Rait Financial Trust (RAS) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 09, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		91,235,358

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Investment in mortgages and loans:
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,588,097	$ 1,392,436
Allowance for losses		(14,646)	(9,218)
Total investment in mortgages and loans, at amortized cost		1,573,451	1,383,218
Investments in real estate, net of accumulated depreciation of $188,581 and $168,480, respectively	[1]	2,259,750	1,671,971
Investments in securities and security-related receivables, at fair value			31,412
Cash and cash equivalents		92,652	121,726
Restricted cash		159,200	124,220
Accrued interest receivable		56,249	51,640
Other assets		76,222	72,023
Deferred financing costs, net of accumulated amortization of $33,804 and $26,056, respectively		29,806	27,802
Intangible assets, net of accumulated amortization of $22,316 and $13,911, respectively		39,306	29,463
Total assets		4,286,636	3,513,475
Liabilities and Equity
Indebtedness		3,199,981	2,615,666
Accrued interest payable		13,748	10,269
Accounts payable and accrued expenses		42,219	54,962
Derivative liabilities		8,960	20,695
Deferred taxes, borrowers’ escrows and other liabilities		188,797	144,733
Total liabilities		3,453,705	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		83,787	79,308
Shareholders’ equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 90,898,034 and 82,506,606 issued and outstanding, respectively, including 742,764 and 541,575 unvested restricted common share awards, respectively		2,727	2,473
Additional paid in capital		2,082,695	2,025,683
Accumulated other comprehensive income (loss)		(8,022)	(20,788)
Retained earnings (deficit)		(1,674,412)	(1,633,911)
Total shareholders’ equity		403,081	373,545
Noncontrolling interests		346,063	214,297
Total equity		749,144	587,842
Total liabilities and equity		4,286,636	3,513,475
7.75% Series A cumulative redeemable preferred shares
Shareholders’ equity:
Preferred shares, $0.01 par value per share		53	48
Total equity		53	48
8.375% Series B cumulative redeemable preferred shares
Shareholders’ equity:
Preferred shares, $0.01 par value per share		23	23
Total equity		23	23
8.875% Series C cumulative redeemable preferred shares
Shareholders’ equity:
Preferred shares, $0.01 par value per share		17	17
Total equity		$ 17	$ 17
Series E cumulative redeemable preferred shares
Shareholders’ equity:
Preferred shares, $0.01 par value per share
[1]	Investments in real estate includes one real estate asset held for sale by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Real estate, accumulated depreciation	[1]	$ 188,581	$ 168,480
Deferred financing costs, accumulated amortization		33,804	26,056
Intangible assets, accumulated amortization		$ 22,316	$ 13,911
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		90,898,034	90,898,034
Common shares, shares outstanding		82,506,606	82,506,606
Unvested restricted common share awards		742,764	541,575
Series D cumulative redeemable preferred shares
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
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		5,306,084	5,306,084
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		2,340,969	2,340,969
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		1,640,425	1,640,425
Cumulative redeemable preferred shares, shares outstanding		1,640,100	1,640,100
Preferred shares, par value		$ 0.01	$ 0.01
Series E cumulative redeemable preferred shares
Preferred shares, authorized		4,000,000	4,000,000
Preferred shares, par value		$ 0.01	$ 0.01
[1]	As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Investment interest income	$ 24,468	$ 33,273	$ 71,823	$ 102,882
Investment interest expense	(8,021)	(7,636)	(22,517)	(22,342)
Net interest margin	16,447	25,637	49,306	80,540
Rental income	55,459	41,806	164,321	116,204
Fee and other income	3,056	7,842	16,065	19,113
Total revenue	74,962	75,285	229,692	215,857
Expenses:
Interest expense	19,574	13,910	58,930	38,756
Real estate operating expense	25,918	20,874	77,674	58,655
Compensation expense	7,137	7,187	19,813	23,118
General and administrative expense	4,489	4,756	14,954	13,239
Acquisition expense	12,901	816	14,843	1,408
Provision for loan losses	1,850	1,500	5,850	3,500
Depreciation and amortization expense	15,168	13,236	51,190	38,719
Total expenses	87,037	62,279	243,254	177,395
Operating (Loss) Income	(12,075)	13,006	(13,562)	38,462
Interest and other income (expense), net	(380)	(21,464)	(1,016)	(21,449)
Gains (losses) on assets	7,430	25	24,711	(5,350)
Gain on IRT merger with TSRE	64,012		64,012
Gains (losses) on extinguishments of debt				2,421
Asset impairment	(7,250)		(7,250)
TSRE financing extinguishment and employee separation expenses	(27,508)		(27,508)
Change in fair value of financial instruments	620	(10,223)	13,466	(59,433)
Income (loss) before taxes	24,849	(18,656)	52,853	(45,349)
Income tax benefit (provision)	(23)	2,194	(1,320)	2,454
Net income (loss)	24,826	(16,462)	51,533	(42,895)
(Income) loss allocated to preferred shares	(8,303)	(7,407)	(24,383)	(20,628)
(Income) loss allocated to noncontrolling interests	(23,055)	603	(21,823)	20
Net income (loss) allocable to common shares	$ (6,532)	$ (23,266)	$ 5,327	$ (63,503)
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ (0.07)	$ (0.28)	$ 0.06	$ (0.78)
Weighted-average shares outstanding-Basic	87,110,958	81,967,806	83,799,244	81,111,796
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ (0.07)	$ (0.28)	$ 0.06	$ (0.78)
Weighted average shares outstanding-Diluted	87,110,958	81,967,806	85,645,609	81,111,796

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 24,826	$ (16,462)	$ 51,533	$ (42,895)
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(248)	221	(430)	(975)
Realized (gains) losses on interest rate hedges reclassified to earnings	3,831	6,966	13,196	21,746
Total other comprehensive income	3,583	7,187	12,766	20,771
Comprehensive income (loss) before allocation to noncontrolling interests	28,409	(9,275)	64,299	(22,124)
Allocation to noncontrolling interests	(23,055)	603	(21,823)	20
Comprehensive income (loss)	$ 5,354	$ (8,672)	$ 42,476	$ (22,104)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 9 months ended Sep. 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	Preferred Series D	Common Shares	Additional Paid In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Retained Earnings (Deficit)Preferred Series D	Total Shareholders' Equity	Total Shareholders' EquityPreferred Series D	Noncontrolling Interests
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
Beginning Balance (in shares) at Dec. 31, 2014		4,775,569	2,288,465	1,640,100		82,506,606
Net income (loss)	51,533								29,710		29,710		21,823
Preferred dividends	(19,445)								(19,445)		(19,445)
Preferred Series D discount amortization					$ (4,938)					$ (4,938)		$ (4,938)
Common dividends declared	(45,828)								(45,828)		(45,828)
Other comprehensive income (loss), net	12,766							12,766			12,766
Share-based compensation	3,553						3,553				3,553
Issuance of noncontrolling interests	123,714												123,714
Distribution to noncontrolling interests	(15,434)						(1,000)				(1,000)		(14,434)
Deconsolidation of real estate owned property	663												663
Preferred shares issued, net	13,061	$ 5					13,056				13,061
Preferred shares issued, net (shares)		530,515	52,504	325
Common shares issued for equity compensation	(783)					$ 14	(797)				(783)
Common shares issued for equity compensation (in shares)						385,322
Common shares issued, net	42,440					$ 240	42,200				42,440
Common shares issued, net (in shares)						8,006,106
Ending Balance at Sep. 30, 2015	$ 749,144	$ 53	$ 23	$ 17		$ 2,727	$ 2,082,695	$ (8,022)	$ (1,674,412)		$ 403,081		$ 346,063
Ending Balance (in shares) at Sep. 30, 2015		5,306,084	2,340,969	1,640,425		90,898,034

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net income (loss)	$ 51,533	$ (42,895)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	5,850	3,500
Share-based compensation expense	3,553	3,777
Depreciation and amortization	51,190	38,719
Amortization of deferred financing costs and debt discounts	13,103	7,728
Accretion of discounts on investments	(2,716)	(4,719)
Amortization of above/below market leases	(44)
(Gains) losses on assets	(24,711)	5,350
(Gains) losses on extinguishment of debt		(2,421)
TSRE financing extinguishment expenses	23,219
Gains on IRT merger with TSRE	(64,012)
Asset impairment	7,250
Change in fair value of financial instruments	(13,466)	59,433
Provision (benefit) for deferred taxes	851	(2,634)
Changes in assets and liabilities:
(Decrease) in accrued interest receivable	(2,305)	(7,882)
(Decrease) in other assets	482	(15,626)
Increase (decrease) in accrued interest payable	3,409	(14,580)
(Decrease) in accounts payable and accrued expenses	(19,453)	21,611
Increase in other liabilities	3,660	14,918
Origination of conduit loans	(317,154)	(301,810)
Sales of conduit loans	339,542	238,988
Net conduit loans (originated) sold	22,388	(62,822)
Cash flow from operating activities	59,781	1,457
Investing activities:
Proceeds from sales or repayments of other securities	31,241	8,973
Purchase and origination of loans for investment	(362,574)	(394,109)
Principal repayments on loans	169,611	134,521
Investments in real estate	(44,079)	(238,648)
IRT's acquisition of TSRE, net of cash acquired	(137,094)
Proceeds from the disposition of real estate	40,089	3,821
(Increase) decrease in restricted cash	6,454	19,627
Cash flow from investing activities	(296,352)	(465,815)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(273,872)	(25,589)
Proceeds from secured credit facilities, term loans and loans payable on real estate	488,725	102,318
Repayments and repurchase of CDO notes payable and floating rate CMBS transactions	(222,955)	(174,397)
Proceeds from issuance of senior notes from floating rate CMBS transactions	181,215	155,001
Proceeds from issuance of senior notes		131,905
Repayments of senior secured notes	(6,000)
Net proceeds (repayments) related to conduit loan repurchase agreements	(27,242)	357,550
Net proceeds (repayments) related to floating rate loan repurchase agreements	126,389	(236,129)
Issuance of (distribution to) noncontrolling interests	(15,577)	115,728
TSRE financing extinguishment expenses	(23,219)
Payments for deferred costs and convertible senior note hedges	(10,935)	(12,313)
Preferred share issuance, net of costs incurred	13,061	33,639
Common share issuance, net of costs incurred	41,657	85,037
Distributions paid to preferred shareholders	(19,445)	(17,244)
Distributions paid to common shareholders	(44,305)	(39,978)
Cash flow from financing activities	207,497	492,278
Net change in cash and cash equivalents	(29,074)	27,920
Cash and cash equivalents at the beginning of the period	121,726	88,847
Cash and cash equivalents at the end of the period	$ 92,652	116,767
4.0% convertible senior notes
Financing activities:
Proceeds from issuance of convertible senior notes		$ 16,750

THE COMPANY

THE COMPANY	9 Months Ended
	Sep. 30, 2015
Nature Of Operations [Abstract]
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	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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. 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 nine-month period ended September 30, 2015, we corrected the following errors that resulted in adjustments to 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 and $(623) associated with the application of incorrect useful lives for certain real estate assets. 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. The Consolidated Statement of Cash Flows for the nine-month period ended September 30, 2015 includes the impact of correcting the reporting of certain activity that occurred in the six-month period ended June 30, 2015 and the three-month period ended March 31, 2015. Specifically, the correction eliminated the impact of a clerical error made in the determination of the amounts reported for the change in borrowers’ escrows within cash flows from operating activities and the related amounts reported for changes in restricted cash within cash flow from investing activities. The impact of this was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $69,028 for the six-month period ended June 30, 2015 ($18,194 of which related to the three-month period ended March 31, 2015). This correction had no impact to cash and cash equivalents as of June 30, 2015 (or March 31, 2015), nor did it impact any other consolidated financial statement amounts as of June 30, 2015 (or March 31, 2015) or for the six-month period ended June 30, 2015 (or the three-month period ended March 31, 2015). During the nine-month period ended September 30, 2015, we corrected the Consolidated Statements of Cash Flows for the nine-month period ended September 30, 2014 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 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 $62,822 for the period ended September 30, 2014. The revision had no impact to cash and cash equivalents as of September 30, 2014. In addition, the revision did not impact any other consolidated financial statement as of September 30, 2014 or for the nine-month or three-month periods ended September 30, 2014. We evaluated these error corrections 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 preferred equity interests 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 or if the collection of principal and interest in full is not probable. 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 September 30, 2015 and December 31, 2014. The gross carrying amount for our in-place leases, above market leases, and ground lease was $40,973 and $22,725 as of September 30, 2015 and December 31, 2014, respectively. The gross carrying amount for our trade name was $1,500 as of September 30, 2015 and December 31, 2014, respectively. The accumulated amortization for our intangible assets was $22,316 and $13,911 as of September 30, 2015 and December 31, 2014, respectively. We recorded amortization expense of $1,625 and $1,980 for the three-month periods ended September 30, 2015 and 2014, respectively, and $8,665 and $6,376 for the nine-month periods ended September 30, 2015 and 2014, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $5,260 for the remainder of 2015, $9,033 for 2016, $3,859 for 2017, $3,190 for 2018, $3,015 for 2019 and $14,949 thereafter. 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 September 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 September 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. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, this standard is not expected to have a material impact on our consolidated financial statements.

INVESTMENTS IN LOANS

INVESTMENTS IN LOANS	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
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 September 30, 2015: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (3) Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,368,072 $ (14,436 ) $ 1,353,636 117 5.2 % Jan. 2016 to Jan. 2029 Mezzanine loans 199,246 (1,005 ) 198,241 63 9.6 % Jul. 2015 to May 2025 Preferred equity interests 37,362 (1 ) 37,361 9 6.3 % Feb. 2016 to Aug. 2033 Total CRE 1,604,680 (15,442 ) 1,589,238 189 6.2 % Deferred fees, net (1,141 ) (1,141 ) Total $ 1,603,539 $ (15,442 ) $ 1,588,097 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $62,986 a weighted-average coupon of 4.8% and maturity dates ranging from August 2020 through October 2025. These commercial mortgages are accounted for as loans held for sale. (3) Two mezzanine loans that are 90 days or more past due have a contractual maturity date of July 2015. The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2014: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 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 nine-month period ended September 30, 2015, we did not convert any commercial real estate loans to owned real estate property. During the nine-month period ended September 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. During the nine-month period ended September 30, 2014, we removed a loan with an unpaid principal balance of $5,500 from non-accrual status . The following table summarizes the delinquency statistics of our commercial real estate loans as of September 30, 2015 and December 31, 2014: As of September 30, 2015 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-accrual (a) Commercial mortgages $ 1,368,072 $ — $ — $ — $ — $ 1,368,072 $ 15,645 Mezzanine loans 196,835 — — 1,163 1,248 199,246 21,201 Preferred equity interests 33,712 — — 3,650 — 37,362 3,650 Total $ 1,598,619 $ — $ — $ 4,813 $ 1,248 $ 1,604,680 $ 40,496 a) Includes four loans that are current in accordance with their terms, however are impaired, and as a result are on non-accrual due to uncertainty over full collection of principal and interest. As of December 31, 2014 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more (a) In foreclosure or bankruptcy proceedings (b) Total Non-Accrual Commercial mortgages $ 1,148,290 $ — $ — $ — $ — $ 1,148,290 $ — Mezzanine loans 202,919 — 1,555 19,953 1,678 226,105 21,631 Preferred equity interests 31,209 — — 3,650 — 34,859 3,650 Total $ 1,382,418 $ — $ 1,555 $ 23,603 $ 1,678 $ 1,409,254 $ 25,281 (a) Includes three loans that were current in accordance with their terms, however were 90 days or more delinquent prior to troubled debt restructurings. These loans were on non-accrual due to uncertainty over full collection of principal and interest. (b) These loans were on non-accrual due to uncertainty over full collection of principal and interest. As of September 30, 2015 and December 31, 2014, all of our commercial mortgages, mezzanine loans and preferred equity interests that were 90 days or more past due or in foreclosure were on non-accrual status. As of September 30, 2015 and December 31, 2014, $40,496 and $25,281, respectively, of our commercial real estate loans that were on non-accrual status and had a weighted-average interest rate of 6.3% and 5.8%, respectively. Also, as of September 30, 2015, two loans, with a recorded investment of $68,701 and a weighted average interest rate of 9.0%, were recognizing interest on the cash basis. Additionally, as of September 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 has the option to 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 September 30, 2015 and December 31, 2014 we have classified our investment in loans by credit risk category as follows: As of September 30, 2015 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity Total Satisfactory $ 1,352,427 $ 156,545 $ 29,416 $ 1,538,388 Watchlist / Impaired 15,645 42,701 7,946 66,292 Total $ 1,368,072 $ 199,246 $ 37,362 $ 1,604,680 As of December 31, 2014 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity 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 September 30, 2015 and 2014: For the Three-Month Period Ended September 30, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 11,470 $ 1,326 $ 12,796 Provision for loan losses 3,154 (1,255 ) (49 ) 1,850 Charge-offs, net of recoveries — — — — Ending balance $ 3,154 $ 10,215 $ 1,277 $ 14,646 For the Three-Month Period Ended September 30, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 14,017 $ 1,319 $ 15,336 Provision for loan losses — 1,132 368 1,500 Charge-offs, net of recoveries — (813 ) (361 ) (1,174 ) Ending balance $ — $ 14,336 $ 1,326 $ 15,662 The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the nine-month periods ended September 30, 2015 and 2014: For the Nine-Month Period Ended September 30, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 2,745 (49 ) 5,850 Charge-offs, net of recoveries — (422 ) — (422 ) Ending balance $ 3,154 $ 10,215 $ 1,277 $ 14,646 For the Nine-Month Period Ended September 30, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses — 3,132 368 3,500 Charge-offs, net of recoveries — (10,432 ) (361 ) (10,793 ) Ending balance $ — $ 14,336 $ 1,326 $ 15,662 Information related to those loans on our watchlist or considered to be impaired was as follows: As of September 30, 2015 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity Total Watchlist/Impaired loans expecting full recovery $ — $ 14,000 $ 4,296 $ 18,296 Watchlist/Impaired loans with reserves 15,645 28,701 3,650 47,996 Total Watchlist/Impaired Loans $ 15,645 $ 42,701 $ 7,946 $ 66,292 Allowance for losses $ 3,154 $ 10,215 $ 1,277 $ 14,646 As of December 31, 2014 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity 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 $78,680 and $69,489 during the three-month periods ended September 30, 2015 and 2014, respectively, and $66,053 and $62,448 during the nine-month periods ended September 30, 2015 and 2014, respectively. We recorded interest income of $1,129 and $53 on loans that were impaired for the three-month periods ended September 30, 2015 and 2014, respectively. We recorded interest income of $2,882 and $938 on loans that were impaired for the nine-month periods ended September 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 nine-month period ended September 30, 2015, there were no restructurings of our commercial real estate loans that constituted a TDR. As of September 30, 2015, there were no TDRs that subsequently defaulted for restructurings that occurred within the previous 12 months. Loan-to-Real Estate Conversion In October 2015, we completed the conversion of one mezzanine loan with a carrying value of $13,462 to real estate owned property. The conversion will result in approximately $96,801 of real estate-related assets and $83,056 of debt being reflected on our consolidated balance sheets. We do not expect to record a gain or a loss upon the conversion.

