Rait Financial Trust (RAS) 10-K 11 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Feb. 29, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		91,643,077
Entity Public Float			$ 508,290,686

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Investment in mortgages, loans and preferred equity interests, at amortized cost:
Commercial mortgages, mezzanine loans and preferred equity interests	$ 1,623,583	$ 1,392,436
Allowance for loan losses	(17,097)	(9,218)
Total investment in mortgages, loans and preferred equity interests, net	1,606,486	1,383,218
Investments in real estate, net of accumulated depreciation of $198,326 and $168,480, respectively	2,319,319	1,671,971
Investments in securities and security-related receivables, at fair value		31,412
Cash and cash equivalents	125,886	121,726
Restricted cash	213,012	124,220
Accrued interest receivable	47,343	51,640
Other assets	71,207	72,023
Deferred financing costs, net of accumulated amortization of $33,769 and $26,056, respectively	31,368	27,802
Intangible assets, net of accumulated amortization of $26,307 and $13,911, respectively	32,675	29,463
Total assets	4,447,296	3,513,475
Liabilities and Equity
Indebtedness	3,359,450	2,615,666
Accrued interest payable	9,834	10,269
Accounts payable and accrued expenses	39,672	54,962
Derivative liabilities	4,727	20,695
Deferred taxes, borrowers’ escrows and other liabilities	203,477	144,733
Total liabilities	3,617,160	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	85,395	79,308
Shareholders’ equity
Common shares, $0.03 par value per share, 200,000,000 shares authorized, 91,586,767 and 82,506,606 issued and outstanding, respectively, including 742,764 and 541,575 unvested restricted common share awards, respectively	2,748	2,473
Additional paid in capital	2,087,137	2,025,683
Accumulated other comprehensive income (loss)	(4,699)	(20,788)
Retained earnings (deficit)	(1,680,751)	(1,633,911)
Total shareholders’ equity	404,528	373,545
Noncontrolling interests	340,213	214,297
Total equity	744,741	587,842
Total liabilities and equity	4,447,296	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
Series C Cumulative Redeemable Preferred Stock
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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Real estate, accumulated depreciation	[1]	$ 198,326	$ 168,480
Deferred financing costs, accumulated amortization		33,769	26,056
Intangible assets, accumulated amortization		$ 26,307	$ 13,911
Preferred shares, authorized		25,000,000	25,000,000
Cumulative redeemable preferred shares, shares issued		4,000,000
Common shares, par value		$ 0.03	$ 0.03
Common shares, shares authorized		200,000,000	200,000,000
Common shares, shares issued		91,586,767	82,506,606
Common shares, shares outstanding		91,586,767	82,506,606
Unvested restricted common share awards		742,764	541,575
Series D Cumulative Redeemable Preferred Stock
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	4,775,569
Cumulative redeemable preferred shares, shares outstanding		5,306,084	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	2,288,465
Cumulative redeemable preferred shares, shares outstanding		2,340,969	2,288,465
Preferred shares, par value		$ 0.01	$ 0.01
Series C Cumulative Redeemable Preferred Stock
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	1,640,100
Cumulative redeemable preferred shares, shares outstanding		1,640,425	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 December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. 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	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Investment interest income	$ 98,432	$ 133,419	$ 134,447
Investment interest expense	(29,250)	(30,310)	(30,595)
Net interest margin	69,182	103,109	103,852
Property income	233,731	162,281	114,224
Fee and other income	21,069	24,280	28,799
Total revenue	323,982	289,670	246,875
Expenses:
Interest expense	84,338	55,391	40,297
Real estate operating expense	109,001	81,584	60,887
Compensation expense	28,229	28,168	26,802
General and administrative expense	20,779	17,653	14,496
Acquisition and integration expenses	16,527	2,358	397
Provision for loan losses	8,300	5,500	3,000
Depreciation and amortization expense	73,868	56,784	36,093
