$ 0		$ 0
Number of Loans | Loan	62		74
Weighted-Average Coupon	9.80%	[1]	9.80%	[2]
Range of Maturity Dates, Minimum	Jul. 1, 2015		Mar. 1, 2015
Range of Maturity Dates, Maximum	May 1, 2025		Jan. 1, 2029
Preferred Equity Interests
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 39,311		$ 34,859
Total investment in loans, Unamortized (Discounts) Premiums	(2,335)		(1)
Carrying Amount	36,976		34,858
Carrying Amount, Other loans	$ 0		$ 0
Number of Loans | Loan	9		9
Weighted-Average Coupon	7.30%	[1]	7.10%	[2]
Range of Maturity Dates, Minimum	Feb. 1, 2016		Feb. 1, 2016
Range of Maturity Dates, Maximum	Aug. 1, 2033		Aug. 1, 2025
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[2]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments, which does not necessarily correspond to the carrying amount.
[3]	Commercial mortgages includes eleven conduit loans with an unpaid principal balance and carrying amount of $114,048 a weighted-average coupon of 4.3% and maturity dates ranging from November 2022 through July 2025. These commercial mortgages are accounted for as loans held for sale.
[4]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are accounted for as loans held for sale.

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan
Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 1,524,159	$ 1,409,254
Conduit Loans
Mortgage Loans on Real Estate [Line Items]
Number of Loans | Loan	11	11
Unpaid Principal Balance	$ 114,048	$ 93,925
Weighted-Average Coupon	4.30%	4.60%

Investments in Loans - Addition

Investments in Loans - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Loan	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Transfer of commercial real estate loan to real estate owned			$ 28,588
Gain / (loss) on asset	$ 17,281	$ (7,599)	17,281	$ (5,375)
Average impaired loans unpaid balance	53,179	60,230	53,333	60,378
Interest income from impaired loans	634	$ 882	685	$ 882
Commercial Rea Estate Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain / (loss) on asset			$ 112
Commercial Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan			0
Modification troubled debt restructuring, number of loans | Loan			0
Commercial Portfolio Segment | 90 days or more
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 24,851		$ 24,851		$ 25,281
Weighted-average interest rate	5.70%		5.70%		5.80%
Commercial Portfolio Segment | Recognizing interest on the cash basis
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 68,155		$ 68,155
Weighted-average interest rate	9.20%		9.20%
Commercial Portfolio Segment | Troubled Debt Restructured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 18,500		$ 18,500

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	$ 1,524,159	$ 1,409,254
Current
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	1,499,308	1,382,418
60 to 89 days
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total		1,555
90 days or more
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	23,603	23,603
In foreclosure or bankruptcy proceedings
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	1,248	1,678
Commercial mortgages
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	1,282,154	1,148,290
Commercial mortgages | Current
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	1,282,154	1,148,290
Mezzanine Loans
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	202,694	226,105
Mezzanine Loans | Current
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	181,493	202,919
Mezzanine Loans | 60 to 89 days
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total		1,555
Mezzanine Loans | 90 days or more
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	19,953	19,953
Mezzanine Loans | In foreclosure or bankruptcy proceedings
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	1,248	1,678
Preferred Equity Interests
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	39,311	34,859
Preferred Equity Interests | Current
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	35,661	31,209
Preferred Equity Interests | 90 days or more
Mortgage Loans on Real Estate [Line Items]
Delinquency statistics, Total	$ 3,650	$ 3,650

Investment in Loans by Credit R

Investment in Loans by Credit Risk Category (Detail) - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,524,159		$ 1,409,254
Satisfactory
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,433,092		1,328,134
Watchlist
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	91,067	[1]	81,120	[2]
Commercial mortgages
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,282,154	[3]	1,148,290	[4]
Commercial mortgages | Satisfactory
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	1,247,234		1,125,370
Commercial mortgages | Watchlist
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	34,920	[1]	22,920	[2]
Mezzanine Loans
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	202,694		226,105
Mezzanine Loans | Satisfactory
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	154,493		175,915
Mezzanine Loans | Watchlist
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	48,201	[1]	50,190	[2]
Preferred Equity Interests
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	39,311		34,859
Preferred Equity Interests | Satisfactory
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	31,365		26,849
Preferred Equity Interests | Watchlist
Financing Receivable, Recorded Investment [Line Items]
Unpaid Principal Balance	$ 7,946	[1]	$ 8,010	[2]
[1]	As of June 30, 2015, this includes $5,500 of unpaid principal relating to previously identified troubled debt restructurings (TDRs) that are on accrual status.
[2]	As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.
[3]	Commercial mortgages includes eleven conduit loans with an unpaid principal balance and carrying amount of $114,048 a weighted-average coupon of 4.3% and maturity dates ranging from November 2022 through July 2025. These commercial mortgages are accounted for as loans held for sale.
[4]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are accounted for as loans held for sale.

Roll-Forwards of Allowance for

Roll-Forwards of Allowance for Losses for Commercial Mortgages Mezzanine Loans, and Other Loans (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Mortgage Loans on Real Estate [Line Items]
Beginning balance	$ 10,797		$ 9,218	$ 22,955
Provision for loan losses	2,000	$ 1,000	4,000	2,000
Charge-offs, net of recoveries	(1)	57	(422)	(9,619)
Ending balance	12,796	15,336	12,796	15,336
Mezzanine Loans
Mortgage Loans on Real Estate [Line Items]
Beginning balance	9,471		7,892	21,636
Provision for loan losses	2,000	1,000	4,000	2,000
Charge-offs, net of recoveries	(1)	57	(422)	(9,619)
Ending balance	11,470	14,017	11,470	14,017
Preferred Equity Interests
Mortgage Loans on Real Estate [Line Items]
Beginning balance	1,326		1,326	1,319
Ending balance	$ 1,326	$ 1,319	$ 1,326	$ 1,319

Loans on Watchlist or Considere

Loans on Watchlist or Considered to be Impaired (Detail) - USD ($) $ in Thousands	Jun. 30, 2015		Mar. 31, 2015	Dec. 31, 2014		Jun. 30, 2014	Apr. 14, 2014	Dec. 31, 2013
Financing Receivable, Impaired [Line Items]
Impaired loans	$ 1,524,159			$ 1,409,254
Allowance for losses	12,796		$ 10,797	9,218		$ 15,336	$ 14,279	$ 22,955
Watchlist
Financing Receivable, Impaired [Line Items]
Impaired loans expecting full recovery	47,716			67,839
Impaired loans with reserves	43,351			13,281
Impaired loans	91,067	[1]		81,120	[2]
Commercial mortgages
Financing Receivable, Impaired [Line Items]
Impaired loans	1,282,154	[3]		1,148,290	[4]
Commercial mortgages | Watchlist
Financing Receivable, Impaired [Line Items]
Impaired loans expecting full recovery	34,920			22,920
Impaired loans	34,920	[1]		22,920	[2]
Mezzanine Loans
Financing Receivable, Impaired [Line Items]
Impaired loans	202,694			226,105
Allowance for losses	11,470		9,471	7,892		14,017	12,960	21,636
Mezzanine Loans | Watchlist
Financing Receivable, Impaired [Line Items]
Impaired loans expecting full recovery	8,500			40,559
Impaired loans with reserves	39,701			9,631
Impaired loans	48,201	[1]		50,190	[2]
Preferred Equity Interests
Financing Receivable, Impaired [Line Items]
Impaired loans	39,311			34,859
Allowance for losses	1,326		$ 1,326	1,326		$ 1,319	$ 1,319	$ 1,319
Preferred Equity Interests | Watchlist
Financing Receivable, Impaired [Line Items]
Impaired loans expecting full recovery	4,296			4,360
Impaired loans with reserves	3,650			3,650
Impaired loans	$ 7,946	[1]		$ 8,010	[2]
[1]	As of June 30, 2015, this includes $5,500 of unpaid principal relating to previously identified troubled debt restructurings (TDRs) that are on accrual status.
[2]	As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.
[3]	Commercial mortgages includes eleven conduit loans with an unpaid principal balance and carrying amount of $114,048 a weighted-average coupon of 4.3% and maturity dates ranging from November 2022 through July 2025. These commercial mortgages are accounted for as loans held for sale.
[4]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are accounted for as loans held for sale.