INVESTMENTS IN SECURITIES

INVESTMENTS IN SECURITIES	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
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 Annual Report on Form 10-K for the year ended December 31, 2014. 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 September 30, 2015. The following table summarizes our investments in securities as of December 31, 2014: Investment Description Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Weighted Average Coupon (1) Weighted Average Years to Maturity Available-for-sale securities (2) $ 210,600 $ 2,053 $ (193,486 ) $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 995 0 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 Amount on Non- Accrual Weighted Average Coupon 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	9 Months Ended
	Sep. 30, 2015
Banking And Thrift [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 5: INVESTMENTS IN REAL ESTATE The table below summarizes our investments in real estate: Book Value As of September 30, 2015 As of December 31, 2014 Multi-family real estate properties (a) $ 1,907,717 $ 1,286,898 Office real estate properties 356,149 370,114 Retail real estate properties 133,911 132,117 Parcels of land 50,554 51,322 Subtotal 2,448,331 1,840,451 Less: Accumulated depreciation and amortization (a) (188,581 ) (168,480 ) Investments in real estate (b) $ 2,259,750 $ 1,671,971 (a) As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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 by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350. As of September 30, 2015 and December 31, 2014, our investments in real estate were comprised of land of $404,565 and $338,057, respectively, and investments in real estate and improvements of $2,043,766 and $1,502,394, respectively. As of September 30, 2015, our investments in real estate of $2,259,750 were financed through $799,436 of mortgages or other debt held by third parties and $831,554 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 were 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: On September 17, 2015, Independence Realty Trust, Inc., or IRT, which we consolidate, completed the mergers, or the TSRE merger, with Trade Street Residential, Inc., or TSRE, whereby IRT acquired TSRE. Pursuant to the TSRE merger, (i) a subsidiary of IRT’s operating partnership, or IROP, merged into the operating partnership subsidiary of TSRE, or the TSR OP, with TSR OP continuing as the surviving entity, and (ii) TSRE merged with IRT’s subsidiary, with IRT’s subsidiary continuing as the surviving entity and a wholly-owned subsidiary of IRT. As a result of the TSRE merger, IRT acquired 19 multi-family properties. The fair value of the assets and liabilities that IRT acquired on September 17, 2015 was as follows: Cash assumed $ 2,685 Investments in real estate 682,237 Accounts receivable and other assets 6,123 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,581 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Total $ 327,648 The fair value of the consideration that IRT transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636 As the fair value of the net assets acquired exceeded the fair value of the consideration transferred, IRT recognized a gain from a bargain purchase of $64,012. In determining whether a gain from a bargain purchase was appropriate, IRT reassessed whether it correctly identified all of the assets acquired and all of the liabilities assumed from TSRE. The TSRE merger resulted in a gain as a result of the following: (i) the fair value of IRT’s common stock at closing was lower than the negotiated price set forth in the merger agreement relating to the TSRE merger (resulting in approximately $34 million of the gain), and (ii), the fair value of the 19 TSRE properties acquired, which was supported by appraisals and broker opinions of value received, was higher than the expectations that served as a basis for the negotiated purchase price (resulting in approximately $30 million of the gain, primarily due to the use of current, market-based capitalization rates). The $359,495 of indebtedness acquired was comprised of $237,610 of indebtedness that IRT paid off immediately after the closing of the TSRE merger and $121,885 of indebtedness that remained on IRT’s balance sheet, which was recognized at fair value. As part of the TSRE merger, IRT incurred $12,530 of acquisition expenses, which were recognized in earnings immediately. IRT also incurred $23,219 of expenses associated with extinguishing financing arrangements and $4,289 of expenses associated with employee separation. The initial purchase accounting is based on IRT’s preliminary assessment, which may differ when final information becomes available. IRT believes that the information gathered to date provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed. IRT has received appraisals for all of the properties acquired and has performed fair value analyses for the liabilities assumed. IRT expects to complete the purchase accounting process as soon as practicable, but no later than one year from the date of acquisition. On May 1, 2015, IRT acquired a 236-unit (unaudited) apartment residential community located in Indianapolis, Indiana. IRT acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs. Upon acquisition, IRT recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250 and did not record a gain. The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the 20 properties acquired during the nine-month period ended September 30, 2015 on the date of acquisition, which is accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,210 Intangible assets 7,690 Total assets acquired $ 723,853 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 8,069 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,458 Estimated fair value of net assets acquired $ 352,395 The following table summarizes the consideration transferred to acquire the previously mentioned real estate properties: Description Estimated Fair Value Fair value of consideration transferred: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Cash consideration for other property acquisitions 24,746 Total $ 288,382 During the nine-month period ended September 30, 2015, these investments contributed revenue of $3,811 and a net income allocable to common shares of $1,696. The tables below present the revenue, net income and earnings per share effect of the acquired properties, as reported in our consolidated financial statements and on a pro forma basis as if the acquisitions occurred on January 1, 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 Three­Month Period Ended September 30, 2015 For the Three­Month Period Ended September 30, 2014 Total revenue of real estate properties acquired, as reported $ 3,214 $ 0 Net income (loss) allocable to common shares of real estate properties acquired, as reported 1,456 0 Earnings (loss) per share attributable to common shareholders of real estate properties acquired Basic and diluted—as reported 0.02 0.00 Pro forma revenue of real estate property acquired (unaudited) 16,735 15,033 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 4,794 2,980 Basic—as pro forma 0.06 0.04 Diluted—as pro forma 0.05 0.04 Description For the Nine­Month Period Ended September 30, 2015 For the Nine­Month Period Ended September 30, 2014 Total revenue of real estate properties acquired, as reported $ 3,811 $ 0 Net income (loss) allocable to common shares of real estate properties acquired, as reported 1,696 0 Earnings (loss) per share attributable to common shareholders of real estate properties acquired Basic and diluted—as reported 0.02 0.00 Pro forma revenue of real estate property acquired (unaudited) 50,653 45,098 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 13,366 8,939 Basic and diluted—as pro forma 0.16 0.11 During the nine-month period ended September 30, 2015, we updated our allocation for a real estate acquisition from a prior period. This resulted in $5,662 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 $72. Dispositions: During the nine-month period ended September 30, 2015, we disposed of three multi-family real estate properties and two parcels of land for a total sale price of $88,537. We recorded a gain on the sale of these assets of $24,711, which is included in the accompanying consolidated statements of operations during the nine-month period ended September 30, 2015, and deferred a gain on the sale for one of these assets of $3,111 which is classified within other liabilities and will be recognized under the installment method as the buyer’s initial investment was insufficient. During the nine-month period ended September 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. Impairment: During the three-month period ended September 30, 2015, we recognized an impairment of a real estate asset of $7,250 as it was more likely than not we would dispose of the asset before the end of its previously estimated useful life and a portion of our recorded investment in that asset was determined to not be recoverable.