Total expenses	341,042	247,438	181,972
Operating (Loss) Income	(17,060)	42,232	64,903
Interest and other income (expense), net	(1,009)	(21,398)	(5,233)
Gain (losses) on assets	43,805	(5,370)	(2,266)
Gain on IRT merger with TSRE	64,604
Gain (losses) on extinguishment of debt		2,421	(1,275)
Asset impairment	(8,179)
TSRE financing extinguishment and employee separation expenses	(27,508)
Gain (losses) on deconsolidation of VIEs		(215,804)
Net gain on sale of Collateral Management contracts		4,549
Change in fair value of financial instruments	11,638	(98,752)	(344,426)
Income (loss) before taxes	66,291	(292,122)	(288,297)
Income tax benefit (provision)	(2,798)	2,147	2,933
Net income (loss)	63,493	(289,975)	(285,364)
(Income) loss allocated to preferred shares	(32,830)	(28,993)	(22,616)
(Income) loss allocated to noncontrolling interests	(23,505)	464	(28)
Net income (loss) allocable to common shares	$ 7,158	$ (318,504)	$ (308,008)
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ 0.08	$ (3.92)	$ (4.54)
Weighted-average shares outstanding-Basic	85,524,073	81,328,129	67,814,316
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ 0.08	$ (3.92)	$ (4.54)
Weighted average shares outstanding-Diluted	86,457,871	81,328,129	67,814,316

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 63,493	$ (289,975)	$ (285,364)
Other comprehensive income (loss):
Change in fair value of interest rate hedges	(293)	(835)	(754)
Realized (gains) losses on interest rate hedges reclassified to earnings	16,382	40,274	32,117
Change in fair value of available-for-sale securities		3,583
Total other comprehensive income (loss)	16,089	43,022	31,363
Comprehensive income (loss) before allocation to noncontrolling interests	79,582	(246,953)	(254,001)
Allocation to noncontrolling interests	(23,505)	464	(28)
Comprehensive income (loss)	$ 56,077	$ (246,489)	$ (254,029)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	7.75% Series A cumulative redeemable preferred shares	8.375% Series B cumulative redeemable preferred shares	Series C Cumulative Redeemable Preferred Stock	4.0% convertible senior notes	7.0% convertible senior notes	Common Shares	Common Shares7.0% convertible senior notes	Additional Paid In Capital	Additional Paid In Capital4.0% convertible senior notes	Additional Paid In Capital7.0% convertible senior notes	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Total Shareholders' Equity	Total Shareholders' EquityPreferred Series D	Total Shareholders' Equity4.0% convertible senior notes	Total Shareholders' Equity7.0% convertible senior notes	NonControlling Interests
Beginning Balance at Dec. 31, 2012	$ 837,846	$ 31	$ 23	$ 17			$ 1,760		$ 1,837,389			$ (95,173)	$ (910,086)	$ 833,961				$ 3,885
Beginning Balance (in shares) at Dec. 31, 2012		3,124,288	2,288,465	1,640,100			58,913,142
Net income (loss)	(285,364)												(285,392)	(285,392)				28
Preferred dividends	(22,616)												(22,616)	(22,616)
Common dividends declared	(39,212)												(39,212)	(39,212)
Other comprehensive income (loss) net	31,363											31,363		31,363
Share-based compensation	(351)								(351)					(351)
Acquisition of noncontrolling interests	31,303																	31,303
Distribution to noncontrolling interests	(1,089)																	(1,089)
Stock appreciation rights awarded	1,332								1,332					1,332
Preferred shares issued, net	21,829	$ 10							21,819					21,829
Preferred shares issued, net (shares)		945,000
Common shares issued, net	90,029						$ 383		89,646					90,029
Common shares issued, net (in shares)							12,534,295
Convertible senior notes embedded conversion option					$ 8,817					$ 8,817						$ 8,817
4.0% convertible senior notes hedge or capped call	(8,838)								(8,838)					(8,838)
Repurchase of equity conversion right of 7.0% convertible senior notes	(29,359)								(29,359)					(29,359)
Ending Balance at Dec. 31, 2013	635,690	$ 41	$ 23	$ 17			$ 2,143		1,920,455			(63,810)	(1,257,306)	601,563				34,127
Ending Balance (in shares) at Dec. 31, 2013		4,069,288	2,288,465	1,640,100			71,447,437
Net income (loss)	(289,975)												(289,511)	(289,511)				(464)
Preferred dividends	(28,993)												(28,993)	(28,993)
Common dividends declared	(58,101)												(58,101)	(58,101)