Loans on Watchlist or Conside44

Loans on Watchlist or Considered to be Impaired (Parenthetical) (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financing Receivable, Impaired [Line Items]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 9,796	$ 5,500

Investments in Securities and S

Investments in Securities and Security-Related Receivables (Detail) - Dec. 31, 2014 - USD ($) $ in Thousands		Total
Investment Securities [Line Items]
Total investments in securities, Amortized Cost		$ 225,600
Total investments in securities, Gains		3,048
Total investments in securities, Losses		(197,236)
Investments in securities and security-related receivables, at fair value		$ 31,412
Total investments in securities, Weighted Average Coupon	[1]	3.60%
Total investments in securities, Weighted Average Years to Maturity		22 years 8 months 12 days
Security-related receivables
Investment Securities [Line Items]
Total investments in securities, Amortized Cost		$ 15,000
Total investments in securities, Gains		995
Total investments in securities, Losses		(3,750)
Investments in securities and security-related receivables, at fair value		$ 12,245
Total investments in securities, Weighted Average Coupon	[1]	6.30%
Total investments in securities, Weighted Average Years to Maturity		13 years 6 months
Security-related receivables | Unsecured REIT note receivables
Investment Securities [Line Items]
Total investments in securities, Amortized Cost		$ 10,000
Total investments in securities, Gains		995
Investments in securities and security-related receivables, at fair value		$ 10,995
Total investments in securities, Weighted Average Coupon	[1]	6.70%
Total investments in securities, Weighted Average Years to Maturity		3 years
Security-related receivables | CMBS receivables
Investment Securities [Line Items]
Total investments in securities, Amortized Cost	[2]	$ 5,000
Total investments in securities, Losses	[2]	(3,750)
Investments in securities and security-related receivables, at fair value	[2]	$ 1,250
Total investments in securities, Weighted Average Coupon	[1],[2]	5.70%
Total investments in securities, Weighted Average Years to Maturity	[2]	34 years 6 months
Available-for-sale Securities
Investment Securities [Line Items]
Total investments in securities, Amortized Cost	[3]	$ 210,600
Total investments in securities, Gains	[3]	2,053
Total investments in securities, Losses	[3]	(193,486)
Investments in securities and security-related receivables, at fair value	[3]	$ 19,167
Total investments in securities, Weighted Average Coupon	[1],[3]	3.50%
Total investments in securities, Weighted Average Years to Maturity	[3]	23 years 1 month 6 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 $1,250 that are rated "D" by Standard & Poor's
[3]	As of December 31, 2014, this includes available-for-sale securities that are accounted for under the fair value option other than an available-for-sale security that has an amortized cost of $3,600 and a carrying value of $3,606.

Investments in Securities and46

Investments in Securities and Security-Related Receivables (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Options Held
Investment Securities [Line Items]
Available for sale securities, amortized cost	$ 3,600
Available for sale securities, carrying value	3,606
CMBS receivables | Standard & Poor's, D Rating | Security-related receivables
Investment Securities [Line Items]
Securities, fair value	$ 1,250

Non-Accrual Status of Investmen

Non-Accrual Status of Investments (Detail) - Dec. 31, 2014 - USD ($) $ in Thousands		Total
Investment Holdings [Line Items]
Weighted Average Coupon	[1]	3.60%
Other securities
Investment Holdings [Line Items]
Principal/Par Amount on Non Accrual		$ 210,600
Weighted Average Coupon		3.50%
Fair Value		$ 17,120
CMBS receivables
Investment Holdings [Line Items]
Principal/Par Amount on Non Accrual		$ 5,000
Weighted Average Coupon		5.70%
Fair Value		$ 1,250
[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 - Add

Investments in Securities - Additional Information (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Investment Securities [Line Items]
Principal amount of unsecured REIT note receivables and CMBS receivables	$ 10,000
TruPS and subordinated debentures
Investment Securities [Line Items]
Principal amount of TruPS	$ 0

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 1,783,888	$ 1,840,451
Less: Accumulated depreciation and amortization	[1]	(178,572)	(168,480)
Investments in real estate, net, Book Value	[2]	1,605,316	1,671,971
Multi-family real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	[1]	1,234,056	1,286,898
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		364,077	370,114
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		133,471	132,117
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 52,284	$ 51,322
[1]	As of June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376.
[2]	Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000.

Summary of Investments in Rea50

Summary of Investments in Real Estate (Parenthetical) (Detail) $ in Thousands		Jun. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 1,783,888	$ 1,840,451
Accumulated depreciation and amortization	[1]	$ 178,572	168,480
Real Estate Held For Sale
Real Estate Properties [Line Items]
Number of real estate properties | Property		1
Carrying value of asset held for sale		$ 1,196
Fair value of assets held for sale		3,000
IRT
Real Estate Properties [Line Items]
Investments in real estate, Book Value		716,581	689,112
Accumulated depreciation and amortization		$ 31,188	$ 23,376
[1]	As of June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376.

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands		Jul. 22, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Property	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investments in real estate	[1]		$ 1,605,316		$ 1,605,316		$ 1,671,971
Mortgages held by third parties			639,493		639,493		641,874
Mortgages held by consolidated securitizations			845,620		845,620		878,856
Investment contributed revenue			55,473	$ 39,214	109,442	$ 74,390
Net income allocable to common shares			18,956	(25,650)	11,859	(40,237)
Acquisition related cost			985	$ 219	1,942	592
Fair value of assets acquired					4,374
Business acquisitions purchase price allocation subsequent adjustments			56		56
Proceed from sale of real estate property					20,596	$ 3,820
Gain on sale of real estate property					17,281
Deferred gain on sale of real estate property					3,136
Multi Family Real Estate Properties
Real Estate Properties [Line Items]
Proceed from sale of real estate property					68,037
Deconsolidated | Multi Family Real Estate Properties
Real Estate Properties [Line Items]
Carrying value of asset held for sale			23,897		23,897
Purchase and Sale Agreement | Subsequent Event | Multi Family Real Estate Properties
Real Estate Properties [Line Items]
Proceed from sale of real estate property		$ 17,500
Series of Individually Immaterial Business Acquisitions
Real Estate Properties [Line Items]
Investments in acquisition of real estate			25,031		25,031
Investment contributed revenue					597
Net income allocable to common shares					240
Acquisition related cost					88
Series of Individually Immaterial Business Acquisitions | Working Capital and Intangible Assets
Real Estate Properties [Line Items]
Investments in acquisition of real estate			25,250		$ 25,250
Series of Individually Immaterial Business Acquisitions | Multi Family Real Estate Properties
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property					1
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			25,250		$ 25,250
Land
Real Estate Properties [Line Items]
Investments in real estate			324,595		324,595		338,057
Real estate and Improvements
Real Estate Properties [Line Items]
Investments in real estate			$ 1,459,293		$ 1,459,293		$ 1,502,394
[1]	Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000.