INDEBTEDNESS

INDEBTEDNESS	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 6: INDEBTEDNESS We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations. The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2015: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,784 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 136,418 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 Senior secured notes 72,000 64,354 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 11,193 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.8 % Apr. 2037 CMBS facilities 184,198 184,198 1.7 % Nov. Total recourse indebtedness 607,690 586,952 4.1 % Non-recourse indebtedness: Secured credit facilities (8) 271,500 271,500 2.6 % September 2018 Term Loans (9) 120,000 120,000 5.2 % September 2016 CDO notes payable, at amortized cost (4)(5) 921,305 920,691 0.6 % 2045 to 2046 CMBS securitizations (6) 501,044 500,790 1.9 % May 2031 to December 2031 Loans payable on real estate (7) 799,436 800,048 4.4 % Apr. 2016 to May 2040 Total non-recourse indebtedness 2,613,285 2,613,029 2.30 % Total indebtedness $ 3,220,975 $ 3,199,981 2.80 % (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 $1,431,232 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Collateralized by $620,034 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 $563,721 of unpaid principal balance with a carrying amount of $564,333 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025. (8) Floating rate at 245 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly. (9) Floating rate at 500 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2014: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate 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. 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 Aug. 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 and 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 nine-month period ended September 30, 2015 is as follows: Recourse Indebtedness 7.0% convertible senior notes. The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 173.6550 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $5.76 per common share). Upon conversion of 7.0% convertible senior notes by a holder, the holder will receive cash, our common shares or a combination of cash and our common shares, at our election. We include the 7.0% convertible senior notes in diluted earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods. On October 2, 2015 and October 5, 2015, holders of $2,010 of the 7.0% convertible notes exercised their option to convert their notes. At that time, the conversion rate was 167.8233 common shares per $1 principal amount. We elected to settle the conversion by issuing 337,324 common shares (plus cash in lieu of fractional shares). 4.0% convertible senior notes. The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 108.5803 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $9.21 per common share). Upon conversion of 4.0% convertible senior notes by a holder, the holder will receive cash, our common shares or a combination of cash and our common shares, at our election. We include the 4.0% convertible senior notes in diluted earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods. 7.625% senior notes. On April 14, 2014, we issued and sold in a public offering $60,000 aggregate principal amount of our 7.625% Senior Notes due 2024, or the 7.625% senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $57,500 of net proceeds. Interest on the 7.625% senior notes is paid quarterly with a maturity date of April 15, 2024. The 7.625% senior notes are subject to redemption at our option, in whole or in part, at any time on or after April 15, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. They contain financial covenants that are consistent with our other debt agreements. 7.125% senior notes. In August 2014, we issued and sold in a public offering $71,905 aggregate principal amount of our 7.125% Senior Notes due 2019, or the 7.125% senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $69,209 of net proceeds. Interest on the 7.125% senior notes is paid quarterly with a maturity date of August 30, 2019. The 7.125% senior notes are subject to redemption at our option, in whole or in part, at any time on or after August 30, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. They contain financial covenants that are consistent with our other debt agreements. Secured credit facilities. On October 25, 2013, our subsidiary, IROP, the operating partnership of IRT, entered into a $20,000 secured revolving credit agreement, or the HNB credit agreement, with The Huntington National Bank to be used to acquire properties, for capital expenditures and for general corporate purposes. The HNB credit agreement has a 3-year term, bears interest at LIBOR plus 2.75% and contains customary financial covenants for this type of revolving credit agreement. IRT guaranteed IROP’s obligations under the HNB credit agreement. On September 9, 2014, IRT and IROP entered into an amendment to the IROP credit agreement that increased the lender’s maximum commitment under the credit agreement from $20,000 to $30,000, changed the interest rate from LIBOR plus 2.75% to LIBOR plus 2.50% and amended certain financial covenants. In connection with the TSRE merger, the HNB facility was terminated as of September 17, 2015. 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 nine-month period ended September 30, 2015, we prepaid $6,000 of the senior secured notes. As of September 30, 2015 we have $72,000 of outstanding senior secured notes. Junior subordinated notes, at fair value. On October 16, 2008, we issued two junior subordinated notes with an aggregate principal amount of $38,052 to a third party and received $15,459 of net cash proceeds. One junior subordinated note, which we refer to as the first $18,671 junior subordinated note, has a principal amount of $18,671, a fixed interest rate of 8.65% through March 30, 2015 with a floating rate of LIBOR plus 400 basis points thereafter and a maturity date of March 30, 2035. The second junior subordinated note, which we refer to as the $19,381 junior subordinated note, had a principal amount of $19,381, a fixed interest rate of 9.64% and a maturity date of October 30, 2015. At issuance, we elected to record these junior subordinated notes at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. On October 25, 2010, pursuant to a securities exchange agreement, we exchanged and cancelled the first $18,671 junior subordinated note for another junior subordinated note, which we refer to as the second $18,671 junior subordinated note, in aggregate principal amount of $18,671 with a reduced interest rate and provided $5,000 of our 6.875% convertible senior notes as collateral for the second $18,671 junior subordinated note. 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 $11,193 as of September 30, 2015. CMBS facilities. As of September 30, 2015, we had $21,590 of outstanding borrowings under the amended and restated master repurchase agreement, or the Amended MRA. As of September 30, 2015, we were in compliance with all financial covenants contained in the Amended MRA. As of September 30, 2015, we had $7,125 of outstanding borrowings under the $150,000 CMBS facility. As of September 30, 2015, we were in compliance with all financial covenants contained in the $150,000 CMBS facility. As of September 30, 2015, we had $75,000 of outstanding borrowings under the $75,000 commercial mortgage facility. As of September 30, 2015, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. As of September 30, 2015, we had $55,771 of outstanding borrowings under the $150,000 commercial mortgage facility. As of September 30, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility. As of September 30, 2015, we had $24,712 of outstanding borrowings under the $150,000 commercial mortgage facility. As of September 30, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility. Non-Recourse Indebtedness Secured credit facilities. On September 17, 2015, IROP entered into a credit agreement with respect to a $325,000 senior secured credit facility, or the KeyBank senior facility. The KeyBank senior facility consists of a revolving line of credit in an amount of up to $125,000, or the revolver, and a term loan in an amount of no less than $200,000, or the term loan. Up to 10% of the revolver is available for swingline loans, and up to 10% of the revolver is available for the issuance of letters of credit. Additionally, IROP has the right to increase the aggregate amount of the KeyBank senior facility to up to $450,000. The KeyBank senior facility will mature on September 17, 2018, three years from its closing date, subject to the option of IROP to extend the KeyBank senior facility for two additional 12-month periods under certain circumstances. IROP may prepay the KeyBank senior facility, in whole or in part, at any time without fee or penalty, except for breakage costs associated with LIBOR borrowings. At IROP’s option, borrowings under the KeyBank senior facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 165 to 245 basis points, or (ii) a base rate plus a margin of 65 to 145 basis points. The applicable margin will be determined based upon IROP’s total leverage ratio. In addition, IROP will pay a fee of either 20 basis points (if greater than or equal to 50% of the revolver is used) or 25 basis points (if less than 50% of the revolver is used) on the unused portion of the revolver. The KeyBank senior facility requires monthly payments of interest only and does not require any mandatory prepayments. At September 30, 2015, amounts outstanding under the KeyBank secured facility bear interest at 245 basis points over 1-month LIBOR. As of September 30, 2015, there was $53,500 of availability under the revolver and $0 of availability under the term loan. Term loans. On September 17, 2015, IROP entered into a credit agreement with respect to a $120,000 senior interim term loan facility, or the KeyBank interim facility. The KeyBank interim facility is structured as a 364-day secured term loan facility (with a maturity extension option for an additional six months under certain circumstances) available in a single draw. IROP may prepay the KeyBank interim facility, in whole or in part, at any time without fee or penalty (other than as provided in a separate fee letter with the lenders), except for breakage costs associated with LIBOR borrowings. The KeyBank interim facility is secured by pledges of certain of the equity interests of IROP’s current and future subsidiaries and joint ventures (on a best-available basis to the extent such equity interests can be pledged pursuant to IRT’s existing debt agreements) and a pledge of the proceeds of all equity issuances by IRT. At IROP’s option, borrowings under the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 500 basis points, or (ii) a base rate plus a margin of 400 basis points. If IROP elects to extend its maturity, at IROP’s option, the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 650 basis points, or (ii) a base rate plus a margin of 550 basis points. The KeyBank interim facility requires monthly payments of interest only. IROP is required to reduce the principal amount outstanding under the KeyBank interim facility to no greater than $100,000 within six months of closing and must apply 100% of all net proceeds from equity issuances, sales of assets, or refinancings of assets towards repaying the KeyBank Interim Facility. At September 30, 2015, the KeyBank interim facility bears interest at 500 basis points over 1-month LIBOR and there was $0 of availability under the KeyBank interim facility. CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by consolidated CDO securitizations which are used to finance the acquisition of unsecured REIT notes, CMBS securities, commercial mortgages, mezzanine loans, and other loans in our commercial real estate portfolio. Generally, CDO notes payable are comprised of various classes of notes payable, with each class bearing interest at variable or fixed rates. Both RAIT I and RAIT II are meeting all of their over collateralization, or OC, and interest coverage, or IC, trigger tests as of September 30, 2015. CMBS securitizations. During the third quarter of 2015, RAIT exercised its right to unwind RAIT-FL1, thereby repaying all of the outstanding notes. As a result, as of September 30, 2015, RAIT 2013-FL1 Trust, or RAIT FL 1, had $0 of total collateral at par value. As of September 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 $145,358 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $40,214, and the equity, or the retained interests, of RAIT FL2. RAIT FL2 does not have OC triggers or IC triggers. As of September 30, 2015, our subsidiary, RAIT 2014-FL3 Trust, or RAIT FL 3, had $215,178 of total collateral at par value. RAIT FL3 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $177,792 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $37,386, and the equity, or the retained interests, of RAIT FL3. RAIT FL3 does not have OC triggers or IC triggers. As of September 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 $177,894 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $41,390, and the equity, or the retained interests, of RAIT FL4. RAIT FL4 does not have OC triggers or IC triggers. Loans payable on real estate. As of September 30, 2015 and December 31, 2014, we had $799,436 and $641,874, respectively, of other indebtedness outstanding relating to loans payable on consolidated real estate. These loans are secured by specific consolidated real estate and commercial loans included in our consolidated balance sheets. During the nine-month period ended September 30, 2015, IRT obtained or assumed 8 first mortgages on its investment in real estate from third party lenders that have a total aggregate principal balance of $204,262, maturity dates ranging from March 2021 to May 2025, and interest rates ranging from 3.2% to 4.3%.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 7: DERIVATIVE FINANCIAL INSTRUMENTS We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. Interest Rate Swaps and Caps We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. Also, on September 30, 2015, IRT entered into an interest cap contract to hedge its interest rate exposure on floating rate indebtedness. We designate interest rate hedge agreements at inception and determine whether or not the interest rate hedge agreement is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. At designation, certain of these interest rate swaps had a fair value not equal to zero. However, we concluded, at designation, that these hedging arrangements were highly effective during their term using regression analysis and determined that the hypothetical derivative method would be used in measuring any ineffectiveness. At each reporting period, we update our regression analysis and, as of September 30, 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 September 30, 2015 and December 31, 2014: As of September 30, 2015 As of December 31, 2014 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swaps $ 345,988 $ - $ (8,960 ) $ 496,025 $ — $ (20,695 ) Interest rate cap 200,000 37 - - - - Net fair value $ 545,988 $ 37 $ (8,960 ) $ 496,025 $ — $ (20,695 ) During the period October 1, 2015 through December 31, 2015, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $52,268 and a weighted average strike rate of 5.1% as of September 30, 2015, will terminate in accordance with their terms. For interest rate swaps and caps that are considered effective hedges, we reclassified realized losses of $3,831 and $6,966, respectively, to earnings for the three-month periods ended September 30, 2015 and 2014 and $13,196 and $21,746 for the nine-month periods ended September 30, 2015 and 2014. Effective interest rate swaps and caps 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	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
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 September 30, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, and preferred equity interests $ 1,588,097 $ 1,545,992 Cash and cash equivalents 92,652 92,652 Restricted cash 159,200 159,200 Derivative assets 37 37 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,784 33,176 4.0% convertible senior notes 136,418 113,227 7.625% senior notes 60,000 51,456 7.125% senior notes 71,905 62,730 Senior secured notes 64,354 68,946 Secured credit facilities 271,500 271,500 Term Loans 120,000 120,000 Junior subordinated notes, at fair value 11,193 11,193 Junior subordinated notes, at amortized cost 25,100 12,063 CMBS facilities 184,198 184,198 Non-recourse indebtedness: CDO notes payable, at amortized cost 920,691 842,096 CMBS securitizations 500,790 497,100 Loans payable on real estate 800,048 814,963 Derivative liabilities 8,960 8,960 Warrants and investor SARs 22,590 22,590 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2014: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, and preferred equity interests $ 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 securitization 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 September 30, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of September 30, 2015 Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 37 — 37 Total assets $ — $ 37 $ — $ 37 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of September 30, 2015 Junior subordinated notes, at fair value $ — $ — $ 11,193 $ 11,193 Derivative liabilities — 8,960 — 8,960 Warrants and investor SARs — — 22,590 22,590 Total liabilities $ — $ 8,960 $ 33,783 $ 42,743 (a) During the nine-month period ended September 30, 2015, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3. The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2014 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 Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2014 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, as well as there were no transfers into and out of Level 3. When estimating the fair value of our Level 3 financial instruments, management uses various observable and unobservable inputs. These inputs include yields, credit spreads, duration, effective dollar prices and overall market conditions on not only the exact financial instrument for which management is estimating the fair value, but also financial instruments that are similar or issued by the same issuer when such inputs are unavailable. Generally, an increase in the yields, credit spreads or estimated duration will decrease the fair value of our financial instruments. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value, as determined by management, may fluctuate from period to period and any ultimate liquidation or sale of the investment may result in proceeds that may be significantly different than fair value. The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the nine-month period ended September 30, 2015: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2014 $ 35,384 $ 13,102 $ 48,486 Change in fair value of financial instruments (12,794 ) (1,909 ) (14,703 ) Purchases — — — Principal Repayments — — — Balance, as of September 30, 2015 $ 22,590 $ 11,193 $ 33,783 Non-Recurring Fair Value Measurements As of September 30, 2015, we measured a real estate asset at a fair value of $29,860 in our consolidated balance sheets as it was impaired. The valuation technique was discounted cash flows and was classified in Level 3 of the fair value hierarchy. The terminal capitalization rate and discount rate are the significant inputs to this valuation and were 9.5% and 10.5%, respectively Our other non-recurring fair value measurements relate primarily to our commercial real estate loans that are considered impaired and for which we maintain an allowance for loss. In determining the allowance for losses, we estimate the fair value of the respective commercial real estate loan and compare that fair value to our total investment in the loan. When estimating the fair value of the commercial real estate loan, management uses discounted cash flow analyses and capitalization rates on the underlying property’s net operating income. The discounted cash flow analyses and capitalization rates are based on market information and comparable sales of similar properties. The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, term loans and CMBS facilities approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount as of September 2015 Estimated Fair Value as of September 2015 Valuation Technique Quoted Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,588,097 $ 1,545,992 Discounted $ 1,545,992 7.0% convertible senior notes 33,784 33,176 Trading price 33,176 4.0% convertible senior notes 136,418 113,227 Trading price 113,227 7.625% senior notes 60,000 51,456 Trading price 51,456 7.125% senior notes 71,905 62,730 Trading price 62,730 Senior secured notes 64,354 68,946 Discounted cash flows 68,946 Junior subordinated notes, at amortized cost 25,100 12,063 Discounted cash flows 12,063 CDO notes payable, at amortized cost 920,691 842,096 Trading price 842,096 CMBS securitizations 500,790 497,100 Trading price 497,100 Loans payable on real estate 800,048 814,963 Discounted cash flows 814,963 Fair Value Measurement Carrying Amount as of December 31, 2014 Estimated Fair Value as of December 31, 2014 Valuation Technique Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,392,436 $ 1,316,796 Discounted $ — $ — $ 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 Periods Ended September 30 For the Nine-Month Periods Ended September 30 Description 2015 2014 2015 2014 Change in fair value of trading securities and security-related receivables $ — $ 2,386 $ (173 ) $ 10,960 Change in fair value of CDO notes payable and trust preferred obligations 1,673 (23,961 ) 1,909 (73,294 ) Change in fair value of derivatives (644 ) (702 ) (1,064 ) (12,413 ) Change in fair value of warrants and investors SARs (409 ) 12,054 12,794 15,314 Change in fair value of financial instruments $ 620 $ (10,223 ) $ 13,466 $ (59,433 ) The changes in the fair value for the trading securities and security-related receivables, CDO notes payable, and other liabilities for which the fair value option was elected for the three-month and nine-month periods ended September 30, 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 repayments at par because of OC failures when the CDO notes have a fair value of less than par. The changes in the fair value of derivatives for which the fair value option was elected for the three-month and nine-month periods ended September 30, 2015 and 2014 was mainly due to changes in interest rates. The changes in fair value of the warrants and investor SARs was due to changes in the reference stock price.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
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 September 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 September 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 $ 1,399,529 $ — $ — $ 1,399,529 Allowance for losses 421 — — 421 Total investments in mortgages and loans 1,399,950 — — 1,399,950 Investments in real estate Investments in real estate — 1,400,892 24,332 1,425,224 Accumulated depreciation — (35,304 ) (4,479 ) (39,783 ) Total investments in real estate — 1,365,588 19,853 1,385,441 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 16,939 110 17,049 Restricted cash 13,090 7,330 167 20,587 Accrued interest receivable 75,238 — — 75,238 Other assets 11,068 5,153 7,457 23,678 Deferred financing costs Deferred financing costs 26,028 11,493 345 37,866 Accumulated amortization (22,621 ) (792 ) (289 ) (23,702 ) Total deferred financing costs 3,407 10,701 56 14,164 Intangible assets Intangible assets — 15,287 — 15,287 Accumulated amortization — (7,743 ) — (7,743 ) Total intangible assets — 7,544 — 7,544 Total assets $ 1,502,753 $ 1,413,255 $ 27,643 $ 2,943,651 Liabilities and Equity Indebtedness $ 1,162,306 $ 993,908 $ 21,170 $ 2,177,384 Accrued interest payable 553 558 4,190 5,301 Accounts payable and accrued expenses 3 18,724 3,267 21,994 Derivative liabilities 7,993 — — 7,993 Deferred taxes, borrowers’ escrows and other liabilities — 5,610 3,462 9,072 Total liabilities 1,170,855 1,018,800 32,089 2,221,744 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (8,027 ) 5 — (8,022 ) RAIT investment 178,454 63,288 862 242,604 Retained earnings (deficit) 161,471 (10,174 ) (5,308 ) 145,989 Total shareholders’ equity 331,898 53,119 (4,446 ) 380,571 Noncontrolling Interests — 341,336 341,336 Total liabilities and equity $ 1,502,753 $ 1,413,255 $ 27,643 $ 2,943,651 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 5,206 244 20,165 Accrued interest receivable 74,904 — — 74,904 Other assets 136 2,270 6,908 9,314 Deferred financing costs Deferred financing costs 26,028 3,429 346 29,803 Accumulated amortization (20,095 ) (505 ) (239 ) (20,839 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,597 — 7,597 Accumulated amortization — (4,346 ) — (4,346 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,195 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,901 $ 21,280 $ 1,755,284 Accrued interest payable 670 49 3,661 4,380 Accounts payable and accrued expenses 3 8,353 3,290 11,646 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 3,813 2,950 6,763 Total liabilities 1,335,827 431,116 31,181 1,798,124 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 (16,728 ) (4,236 ) 183,147 Total shareholders’ equity 297,530 54,296 (3,493 ) 348,333 Noncontrolling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,195 The assets of the VIEs can only be used to settle obligations of the VIEs and are not available to our creditors. Certain amounts included in the table above are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. We do not have any contractual obligation to provide the VIEs listed above with any financial support. We have not and do not intend to provide financial support to these VIEs that we were not previously contractually required to provide.

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	9 Months Ended
	Sep. 30, 2015
Temporary Equity Disclosure [Abstract]
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 September 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). In September 2015, we amended the Securities Purchase Agreement with Almanac related to the Series D Preferred Shares. This amendment changed two of the covenants therein. As consideration for this amendment, we paid Almanac $450. We accounted for this amendment as a modification of the Series D Preferred Shares. 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 $22,590 as of September 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 September 30, 2015: Aggregate purchase price $ 100,000 Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 12,426 Carrying amount of Series D Preferred Shares $ 83,787

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
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 were be paid on September 30, 2015 to holders of record on September 1, 2015 and totaled $6,580. On November 4, 2015, our board of trustees declared a fourth 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 December 31, 2015 to holders of record on December 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-month period ended September 30, 2015, we issued a total of 2,493 Series A Preferred Shares pursuant to this agreement at a weighted-average price of $21.35 and we received $52 of net proceeds. During the nine-month period ended September 30, 2015, we issued a total of 530,515 Series A Preferred Shares pursuant to this agreement at a weighted-average price of $23.10 and we received $11,884 of net proceeds. During the three-month period ended September 30, 2015, we issued a total of 15,343 Series B Preferred Shares pursuant to this agreement at a weighted-average price of $22.01 per share and we received $328 of net proceeds. During the nine-month periods ended September 30, 2015, we issued a total of 52,504 Series B Preferred Shares pursuant to this agreement at a weighted-average price of $23.65 per share and we received $1,203 of net proceeds. During the three- and nine-month periods ended September 30, 2015, we issued 325 Series C Preferred Shares pursuant to this agreement at a weighted-average price of $22.90 and we received $7 of net proceeds. As of September 30, 2015, 2,763,204 Series A Preferred Shares, 947,496 Series B Preferred Shares, and 999,675 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. On September 17, 2015, the board of trustees declared a $0.18 dividend on our common shares to holders of record as of October 9, 2015. The dividend was paid on October 30, 2015 and totaled $16,276. 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 September 30, 2015, we recorded $244 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 nine-month period ended September 30, 2015, we issued a total of 6,106 common shares pursuant to the DRSPP at a weighted-average price of $6.29 per share and we received $38 of net proceeds. As of September 30, 2015, 7,764,433 common shares, in the aggregate, remain available for issuance under the DRSPP. Capital on Demand™ Sales Agreement (COD): On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the nine-month period ended September 30, 2015, we did not issue any common shares pursuant to this agreement. As of September 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. After all transaction costs, our proceeds were $42,440. 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. On September 17, 2015, IRT issued 15,110,994 shares of IRT common stock in connection with the TSRE merger. As of September 30, 2015 and December 31, 2014, we held 7,269,719 shares, respectively, of IRT common stock representing 15.5% and 22.9%, respectively, of the outstanding shares of IRT common stock. On September 17, 2015 IRT also issued 1,925,419 IROP units in connection with the TSRE merger. We consolidate IRT as it is a VIE and we are the primary beneficiary. See Note 5 for additional disclosure regarding the TSRE merger. See Note 9 for additional disclosures pertaining to VIEs.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 12: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2015 and 2014: For the Three-Month For the Nine-Month Periods Ended September 30 Periods Ended September 30 2015 2014 2015 2014 Net income (loss) $ 24,826 $ (16,462 ) $ 51,533 $ (42,895 ) (Income) loss allocated to preferred shares (8,303 ) (7,407 ) (24,383 ) (20,628 ) (Income) loss allocated to noncontrolling interests (23,055 ) 603 (21,823 ) 20 Net income (loss) allocable to common shares $ (6,532 ) $ (23,266 ) $ 5,327 $ (63,503 ) Weighted-average shares outstanding—Basic 87,110,958 81,967,806 83,799,244 81,111,796 Dilutive securities — — 1,846,365 — Weighted-average shares outstanding—Diluted 87,110,958 81,967,806 85,645,609 81,111,796 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (0.07 ) $ (0.28 ) $ 0.06 $ (0.78 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (0.07 ) $ (0.28 ) $ 0.06 $ (0.78 ) For the three-month and nine-month periods ended September 30, 2015, securities convertible into 21,143,824 and 20,720,300 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive. For the three-month and nine-month periods ended September 30, 2014, securities convertible into 31,456,338 and 31,539,962 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
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	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
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 September 30, 2015 and 2014: For the Nine-Month Periods Ended September 30 2015 2014 Cash paid for interest $ 51,839 $ 29,129 Cash paid (refunds received) for taxes 283 191 Non-cash increase in investments in real estate from conversion of loans — 35,180 Non-cash increase in non-controlling interest from property acquisition — 3,362 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 121,885 129,660 Non-cash increase in other assets from business combination — 7,302 Also, during the nine months ended September 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 nine months ended September 30, 2015, we sold 1 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 commercial mortgages, mezzanine loans and preferred equity interests.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
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 September 30, 2015, IRT owns properties totaling $1,400,892 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 Owning and Management IRT Taberna Eliminations (a) Consolidated Three-Month Period Ended September 30, 2015: Net interest margin $ 16,690 $ - $ - $ (243 ) $ 16,447 Rental income 29,967 25,492 — — 55,459 Fee and other income 7,932 — — (4,876 ) 3,056 Provision for losses 1,850 — — — 1,850 Depreciation and amortization expense 10,464 4,704 — — 15,168 Operating income (1,189 ) (10,886 ) — — (12,075 ) Change in fair value of financial instruments 620 — — — 620 Income tax benefit (provision) (23 ) — — — (23 ) Net income (loss) $ 498 $ 25,636 $ - $ (1,308 ) $ 24,826 Three-Month Period Ended September 30, 2014: Net interest margin $ 21,904 $ - $ 7,148 $ (3,415 ) $ 25,637 Rental income 28,757 13,049 — — 41,806 Fee and other income 9,891 — 316 (2,365 ) 7,842 Provision for losses 1,500 — — — 1,500 Depreciation and amortization expense 9,894 3,309 33 — 13,236 Operating income 8,328 (65 ) 6,648 (1,905 ) 13,006 Change in fair value of financial instruments 12,493 — (22,716 ) — (10,223 ) Income tax benefit (provision) 2,198 — (4 ) — 2,194 Net income (loss) $ 24,381 $ (58 ) $ (37,572 ) $ (3,213 ) $ (16,462 ) (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 Owning and Management IRT Taberna Eliminations (a) Consolidated Nine-Month Period Ended September 30, 2015: Net interest margin $ 50,028 $ - $ - $ (722 ) $ 49,306 Rental income 94,454 69,867 — — 164,321 Fee and other income 29,557 — — (13,492 ) 16,065 Provision for losses 5,850 — — — 5,850 Depreciation and amortization expense 34,728 16,462 — — 51,190 Operating income (2,787 ) (10,775 ) — — (13,562 ) Change in fair value of financial instruments 13,466 — — — 13,466 Income tax benefit (provision) (1,320 ) — — — (1,320 ) Net income (loss) $ 29,711 $ 25,748 $ - $ (3,926 ) $ 51,533 Nine-Month Period Ended September 30, 2014: Net interest margin $ 71,251 $ - $ 24,453 $ (15,164 ) $ 80,540 Rental income 83,382 32,822 — — 116,204 Fee and other income 24,062 — 932 (5,881 ) 19,113 Provision for losses 3,500 — — — 3,500 Depreciation and amortization expense 29,955 8,664 100 — 38,719 Operating income 20,675 (145 ) 22,823 (4,891 ) 38,462 Change in fair value of financial instruments 14,811 — (74,244 ) — (59,433 ) Income tax benefit (provision) 2,970 — (516 ) — 2,454 Net income (loss) $ 44,251 $ 2,749 $ (81,149 ) $ (8,746 ) $ (42,895 )

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
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 September 16, 2014, Taberna Capital Management, LLC, or TCM, our subsidiary, reached an agreement in principle with the staff of the Securities and Exchange Commission, or the SEC, to resolve a non-public investigation initiated by SEC staff. Consistent with this agreement in principle, the SEC accepted an offer of settlement submitted by TCM and entered an order (administrative proceeding file no. 3-16776), or the order, on September 2, 2015. TCM consented to the entry of the order without admitting or denying the findings therein. The order, among other things, required TCM to pay disgorgement of $13.0 million, prejudgment interest of $2.0 million and a civil penalty of $6.5 million, aggregating to payments of $21.5 million. The aggregate amount of these payments was consistent with our prior disclosure regarding the agreement in principle referenced above. As previously disclosed, we took a charge of $21.5 million relating to this settlement in 2014. In connection with TCM’s offer of settlement, RAIT Financial Trust provided a written commitment, or the commitment, to the SEC which became effective the date of the order. The commitment provided, among other things, that RAIT would ensure the payment by TCM of the $21.5 million of payments referenced above, which payments were made September 3, 2015. The individuals named in the order were one of the two former executive officers and the former employee of RAIT which RAIT previously disclosed had received “Wells Notices” from the SEC staff relating to the subject of such investigation. The former executive officer left RAIT as of December 31, 2014 and the former employee left RAIT in 2010. We have been informed that the SEC staff has notified the other former executive officer who received a Wells Notice that the staff has concluded its investigation as to such former executive officer and that it does not intend to recommend that the SEC commence any enforcement action against such former executive officer.