Aggregate Estimated Fair Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Jun. 30, 2015USD ($)
Assets acquired:
Investments in real estate	$ 25,031
Other assets	87
Intangible assets	219
Total assets acquired	25,337
Liabilities assumed:
Loans payable on real estate	0
Accounts payable and accrued expenses	488
Other liabilities	103
Total liabilities assumed	591
Estimated fair value of net assets acquired	$ 24,746

Consideration Transferred to Ac

Consideration Transferred to Acquire Real Estate Properties (Detail) - Jun. 30, 2015 - Series of Individually Immaterial Business Acquisitions - USD ($) $ in Thousands	Total
Fair value of consideration transferred:
Cash	$ 24,808
Other considerations	(62)
Total fair value of consideration transferred	$ 24,746

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition, Pro Forma Information [Line Items]
Total revenue of real estate property acquired, as reported	$ 597
Net income (loss) allocable to common shares of real estate property acquired, as reported	$ 240
Basic and diluted-as reported	$ 0	$ 0
Basic and diluted-as pro forma (unaudited)	$ 0.01	$ 0.01
Pro forma revenue of real estate property acquired (unaudited)	$ 1,469	$ 1,257
Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited)	$ 562	$ 424

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,682,763		$ 2,638,907
Carrying Amount		$ 2,661,528		$ 2,615,666
Weighted- Average Interest Rate		2.70%		2.60%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 518,082		$ 532,937
Carrying Amount		$ 497,430		$ 509,701
Weighted- Average Interest Rate		5.20%		4.00%
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,164,681		$ 2,105,970
Carrying Amount		$ 2,164,098		$ 2,105,965
Weighted- Average Interest Rate		2.10%		2.10%
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[1]	$ 34,066		$ 34,066
Carrying Amount	[1]	$ 33,658		$ 33,417
Weighted- Average Interest Rate	[1]	7.00%		7.00%
Contractual Maturity, month and year	[1]	2031-04		2031-04
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[2]	$ 141,750		$ 141,750
Carrying Amount	[2]	$ 135,752		$ 134,418
Weighted- Average Interest Rate	[2]	4.00%		4.00%
Contractual Maturity, month and year	[2]	2033-10		2033-10
CMBS Facilities
Debt Instrument [Line Items]
Carrying Amount		$ 1,478,859		$ 1,572,126
CMBS Facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		77,742		85,053
Carrying Amount		$ 77,742		$ 85,053
Weighted- Average Interest Rate		2.50%		2.50%
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 60,000		$ 60,000
Carrying Amount		$ 60,000		$ 60,000
Weighted- Average Interest Rate		7.60%		7.60%
Contractual Maturity, month and year		2024-04		2024-04
7.125% Senior Notes due 2019 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 71,905		$ 71,905
Carrying Amount		$ 71,905		$ 71,905
Weighted- Average Interest Rate		7.10%		7.10%
Contractual Maturity, month and year		2019-08		2019-08
Secured credit facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 14,848		$ 18,392
Carrying Amount		$ 14,848		$ 18,392
Weighted- Average Interest Rate		2.70%		2.70%
Contractual Maturity, month and year		2016-10		2016-10
Senior Secured Notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 74,000		$ 78,000
Carrying Amount		$ 65,559		$ 68,314
Weighted- Average Interest Rate		7.00%		7.00%
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[3]	$ 18,671		$ 18,671
Carrying Amount	[3]	$ 12,866		$ 13,102
Weighted- Average Interest Rate	[3]	4.30%		0.50%
Contractual Maturity, month and year	[3]	2035-03		2035-03
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		2.80%		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	[5]	$ 987,813	[4]	$ 1,074,102	[6]
Carrying Amount	[5]	$ 986,891	[4]	$ 1,073,145	[6]
Weighted- Average Interest Rate	[5]	0.60%	[4]	0.60%	[6]
Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 639,493	[7]	$ 641,874	[8]
Carrying Amount		$ 640,411	[7]	$ 643,405	[8]
Weighted- Average Interest Rate		4.50%	[7]	4.60%	[8]
Minimum | CMBS Facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2015-11		2015-11
Minimum | Senior Secured Notes | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2017-04		2017-04
Minimum | CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, year	[5]	2,045	[4]	2,045	[6]
Minimum | Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2015-09	[7]	2015-09	[8]
Maximum | CMBS Facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-07		2016-07
Maximum | Senior Secured Notes | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2019-04		2019-04
Maximum | CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, year	[5]	2,046	[4]	2,046	[6]
Maximum | Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2040-05	[7]	2040-05	[8]
CMBS securitizations
Debt Instrument [Line Items]
Carrying Amount		$ 676,161		$ 490,863
CMBS securitizations | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		537,375	[9]	389,994	[10]
Carrying Amount		$ 536,796	[9]	$ 389,415	[10]
Weighted- Average Interest Rate		2.00%	[9]	1.90%	[10]
CMBS securitizations | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2029-01	[9]	2029-01	[10]
CMBS securitizations | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		3031-12	[9]	2031-12	[10]
[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]	Collateralized by $1,478,859 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.
[5]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[6]	Collateralized by $1,572,126 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]	Includes $403,360 of unpaid principal balance with a carrying amount of $404,279 of third party 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 May 2025.
[8]	Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.
[9]	Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes, RAIT FL3 junior notes and RAIT FL4 junior notes purchased by us which are eliminated in consolidation. Collateralized by $676,161 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.
[10]	Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 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 and56

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Carrying Amount	$ 2,661,528	$ 2,615,666
Unpaid Principal Balance	$ 2,682,763	$ 2,638,907
Weighted- Average Interest Rate	2.70%	2.60%
CMBS securitizations
Debt Instrument [Line Items]
Carrying Amount	$ 676,161	$ 490,863
IRT
Debt Instrument [Line Items]
Carrying Amount	404,279	362,434
Unpaid Principal Balance	$ 403,360	$ 360,902
Weighted- Average Interest Rate	3.70%	3.80%
IRT | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	2016-04	2016-04
IRT | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	2025-05	2025-01
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	$ 1,478,859	$ 1,572,126

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Sep. 09, 2014USD ($)

Apr. 14, 2014USD ($)

Oct. 25, 2013USD ($)

Oct. 25, 2010USD ($)

Oct. 16, 2008USD ($)

Aug. 31, 2014USD ($)

Jun. 30, 2015USD ($)MortgageLoan$ / shares

Jun. 30, 2014USD ($)

Dec. 31, 2014USD ($)

Oct. 05, 2011USD ($)

Debt Instrument [Line Items]

Payment of notes

$ 20,640,000

$ 12,596,000

Carrying Amount

2,661,528,000

$ 2,615,666,000

Unpaid Principal Balance

2,682,763,000

2,638,907,000

Equity interest | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

27,206,000

Equity interest | RAIT FL Two

Debt Instrument [Line Items]

Real estate investment

35,014,000

Equity interest | RAIT FL Three

Debt Instrument [Line Items]

Real estate investment

38,496,000

Equity interest | RAIT FL Four

Debt Instrument [Line Items]

Real estate investment

38,069,000

CMBS securitizations

Debt Instrument [Line Items]

Carrying Amount

676,161,000

$ 490,863,000

CMBS securitizations | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

55,011,000

CMBS securitizations | RAIT FL Two

Debt Instrument [Line Items]

Real estate investment

185,572,000

CMBS securitizations | RAIT FL Three

Debt Instrument [Line Items]

Real estate investment

216,293,000

CMBS securitizations | RAIT FL Four

Debt Instrument [Line Items]

Real estate investment

$ 219,284,000

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%

7.625% senior notes due 2024

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 60,000,000

Stated interest rate

7.625%

Net proceeds from notes issued

$ 57,500,000

Maturity date

Apr. 15, 2024

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Apr. 15, 2017

7.125% Senior Notes due 2019

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 71,905,000

Stated interest rate

7.125%

Net proceeds from notes issued

$ 69,209,000

Maturity date

Aug. 30, 2019

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Aug. 30, 2017

Recourse Indebtedness

Debt Instrument [Line Items]

Carrying Amount

$ 14,848,000

Carrying Amount

497,430,000

$ 509,701,000

Unpaid Principal Balance

518,082,000

$ 532,937,000

Recourse Indebtedness | CMBS securitizations | Seventy Five Thousand CMF [Member]

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

75,000,000

Carrying Amount

9,752,000

Recourse Indebtedness | CMBS securitizations | One Hundred Fifty Thousand CMF [Member]

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

150,000,000

Carrying Amount

$ 4,756,000

Recourse Indebtedness | 7.0% convertible senior notes

Debt Instrument [Line Items]

Convertible note conversion rate

167.8233

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 5.96

Contractual Maturity, month and year

[1]

2031-04

2031-04

Carrying Amount

[1]

$ 33,658,000

$ 33,417,000

Unpaid Principal Balance

[1]

$ 34,066,000

$ 34,066,000

Recourse Indebtedness | 4.0% convertible senior notes

Debt Instrument [Line Items]

Convertible note conversion rate

105.8429

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 9.45

Contractual Maturity, month and year

[2]

2033-10

2033-10

Carrying Amount

[2]

$ 135,752,000

$ 134,418,000

Unpaid Principal Balance

[2]

141,750,000

141,750,000

Recourse Indebtedness | Senior Secured Notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 100,000,000

Stated interest rate

7.00%

Payment of notes

4,000,000

Senior notes, outstanding

74,000,000

Carrying Amount

65,559,000

68,314,000

Unpaid Principal Balance

74,000,000

$ 78,000,000

Recourse Indebtedness | Senior Secured Notes | Each

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 25,000,000

Recourse Indebtedness | Junior subordinated notes, at fair value

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 18,671,000

$ 38,052,000

Net proceeds from notes issued

15,459,000

Indebtedness, fair value

12,866,000

Recourse Indebtedness | Junior subordinated notes, at fair value | Scenario 2

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 18,671,000

Stated interest rate

8.65%

Interest rate at LIBOR plus basis rate

4.00%

Contractual Maturity, month and year

2035-03

Recourse Indebtedness | Junior subordinated notes, at fair value | Scenario 3 [Member]

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 19,381,000

Stated interest rate

9.64%

Contractual Maturity, month and year

2015-10

Recourse Indebtedness | 6.875% convertible senior notes

Debt Instrument [Line Items]

Stated interest rate

6.875%

Loan pledged as collateral

$ 5,000,000

Recourse Indebtedness | New Junior Subordinated Notes

Debt Instrument [Line Items]

Stated interest rate

0.50%

Maturity date

Mar. 30, 2035

Interest rate at LIBOR plus basis rate

4.00%

Floating rate

7.00%

Recourse Indebtedness | Two Year CMBS Facilities

Debt Instrument [Line Items]

Carrying Amount

$ 40,962,000

Recourse Indebtedness | Secured credit facilities

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 20,000,000

$ 20,000,000

Revolving credit agreement term

3 years

Contractual Maturity, month and year

2016-10

2016-10

Carrying Amount

$ 14,848,000

$ 18,392,000

Unpaid Principal Balance

$ 14,848,000

$ 18,392,000

Recourse Indebtedness | Secured credit facilities | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate at LIBOR plus basis rate

2.75%

Recourse Indebtedness | Amended IROP Credit agreement

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 30,000,000

Recourse Indebtedness | Amended IROP Credit agreement | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate at LIBOR plus basis rate

2.50%

Recourse Indebtedness | 7.625% senior notes due 2024

Debt Instrument [Line Items]

Contractual Maturity, month and year

2024-04

2024-04

Carrying Amount

$ 60,000,000

$ 60,000,000

Unpaid Principal Balance

$ 60,000,000

$ 60,000,000

Recourse Indebtedness | 7.125% Senior Notes due 2019

Debt Instrument [Line Items]

Contractual Maturity, month and year

2019-08

2019-08

Carrying Amount

$ 71,905,000

$ 71,905,000

Unpaid Principal Balance

71,905,000

71,905,000

Recourse Indebtedness | One Year CMBS Facilities

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

150,000,000

Carrying Amount

22,272,000

Investment Grade Senior Notes | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

27,805,000

Investment Grade Senior Notes | RAIT FL Two

Debt Instrument [Line Items]

Real estate investment

150,558,000

Investment Grade Senior Notes | RAIT FL Three

Debt Instrument [Line Items]

Real estate investment

177,797,000

Investment Grade Senior Notes | RAIT FL Four

Debt Instrument [Line Items]

Real estate investment

181,215,000

Non-recourse indebtedness

Debt Instrument [Line Items]

Carrying Amount

2,164,098,000

2,105,965,000

Unpaid Principal Balance

2,164,681,000

2,105,970,000

Non-recourse indebtedness | CMBS securitizations

Debt Instrument [Line Items]

Carrying Amount

536,796,000

[3]

389,415,000

[4]

Unpaid Principal Balance

537,375,000

[3]

389,994,000

[4]

Non-recourse indebtedness | Loans payable on real estate

Debt Instrument [Line Items]

Carrying Amount

640,411,000

[5]

643,405,000

[6]

Unpaid Principal Balance

639,493,000

[5]

$ 641,874,000

[6]

Non-recourse indebtedness | Loans payable on real estate | First Mortgage

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 43,427,000

Number of mortgages obtained | MortgageLoan

2

Contractual Maturity, start year

2025-02

Contractual Maturity, end year

2025-05

Stated interest rate, minimum

3.20%

Stated interest rate, maximum

3.40%

[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]

Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes, RAIT FL3 junior notes and RAIT FL4 junior notes purchased by us which are eliminated in consolidation. Collateralized by $676,161 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.

[4]

Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 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.

[5]

Includes $403,360 of unpaid principal balance with a carrying amount of $404,279 of third party 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 May 2025.

[6]

Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - Entity [Domain] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 381,286,000	$ 496,025,000
Fair Value of Assets	278,000
Fair Value of Liabilities	(12,154,000)	(20,695,000)
Interest rate swaps
Derivative [Line Items]
Notional amount	381,286,000	496,025,000
Fair Value of Assets	278,000
Fair Value of Liabilities	$ (12,154,000)	$ (20,695,000)

Derivative Financial Instrume59

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 381,286,000		$ 381,286,000		$ 496,025,000
Realized losses	4,398,000	$ 7,243,000	9,365,000	$ 14,780,000
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 381,286,000		$ 381,286,000		$ 496,025,000
RAIT I and RAIT II | Interest rate swaps
Derivative [Line Items]
Weighted average strike rate	5.10%		5.10%
Notional amount	$ 83,641,000		$ 83,641,000
Derivative, inception date			Jul. 1, 2015
Derivative, maturity date			Dec. 31, 2015