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
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. 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 nine-month period ended September 30, 2015, we corrected the following errors that resulted in adjustments to 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 and $(623) associated with the application of incorrect useful lives for certain real estate assets. 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. The Consolidated Statement of Cash Flows for the nine-month period ended September 30, 2015 includes the impact of correcting the reporting of certain activity that occurred in the six-month period ended June 30, 2015 and the three-month period ended March 31, 2015. Specifically, the correction eliminated the impact of a clerical error made in the determination of the amounts reported for the change in borrowers’ escrows within cash flows from operating activities and the related amounts reported for changes in restricted cash within cash flow from investing activities. The impact of this was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $69,028 for the six-month period ended June 30, 2015 ($18,194 of which related to the three-month period ended March 31, 2015). This correction had no impact to cash and cash equivalents as of June 30, 2015 (or March 31, 2015), nor did it impact any other consolidated financial statement amounts as of June 30, 2015 (or March 31, 2015) or for the six-month period ended June 30, 2015 (or the three-month period ended March 31, 2015). During the nine-month period ended September 30, 2015, we corrected the Consolidated Statements of Cash Flows for the nine-month period ended September 30, 2014 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 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 $62,822 for the period ended September 30, 2014. The revision had no impact to cash and cash equivalents as of September 30, 2014. In addition, the revision did not impact any other consolidated financial statement as of September 30, 2014 or for the nine-month or three-month periods ended September 30, 2014. We evaluated these error corrections 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 preferred equity interests 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 or if the collection of principal and interest in full is not probable. 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 September 30, 2015 and December 31, 2014. The gross carrying amount for our in-place leases, above market leases, and ground lease was $40,973 and $22,725 as of September 30, 2015 and December 31, 2014, respectively. The gross carrying amount for our trade name was $1,500 as of September 30, 2015 and December 31, 2014, respectively. The accumulated amortization for our intangible assets was $22,316 and $13,911 as of September 30, 2015 and December 31, 2014, respectively. We recorded amortization expense of $1,625 and $1,980 for the three-month periods ended September 30, 2015 and 2014, respectively, and $8,665 and $6,376 for the nine-month periods ended September 30, 2015 and 2014, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $5,260 for the remainder of 2015, $9,033 for 2016, $3,859 for 2017, $3,190 for 2018, $3,015 for 2019 and $14,949 thereafter.
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 September 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 September 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. In September 2015, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations”. This accounting standard amends existing guidance related to measurement period adjustments by requiring the adjustments to be recognized prospectively with disclosure of the impact of the adjustments had they been applied previously. This standard is effective for interim and annual reporting beginning after December 15, 2015, with early adoption permitted. As this standard only applies to measurement period adjustments that occur after the effective date, this standard is not expected to have a material impact on our consolidated financial statements.

INVESTMENTS IN LOANS (Tables)

INVESTMENTS IN LOANS (Tables)	9 Months Ended
	Sep. 30, 2015
Receivables [Abstract]
Investments in Loans	The following table summarizes our investments in commercial mortgages, mezzanine loans, and preferred equity interests as of September 30, 2015: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (3) Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,368,072 $ (14,436 ) $ 1,353,636 117 5.2 % Jan. 2016 to Jan. 2029 Mezzanine loans 199,246 (1,005 ) 198,241 63 9.6 % Jul. 2015 to May 2025 Preferred equity interests 37,362 (1 ) 37,361 9 6.3 % Feb. 2016 to Aug. 2033 Total CRE 1,604,680 (15,442 ) 1,589,238 189 6.2 % Deferred fees, net (1,141 ) (1,141 ) Total $ 1,603,539 $ (15,442 ) $ 1,588,097 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $62,986 a weighted-average coupon of 4.8% and maturity dates ranging from August 2020 through October 2025. These commercial mortgages are accounted for as loans held for sale. (3) Two mezzanine loans that are 90 days or more past due have a contractual maturity date of July 2015. The following table summarizes our investments in commercial mortgages, mezzanine loans, other loans and preferred equity interests as of December 31, 2014: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 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 September 30, 2015 and December 31, 2014: As of September 30, 2015 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-accrual (a) Commercial mortgages $ 1,368,072 $ — $ — $ — $ — $ 1,368,072 $ 15,645 Mezzanine loans 196,835 — — 1,163 1,248 199,246 21,201 Preferred equity interests 33,712 — — 3,650 — 37,362 3,650 Total $ 1,598,619 $ — $ — $ 4,813 $ 1,248 $ 1,604,680 $ 40,496 a) Includes four loans that are current in accordance with their terms, however are impaired, and as a result are on non-accrual due to uncertainty over full collection of principal and interest. As of December 31, 2014 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more (a) In foreclosure or bankruptcy proceedings (b) Total Non-Accrual Commercial mortgages $ 1,148,290 $ — $ — $ — $ — $ 1,148,290 $ — Mezzanine loans 202,919 — 1,555 19,953 1,678 226,105 21,631 Preferred equity interests 31,209 — — 3,650 — 34,859 3,650 Total $ 1,382,418 $ — $ 1,555 $ 23,603 $ 1,678 $ 1,409,254 $ 25,281 (a) Includes three loans that were current in accordance with their terms, however were 90 days or more delinquent prior to troubled debt restructurings. These loans were on non-accrual due to uncertainty over full collection of principal and interest. (b) These loans were on non-accrual due to uncertainty over full collection of principal and interest.
Investment in Loans by Credit Risk Category	we have classified our investment in loans by credit risk category as follows: As of September 30, 2015 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity Total Satisfactory $ 1,352,427 $ 156,545 $ 29,416 $ 1,538,388 Watchlist / Impaired 15,645 42,701 7,946 66,292 Total $ 1,368,072 $ 199,246 $ 37,362 $ 1,604,680 As of December 31, 2014 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity 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 September 30, 2015 and 2014: For the Three-Month Period Ended September 30, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 11,470 $ 1,326 $ 12,796 Provision for loan losses 3,154 (1,255 ) (49 ) 1,850 Charge-offs, net of recoveries — — — — Ending balance $ 3,154 $ 10,215 $ 1,277 $ 14,646 For the Three-Month Period Ended September 30, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 14,017 $ 1,319 $ 15,336 Provision for loan losses — 1,132 368 1,500 Charge-offs, net of recoveries — (813 ) (361 ) (1,174 ) Ending balance $ — $ 14,336 $ 1,326 $ 15,662 The following tables provide roll-forwards of our allowance for loan losses for our commercial mortgages, mezzanine loans and preferred equity interests for the nine-month periods ended September 30, 2015 and 2014: For the Nine-Month Period Ended September 30, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 2,745 (49 ) 5,850 Charge-offs, net of recoveries — (422 ) — (422 ) Ending balance $ 3,154 $ 10,215 $ 1,277 $ 14,646 For the Nine-Month Period Ended September 30, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses — 3,132 368 3,500 Charge-offs, net of recoveries — (10,432 ) (361 ) (10,793 ) Ending balance $ — $ 14,336 $ 1,326 $ 15,662
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 September 30, 2015 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity Total Watchlist/Impaired loans expecting full recovery $ — $ 14,000 $ 4,296 $ 18,296 Watchlist/Impaired loans with reserves 15,645 28,701 3,650 47,996 Total Watchlist/Impaired Loans $ 15,645 $ 42,701 $ 7,946 $ 66,292 Allowance for losses $ 3,154 $ 10,215 $ 1,277 $ 14,646 As of December 31, 2014 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity 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)	9 Months Ended
	Sep. 30, 2015
Investments Debt And Equity Securities [Abstract]
Investments in Securities and Security-Related Receivables	The following table summarizes our investments in securities as of December 31, 2014: Investment Description Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Weighted Average Coupon (1) Weighted Average Years to Maturity Available-for-sale securities (2) $ 210,600 $ 2,053 $ (193,486 ) $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 995 0 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 Amount on Non- Accrual Weighted Average Coupon 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)	9 Months Ended
	Sep. 30, 2015
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of September 30, 2015 As of December 31, 2014 Multi-family real estate properties (a) $ 1,907,717 $ 1,286,898 Office real estate properties 356,149 370,114 Retail real estate properties 133,911 132,117 Parcels of land 50,554 51,322 Subtotal 2,448,331 1,840,451 Less: Accumulated depreciation and amortization (a) (188,581 ) (168,480 ) Investments in real estate (b) $ 2,259,750 $ 1,671,971 (a) As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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 by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350.
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 20 properties acquired during the nine-month period ended September 30, 2015 on the date of acquisition, which is accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2015 Assets acquired: Investments in real estate $ 707,268 Cash and cash equivalents 2,685 Accounts receivable and other assets 6,210 Intangible assets 7,690 Total assets acquired $ 723,853 Liabilities assumed: Indebtedness $ 359,495 Accounts payable and accrued expenses 8,069 Accrued interest payable 130 Other liabilities 3,764 Total liabilities assumed $ 371,458 Estimated fair value of net assets acquired $ 352,395
Consideration Transferred to Acquire Real Estate Properties	The following table summarizes the consideration transferred to acquire the previously mentioned real estate properties: Description Estimated Fair Value Fair value of consideration transferred: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Cash consideration for other property acquisitions 24,746 Total $ 288,382
Consolidated Unaudited Pro Forma Information	The tables below present the revenue, net income and earnings per share effect of the acquired properties, as reported in our consolidated financial statements and on a pro forma basis as if the acquisitions occurred on January 1, 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 Three­Month Period Ended September 30, 2015 For the Three­Month Period Ended September 30, 2014 Total revenue of real estate properties acquired, as reported $ 3,214 $ 0 Net income (loss) allocable to common shares of real estate properties acquired, as reported 1,456 0 Earnings (loss) per share attributable to common shareholders of real estate properties acquired Basic and diluted—as reported 0.02 0.00 Pro forma revenue of real estate property acquired (unaudited) 16,735 15,033 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 4,794 2,980 Basic—as pro forma 0.06 0.04 Diluted—as pro forma 0.05 0.04 Description For the Nine­Month Period Ended September 30, 2015 For the Nine­Month Period Ended September 30, 2014 Total revenue of real estate properties acquired, as reported $ 3,811 $ 0 Net income (loss) allocable to common shares of real estate properties acquired, as reported 1,696 0 Earnings (loss) per share attributable to common shareholders of real estate properties acquired Basic and diluted—as reported 0.02 0.00 Pro forma revenue of real estate property acquired (unaudited) 50,653 45,098 Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) 13,366 8,939 Basic and diluted—as pro forma 0.16 0.11
TSRE
Aggregate Estimated Fair Value of Assets and Liabilities Acquired	As a result of the TSRE merger, IRT acquired 19 multi-family properties. The fair value of the assets and liabilities that IRT acquired on September 17, 2015 was as follows: Cash assumed $ 2,685 Investments in real estate 682,237 Accounts receivable and other assets 6,123 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,581 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Total $ 327,648
Consideration Transferred to Acquire Real Estate Properties	The fair value of the consideration that IRT transferred on September 17, 2015 was as follows: Cash consideration for TSRE merger $ 139,781 Equity consideration for TSRE merger 123,855 Total $ 263,636

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2015: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 34,066 $ 33,784 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 136,418 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 Senior secured notes 72,000 64,354 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 11,193 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.8 % Apr. 2037 CMBS facilities 184,198 184,198 1.7 % Nov. Total recourse indebtedness 607,690 586,952 4.1 % Non-recourse indebtedness: Secured credit facilities (8) 271,500 271,500 2.6 % September 2018 Term Loans (9) 120,000 120,000 5.2 % September 2016 CDO notes payable, at amortized cost (4)(5) 921,305 920,691 0.6 % 2045 to 2046 CMBS securitizations (6) 501,044 500,790 1.9 % May 2031 to December 2031 Loans payable on real estate (7) 799,436 800,048 4.4 % Apr. 2016 to May 2040 Total non-recourse indebtedness 2,613,285 2,613,029 2.30 % Total indebtedness $ 3,220,975 $ 3,199,981 2.80 % (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 $1,431,232 principal amount of commercial mortgages, mezzanine loans, other loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (6) Collateralized by $620,034 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 $563,721 of unpaid principal balance with a carrying amount of $564,333 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025. (8) Floating rate at 245 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly. (9) Floating rate at 500 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2014: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate 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. 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 Aug. 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 and 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)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of September 30, 2015 and December 31, 2014: As of September 30, 2015 As of December 31, 2014 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Cash flow hedges: Interest rate swaps $ 345,988 $ - $ (8,960 ) $ 496,025 $ — $ (20,695 ) Interest rate cap 200,000 37 - - - - Net fair value $ 545,988 $ 37 $ (8,960 ) $ 496,025 $ — $ (20,695 )