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014		Jun. 30, 2014	Dec. 31, 2013
Assets
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	$ 1,506,542		$ 1,392,436
Investments in securities and security-related receivables, Carrying Amount			31,412
Cash and cash equivalents, Carrying Amount	104,772		121,726		$ 75,079	$ 88,847
Restricted cash, Carrying Amount	179,878		124,220
Derivative assets	278
Liabilities
Carrying Amount	2,661,528		2,615,666
Derivative liabilities	12,154		20,695
Junior subordinated notes	12,866		13,102
Warrants and investor SARs	22,181		35,384
Recourse Indebtedness
Liabilities
Carrying Amount	497,430		509,701
Non-recourse indebtedness
Liabilities
Carrying Amount	2,164,098		2,105,965
CMBS securitizations
Liabilities
Carrying Amount	676,161		490,863
CMBS securitizations | Non-recourse indebtedness
Liabilities
Carrying Amount	536,796	[1]	389,415	[2]
Estimated Fair Value
Assets
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Estimated Fair Value	1,448,755		1,316,796
Investments in securities and security-related receivables, Carrying Amount			31,412
Cash and cash equivalents, Estimated Fair Value	104,772		121,726
Restricted cash, Carrying Amount	179,878		124,220
Estimated Fair Value | Derivative assets
Assets
Derivative assets	278
Estimated Fair Value | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	36,882		41,901
Estimated Fair Value | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	120,480		123,677
Estimated Fair Value | 7.625% senior notes due 2024
Liabilities
Senior notes, Estimated Fair Value	55,440		56,016
Estimated Fair Value | 7.125% Senior Notes due 2019
Liabilities
Senior notes, Estimated Fair Value	71,330		70,064
Estimated Fair Value | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	14,107		14,471
Estimated Fair Value | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value	75,777		79,594
Estimated Fair Value | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value	807,995		913,050
Estimated Fair Value | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value	667,791		678,306
Estimated Fair Value | Derivative Liabilities
Liabilities
Derivative liabilities	12,154		20,695
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs			35,384
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	36,882		41,901
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	120,480		123,677
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Convertible senior notes, Estimated Fair Value			56,016
Senior notes, Estimated Fair Value	55,440
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Convertible senior notes, Estimated Fair Value			70,064
Senior notes, Estimated Fair Value	71,330
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	14,107		14,471
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Carrying Amount	77,742		55,956
Estimated Fair Value | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Carrying Amount			29,097
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value	75,777
Notes payable, Estimated Fair Value			79,594
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value	807,995		913,050
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value	667,791		678,306
Estimated Fair Value | CMBS securitizations
Liabilities
Notes payable, Estimated Fair Value	536,528		389,771
Estimated Fair Value | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable, Estimated Fair Value	536,528		389,771
Carrying Amount
Assets
Commercial mortgages, mezzanine loans, other loans and preferred equity interests, Carrying Amount	1,493,746		1,392,436
Investments in securities and security-related receivables, Carrying Amount			31,412
Cash and cash equivalents, Carrying Amount	104,772		121,726
Restricted cash, Carrying Amount	179,878		124,220
Carrying Amount | Derivative assets
Assets
Derivative assets	278
Carrying Amount | 7.0% convertible senior notes
Liabilities
Carrying Amount	33,658		33,417
Carrying Amount | 4.0% convertible senior notes
Liabilities
Carrying Amount	135,752		134,418
Carrying Amount | 7.625% senior notes due 2024
Liabilities
Carrying Amount	60,000		60,000
Carrying Amount | 7.125% Senior Notes due 2019
Liabilities
Carrying Amount	71,905		71,905
Carrying Amount | Junior subordinated notes, at amortized cost
Liabilities
Carrying Amount	25,100		25,100
Carrying Amount | Senior Secured Notes
Liabilities
Carrying Amount	65,559		68,314
Carrying Amount | CDO notes payable, at amortized cost
Liabilities
Carrying Amount	986,891		1,073,145
Carrying Amount | Loans payable on real estate
Liabilities
Carrying Amount	640,411		643,405
Carrying Amount | Derivative Liabilities
Liabilities
Derivative liabilities	12,154		20,695
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs			35,384
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Carrying Amount	33,658		33,417
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Carrying Amount	135,752		134,418
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Carrying Amount	60,000		60,000
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Carrying Amount	71,905		71,905
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	77,742		55,956
Carrying Amount | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Carrying Amount			29,097
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Carrying Amount	65,559		68,314
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Carrying Amount	640,411		643,405
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at fair value
Liabilities
Carrying Amount	986,891		1,073,145
Carrying Amount | CMBS securitizations
Liabilities
Carrying Amount	536,796		389,415
Carrying Amount | CMBS securitizations | Non-recourse indebtedness
Liabilities
Carrying Amount	536,796		389,415
Secured credit facilities | Recourse Indebtedness
Liabilities
Carrying Amount	14,848		18,392
Secured credit facilities | Estimated Fair Value | Recourse Indebtedness
Liabilities
Secured credit facilities, Estimated Fair Value	14,848		18,392
Secured credit facilities | Carrying Amount | Recourse Indebtedness
Liabilities
Carrying Amount	14,848		18,392
Junior subordinated notes, at fair value | Estimated Fair Value | Recourse Indebtedness
Liabilities
Junior subordinated notes	12,866		13,102
Junior subordinated notes, at fair value | Carrying Amount | Recourse Indebtedness
Liabilities
Carrying Amount	$ 12,866
Junior subordinated notes, at fair value | Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Carrying Amount			$ 13,102
[1]	Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes, RAIT FL3 junior notes and RAIT FL4 junior notes purchased by us which are eliminated in consolidation. Collateralized by $676,161 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.
[2]	Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 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.

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2015		Dec. 31, 2014
Assets:
Marketable Securities				$ 31,412
Derivative assets		$ 278
Total assets		278		31,412
Liabilities:
Junior subordinated notes, at fair value		12,866		13,102
Derivative liabilities		12,154		20,695
Warrants and investor SARs		22,181		35,384
Total liabilities		47,201		69,181
Security-related receivables
Assets:
Marketable Securities				12,245
Security-related receivables | Unsecured REIT note receivables
Assets:
Marketable Securities				10,995
Security-related receivables | CMBS receivables
Assets:
Marketable Securities	[1]			1,250
Available-for-sale Securities
Assets:
Marketable Securities				19,167
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[2]	278
Total assets		278	[2]	31,412	[3]
Liabilities:
Derivative liabilities		12,154	[2]	20,695	[3]
Total liabilities		12,154	[2]	20,695	[3]
Significant Other Observable Inputs (Level 2) | Security-related receivables | Unsecured REIT note receivables
Assets:
Marketable Securities	[3]			10,995
Significant Other Observable Inputs (Level 2) | Security-related receivables | CMBS receivables
Assets:
Marketable Securities	[3]			1,250
Significant Other Observable Inputs (Level 2) | Available-for-sale Securities
Assets:
Marketable Securities	[3]			19,167
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		12,866	[2]	13,102	[3]
Warrants and investor SARs		22,181	[2]	35,384	[3]
Total liabilities		$ 35,047	[2]	$ 48,486	[3]
[1]	CMBS receivables include securities with a fair value totaling $1,250 that are rated "D" by Standard & Poor's
[2]	During the six-month period ended June 30, 2015, there were no transfers between Level 1 and Level 2, nor were there any transfers into and out of Level 3.
[3]	During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, nor were there any transfers into and out of Level 3.

Information of Assets and Lia62

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
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

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands	Total
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 48,486
Change in fair value of financial instruments	(13,439)
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	35,047
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	35,384
Change in fair value of financial instruments	(13,203)
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	22,181
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	13,102
Change in fair value of financial instruments	(236)
Purchases	0
Sales	0
Principal repayments	0
Ending Balance	$ 12,866

Fair Value Hierarchy for Financ

Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed (Detail) - USD ($) $ in Thousands	Jun. 30, 2015		Dec. 31, 2014
Carrying Amount
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	$ 1,506,542		$ 1,392,436
Carrying Amount	2,661,528		2,615,666
Estimated Fair Value
Junior subordinated notes	12,866		13,102
Estimated Fair Value
Estimated Fair Value
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,448,755		1,316,796
Carrying Amount
Carrying Amount
Commercial mortgages, mezzanine loans and other loans, Carrying Amount	1,493,746		1,392,436
CMBS securitizations
Carrying Amount
Carrying Amount	676,161		490,863
CMBS securitizations | Estimated Fair Value
Estimated Fair Value
Notes payable, Estimated Fair Value	536,528		389,771
CMBS securitizations | Carrying Amount
Carrying Amount
Carrying Amount	536,796		389,415
7.0% convertible senior notes | Estimated Fair Value
Estimated Fair Value
Convertible senior notes, Estimated Fair Value	36,882		41,901
7.0% convertible senior notes | Carrying Amount
Carrying Amount
Carrying Amount	33,658		33,417
4.0% convertible senior notes | Estimated Fair Value
Estimated Fair Value
Convertible senior notes, Estimated Fair Value	120,480		123,677
4.0% convertible senior notes | Carrying Amount
Carrying Amount
Carrying Amount	135,752		134,418
7.625% senior notes due 2024 | Estimated Fair Value
Estimated Fair Value
Senior notes, Estimated Fair Value	55,440		56,016
7.625% senior notes due 2024 | Carrying Amount
Carrying Amount
Carrying Amount	60,000		60,000
7.125% Senior Notes due 2019 | Estimated Fair Value
Estimated Fair Value
Senior notes, Estimated Fair Value	71,330		70,064
7.125% Senior Notes due 2019 | Carrying Amount
Carrying Amount
Carrying Amount	71,905		71,905
Senior Secured Notes | Estimated Fair Value
Estimated Fair Value
Senior notes, Estimated Fair Value	75,777		79,594
Senior Secured Notes | Carrying Amount
Carrying Amount
Carrying Amount	65,559		68,314
Junior subordinated notes, at amortized cost | Estimated Fair Value
Estimated Fair Value
Junior subordinated notes	14,107		14,471
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
Notes payable, Estimated Fair Value	807,995		913,050
CDO notes payable, at amortized cost | Carrying Amount
Carrying Amount
Carrying Amount	986,891		1,073,145
Loans payable on real estate | Estimated Fair Value
Estimated Fair Value
Loans payable on real estate, Estimated Fair Value	667,791		678,306
Loans payable on real estate | Carrying Amount
Carrying Amount
Carrying Amount	640,411		643,405
Quoted Prices in Active Markets for Identical Assets (Level 1) | CMBS securitizations
Estimated Fair Value
Notes payable, Estimated Fair Value	536,528		389,771
Quoted Prices in Active Markets for Identical Assets (Level 1) | 7.0% convertible senior notes
Estimated Fair Value
Convertible senior notes, Estimated Fair Value	36,882		41,901
Quoted Prices in Active Markets for Identical Assets (Level 1) | 4.0% convertible senior notes
Estimated Fair Value
Convertible senior notes, Estimated Fair Value	120,480		123,677
Quoted Prices in Active Markets for Identical Assets (Level 1) | 7.625% senior notes due 2024
Estimated Fair Value
Senior notes, Estimated Fair Value	55,440		56,016
Quoted Prices in Active Markets for Identical Assets (Level 1) | 7.125% Senior Notes due 2019
Estimated Fair Value
Senior notes, Estimated Fair Value	71,330		70,064
Quoted Prices in Active Markets for Identical Assets (Level 1) | CDO notes payable, at amortized cost
Estimated Fair Value
Notes payable, Estimated Fair Value	807,995		913,050
Significant Unobservable Inputs (Level 3)
Estimated Fair Value
Commercial mortgages, mezzanine loans and other loans, Estimated Fair Value	1,448,755		1,316,796
Junior subordinated notes	12,866	[1]	13,102	[2]
Significant Unobservable Inputs (Level 3) | Senior Secured Notes
Estimated Fair Value
Senior notes, Estimated Fair Value	75,777		79,594
Significant Unobservable Inputs (Level 3) | Junior subordinated notes, at amortized cost
Estimated Fair Value
Junior subordinated notes	14,107		14,471
Significant Unobservable Inputs (Level 3) | Loans payable on real estate
Estimated Fair Value
Loans payable on real estate, Estimated Fair Value	$ 667,791		$ 678,306
[1]	During the six-month period ended June 30, 2015, there were no transfers between Level 1 and Level 2, nor were there any transfers into and out of Level 3.
[2]	During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, nor were there any transfers into and out of Level 3.

Realized and Unrealized Gains a

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (13,439)
Change in fair value of financial instruments	8,356	$ (25,071)	$ 12,846	$ (49,210)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(13,203)
Fair Value, Measurements, Recurring | Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	6,413	(782)	13,203	3,260
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		2,132	(173)	8,574
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	316	(18,937)	236	(49,333)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ 1,627	$ (7,484)	$ (420)	$ (11,711)

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands		Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Apr. 14, 2014	Dec. 31, 2013
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$ 1,506,542		$ 1,392,436
Allowance for losses		(12,796)	$ (10,797)	(9,218)	$ (15,336)	$ (14,279)	$ (22,955)
Total investments in mortgages and loans		1,493,746		1,383,218
Investments in real estate		1,783,888		1,840,451
Accumulated depreciation	[1]	(178,572)		(168,480)
Total investments in real estate	[2]	1,605,316		1,671,971
Investments in securities and security-related receivables, at fair value				31,412
Cash and cash equivalents		104,772		121,726	$ 75,079		$ 88,847
Restricted cash		179,878		124,220
Accrued interest receivable		56,844		51,640
Other assets		77,708		72,023
Deferred financing costs
Accumulated amortization		(30,896)		(26,056)
Total deferred financing costs		25,117		27,802
Intangible assets
Accumulated amortization		(20,935)		(13,911)
Total intangible assets		32,195		29,463
Total assets		3,575,576		3,513,475
Liabilities and Equity
Indebtedness		2,661,528		2,615,666
Accrued interest payable		11,042		10,269
Accounts payable and accrued expenses		52,728		54,962
Derivative liabilities		12,154		20,695
Deferred taxes, borrowers' escrows and other liabilities		172,621		144,733
Total liabilities		2,910,073		2,846,325
Equity:
Accumulated other comprehensive income (loss)		(11,605)		(20,788)
Retained earnings (deficit)		(1,651,613)		(1,633,911)
Total shareholders' equity		378,956		373,545
Noncontrolling interests		204,034		214,297
Shareholders' equity:
Total liabilities and equity		3,575,576		3,513,475
IRT
Investments in mortgages and loans, at amortized cost:
Investments in real estate		716,581		689,112
Accumulated depreciation		(31,188)		(23,376)
Liabilities and Equity
Indebtedness		404,279		362,434
Variable Interest Entities
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,446,541		1,535,097
Allowance for losses		421		(8,423)
Total investments in mortgages and loans		1,446,962		1,526,674
Investments in real estate		740,698		713,011
Accumulated depreciation		(35,400)		(27,062)
Total investments in real estate		705,298		685,949
Investments in securities and security-related receivables, at fair value				10,995
Cash and cash equivalents		21,815		14,979
Restricted cash		20,232		20,164
Accrued interest receivable		74,942		74,904
Other assets		25,026		6,624
Deferred financing costs
Deferred financing costs		30,180		29,805
Accumulated amortization		(22,839)		(20,841)
Total deferred financing costs		7,341		8,964
Intangible assets
Intangible assets		7,816		7,596
Accumulated amortization		(7,633)		(4,345)
Total intangible assets		183		3,251
Total assets		2,301,799		2,352,504
Liabilities and Equity
Indebtedness		1,707,149		1,755,283
Accrued interest payable		4,671		4,362
Accounts payable and accrued expenses		14,232		11,664
Derivative liabilities		11,553		20,051
Deferred taxes, borrowers' escrows and other liabilities		7,334		4,074
Total liabilities		1,744,939		1,795,434
Equity:
Accumulated other comprehensive income (loss)		(11,605)		(20,788)
RAIT investment		244,829		185,974
Retained earnings (deficit)		124,821		183,146
Total shareholders' equity		358,045		348,332
Noncontrolling interests		198,815		208,738
Shareholders' equity:
Total liabilities and equity		2,301,799		2,352,504
Variable Interest Entities | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,446,541		1,535,097
Allowance for losses		421		(8,423)
Total investments in mortgages and loans		1,446,962		1,526,674
Investments in securities and security-related receivables, at fair value				10,995
Restricted cash		13,540		14,715
Accrued interest receivable		74,942		74,904
Other assets		11,140		136
Deferred financing costs
Deferred financing costs		26,028		26,028
Accumulated amortization		(21,752)		(20,095)
Total deferred financing costs		4,276		5,933
Intangible assets
Total assets		1,550,860		1,633,357
Liabilities and Equity
Indebtedness		1,228,741		1,315,103
Accrued interest payable		584		670
Accounts payable and accrued expenses		5		3
Derivative liabilities		11,553		20,051
Total liabilities		1,240,883		1,335,827
Equity:
Accumulated other comprehensive income (loss)		(11,605)		(20,788)
RAIT investment		163,604		114,207
Retained earnings (deficit)		157,978		204,111
Total shareholders' equity		309,977		297,530
Shareholders' equity:
Total liabilities and equity		1,550,860		1,633,357
Variable Interest Entities | IRT
Investments in mortgages and loans, at amortized cost:
Investments in real estate		716,582		689,112
Accumulated depreciation		(31,189)		(23,376)
Total investments in real estate		685,393		665,736
Cash and cash equivalents		21,568		14,763
Restricted cash		6,335		5,205
Other assets		6,689		(420)
Deferred financing costs
Deferred financing costs		3,807		3,431
Accumulated amortization		(815)		(507)
Total deferred financing costs		2,992		2,924
Intangible assets
Intangible assets		7,816		7,596
Accumulated amortization		(7,633)		(4,345)
Total intangible assets		183		3,251
Total assets		723,160		691,459
Liabilities and Equity
Indebtedness		457,202		418,900
Accrued interest payable		30		31
Accounts payable and accrued expenses		10,922		8,371
Deferred taxes, borrowers' escrows and other liabilities		3,876		1,124
Total liabilities		472,030		428,426
Equity:
RAIT investment		80,380		71,024
Retained earnings (deficit)		(28,065)		(16,729)
Total shareholders' equity		52,315		54,295
Noncontrolling interests		198,815		208,738
Shareholders' equity:
Total liabilities and equity		723,160		691,459
Variable Interest Entities | RAIT VIE Properties
Investments in mortgages and loans, at amortized cost:
Investments in real estate		24,116		23,899
Accumulated depreciation		(4,211)		(3,686)
Total investments in real estate		19,905		20,213
Cash and cash equivalents		247		216
Restricted cash		357		244
Other assets		7,197		6,908
Deferred financing costs
Deferred financing costs		345		346
Accumulated amortization		(272)		(239)
Total deferred financing costs		73		107
Intangible assets
Total assets		27,779		27,688
Liabilities and Equity
Indebtedness		21,206		21,280
Accrued interest payable		4,057		3,661
Accounts payable and accrued expenses		3,305		3,290
Deferred taxes, borrowers' escrows and other liabilities		3,458		2,950
Total liabilities		32,026		31,181
Equity:
RAIT investment		845		743
Retained earnings (deficit)		(5,092)		(4,236)
Total shareholders' equity		(4,247)		(3,493)
Shareholders' equity:
Total liabilities and equity		$ 27,779		$ 27,688
[1]	As of June 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $716,581 and accumulated depreciation of $31,188. As of December 31, 2014, includes properties owned by IRT, with a book value of $689,112 and accumulated depreciation of $23,376.
[2]	Investments in real estate includes one real estate asset held for sale as of June 30, 2015. This asset had a carrying amount of $1,196 and a fair value of $3,000.