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following table summarizes the carrying amount and the fair value of our financial instruments as of September 30, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, and preferred equity interests $ 1,588,097 $ 1,545,992 Cash and cash equivalents 92,652 92,652 Restricted cash 159,200 159,200 Derivative assets 37 37 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,784 33,176 4.0% convertible senior notes 136,418 113,227 7.625% senior notes 60,000 51,456 7.125% senior notes 71,905 62,730 Senior secured notes 64,354 68,946 Secured credit facilities 271,500 271,500 Term Loans 120,000 120,000 Junior subordinated notes, at fair value 11,193 11,193 Junior subordinated notes, at amortized cost 25,100 12,063 CMBS facilities 184,198 184,198 Non-recourse indebtedness: CDO notes payable, at amortized cost 920,691 842,096 CMBS securitizations 500,790 497,100 Loans payable on real estate 800,048 814,963 Derivative liabilities 8,960 8,960 Warrants and investor SARs 22,590 22,590 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2014: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans, and preferred equity interests $ 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 securitization 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 September 30, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of September 30, 2015 Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 37 — 37 Total assets $ — $ 37 $ — $ 37 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of September 30, 2015 Junior subordinated notes, at fair value $ — $ — $ 11,193 $ 11,193 Derivative liabilities — 8,960 — 8,960 Warrants and investor SARs — — 22,590 22,590 Total liabilities $ — $ 8,960 $ 33,783 $ 42,743 (a) During the nine-month period ended September 30, 2015, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3. The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2014, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2014 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 Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2014 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, as well as there were no transfers into and out of Level 3.
Rollforward of Level 3 Liabilities	The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the nine-month period ended September 30, 2015: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2014 $ 35,384 $ 13,102 $ 48,486 Change in fair value of financial instruments (12,794 ) (1,909 ) (14,703 ) Purchases — — — Principal Repayments — — — Balance, as of September 30, 2015 $ 22,590 $ 11,193 $ 33,783
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, term loans and CMBS facilities approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount as of September 2015 Estimated Fair Value as of September 2015 Valuation Technique Quoted Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,588,097 $ 1,545,992 Discounted $ 1,545,992 7.0% convertible senior notes 33,784 33,176 Trading price 33,176 4.0% convertible senior notes 136,418 113,227 Trading price 113,227 7.625% senior notes 60,000 51,456 Trading price 51,456 7.125% senior notes 71,905 62,730 Trading price 62,730 Senior secured notes 64,354 68,946 Discounted cash flows 68,946 Junior subordinated notes, at amortized cost 25,100 12,063 Discounted cash flows 12,063 CDO notes payable, at amortized cost 920,691 842,096 Trading price 842,096 CMBS securitizations 500,790 497,100 Trading price 497,100 Loans payable on real estate 800,048 814,963 Discounted cash flows 814,963 Fair Value Measurement Carrying Amount as of December 31, 2014 Estimated Fair Value as of December 31, 2014 Valuation Technique Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,392,436 $ 1,316,796 Discounted $ — $ — $ 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 Periods Ended September 30 For the Nine-Month Periods Ended September 30 Description 2015 2014 2015 2014 Change in fair value of trading securities and security-related receivables $ — $ 2,386 $ (173 ) $ 10,960 Change in fair value of CDO notes payable and trust preferred obligations 1,673 (23,961 ) 1,909 (73,294 ) Change in fair value of derivatives (644 ) (702 ) (1,064 ) (12,413 ) Change in fair value of warrants and investors SARs (409 ) 12,054 12,794 15,314 Change in fair value of financial instruments $ 620 $ (10,223 ) $ 13,466 $ (59,433 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities of Consolidated Variable Interest Entities	The following table presents the assets and liabilities of our consolidated VIEs as of each respective date. As of September 30, 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 $ 1,399,529 $ — $ — $ 1,399,529 Allowance for losses 421 — — 421 Total investments in mortgages and loans 1,399,950 — — 1,399,950 Investments in real estate Investments in real estate — 1,400,892 24,332 1,425,224 Accumulated depreciation — (35,304 ) (4,479 ) (39,783 ) Total investments in real estate — 1,365,588 19,853 1,385,441 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 16,939 110 17,049 Restricted cash 13,090 7,330 167 20,587 Accrued interest receivable 75,238 — — 75,238 Other assets 11,068 5,153 7,457 23,678 Deferred financing costs Deferred financing costs 26,028 11,493 345 37,866 Accumulated amortization (22,621 ) (792 ) (289 ) (23,702 ) Total deferred financing costs 3,407 10,701 56 14,164 Intangible assets Intangible assets — 15,287 — 15,287 Accumulated amortization — (7,743 ) — (7,743 ) Total intangible assets — 7,544 — 7,544 Total assets $ 1,502,753 $ 1,413,255 $ 27,643 $ 2,943,651 Liabilities and Equity Indebtedness $ 1,162,306 $ 993,908 $ 21,170 $ 2,177,384 Accrued interest payable 553 558 4,190 5,301 Accounts payable and accrued expenses 3 18,724 3,267 21,994 Derivative liabilities 7,993 — — 7,993 Deferred taxes, borrowers’ escrows and other liabilities — 5,610 3,462 9,072 Total liabilities 1,170,855 1,018,800 32,089 2,221,744 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (8,027 ) 5 — (8,022 ) RAIT investment 178,454 63,288 862 242,604 Retained earnings (deficit) 161,471 (10,174 ) (5,308 ) 145,989 Total shareholders’ equity 331,898 53,119 (4,446 ) 380,571 Noncontrolling Interests — 341,336 341,336 Total liabilities and equity $ 1,502,753 $ 1,413,255 $ 27,643 $ 2,943,651 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 5,206 244 20,165 Accrued interest receivable 74,904 — — 74,904 Other assets 136 2,270 6,908 9,314 Deferred financing costs Deferred financing costs 26,028 3,429 346 29,803 Accumulated amortization (20,095 ) (505 ) (239 ) (20,839 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,597 — 7,597 Accumulated amortization — (4,346 ) — (4,346 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,195 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,901 $ 21,280 $ 1,755,284 Accrued interest payable 670 49 3,661 4,380 Accounts payable and accrued expenses 3 8,353 3,290 11,646 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 3,813 2,950 6,763 Total liabilities 1,335,827 431,116 31,181 1,798,124 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 (16,728 ) (4,236 ) 183,147 Total shareholders’ equity 297,530 54,296 (3,493 ) 348,333 Noncontrolling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,195

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Sales Activity of Series D Preferred Shares	The following table summarizes the sales activity of the Series D Preferred Shares from the effective date of the agreement through September 30, 2015: Aggregate purchase price $ 100,000 Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 12,426 Carrying amount of Series D Preferred Shares $ 83,787

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Basic and Diluted Earnings (Loss) per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three-month and nine-month periods ended September 30, 2015 and 2014: For the Three-Month For the Nine-Month Periods Ended September 30 Periods Ended September 30 2015 2014 2015 2014 Net income (loss) $ 24,826 $ (16,462 ) $ 51,533 $ (42,895 ) (Income) loss allocated to preferred shares (8,303 ) (7,407 ) (24,383 ) (20,628 ) (Income) loss allocated to noncontrolling interests (23,055 ) 603 (21,823 ) 20 Net income (loss) allocable to common shares $ (6,532 ) $ (23,266 ) $ 5,327 $ (63,503 ) Weighted-average shares outstanding—Basic 87,110,958 81,967,806 83,799,244 81,111,796 Dilutive securities — — 1,846,365 — Weighted-average shares outstanding—Diluted 87,110,958 81,967,806 85,645,609 81,111,796 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (0.07 ) $ (0.28 ) $ 0.06 $ (0.78 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (0.07 ) $ (0.28 ) $ 0.06 $ (0.78 )

SUPPLEMENTAL DISCLOSURE TO ST34

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Elements [Abstract]
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 September 30, 2015 and 2014: For the Nine-Month Periods Ended September 30 2015 2014 Cash paid for interest $ 51,839 $ 29,129 Cash paid (refunds received) for taxes 283 191 Non-cash increase in investments in real estate from conversion of loans — 35,180 Non-cash increase in non-controlling interest from property acquisition — 3,362 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 121,885 129,660 Non-cash increase in other assets from business combination — 7,302

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting	1. The following tables present segment reporting: Real Estate Lending Owning and Management IRT Taberna Eliminations (a) Consolidated Three-Month Period Ended September 30, 2015: Net interest margin $ 16,690 $ - $ - $ (243 ) $ 16,447 Rental income 29,967 25,492 — — 55,459 Fee and other income 7,932 — — (4,876 ) 3,056 Provision for losses 1,850 — — — 1,850 Depreciation and amortization expense 10,464 4,704 — — 15,168 Operating income (1,189 ) (10,886 ) — — (12,075 ) Change in fair value of financial instruments 620 — — — 620 Income tax benefit (provision) (23 ) — — — (23 ) Net income (loss) $ 498 $ 25,636 $ - $ (1,308 ) $ 24,826 Three-Month Period Ended September 30, 2014: Net interest margin $ 21,904 $ - $ 7,148 $ (3,415 ) $ 25,637 Rental income 28,757 13,049 — — 41,806 Fee and other income 9,891 — 316 (2,365 ) 7,842 Provision for losses 1,500 — — — 1,500 Depreciation and amortization expense 9,894 3,309 33 — 13,236 Operating income 8,328 (65 ) 6,648 (1,905 ) 13,006 Change in fair value of financial instruments 12,493 — (22,716 ) — (10,223 ) Income tax benefit (provision) 2,198 — (4 ) — 2,194 Net income (loss) $ 24,381 $ (58 ) $ (37,572 ) $ (3,213 ) $ (16,462 ) (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 Owning and Management IRT Taberna Eliminations (a) Consolidated Nine-Month Period Ended September 30, 2015: Net interest margin $ 50,028 $ - $ - $ (722 ) $ 49,306 Rental income 94,454 69,867 — — 164,321 Fee and other income 29,557 — — (13,492 ) 16,065 Provision for losses 5,850 — — — 5,850 Depreciation and amortization expense 34,728 16,462 — — 51,190 Operating income (2,787 ) (10,775 ) — — (13,562 ) Change in fair value of financial instruments 13,466 — — — 13,466 Income tax benefit (provision) (1,320 ) — — — (1,320 ) Net income (loss) $ 29,711 $ 25,748 $ - $ (3,926 ) $ 51,533 Nine-Month Period Ended September 30, 2014: Net interest margin $ 71,251 $ - $ 24,453 $ (15,164 ) $ 80,540 Rental income 83,382 32,822 — — 116,204 Fee and other income 24,062 — 932 (5,881 ) 19,113 Provision for losses 3,500 — — — 3,500 Depreciation and amortization expense 29,955 8,664 100 — 38,719 Operating income 20,675 (145 ) 22,823 (4,891 ) 38,462 Change in fair value of financial instruments 14,811 — (74,244 ) — (59,433 ) Income tax benefit (provision) 2,970 — (516 ) — 2,454 Net income (loss) $ 44,251 $ 2,749 $ (81,149 ) $ (8,746 ) $ (42,895 )

Summary of Significant Accoun36

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	9 Months Ended
	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Significant Accounting Policies [Line Items]
Investment interest income	$ 24,468		$ 33,273		$ 71,823	$ 102,882
Depreciation and amortization expense	15,168		13,236		51,190	38,719
Intangible assets, accumulated amortization	22,316				22,316		$ 13,911
Intangible assets, amortization expenses	1,625		$ 1,980		8,665	$ 6,376
Expected amortization expense of intangible assets, remainder of 2015	5,260				5,260
Expected amortization expense of intangible assets in 2016	9,033				9,033
Expected amortization expense of intangible assets in 2017	3,859				3,859
Expected amortization expense of intangible assets in 2018	3,190				3,190
Expected amortization expense of intangible assets in 2019	3,015				3,015
Expected amortization expense of intangible assets thereafter	14,949				14,949
Goodwill	8,757				8,757		11,014
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	40,973				40,973		22,725
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	1,500				$ 1,500		$ 1,500
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
Cash Flows from Operating Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities		$ (18,194)		$ (69,028)	$ (62,822)
Cash Flows from Investing Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities		$ 18,194		$ 69,028	62,822
Adjustment to Incorrect Useful Lives
Significant Accounting Policies [Line Items]
Depreciation and amortization expense					(623)
Scenario, Adjustment
Significant Accounting Policies [Line Items]
Investment interest income					842
Depreciation and amortization expense					708
Deferred tax liability	$ 2,257				$ 2,257

Investments in Loans (Detail)

Investments in Loans (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2015USD ($)Loan		Dec. 31, 2014USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,604,680		$ 1,409,254
Deferred fees		(1,141)		(696)
Total investments in loans, Unpaid Principal Balance		1,603,539		1,408,558
Total investment in loans, Unamortized (Discounts) Premiums		(15,442)		(16,122)
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		1,588,097		1,392,436
CRE Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		1,604,680		1,409,254
Total investment in loans, Unamortized (Discounts) Premiums		(15,442)		(16,122)
Carrying Amount		$ 1,589,238		$ 1,393,132
Number of Loans | Loan		189		178
Weighted-Average Coupon	[1]	6.20%		6.50%
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,368,072	[2]	$ 1,148,290	[3]
Total investment in loans, Unamortized (Discounts) Premiums		(14,436)	[2]	(14,519)	[3]
Carrying Amount		$ 1,353,636	[2]	$ 1,133,771	[3]
Number of Loans | Loan		117	[2]	95	[3]
Weighted-Average Coupon	[1]	5.20%	[2]	5.90%	[3]
Range of Maturity Dates, Minimum		Jan. 1, 2016	[2],[4]	Jan. 1, 2015	[3]
Range of Maturity Dates, Maximum		Jan. 1, 2029	[2],[4]	Jan. 1, 2025	[3]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 199,246		$ 226,105
Total investment in loans, Unamortized (Discounts) Premiums		(1,005)		(1,602)
Carrying Amount		$ 198,241		$ 224,503
Number of Loans | Loan		63		74
Weighted-Average Coupon	[1]	9.60%		9.80%
Range of Maturity Dates, Minimum		Jul. 1, 2015	[4]	Mar. 1, 2015
Range of Maturity Dates, Maximum		May 1, 2025	[4]	Jan. 1, 2029
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 37,362		$ 34,859
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 37,361		$ 34,858
Number of Loans | Loan		9		9
Weighted-Average Coupon	[1]	6.30%		7.10%
Range of Maturity Dates, Minimum		Feb. 1, 2016	[4]	Feb. 1, 2016
Range of Maturity Dates, Maximum		Aug. 1, 2033	[4]	Aug. 1, 2025
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[2]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $62,986 a weighted-average coupon of 4.8% and maturity dates ranging from August 2020 through October 2025. These commercial mortgages are accounted for as loans held for sale.
[3]	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.
[4]	Two mezzanine loans that are 90 days or more past due have a contractual maturity date of July 2015.

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,604,680	$ 1,409,254
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		63	74
Unpaid Principal Balance		$ 199,246	$ 226,105
Weighted-Average Coupon	[1]	9.60%	9.80%
Mezzanine Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		2
Maturity date		Jul. 1, 2015
Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		6	11
Unpaid Principal Balance		$ 62,986	$ 93,925
Weighted-Average Coupon		4.80%	4.60%
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.

Investments in Loans - Addition

Investments in Loans - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Oct. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Sep. 30, 2015USD ($)Loan	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Accounts Notes And Loans Receivable [Line Items]
Transfer of commercial real estate loan to real estate owned							$ 28,588
Gains (losses) on assets		$ 7,430		$ 25		$ 24,711	(5,350)
Loan with unpaid principal balance removed from non-accrual status				5,500			5,500
Average impaired loans unpaid balance		78,680		$ 69,489		66,053	62,448
Interest income from impaired loans			$ 1,129		$ 53	2,882	938
Indebtedness		3,199,981				$ 3,199,981		$ 2,615,666
Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Transfer of commercial real estate loan to real estate owned	$ 13,462
Real estate related assets	96,801
Indebtedness	$ 83,056
Commercial Portfolio Segment
Accounts Notes And Loans 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 | Recognizing interest on the cash basis
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status		$ 68,701				$ 68,701
Weighted-average interest rate		9.00%				9.00%
Commercial Portfolio Segment | Troubled Debt Restructured Loans
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status		$ 18,500				$ 18,500
Commercial Portfolio Segment | 90 days or more
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status		$ 40,496				$ 40,496		$ 25,281
Weighted-average interest rate		6.30%				6.30%		5.80%
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Gains (losses) on assets							$ 112

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan (Detail) - USD ($) $ in Thousands		Sep. 30, 2015		Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		$ 1,604,680		$ 1,409,254
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		4,813		23,603	[1]
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,598,619		1,382,418
In foreclosure or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,248		1,678	[2]
Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		40,496	[3]	25,281
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,368,072		1,148,290
Commercial mortgages | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,368,072		1,148,290
Commercial mortgages | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	[3]	15,645
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		199,246		226,105
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		1,163		19,953	[1]
Mezzanine Loans | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		196,835		202,919
Mezzanine Loans | In foreclosure or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,248		1,678	[2]
Mezzanine Loans | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		21,201	[3]	21,631
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		37,362		34,859
Preferred Equity Interests | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		3,650		3,650	[1]
Preferred Equity Interests | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		33,712		31,209
Preferred Equity Interests | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		$ 3,650	[3]	$ 3,650
[1]	) Includes three loans that were current in accordance with their terms, however were 90 days or more delinquent prior to troubled debt restructurings. These loans were on non-accrual due to uncertainty over full collection of principal and interest.
[2]	These loans were on non-accrual due to uncertainty over full collection of principal and interest.
[3]	Includes four loans that are current in accordance with their terms, however are impaired, and as a result are on non-accrual due to uncertainty over full collection of principal and interest.

Investment in Loans by Credit R

Investment in Loans by Credit Risk Category (Detail) - USD ($) $ in Thousands	Sep. 30, 2015		Dec. 31, 2014
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,604,680		$ 1,409,254
Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,368,072	[1]	1,148,290	[2]
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	199,246		226,105
Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	37,362		34,859
Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,538,388		1,328,134
Satisfactory | Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,352,427		1,125,370
Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	156,545		175,915
Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	29,416		26,849
Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	66,292		81,120
Watchlist | Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	15,645		22,920
Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	42,701		50,190
Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 7,946		$ 8,010
[1]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $62,986 a weighted-average coupon of 4.8% and maturity dates ranging from August 2020 through October 2025. These commercial mortgages are accounted for as loans held for sale.
[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.

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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 12,796	$ 15,336	$ 9,218	$ 22,955
Provision for loan losses	1,850	1,500	5,850	3,500
Charge-offs, net of recoveries		(1,174)	(422)	(10,793)
Ending balance	14,646	15,662	14,646	15,662
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Provision for loan losses	3,154		3,154
Ending balance	3,154		3,154
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	11,470	14,017	7,892	21,636
Provision for loan losses	(1,255)	1,132	2,745	3,132
Charge-offs, net of recoveries		(813)	(422)	(10,432)
Ending balance	10,215	14,336	10,215	14,336
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	1,326	1,319	1,326	1,319
Provision for loan losses	(49)	368	(49)	368
Charge-offs, net of recoveries		(361)		(361)
Ending balance	$ 1,277	$ 1,326	$ 1,277	$ 1,326

Loans on Watchlist or Considere

Loans on Watchlist or Considered to be Impaired (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Financing Receivable Impaired [Line Items]
Allowance for losses	$ 14,646	$ 12,796	$ 9,218		$ 15,662	$ 15,336	$ 22,955
Commercial mortgages
Financing Receivable Impaired [Line Items]
Allowance for losses	3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Allowance for losses	10,215	11,470	7,892		14,336	14,017	21,636
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Allowance for losses	1,277	$ 1,326	1,326		$ 1,326	$ 1,319	$ 1,319
Watchlist
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	18,296		67,839
Watchlist/Impaired loans with reserves	47,996		13,281
Total Watchlist/Impaired Loans	66,292		81,120	[1]
Watchlist | Commercial mortgages
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery			22,920
Watchlist/Impaired loans with reserves	15,645
Total Watchlist/Impaired Loans	15,645		22,920	[1]
Watchlist | Mezzanine Loans
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	14,000		40,559
Watchlist/Impaired loans with reserves	28,701		9,631
Total Watchlist/Impaired Loans	42,701		50,190	[1]
Watchlist | Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	4,296		4,360
Watchlist/Impaired loans with reserves	3,650		3,650
Total Watchlist/Impaired Loans	$ 7,946		$ 8,010	[1]
[1]	As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.

Loans on Watchlist or Conside44

Loans on Watchlist or Considered to be Impaired (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Receivables [Abstract]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 5,500

Investments in Securities - Add

Investments in Securities - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014
Investment Securities [Line Items]
Investment in securities	$ 0
Investments in securities and security-related receivables, at fair value		$ 31,412,000	$ 31,412,000
Principal amount of unsecured REIT note receivables and CMBS receivables			10,000,000
TruPS and subordinated debentures
Investment Securities [Line Items]
Principal amount of TruPS			$ 0

Investments in Securities and S

Investments in Securities and Security-Related Receivables (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2014	Mar. 31, 2015
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	$ 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
Available-for-sale Securities
Investment Securities [Line Items]
Total investments in securities, Amortized Cost	[2]	$ 210,600
Total investments in securities, Gains	[2]	2,053
Total investments in securities, Losses	[2]	(193,486)
Investments in securities and security-related receivables, at fair value	[2]	$ 19,167
Total investments in securities, Weighted Average Coupon	[1],[2]	3.50%
Total investments in securities, Weighted Average Years to Maturity	[2]	23 years 1 month 6 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
Total investments in securities, Losses		0
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	[3]	$ 5,000
Total investments in securities, Losses	[3]	(3,750)
Investments in securities and security-related receivables, at fair value	[3]	$ 1,250
Total investments in securities, Weighted Average Coupon	[1],[3]	5.70%
Total investments in securities, Weighted Average Years to Maturity	[3]	34 years 6 months
[1]	Weighted-average coupon is calculated on the unpaid principal amount of the underlying instruments, which does not necessarily correspond to the carrying amount.
[2]	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.

Investments in Securities and47

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

Non-Accrual Status of Investmen

Non-Accrual Status of Investments (Detail) $ in Thousands	Dec. 31, 2014USD ($)
Investment Holdings [Line Items]
Weighted Average Coupon	3.60%	[1]
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.

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 2,448,331	$ 1,840,451
Less: Accumulated depreciation and amortization	[1]	(188,581)	(168,480)
Investments in real estate, net, Book Value	[2]	2,259,750	1,671,971
Multi-family real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	[1]	1,907,717	1,286,898
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		356,149	370,114
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		133,911	132,117
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 50,554	$ 51,322
[1]	As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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 by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350.

Summary of Investments in Rea50

Summary of Investments in Real Estate (Parenthetical) (Detail) $ in Thousands		Sep. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 2,448,331	$ 1,840,451
Accumulated depreciation and amortization	[1]	$ 188,581	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		$ 3,283
Fair value of assets held for sale		3,350
IRT
Real Estate Properties [Line Items]
Investments in real estate, Book Value		1,400,892	689,112
Accumulated depreciation and amortization		$ 35,304	$ 23,376
[1]	As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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) $ / shares in Units, $ in Thousands		Sep. 17, 2015USD ($)	May. 01, 2015USD ($)State	Sep. 30, 2015USD ($)$ / shares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)Property$ / sharesshares	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investments in real estate	[1]			$ 2,259,750		$ 2,259,750		$ 1,671,971
Mortgages or other debt held by third parties				799,436		799,436		641,874
Mortgages held by consolidated securitizations				831,554		831,554		878,856
Gains (losses) on IRT merger with TSRE		$ 64,012		64,012		64,012
Investment contributed revenue				55,459	$ 41,806	164,321	$ 116,204
Net income allocable to common shares				(6,532)	$ (23,266)	5,327	$ (63,503)
Fair value of assets acquired						5,662
Business acquisitions purchase price allocation subsequent adjustments				72		$ 72
Number of parcels of land disposed | Property						2
Deferred gain on sale of real estate property						$ 3,111
Impairment of real estate asset				7,250
Multi-family real estate properties | Deconsolidated
Real Estate Properties [Line Items]
Carrying value of asset held for sale				23,897		$ 23,897
Multi-family real estate properties
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property						3
Sales price of real estate properties						$ 88,537
Gain on sale of real estate property						$ 24,711
TSRE
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property						19
Indebtedness		359,495
Series of Individually Immaterial Business Acquisitions
Real Estate Properties [Line Items]
Indebtedness				$ 359,495		$ 359,495
Investments in acquisition of real estate						288,382
Investment contributed revenue						3,811
Net income allocable to common shares						$ 1,696
Series of Individually Immaterial Business Acquisitions | Multi-family real estate properties
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property						19
IRT
Real Estate Properties [Line Items]
Conversion of outstanding common stock to cash | $ / shares				$ 3.80		$ 3.80
Conversion of outstanding common stock to shares				41.08%		41.08%
Common stock issued in connection with merger | shares						15,100,000
Gains (losses) on IRT merger with TSRE						$ 34,000
Investments in acquisition of real estate			$ 25,250
IRT | Indiana
Real Estate Properties [Line Items]
Number of real estate properties acquired | State			236
IRT | Working Capital And Intangible Assets
Real Estate Properties [Line Items]
Investments in acquisition of real estate			$ 25,250
IRT | TSRE
Real Estate Properties [Line Items]
Common stock issued in connection with merger | shares						1,925,419
Gains (losses) on IRT merger with TSRE						$ 30,000
Indebtedness				$ 359,495		359,495
Business Combination Indebtedness Paid-off				237,610		237,610
Business Combination Outstanding Indebtedness				121,885		121,885
Acquisition Expenses						12,530
Extinguishing financing expenses						23,219
Employee separation expenses						4,289
Investments in acquisition of real estate		$ 263,636
Land
Real Estate Properties [Line Items]
Investments in real estate				404,565		404,565		338,057
Real estate and Improvements
Real Estate Properties [Line Items]
Investments in real estate				$ 2,043,766		$ 2,043,766		$ 1,502,394
[1]	Investments in real estate includes one real estate asset held for sale by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350.

Preliminary Fair Value of Asset

Preliminary Fair Value of Assets and Liabilities Acquired (Detail) - TSRE $ in Thousands	Sep. 17, 2015USD ($)
Business Acquisition [Line Items]
Cash assumed	$ 2,685
Investments in real estate	682,237
Accounts receivable and other assets	6,123
Intangible assets	7,471
Indebtedness	(359,495)
Accounts payable and accrued expenses	(7,581)
Accrued interest payable	(130)
Other liabilities	(3,662)
Total	$ 327,648

Consideration Transferred to Ac

Consideration Transferred to Acquire Real Estate Properties (Detail) - USD ($) $ in Thousands	Sep. 17, 2015	May. 01, 2015	Sep. 30, 2015
Series of Individually Immaterial Business Acquisitions
Fair value of consideration transferred:
Cash consideration for TSRE merger			$ 139,781
Equity consideration for TSRE merger			123,855
Cash consideration for other property acquisitions			24,746
Total			$ 288,382
IRT
Fair value of consideration transferred:
Total		$ 25,250
IRT | TSRE
Fair value of consideration transferred:
Cash consideration for TSRE merger	$ 139,781
Equity consideration for TSRE merger	123,855
Total	$ 263,636

Aggregate Estimated Fair Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Sep. 30, 2015USD ($)
Assets acquired:
Investments in real estate	$ 707,268
Cash and cash equivalents	2,685
Accounts receivable and other assets	6,210
Intangible assets	7,690
Total assets acquired	723,853
Liabilities assumed:
Indebtedness	359,495
Accounts payable and accrued expenses	8,069
Accrued interest payable	130
Other liabilities	3,764
Total liabilities assumed	371,458
Estimated fair value of net assets acquired	$ 352,395

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Total revenue of real estate properties acquired, as reported	$ 3,214	$ 0	$ 3,811	$ 0
Net income (loss) allocable to common shares of real estate properties acquired, as reported	$ 1,456	$ 0	$ 1,696	$ 0
Basic and diluted—as reported	$ 0.02	$ 0	$ 0.02	$ 0
Pro forma revenue of real estate property acquired (unaudited)	$ 16,735	$ 15,033	$ 50,653	$ 45,098
Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited)	$ 4,794	$ 2,980	$ 13,366	$ 8,939
Basic—as pro forma	$ 0.06	$ 0.04
Diluted—as pro forma	$ 0.05	$ 0.04
Basic and diluted—as pro forma			$ 0.16	$ 0.11

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 3,220,975	$ 2,638,907
Indebtedness		$ 3,199,981	$ 2,615,666
Weighted- Average Interest Rate		2.80%	2.60%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 607,690	$ 532,937
Indebtedness		$ 586,952	$ 509,701
Weighted- Average Interest Rate		4.10%	4.00%
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,613,285	$ 2,105,970
Indebtedness		$ 2,613,029	$ 2,105,965
Weighted- Average Interest Rate		2.30%	2.10%
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[1]	$ 34,066	$ 34,066
Indebtedness	[1]	$ 33,784	$ 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
Indebtedness	[2]	$ 136,418	$ 134,418
Weighted- Average Interest Rate	[2]	4.00%	4.00%
Contractual Maturity, month and year	[2]	2033-10	2033-10
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 60,000	$ 60,000
Indebtedness		$ 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
Indebtedness		$ 71,905	$ 71,905
Weighted- Average Interest Rate		7.10%	7.10%
Contractual Maturity, month and year		2019-08	2019-08
Senior Secured Notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 72,000	$ 78,000
Indebtedness		$ 64,354	$ 68,314
Weighted- Average Interest Rate		7.00%	7.00%
Senior Secured Notes | Minimum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2017-04	2017-04
Senior Secured Notes | Maximum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2019-04	2019-04
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[3]	$ 18,671	$ 18,671
Indebtedness	[3]	$ 11,193	$ 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
Indebtedness		$ 25,100	$ 25,100
Weighted- Average Interest Rate		2.80%	2.70%
Contractual Maturity, month and year		2037-04	2037-04
CMBS Facilities
Debt Instrument [Line Items]
Indebtedness		$ 1,431,232	$ 1,572,126
CMBS Facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		184,198	85,053
Indebtedness		$ 184,198	$ 85,053
Weighted- Average Interest Rate		1.70%	2.50%
CMBS Facilities | Minimum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2015-11	2015-11
CMBS Facilities | Maximum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-07	2016-07
Secured credit facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 18,392
Indebtedness			$ 18,392
Weighted- Average Interest Rate			2.70%
Contractual Maturity, month and year			2016-10
Secured credit facilities | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[4]	$ 271,500
Indebtedness	[4]	$ 271,500
Weighted- Average Interest Rate	[4]	2.60%
Contractual Maturity, month and year	[4]	2018-09
Term Loans | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[5]	$ 120,000
Indebtedness	[5]	$ 120,000
Weighted- Average Interest Rate	[5]	5.20%
Contractual Maturity, month and year	[5]	2016-09
CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[6],[7]	$ 921,305	$ 1,074,102
Indebtedness	[6],[7]	$ 920,691	$ 1,073,145
Weighted- Average Interest Rate	[6],[7]	0.60%	0.60%
CDO notes payable, at amortized cost | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, year	[6],[7]	2,045	2,045
CDO notes payable, at amortized cost | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, year	[6],[7]	2,046	2,046
Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[8]	$ 799,436	$ 641,874
Indebtedness	[8]	$ 800,048	$ 643,405
Weighted- Average Interest Rate	[8]	4.40%	4.60%
Loans payable on real estate | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[8]	2016-04	2015-09
Loans payable on real estate | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[8]	2040-05	2040-08
CMBS securitizations
Debt Instrument [Line Items]
Indebtedness		$ 620,034	$ 490,863
CMBS securitizations | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[9]	501,044	389,994
Indebtedness	[9]	$ 500,790	$ 389,415
Weighted- Average Interest Rate	[9]	1.90%	1.90%
CMBS securitizations | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[9]	2031-05	2029-01
CMBS securitizations | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[9]	2031-12	2031-12
[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]	Floating rate at 245 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly.
[5]	Floating rate at 500 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly.
[6]	Collateralized by $1,431,232 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]	Excludes CDO notes payable purchased by us which are eliminated in consolidation
[8]	Includes $563,721 of unpaid principal balance with a carrying amount of $564,333 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025
[9]	Collateralized by $620,034 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 and57

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Indebtedness	$ 3,199,981	$ 2,615,666
Unpaid Principal Balance	$ 3,220,975	$ 2,638,907
Weighted- Average Interest Rate	2.80%	2.60%
IRT
Debt Instrument [Line Items]
Indebtedness	$ 564,333	$ 362,434
Unpaid Principal Balance	$ 563,721	$ 360,902
Weighted- Average Interest Rate	3.80%	3.80%
Minimum | IRT
Debt Instrument [Line Items]
Contractual Maturity, month and year	2016-04	2016-04
Maximum | IRT
Debt Instrument [Line Items]
Contractual Maturity, month and year	2025-05	2025-01
CMBS securitizations
Debt Instrument [Line Items]
Indebtedness	$ 620,034	$ 490,863
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]
Indebtedness	$ 1,431,232	$ 1,572,126
Secured credit facilities | London Interest Bank Offer Rate
Debt Instrument [Line Items]
Stated interest rate	0.19%
Interest rate at LIBOR plus basis rate	2.45%
Debt instrument, description of variable rate basis	1-month LIBOR
Term Loans | London Interest Bank Offer Rate
Debt Instrument [Line Items]
Stated interest rate	0.19%
Interest rate at LIBOR plus basis rate	5.00%
Debt instrument, description of variable rate basis	1-month LIBOR

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Oct. 05, 2015USD ($)shares

Oct. 02, 2015USD ($)shares

Sep. 17, 2015USD ($)Option

Sep. 09, 2014USD ($)

Apr. 14, 2014USD ($)

Oct. 25, 2013USD ($)

Oct. 25, 2010USD ($)

Oct. 16, 2008USD ($)

Aug. 31, 2014USD ($)

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

Sep. 30, 2014USD ($)

Dec. 31, 2014USD ($)

Oct. 31, 2015USD ($)

Oct. 05, 2011USD ($)

Debt Instrument [Line Items]

Payment of notes

$ 273,872,000

$ 25,589,000

Indebtedness

3,199,981,000

$ 2,615,666,000

Real estate investment

$ 5,500,000

Unpaid Principal Balance

3,220,975,000

2,638,907,000

RAIT FL Two | Equity interest

Debt Instrument [Line Items]

Real estate investment

40,214,000

RAIT FL Three | Equity interest

Debt Instrument [Line Items]

Real estate investment

37,386,000

RAIT FL Four | Equity interest

Debt Instrument [Line Items]

Real estate investment

41,390,000

CMBS securitizations

Debt Instrument [Line Items]

Indebtedness

620,034,000

$ 490,863,000

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

215,178,000

CMBS securitizations | RAIT FL Four

Debt Instrument [Line Items]

Real estate investment

$ 219,284,000

Subsequent Event

Debt Instrument [Line Items]

Indebtedness

$ 83,056,000

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%

Secured credit facilities | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Stated interest rate

0.19%

Interest rate on excess of reference rate

2.45%

Recourse Indebtedness

Debt Instrument [Line Items]

Indebtedness

$ 586,952,000

$ 509,701,000

Unpaid Principal Balance

607,690,000

$ 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

Debt instrument, financial covenant compliance

As of September 30, 2015, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility.

Carrying Amount

$ 75,000,000

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

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

150,000,000

Indebtedness

$ 55,771,000

Debt instrument, financial covenant compliance

As of September 30, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility.

Carrying Amount

$ 24,712,000

Recourse Indebtedness | 7.0% convertible senior notes

Debt Instrument [Line Items]

Convertible note conversion rate

1.736550

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 5.76

Contractual Maturity, month and year

[1]

2031-04

2031-04

Indebtedness

[1]

$ 33,784,000

$ 33,417,000

Unpaid Principal Balance

[1]

$ 34,066,000

$ 34,066,000

Recourse Indebtedness | 7.0% convertible senior notes | Subsequent Event

Debt Instrument [Line Items]

Convertible note conversion rate

1.678233

1.678233

Principal amount of convertible note, conversion rate

$ 1,000

$ 1,000

Debt Instrument, Face Amount

$ 2,010,000

$ 2,010,000

Settled the conversion by issuing common shares | shares

337,324

337,324

Recourse Indebtedness | 4.0% convertible senior notes

Debt Instrument [Line Items]

Convertible note conversion rate

1.085803

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 9.21

Contractual Maturity, month and year

[2]

2033-10

2033-10

Indebtedness

[2]

$ 136,418,000

$ 134,418,000

Unpaid Principal Balance

[2]

$ 141,750,000

$ 141,750,000

Recourse Indebtedness | 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

Contractual Maturity, month and year

2024-04

2024-04

Indebtedness

$ 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]

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

Contractual Maturity, month and year

2019-08

2019-08

Indebtedness

$ 71,905,000

$ 71,905,000

Unpaid Principal Balance

71,905,000

$ 71,905,000

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

Revolving credit agreement termination date

Sep. 17, 2015

Contractual Maturity, month and year

2016-10

Indebtedness

$ 18,392,000

Unpaid Principal Balance

18,392,000

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

Debt Instrument [Line Items]

Interest rate on excess of reference 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 on excess of reference rate

2.50%

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

6,000,000

Senior notes, outstanding

72,000,000

Indebtedness

64,354,000

68,314,000

Unpaid Principal Balance

$ 72,000,000

$ 78,000,000

Recourse Indebtedness | Senior Secured Notes | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2017-04

2017-04

Recourse Indebtedness | Senior Secured Notes | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2019-04

2019-04

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

$ 11,193,000

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 on excess of reference rate

4.00%

Floating rate

7.00%

Recourse Indebtedness | Two Year CMBS Facilities

Debt Instrument [Line Items]

Indebtedness

$ 21,590,000

Debt instrument, financial covenant compliance

As of September 30, 2015, we were in compliance with all financial covenants contained in the Amended MRA.