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2015	Mar. 16, 2015	Dec. 31, 2014
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement	$ 100,000
Stock Appreciation Rights	6,735,667
Fair value of Warrants and stock appreciation rights	$ 22,181		$ 35,384
Adjusted
Temporary Equity [Line Items]
Stock Appreciation Rights	7,470,241
Warrants exercisable for common shares	11,014,048
ARS VI
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement	$ 100,000
Series D Preferred Stock
Temporary Equity [Line Items]
Preferred shares with warrants	9,931,000
Warrants Exercise Price	$ 6	$ 5.41
Series D Preferred Stock | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued	4,000,000
Cumulative Redeemable Preferred Shares, par value	$ 0.01

Sales Activity of Series D Pref

Sales Activity of Series D Preferred Shares (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Temporary Equity [Line Items]
Aggregate purchase price	$ 100,000
Initial value of warrants and investor SARs issued to-date	(21,805)
Costs incurred	(6,384)
Total discount	(28,189)
Discount amortization to-date	10,702
Carrying amount of Series D Preferred Shares	$ 82,513	$ 79,308

Shareholders' Equity - Addition

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

Aug. 05, 2015

Jul. 31, 2015

Jul. 28, 2015

Jun. 30, 2015

Jun. 22, 2015

May. 20, 2015

Apr. 30, 2015

Mar. 31, 2015

Mar. 16, 2015

Feb. 10, 2015

Nov. 25, 2014

Jul. 21, 2014

Jan. 29, 2014

Jun. 30, 2015

Mar. 31, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Dec. 31, 2014

Jun. 13, 2014

Nov. 21, 2012

Class of Stock [Line Items]

Preferred Shares, dividend paid

$ 6,569,000

$ 6,296,000

$ 16,080,000

Preferred shares aggregate amount to be issued and sold

$ 150,000,000

Common stock, dividend declared

$ 0.18

$ 0.18

Common stock, dividend paid

$ 14,773,000

29,561,000

Number of shares awarded, value

$ 5,033,000

Annual incentive compensation plan description

On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, and made awards to three of our executive officers, or the eligible officers, setting forth the basis on which 2015 target cash bonus awards are earned. In addition, the compensation committee adopted a 2015 Long Term Incentive Plan, or the LTIP, and made awards to the eligible officers setting forth the basis on which the eligible officers could earn equity compensation for the years 2015 through 2018. Pursuant to the LTIP, each eligible officer was granted an initial long term equity award, consisting of both a performance share unit award for a three year performance period and an annual restricted share award vesting over a four year period. Both the annual cash bonus plan and the LTIP were adopted pursuant to our 2012 Incentive Award Plan.

Compensation expense

$ 6,568,000

$ 7,376,000

$ 12,676,000

$ 15,931,000

Common shares pursuant to the DRSPP

3,689

Net proceeds received

$ 25,000

Common shares remaining available under the DRSPP

7,766,850

7,766,850

7,766,850

Common shares, shares issued

82,895,723

82,895,723

82,895,723

82,506,606

IRT

Class of Stock [Line Items]

Common shares issued for underwritten public offering

6,000,000

8,050,000

8,050,000

Public offering price

$ 9.60

$ 9.50

$ 8.30

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

$ 54,648,000

$ 72,002,000

$ 62,718,000

Shares outstanding

7,269,719

7,269,719

7,269,719

7,269,719

Ownership percentage

22.80%

22.80%

22.80%

22.90%

Non-management trustees

Class of Stock [Line Items]

Number of shares awarded, share

48,405

Number of shares awarded, value

$ 350,000

Closing stock price

$ 7.23

RAIT | IRT

Class of Stock [Line Items]

Common shares purchased by us in underwritten public offering

300,000

1,204,819

Preferred Stock

Class of Stock [Line Items]

Dividend payment date

Jun. 30, 2015

Mar. 31, 2015

Dividend record date

Jun. 1, 2015

Mar. 2, 2015

Capital on Demand Sales Agreement

Class of Stock [Line Items]

Common shares remaining available for issuance

7,918,919

Common shares, shares issued

0

0

0

Capital on Demand Sales Agreement | Maximum

Class of Stock [Line Items]

Common shares to be issued and sold

10,000,000

Long Term Incentive Plan

Class of Stock [Line Items]

Vesting period

3 years

Compensation awarded, Percentage of award

75.00%

Long Term Incentive Plan | Peer Group of Public Companies Over The Same Period

Class of Stock [Line Items]

Equity award target percentage

40.00%

Long Term Incentive Plan | TSR for the NAREIT Mortgage Index

Class of Stock [Line Items]

Equity award target percentage

20.00%

Long Term Incentive Plan | Absolute TSR

Class of Stock [Line Items]

Equity award target percentage

20.00%

Long Term Incentive Plan | Strategic Objective

Class of Stock [Line Items]

Equity award target percentage

20.00%

Long Term Incentive Plan | Time Based Vesting

Class of Stock [Line Items]

Vesting period

3 years

Compensation awarded, Percentage of award

25.00%

Long Term Incentive Compensation Plan Ltip

Class of Stock [Line Items]

Compensation expense

$ 122,000

Short Term Annual Cash Bonus Plan

Class of Stock [Line Items]

Percentage of target awards payable

75.00%

Short Term Annual Cash Bonus Plan | Cash Available for Distribution Per Share

Class of Stock [Line Items]

Percentage of target awards payable

35.00%

Short Term Annual Cash Bonus Plan | Adjusted Book Value Per Share

Class of Stock [Line Items]

Percentage of target awards payable

20.00%

Short Term Annual Cash Bonus Plan | Return on Equity

Class of Stock [Line Items]

Percentage of target awards payable

20.00%

Short Term Annual Cash Bonus Plan | Minimum Performance Target

Class of Stock [Line Items]

Target incentive opportunity payable percentage

50.00%

Short Term Annual Cash Bonus Plan | Target Performance Target

Class of Stock [Line Items]

Target incentive opportunity payable percentage

100.00%

Short Term Annual Cash Bonus Plan | Maximum Performance Target

Class of Stock [Line Items]

Target incentive opportunity payable percentage

150.00%

Short Term Annual Cash Bonus Plan | Above Target Performance Target

Class of Stock [Line Items]

Percentage of target awards payable

25.00%

Subsequent Event

Class of Stock [Line Items]