Recourse Indebtedness | One Year Cmbs Facilities | CMBS securitizations

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 150,000,000

Indebtedness

$ 7,125,000

Debt instrument, financial covenant compliance

As of September 30, 2015, we were in compliance with all financial covenants contained in the $150,000 CMBS facility.

Recourse Indebtedness First Junior Subordinated Note | Junior subordinated notes, at fair value

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 18,671,000

Stated interest rate

8.65%

Interest rate on excess of reference rate

4.00%

Contractual Maturity, month and year

2035-03

Recourse Indebtedness Second Junior Subordinated Note | Junior subordinated notes, at fair value

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

Non-recourse indebtedness

Debt Instrument [Line Items]

Maturity date

Sep. 17, 2018

Line of credit facility, borrowing capacity

$ 325,000,000

Revolving credit agreement term

3 years

Indebtedness

$ 2,613,029,000

$ 2,105,965,000

Right to increase line of credit facility maximum borrowing capacity

$ 450,000,000

Line of credit facility, expiration period extension term

option of IROP to extend the KeyBank senior facility for two additional 12-month periods under certain circumstances

Line of credit facility, number of options available for extension | Option

2

Line of credit facility, interest rate description

At IROP’s option, borrowings under the KeyBank senior facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 165 to 245 basis points, or (ii) a base rate plus a margin of 65 to 145 basis points.

Unpaid Principal Balance

$ 2,613,285,000

2,105,970,000

Non-recourse indebtedness | RAIT FL Two

Debt Instrument [Line Items]

Real estate investment

145,358,000

Non-recourse indebtedness | RAIT FL Three

Debt Instrument [Line Items]

Real estate investment

177,792,000

Non-recourse indebtedness | RAIT FL Four

Debt Instrument [Line Items]

Real estate investment

177,894,000

Non-recourse indebtedness | CMBS securitizations

Debt Instrument [Line Items]

Indebtedness

[3]

500,790,000

389,415,000

Unpaid Principal Balance

[3]

501,044,000

$ 389,994,000

Non-recourse indebtedness | CMBS securitizations | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

$ 0

Non-recourse indebtedness | CMBS securitizations | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[3]

2031-05

2029-01

Non-recourse indebtedness | CMBS securitizations | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[3]

2031-12

2031-12

Non-recourse indebtedness | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.45%

Non-recourse indebtedness | London Interest Bank Offer Rate | Minimum

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.65%

Non-recourse indebtedness | London Interest Bank Offer Rate | Maximum

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.45%

Non-recourse indebtedness | Base Rate | Minimum

Debt Instrument [Line Items]

Interest rate on excess of reference rate

0.65%

Non-recourse indebtedness | Base Rate | Maximum

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.45%

Non-recourse indebtedness | Secured credit facilities

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 125,000,000

Contractual Maturity, month and year

[4]

2018-09

Indebtedness

[4]

$ 271,500,000

Percentage of revolver available for swingline loans

10.00%

Percentage of revolver available for issuance of letters of credit

10.00%

Line of credit facility, commitment fee description

IROP will pay a fee of either 20 basis points (if greater than or equal to 50% of the revolver is used) or 25 basis points (if less than 50% of the revolver is used) on the unused portion of the revolver.

Line of credit facility, remaining borrowing capacity

$ 53,500,000

Unpaid Principal Balance

[4]

271,500,000

Non-recourse indebtedness | Secured credit facilities | If Greater Than or Equal to 50% of Revolver Used

Debt Instrument [Line Items]

Line of credit facility, commitment fee percentage

0.20%

Non-recourse indebtedness | Secured credit facilities | If Less Than 50% of Revolver Used

Debt Instrument [Line Items]

Line of credit facility, commitment fee percentage

0.25%

Non-recourse indebtedness | Term Facility Agreement

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 200,000,000

Line of credit facility, remaining borrowing capacity

$ 0

Non-recourse indebtedness | Term Loan One

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 120,000,000

Revolving credit agreement term

364 days

Line of credit facility, expiration period extension term

with a maturity extension option for an additional six months under certain circumstances

Line of credit facility, interest rate description

At IROP’s option, borrowings under the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 500 basis points, or (ii) a base rate plus a margin of 400 basis points. If IROP elects to extend its maturity, at IROP’s option, the KeyBank interim facility will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 650 basis points, or (ii) a base rate plus a margin of 550 basis points.

Line of credit facility, remaining borrowing capacity

$ 0

Line of credit facility, payment terms

The KeyBank interim facility requires monthly payments of interest only. IROP is required to reduce the principal amount outstanding under the KeyBank interim facility to no greater than $100,000 within six months of closing and must apply 100% of all net proceeds from equity issuances, sales of assets, or refinancings of assets towards repaying the KeyBank Interim Facility.

Required maximum principal amount outstanding

$ 100,000,000

Required percentage of proceeds from equity issuances, sales of assets, or refinancing of assets to use for repayment of debt

100.00%

Non-recourse indebtedness | Term Loan One | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

5.00%

5.00%

Non-recourse indebtedness | Term Loan One | London Interest Bank Offer Rate | On Extension of Debt Maturity by IROP

Debt Instrument [Line Items]

Interest rate on excess of reference rate

6.50%

Non-recourse indebtedness | Term Loan One | Base Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

4.00%

Non-recourse indebtedness | Term Loan One | Base Rate | On Extension of Debt Maturity by IROP

Debt Instrument [Line Items]

Interest rate on excess of reference rate

5.50%

Non-recourse indebtedness | Loans payable on real estate

Debt Instrument [Line Items]

Indebtedness

[5]

$ 800,048,000

$ 643,405,000

Unpaid Principal Balance

[5]

799,436,000

$ 641,874,000

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

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 204,262,000

Number of mortgages obtained | MortgageLoan

8

Contractual Maturity, start year

2021-03

Contractual Maturity, end year

2025-05

Stated interest rate, minimum

3.20%

Stated interest rate, maximum

4.30%

Non-recourse indebtedness | Loans payable on real estate | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[5]

2016-04

2015-09

Non-recourse indebtedness | Loans payable on real estate | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[5]

2040-05

2040-08

[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]

Collateralized by $620,034 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]

Floating rate at 245 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly.

[5]

Includes $563,721 of unpaid principal balance with a carrying amount of $564,333 of mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to May 2025

Derivative Financial Instrume59

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Derivative [Line Items]
Interest cap contract date	Sep. 30, 2015
Notional amount	$ 545,988,000	$ 545,988,000		$ 545,988,000		$ 496,025,000
Realized losses		3,831,000	$ 6,966,000	13,196,000	$ 21,746,000
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 345,988,000	$ 345,988,000		$ 345,988,000		$ 496,025,000
RAIT I and RAIT II | Interest rate swaps
Derivative [Line Items]
Weighted average strike rate	5.10%	5.10%		5.10%
Notional amount	$ 52,268,000	$ 52,268,000		$ 52,268,000
Derivative, inception date				Oct. 1, 2015
Derivative, maturity date				Dec. 31, 2015

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 545,988,000	$ 496,025,000
Fair Value of Assets	37,000
Fair Value of Liabilities	(8,960,000)	(20,695,000)
Interest rate swaps
Derivative [Line Items]
Notional amount	345,988,000	496,025,000
Fair Value of Liabilities	(8,960,000)	$ (20,695,000)
Interest rate cap
Derivative [Line Items]
Notional amount	200,000,000
Fair Value of Assets	$ 37,000

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands		Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Assets
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,588,097		$ 1,392,436
Cash and cash equivalents		92,652		121,726	$ 116,767	$ 88,847
Restricted cash		159,200		124,220
Derivative assets		37
Investments in securities and security-related receivables, at fair value			$ 31,412	31,412
Liabilities
Indebtedness		3,199,981		2,615,666
Derivative liabilities		8,960		20,695
Junior subordinated notes		11,193		13,102
Warrants and investor SARs		22,590		35,384
Recourse Indebtedness
Liabilities
Indebtedness		586,952		509,701
Non-recourse indebtedness
Liabilities
Indebtedness		2,613,029		2,105,965
CMBS securitizations
Liabilities
Indebtedness		620,034		490,863
CMBS securitizations | Non-recourse indebtedness
Liabilities
Indebtedness	[1]	500,790		389,415
Carrying Amount
Assets
Commercial mortgages, mezzanine loans, and preferred equity interests		1,588,097		1,392,436
Cash and cash equivalents		92,652		121,726
Restricted cash		159,200		124,220
Derivative assets		37
Investments in securities and security-related receivables, at fair value				31,412
Carrying Amount | 7.0% convertible senior notes
Liabilities
Indebtedness		33,784		33,417
Carrying Amount | 4.0% convertible senior notes
Liabilities
Indebtedness		136,418		134,418
Carrying Amount | 7.625% senior notes due 2024
Liabilities
Indebtedness		60,000		60,000
Carrying Amount | 7.125% Senior Notes due 2019
Liabilities
Indebtedness		71,905		71,905
Carrying Amount | Senior Secured Notes
Liabilities
Indebtedness		64,354		68,314
Carrying Amount | Junior subordinated notes, at amortized cost
Liabilities
Indebtedness		25,100		25,100
Carrying Amount | CDO notes payable, at amortized cost
Liabilities
Indebtedness		920,691		1,073,145
Carrying Amount | Loans payable on real estate
Liabilities
Indebtedness		800,048		643,405
Carrying Amount | Derivative Liabilities
Liabilities
Derivative liabilities		8,960		20,695
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs		22,590		35,384
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Indebtedness		33,784		33,417
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Indebtedness		136,418		134,418
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness		60,000		60,000
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness		71,905		71,905
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness		64,354		68,314
Carrying Amount | Recourse Indebtedness | Term Loans
Liabilities
Indebtedness		120,000
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Indebtedness		25,100		25,100
Carrying Amount | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness		184,198		55,956
Carrying Amount | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Indebtedness				29,097
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Indebtedness		920,691		1,073,145
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Indebtedness		800,048		643,405
Carrying Amount | CMBS securitizations
Liabilities
Indebtedness		500,790		389,415
Carrying Amount | CMBS securitizations | Non-recourse indebtedness
Liabilities
Indebtedness		500,790		389,415
Estimated Fair Value
Assets
Commercial mortgages, mezzanine loans, other loans and		1,545,992		1,316,796
Cash and cash equivalents		92,652		121,726
Restricted cash		159,200		124,220
Derivative assets		37
Investments in securities and security-related receivables, at fair value				31,412
Estimated Fair Value | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value		33,176		41,901
Estimated Fair Value | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value		113,227		123,677
Estimated Fair Value | 7.625% senior notes due 2024
Liabilities
Senior notes, Estimated Fair Value		51,456		56,016
Estimated Fair Value | 7.125% Senior Notes due 2019
Liabilities
Senior notes, Estimated Fair Value		62,730		70,064
Estimated Fair Value | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value		68,946		79,594
Estimated Fair Value | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes		12,063		14,471
Estimated Fair Value | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value		842,096		913,050
Estimated Fair Value | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value		814,963		678,306
Estimated Fair Value | Derivative Liabilities
Liabilities
Derivative liabilities		8,960		20,695
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs		22,590		35,384
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value		33,176		41,901
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value		113,227		123,677
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Senior notes, Estimated Fair Value		51,456		56,016
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Senior notes, Estimated Fair Value		62,730		70,064
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value		68,946		79,594
Estimated Fair Value | Recourse Indebtedness | Term Loans
Liabilities
Indebtedness		120,000
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes		12,063		14,471
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness		184,198		55,956
Estimated Fair Value | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Indebtedness				29,097
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value		842,096		913,050
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value		814,963		678,306
Estimated Fair Value | CMBS securitizations
Liabilities
Notes payable, Estimated Fair Value		497,100		389,771
Estimated Fair Value | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable, Estimated Fair Value		497,100		389,771
Secured credit facilities | Recourse Indebtedness
Liabilities
Indebtedness				18,392
Secured credit facilities | Non-recourse indebtedness
Liabilities
Indebtedness	[2]	271,500
Secured credit facilities | Carrying Amount | Recourse Indebtedness
Liabilities
Indebtedness		271,500		18,392
Secured credit facilities | Estimated Fair Value | Recourse Indebtedness
Liabilities
Secured credit facilities, Estimated Fair Value		271,500		18,392
Junior subordinated notes, at fair value | Carrying Amount | Recourse Indebtedness
Liabilities
Indebtedness		11,193		13,102
Junior subordinated notes, at fair value | Estimated Fair Value | Recourse Indebtedness
Liabilities
Junior subordinated notes		$ 11,193		$ 13,102
[1]	Collateralized by $620,034 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]	Floating rate at 245 basis points over 1-month LIBOR. As of September 30, 2015, 1-month LIBOR was 0.19%. Interest only payments are due monthly.

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Sep. 30, 2015		Mar. 31, 2015	Dec. 31, 2014
Assets:
Marketable Securities				$ 31,412	$ 31,412
Derivative assets		$ 37
Total assets		37			31,412
Liabilities:
Junior subordinated notes, at fair value		11,193			13,102
Derivative liabilities		8,960			20,695
Warrants and investor SARs		22,590			35,384
Total liabilities		42,743			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
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[2]	37
Total assets		37	[2]		31,412	[3]
Liabilities:
Derivative liabilities		8,960	[2]		20,695	[3]
Total liabilities		8,960	[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 Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		11,193	[2]		13,102	[3]
Warrants and investor SARs		22,590	[2]		35,384	[3]
Total liabilities		$ 33,783	[2]		48,486	[3]
Available-for-sale Securities
Assets:
Marketable Securities					19,167
Available-for-sale Securities | Significant Other Observable Inputs (Level 2)
Assets:
Marketable Securities	[3]				$ 19,167
[1]	CMBS receivables include securities with a fair value totaling $1,250 that are rated “D” by Standard & Poor’s.
[2]	During the nine-month period ended September 30, 2015, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3.
[3]	During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3.

Information of Assets and Lia63

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair value, liabilities, Level 1 to Level 2 transfers, amount	$ 0	$ 0
Fair value, assets, Level 1 to Level 2 transfers, amount	0	0
Fair value, assets and liabilities, Level 3 into and out transfers, amount	$ 0	$ 0

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
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	(14,703)
Ending Balance	33,783
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	(12,794)
Ending Balance	22,590
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	(1,909)
Ending Balance	$ 11,193

Fair Value of Financial Instr65

Fair Value of Financial Instruments - Additional Information (Detail) - Fair Value Measurements Nonrecurring $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of real estate asset	$ 29,860
Capitalization rate	9.50%
Discount rate	10.50%

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	Sep. 30, 2015		Dec. 31, 2014
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, and preferred equity interests	$ 1,588,097		$ 1,392,436
Indebtedness	3,199,981		2,615,666
Junior subordinated notes	11,193		13,102
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,545,992		1,316,796
Junior subordinated notes	11,193	[1]	13,102	[2]
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, and preferred equity interests	1,588,097		1,392,436
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,545,992		1,316,796
CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	620,034		490,863
CMBS securitizations | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	497,100		389,771
CMBS securitizations | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	500,790		389,415
CMBS securitizations | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	497,100		389,771
7.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	33,176		41,901
7.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	33,784		33,417
7.0% convertible senior notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	33,176		41,901
4.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	113,227		123,677
4.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	136,418		134,418
4.0% convertible senior notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	113,227		123,677
7.625% senior notes due 2024 | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	51,456		56,016
7.625% senior notes due 2024 | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	60,000		60,000
7.625% senior notes due 2024 | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	51,456		56,016
7.125% Senior Notes due 2019 | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	62,730		70,064
7.125% Senior Notes due 2019 | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	71,905		71,905
7.125% Senior Notes due 2019 | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	62,730		70,064
Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	68,946		79,594
Senior Secured Notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	64,354		68,314
Senior Secured Notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	68,946		79,594
Junior subordinated notes, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	12,063		14,471
Junior subordinated notes, at amortized cost | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	25,100		25,100
Junior subordinated notes, at amortized cost | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	12,063		14,471
CDO notes payable, at amortized cost | Quoted Prices in Active Markets for Identical Assets (Level1)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	842,096		913,050
CDO notes payable, at amortized cost | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	920,691		1,073,145
CDO notes payable, at amortized cost | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	842,096		913,050
Loans payable on real estate | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate, Estimated Fair Value	814,963		678,306
Loans payable on real estate | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	800,048		643,405
Loans payable on real estate | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate, Estimated Fair Value	$ 814,963		$ 678,306
[1]	During the nine-month period ended September 30, 2015, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3.
[2]	During the year ended December 31, 2014, there were no transfers between Level 1 and Level 2, as well as there were no transfers into and out of Level 3.

Realized and Unrealized Gains a

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities			$ (14,703)
Change in fair value of financial instruments	$ 620	$ (10,223)	13,466	$ (59,433)
Trading securities and security-related receivables
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Assets		2,386	(173)	10,960
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	1,673	(23,961)	1,909	(73,294)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(644)	(702)	(1,064)	(12,413)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities			(12,794)
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	$ (409)	$ 12,054	$ 12,794	$ 15,314

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$ 1,588,097			$ 1,392,436
Allowance for losses		(14,646)	$ (12,796)		(9,218)	$ (15,662)	$ (15,336)	$ (22,955)
Total investment in mortgages and loans, at amortized cost		1,573,451			1,383,218
Investments in real estate
Investments in real estate, Book Value		2,448,331			1,840,451
Less: Accumulated depreciation and amortization	[1]	(188,581)			(168,480)
Total investments in real estate	[2]	2,259,750			1,671,971
Investments in securities and security-related receivables, at fair value				$ 31,412	31,412
Cash and cash equivalents		92,652			121,726	$ 116,767		$ 88,847
Restricted cash		159,200			124,220
Accrued interest receivable		56,249			51,640
Other assets		76,222			72,023
Deferred financing costs
Accumulated amortization		(33,804)			(26,056)
Total deferred financing costs		29,806			27,802
Intangible assets
Accumulated amortization		(22,316)			(13,911)
Total intangible assets		39,306			29,463
Total assets		4,286,636			3,513,475
Liabilities and Equity
Indebtedness		3,199,981			2,615,666
Accrued interest payable		13,748			10,269
Accounts payable and accrued expenses		42,219			54,962
Derivative liabilities		8,960			20,695
Deferred taxes, borrowers’ escrows and other liabilities		188,797			144,733
Total liabilities		3,453,705			2,846,325
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(8,022)			(20,788)
Retained earnings (deficit)		(1,674,412)			(1,633,911)
Total shareholders’ equity		403,081			373,545
Noncontrolling interests		346,063			214,297
Total liabilities and equity		4,286,636			3,513,475
IRT
Investments in real estate
Investments in real estate, Book Value		1,400,892			689,112
Less: Accumulated depreciation and amortization		(35,304)			(23,376)
Liabilities and Equity
Indebtedness		564,333			362,434
Variable Interest Entities
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,399,529			1,535,097
Allowance for losses		421			(8,423)
Total investment in mortgages and loans, at amortized cost		1,399,950			1,526,674
Investments in real estate
Investments in real estate, Book Value		1,425,224			713,011
Less: Accumulated depreciation and amortization		(39,783)			(27,062)
Total investments in real estate		1,385,441			685,949
Investments in securities and security-related receivables, at fair value					10,995
Cash and cash equivalents		17,049			14,979
Restricted cash		20,587			20,165
Accrued interest receivable		75,238			74,904
Other assets		23,678			9,314
Deferred financing costs
Deferred financing costs		37,866			29,803
Accumulated amortization		(23,702)			(20,839)
Total deferred financing costs		14,164			8,964
Intangible assets
Intangible assets		15,287			7,597
Accumulated amortization		(7,743)			(4,346)
Total intangible assets		7,544			3,251
Total assets		2,943,651			2,355,195
Liabilities and Equity
Indebtedness		2,177,384			1,755,284
Accrued interest payable		5,301			4,380
Accounts payable and accrued expenses		21,994			11,646
Derivative liabilities		7,993			20,051
Deferred taxes, borrowers’ escrows and other liabilities		9,072			6,763
Total liabilities		2,221,744			1,798,124
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(8,022)			(20,788)
RAIT investment		242,604			185,974
Retained earnings (deficit)		145,989			183,147
Total shareholders’ equity		380,571			348,333
Noncontrolling interests		341,336			208,738
Total liabilities and equity		2,943,651			2,355,195
Variable Interest Entities | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,399,529			1,535,097
Allowance for losses		421			(8,423)
Total investment in mortgages and loans, at amortized cost		1,399,950			1,526,674
Investments in real estate
Investments in securities and security-related receivables, at fair value					10,995
Restricted cash		13,090			14,715
Accrued interest receivable		75,238			74,904
Other assets		11,068			136
Deferred financing costs
Deferred financing costs		26,028			26,028
Accumulated amortization		(22,621)			(20,095)
Total deferred financing costs		3,407			5,933
Intangible assets
Total assets		1,502,753			1,633,357
Liabilities and Equity
Indebtedness		1,162,306			1,315,103
Accrued interest payable		553			670
Accounts payable and accrued expenses		3			3
Derivative liabilities		7,993			20,051
Total liabilities		1,170,855			1,335,827
Shareholders’ equity:
Accumulated other comprehensive income (loss)		(8,027)			(20,788)
RAIT investment		178,454			114,207
Retained earnings (deficit)		161,471			204,111
Total shareholders’ equity		331,898			297,530
Total liabilities and equity		1,502,753			1,633,357
Variable Interest Entities | IRT
Investments in real estate
Investments in real estate, Book Value		1,400,892			689,112
Less: Accumulated depreciation and amortization		(35,304)			(23,376)
Total investments in real estate		1,365,588			665,736
Cash and cash equivalents		16,939			14,763
Restricted cash		7,330			5,206
Other assets		5,153			2,270
Deferred financing costs
Deferred financing costs		11,493			3,429
Accumulated amortization		(792)			(505)
Total deferred financing costs		10,701			2,924
Intangible assets
Intangible assets		15,287			7,597
Accumulated amortization		(7,743)			(4,346)
Total intangible assets		7,544			3,251
Total assets		1,413,255			694,150
Liabilities and Equity
Indebtedness		993,908			418,901
Accrued interest payable		558			49
Accounts payable and accrued expenses		18,724			8,353
Deferred taxes, borrowers’ escrows and other liabilities		5,610			3,813
Total liabilities		1,018,800			431,116
Shareholders’ equity:
Accumulated other comprehensive income (loss)		5
RAIT investment		63,288			71,024
Retained earnings (deficit)		(10,174)			(16,728)
Total shareholders’ equity		53,119			54,296
Noncontrolling interests		341,336			208,738
Total liabilities and equity		1,413,255			694,150
Variable Interest Entities | RAIT VIE Properties
Investments in real estate
Investments in real estate, Book Value		24,332			23,899
Less: Accumulated depreciation and amortization		(4,479)			(3,686)
Total investments in real estate		19,853			20,213
Cash and cash equivalents		110			216
Restricted cash		167			244
Other assets		7,457			6,908
Deferred financing costs
Deferred financing costs		345			346
Accumulated amortization		(289)			(239)
Total deferred financing costs		56			107
Intangible assets
Total assets		27,643			27,688
Liabilities and Equity
Indebtedness		21,170			21,280
Accrued interest payable		4,190			3,661
Accounts payable and accrued expenses		3,267			3,290
Deferred taxes, borrowers’ escrows and other liabilities		3,462			2,950
Total liabilities		32,089			31,181
Shareholders’ equity:
RAIT investment		862			743
Retained earnings (deficit)		(5,308)			(4,236)
Total shareholders’ equity		(4,446)			(3,493)
Total liabilities and equity		$ 27,643			$ 27,688
[1]	As of September 30, 2015, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,400,892 and accumulated depreciation of $35,304. 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 by IRT as of September 30, 2015. This asset had a carrying amount of $3,283 and a fair value of $3,350.

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Oct. 01, 2012
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement	$ 100,000
Stock Appreciation Rights			6,735,667
Warrants and investor SARs	$ 22,590	$ 35,384
Adjusted
Temporary Equity [Line Items]
Warrants exercisable for common shares	11,014,048
Stock Appreciation Rights	7,470,241
ARS VI
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement			$ 100,000
Preferred Series D
Temporary Equity [Line Items]
Preferred shares with warrants			9,931,000
Warrants Exercise Price			$ 6
Preferred Series D | Adjusted
Temporary Equity [Line Items]
Warrants Exercise Price	$ 5.41
Preferred Series D | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued			4,000,000
Cumulative Redeemable Preferred Shares, par value			$ 0.01
Consideration paid under Securities Purchase Agreement	$ 450

Sales Activity of Series D Pref

Sales Activity of Series D Preferred Shares (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Temporary Equity Disclosure [Abstract]
Aggregate purchase price	$ 100,000
Initial value of warrants and investor SARs issued to-date	(21,805)
Costs incurred	(6,834)
Total discount	(28,639)
Discount amortization to-date	12,426
Carrying amount of Series D Preferred Shares	$ 83,787	$ 79,308

Shareholders' Equity - Addition

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

Nov. 04, 2015

Oct. 30, 2015

Sep. 30, 2015

Sep. 17, 2015

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

Sep. 30, 2015

Mar. 31, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Jun. 13, 2014

Nov. 21, 2012

Class of Stock [Line Items]

Preferred Shares, dividend paid

$ 6,580,000

$ 6,569,000

$ 6,296,000

$ 19,445,000

Preferred shares aggregate amount to be issued and sold

$ 150,000,000

Common stock, dividend declared

$ 0.18

$ 0.18

$ 0.18

Common stock, dividend paid

$ 14,775,000

$ 14,773,000

45,828,000

Number of shares awarded, value

$ (783,000)

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. 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 September 30, 2015, we recorded $244 of compensation expense related to the LTIP.

Compensation expense

$ 7,137,000

$ 7,187,000

$ 19,813,000

$ 23,118,000

Common shares pursuant to the DRSPP

6,106

Net proceeds received

$ 38,000

Common shares remaining available under the DRSPP

7,764,433

7,764,433

7,764,433

7,764,433

Common shares, shares issued

90,898,034

90,898,034

90,898,034

90,898,034

90,898,034

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

$ 42,440,000

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

Ownership percentage

15.50%

22.90%

Common stock issued in connection with merger

15,100,000

RAIT | IRT

Class of Stock [Line Items]

Common shares purchased by us in underwritten public offering

300,000

1,204,819

Trade Street Residential, Inc | IRT

Class of Stock [Line Items]

Common stock issued in connection with merger

15,110,994

Trade Street Residential, Inc | IROP

Class of Stock [Line Items]

Common stock issued in connection with merger

1,925,419

Jones Trading Institutional Services LLC

Class of Stock [Line Items]

Common shares, shares issued

0

0

0

0

Common shares remaining available for issuance

7,918,919

Long Term Incentive Compensation Plan Ltip

Class of Stock [Line Items]

Compensation expense

$ 244,000

Short Term Annual Cash Bonus Plan | Tranche One

Class of Stock [Line Items]

Percentage of target awards payable

75.00%

Percentage of cash available for distribution

35.00%

Percentage of adjusted book value

20.00%

Percentage of return on equity

20.00%

Short Term Annual Cash Bonus Plan | Tranche Two

Class of Stock [Line Items]

Percentage of target awards payable

25.00%

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%

Long Term Incentive Plan | Performance Based Long Term Incentive Plan

Class of Stock [Line Items]

Vesting period

3 years

Compensation awarded, Percentage of award

75.00%

Long Term Incentive Plan | Time Based Long Term Incentive Plan

Class of Stock [Line Items]

Vesting period

3 years

Compensation awarded, Percentage of award

25.00%

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%

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

Restricted Stock

Class of Stock [Line Items]

Vesting period

3 years

Restricted Stock | Executive Officers

Class of Stock [Line Items]

Number of shares awarded, share

338,500

Number of shares awarded, value

$ 2,447,000

Closing stock price

$ 7.23

Restricted Stock | Employees

Class of Stock [Line Items]

Number of shares awarded, share

338,500

Number of shares awarded, value

$ 2,447,000

Closing stock price

$ 7.23

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

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

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

10,500,000

Weighted-average price per shares

$ 6.29

$ 6.29

$ 6.29

$ 6.29

Maximum | Jones Trading Institutional Services LLC

Class of Stock [Line Items]

Common shares to be issued and sold

10,000,000

Subsequent Event

Class of Stock [Line Items]

Common stock, dividend paid

$ 16,276,000

Preferred Stock

Class of Stock [Line Items]

Dividend payment date

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dividend record date

Sep. 1, 2015

Jun. 1, 2015

Mar. 2, 2015

Preferred Stock | Subsequent Event

Class of Stock [Line Items]

Dividend payment date

Dec. 31, 2015

Dividend record date

Dec. 1, 2015

Common Shares

Class of Stock [Line Items]

Dividend payment date

Oct. 30, 2015

Jul. 31, 2015

Apr. 30, 2015

Dividend record date

Oct. 9, 2015

Jul. 10, 2015

Apr. 10, 2015

Number of shares awarded, value

$ 14,000

7.75% Series A cumulative redeemable preferred shares

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.484375

$ 0.484375

$ 0.484375

Preferred shares authorized to be issued under agreement

4,000,000

Cumulative redeemable preferred shares, shares issued

2,493

530,515

Net proceeds received from issuance of Preferred Shares

$ 52,000

$ 11,884,000

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

2,763,204

2,763,204

2,763,204

2,763,204

7.75% Series A cumulative redeemable preferred shares | Weighted Average

Class of Stock [Line Items]

Weighted-average price per share

$ 21.35

$ 23.10

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

0.5234375

Preferred shares authorized to be issued under agreement

1,000,000

Cumulative redeemable preferred shares, shares issued

15,343

52,504

Net proceeds received from issuance of Preferred Shares

$ 328,000

$ 1,203,000

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

947,496

947,496

947,496

947,496

8.375% Series B cumulative redeemable preferred shares | Weighted Average

Class of Stock [Line Items]

Weighted-average price per share

$ 22.01

$ 23.65

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

0.5546875

Preferred shares authorized to be issued under agreement

1,000,000

Cumulative redeemable preferred shares, shares issued

325

325

Net proceeds received from issuance of Preferred Shares

$ 7,000

$ 7,000

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

999,675

999,675

999,675

999,675

8.875% Series C cumulative redeemable preferred shares | Weighted Average

Class of Stock [Line Items]

Weighted-average price per share

$ 22.90

$ 22.90

8.875% Series C cumulative redeemable preferred shares | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

0.5546875

Preferred Series D

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.4687500

$ 0.4687500

$ 0.4687500

Preferred Series D | Subsequent Event

Class of Stock [Line Items]

Preferred Shares, dividend declared

$ 0.4687500

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income (loss)	$ 24,826	$ (16,462)	$ 51,533	$ (42,895)
(Income) loss allocated to preferred shares	(8,303)	(7,407)	(24,383)	(20,628)
(Income) loss allocated to noncontrolling interests	(23,055)	603	(21,823)	20
Net income (loss) allocable to common shares	$ (6,532)	$ (23,266)	$ 5,327	$ (63,503)
Weighted-average shares outstanding-Basic	87,110,958	81,967,806	83,799,244	81,111,796
Dilutive securities			1,846,365
Weighted-average shares outstanding—Diluted	87,110,958	81,967,806	85,645,609	81,111,796
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ (0.07)	$ (0.28)	$ 0.06	$ (0.78)
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ (0.07)	$ (0.28)	$ 0.06	$ (0.78)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	21,143,824	31,456,338	20,720,300	31,539,962

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 51,839	$ 29,129
Cash paid (refunds received) for taxes	283	191
Non-cash increase in investments in real estate from conversion of loans		35,180
Non-cash increase in non-controlling interest from property acquisition		3,362
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	$ 121,885	129,660
Non-cash increase in other assets from business combination		$ 7,302

Supplemental Disclosure to St75

Supplemental Disclosure to Statement of Cash Flows (Detail) - Deconsolidated $ in Thousands	9 Months Ended
	Sep. 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	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 2,448,331	$ 1,840,451
IRT
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 1,400,892	$ 689,112

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net interest margin		$ 16,447	$ 25,637	$ 49,306	$ 80,540
Rental income		55,459	41,806	164,321	116,204
Fee and other income		3,056	7,842	16,065	19,113
Provision for losses		1,850	1,500	5,850	3,500
Depreciation and amortization expense		15,168	13,236	51,190	38,719
Operating income		(12,075)	13,006	(13,562)	38,462
Change in fair value of financial instruments		620	(10,223)	13,466	(59,433)
Income tax benefit (provision)		(23)	2,194	(1,320)	2,454
Net income (loss)		24,826	(16,462)	51,533	(42,895)
Taberna Segment
Segment Reporting Information [Line Items]
Net interest margin			7,148
Fee and other income			316
Depreciation and amortization expense			33
Operating income			6,648
Change in fair value of financial instruments			(22,716)
Income tax benefit (provision)			(4)
Net income (loss)			(37,572)
Operating Segments | Owning and Management Segment
Segment Reporting Information [Line Items]
Net interest margin		16,690	21,904	50,028	71,251
Rental income		29,967	28,757	94,454	83,382
Fee and other income		7,932	9,891	29,557	24,062
Provision for losses		1,850	1,500	5,850	3,500
Depreciation and amortization expense		10,464	9,894	34,728	29,955
Operating income		(1,189)	8,328	(2,787)	20,675
Change in fair value of financial instruments		620	12,493	13,466	14,811
Income tax benefit (provision)		(23)	2,198	(1,320)	2,970
Net income (loss)		498	24,381	29,711	44,251
Operating Segments | IRT Segment
Segment Reporting Information [Line Items]
Rental income		25,492	13,049	69,867	32,822
Depreciation and amortization expense		4,704	3,309	16,462	8,664
Operating income		(10,886)	(65)	(10,775)	(145)
Net income (loss)		25,636	(58)	25,748	2,749
Operating Segments | Taberna Segment
Segment Reporting Information [Line Items]
Net interest margin					24,453
Fee and other income					932
Depreciation and amortization expense					100
Operating income					22,823
Change in fair value of financial instruments					(74,244)
Income tax benefit (provision)					(516)
Net income (loss)					(81,149)
Eliminations
Segment Reporting Information [Line Items]
Net interest margin	[1]	(243)	(3,415)	(722)	(15,164)
Fee and other income	[1]	(4,876)	(2,365)	(13,492)	(5,881)
Operating income	[1]		(1,905)		(4,891)
Net income (loss)	[1]	$ (1,308)	$ (3,213)	$ (3,926)	$ (8,746)
[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. 03, 2015	Sep. 02, 2015	Sep. 16, 2014
Commitment And Contingencies [Line Items]
Non-recurring settlement charge			$ 21.5
Guarantee on settlement charge			21.5
Finalized settlement amount		$ 21.5
Finalized settlement agreement date		Sep. 2, 2015
Finalized settlement payment date	Sep. 3, 2015
Disgorgement
Commitment And Contingencies [Line Items]
Non-recurring settlement charge			13
Prejudgment Interest
Commitment And Contingencies [Line Items]
Non-recurring settlement charge			2
Civil Penalty
Commitment And Contingencies [Line Items]
Non-recurring settlement charge			$ 6.5