Common stock, dividend paid

$ 14,775,000

Common shares issued for underwritten public offering

8,000,000

Public offering price

$ 5.40

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

$ 43,200,000

Subsequent Event | Preferred Stock

Class of Stock [Line Items]

Dividend payment date

Sep. 30, 2015

Dividend record date

Sep. 1, 2015

Subsequent Event | Overallotment Option

Class of Stock [Line Items]

Public offering price

$ 5.40

Subsequent Event | Overallotment Option | Maximum

Class of Stock [Line Items]

Common shares issued for underwritten public offering

1,200,000

Restricted Stock

Class of Stock [Line Items]

Vesting period

3 years

Restricted Stock | Executive Officers

Class of Stock [Line Items]

Number of shares awarded, value

$ 2,447,000

Closing stock price

$ 7.23

Number of shares awarded, share

338,500

Restricted Stock | Employees

Class of Stock [Line Items]

Number of shares awarded, value

$ 2,447,000

Closing stock price

$ 7.23

Number of shares awarded, share

338,500

Stock Appreciation Rights (SARs)

Class of Stock [Line Items]

Number of shares awarded, share

1,177,500

Number of shares awarded, value

$ 1,126,000

Vesting period

3 years

Expiration date

Jan. 29, 2019

Dividend Reinvestment And Share Purchase Plan

Class of Stock [Line Items]

Registered and reserved common shares

10,500,000

10,500,000

10,500,000

Weighted-average price per shares

$ 6.81

$ 6.81

$ 6.81

Performance Shares Component One | Long Term Incentive Compensation Plan Ltip

Class of Stock [Line Items]

Grant date fair value per share

3.35

Performance Shares Component Two | Long Term Incentive Compensation Plan Ltip

Class of Stock [Line Items]

Grant date fair value per share

3.26

Performance Shares Component Three | Long Term Incentive Compensation Plan Ltip

Class of Stock [Line Items]

Grant date fair value per share

$ 2.17

7.75% Series A cumulative redeemable preferred shares

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.484375

$ 0.484375

Preferred shares authorized to be issued under agreement

4,000,000

Cumulative redeemable preferred shares, shares issued

528,022

528,022

Weighted-average price per share

$ 23.10

$ 23.10

Net proceeds received from issuance of Preferred Shares

$ 11,832,000

$ 11,832,000

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

2,765,697

2,765,697

2,765,697

7.75% Series A cumulative redeemable preferred shares | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.484375

8.375% Series B cumulative redeemable preferred shares

Class of Stock [Line Items]

Preferred Shares, dividend declared

0.5234375

0.5234375

Preferred shares authorized to be issued under agreement

1,000,000

Cumulative redeemable preferred shares, shares issued

37,161

37,161

Weighted-average price per share

$ 24.26

$ 24.26

Net proceeds received from issuance of Preferred Shares

$ 875,000

$ 875,000

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

962,839

962,839

962,839

8.375% Series B cumulative redeemable preferred shares | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

0.5234375

8.875% Series C cumulative redeemable preferred shares

Class of Stock [Line Items]

Preferred Shares, dividend declared

0.5546875

0.5546875

Preferred shares authorized to be issued under agreement

1,000,000

Cumulative redeemable preferred shares, shares issued

0

0

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

1,000,000

1,000,000

1,000,000

8.875% Series C cumulative redeemable preferred shares | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

0.5546875

Series D Preferred Stock

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.4687500

$ 0.4687500

Series D Preferred Stock | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.4687500

Common Stock

Class of Stock [Line Items]

Dividend payment date

Jul. 31, 2015

Apr. 30, 2015

Dividend record date

Jul. 10, 2015

Apr. 10, 2015

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income (loss)	$ 26,441	$ (19,010)	$ 26,707	$ (26,433)
(Income) loss allocated to preferred shares	(8,221)	(7,415)	(16,080)	(13,221)
(Income) loss allocated to noncontrolling interests	736	775	1,232	(583)
Net income (loss) allocable to common shares	18,956	(25,650)	11,859	(40,237)
Plus: Impact of assumed conversions	617
Net income (loss) allocable to common shares plus assumed conversions	$ 19,573	$ (25,650)	$ 11,859	$ (40,237)
Weighted-average shares outstanding-Basic	82,150,475	81,778,947	82,115,941	80,636,895
Dilutive securities	7,117,987		2,018,099
Weighted-average shares outstanding-Diluted	89,268,462	81,778,947	84,134,040	80,636,895
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ 0.23	$ (0.31)	$ 0.14	$ (0.50)
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ 0.22	$ (0.31)	$ 0.14	$ (0.50)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Anti-dilutive shares not included in computation of earnings per common share	15,124,221	30,602,086	20,599,422	30,691,078

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flow Supplemental Disclosures [Line Items]
Cash paid for interest	$ 33,918	$ 17,727
Cash paid (refunds received) for taxes	$ 54	62
Non-cash increase in investments in real estate from conversion of loans		28,700
Non-cash increase in non-controlling interest from property acquisition		1,986
Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments		(2,421)
Non-cash increase in indebtedness from the assumption of debt from property acquisitions		111,986
Non-cash increase in other assets from business combination		$ 7,302

Supplemental Disclosure to St73

Supplemental Disclosure to Statement of Cash Flows (Detail) - Deconsolidated $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)
Property One
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	$ 23,897
Non-cash increase in investment in mortgages, loans and preferred equity interests	4,791
Non-cash decrease in indebtedness	18,382
Property Two
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	15,751
Non-cash increase in investment in mortgages, loans and preferred equity interests	$ 18,000

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 1,783,888	$ 1,840,451
IRT
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 716,581	$ 689,112

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net interest margin		$ 16,525	$ 27,123	$ 32,859	$ 54,903
Rental income		55,473	39,214	109,442	74,390
Fee and other income		7,415	6,919	13,009	11,271
Provision for losses		2,000	1,000	4,000	2,000
Depreciation and amortization expense		17,005	13,441	36,022	25,483
Operating income		1,760	13,634	(1,487)	25,456
Change in fair value of financial instruments		8,356	(25,071)	12,846	(49,210)
Income tax benefit (provision)		(715)	21	(1,297)	260
Net income (loss)		26,441	(19,010)	26,707	(26,433)
Operating Segments | Owning and Management Segment
Segment Reporting Information [Line Items]
Net interest margin		16,766	25,075	33,338	49,347
Rental income		32,661	27,565	64,930	54,606
Fee and other income		11,835	8,770	21,625	14,171
Provision for losses		2,000	1,000	4,000	2,000
Depreciation and amortization expense		11,285	10,176	24,264	20,061
Operating income		1,406	7,433	(1,598)	12,347
Change in fair value of financial instruments		8,356	(1,388)	12,846	2,318
Income tax benefit (provision)		(715)	292	(1,297)	772
Net income (loss)		27,396	8,106	29,213	19,870
Operating Segments | IRT Segment
Segment Reporting Information [Line Items]
Rental income		22,812	11,649	44,512	19,784
Depreciation and amortization expense		5,720	3,232	11,758	5,355
Operating income		353	(129)	111	(80)
Net income (loss)		353	(128)	112	2,807
Operating Segments | Taberna Segment
Segment Reporting Information [Line Items]
Net interest margin			8,109		17,305
Fee and other income			332		616
Depreciation and amortization expense			33		67
Operating income			9,085		16,175
Change in fair value of financial instruments			(23,683)		(51,528)
Income tax benefit (provision)			(271)		(512)
Net income (loss)			(22,941)		(43,577)
Eliminations
Segment Reporting Information [Line Items]
Net interest margin	[1]	(241)	(6,061)	(479)	(11,749)
Fee and other income	[1]	(4,420)	(2,183)	(8,616)	(3,516)
Operating income	[1]	1	(2,755)		(2,986)
Net income (loss)	[1]	$ (1,308)	$ (4,047)	$ (2,618)	$ (5,533)
[1]	The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgages on our owned real estate.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 16, 2014	Mar. 13, 2012
Commitment And Contingencies [Line Items]
Amount under investigation by the SEC		$ 15
Non-recurring settlement charge	$ 21.5