Other comprehensive income (loss) net	43,022											43,022		43,022
Share-based compensation	940								940					940
Issuance of noncontrolling interests	192,153																	192,153
Distribution to noncontrolling interests	(11,519)																	(11,519)
Preferred shares issued, net	16,361	$ 7							16,354					16,361
Preferred shares issued, net (shares)		706,281
Common shares issued for equity compensation	64						$ 11		53					64
Common shares issued for equity compensation (in shares)							410,749
Common shares issued, net	88,499						$ 319		88,180					88,499
Common shares issued, net (in shares)							10,648,420
Convertible senior notes embedded conversion option					$ 1,182					$ 1,182						$ 1,182
4.0% convertible senior notes hedge or capped call	(1,481)								(1,481)					(1,481)
Ending Balance at Dec. 31, 2014	587,842	$ 48	$ 23	$ 17			$ 2,473		2,025,683			(20,788)	(1,633,911)	373,545				214,297
Ending Balance (in shares) at Dec. 31, 2014		4,775,569	2,288,465	1,640,100			82,506,606
Net income (loss)	63,493												39,988	39,988				23,505
Preferred dividends	(26,275)												(26,275)	(26,275)
Preferred Series D discount amortization	(6,555)												(6,555)		$ 0
Common dividends declared	(53,998)												(53,998)	(53,998)
Other comprehensive income (loss) net	16,089											16,089		16,089
Share-based compensation	4,466								4,466					4,466
Issuance of noncontrolling interests	123,911																	123,911
Distribution to noncontrolling interests	(23,163)								(1,000)					(1,000)				(22,163)
Deconsolidation of real estate owned property	663																	663
Preferred shares issued, net	13,055	$ 5							13,050					13,055
Preferred shares issued, net (shares)		530,515	52,504	325
Common shares issued for equity compensation	(982)						$ 14		(996)					(982)
Common shares issued for equity compensation (in shares)							385,322
Common shares issued, net	42,425						$ 240		42,185					42,425
Common shares issued, net (in shares)							8,008,817
Convertible senior notes embedded conversion option						$ 3,770		$ 21			$ 3,749						$ 3,770
Convertible senior notes embedded conversion option (in shares)								686,022
Ending Balance at Dec. 31, 2015	$ 744,741	$ 53	$ 23	$ 17			$ 2,748		$ 2,087,137			$ (4,699)	$ (1,680,751)	$ 404,528				$ 340,213
Ending Balance (in shares) at Dec. 31, 2015		5,306,084	2,340,969	1,640,425			91,586,767

Consolidated Statements of Cha7

Consolidated Statements of Changes in Equity (Parenthetical)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
4.0% convertible senior notes
Convertible senior notes interest rate	4.00%	4.00%	4.00%
7.0% convertible senior notes
Convertible senior notes interest rate	7.00%	7.00%	7.00%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities:
Net income (loss)	$ 63,493	$ (289,975)	$ (285,364)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	8,300	5,500	3,000
Share-based compensation expense	4,466	4,407	3,441
Depreciation and amortization	73,868	56,784	36,093
Amortization of deferred financing costs and debt discounts	17,943	10,786	8,312
Accretion of discounts on investments	(2,045)	(6,449)	(8,374)
Amortization of above/below market leases	(104)	1,438
(Gains) losses on assets	(43,805)	5,370	2,266
(Gains) losses on extinguishment of debt		(2,421)	1,275
(Gains) losses on deconsolidation of VIEs		215,804
TSRE financing extinguishment expenses	23,219
(Gains) on IRT merger with TSRE	(64,604)
Asset impairment	8,179
Change in fair value of financial instruments	(11,638)	98,752	344,426
Provision (benefit) for deferred taxes	2,484	(2,326)	(3,335)
Changes in assets and liabilities:
(Decrease) in accrued interest receivable	(2,665)	(10,242)	(9,889)
Increase (Decrease) in other assets	4,339	(13,722)	(2,445)
Increase (Decrease) in accrued interest payable	2,558	(22,474)	(25,946)
Increase (Decrease) in accounts payable and accrued expenses	(23,120)	16,307	4,060
Increase (Decrease) in borrowers’ escrows and other liabilities	(8,922)	13,848	2,125
Origination of conduit loans	(389,054)	(441,745)	(429,140)
Sales of conduit loans	424,979	409,667	387,864
Net conduit loans (originated) sold	35,925	(32,078)	(41,276)
Cash flow from operating activities	87,871	49,309	28,369
Investing activities:
Proceeds from sales or repayments of other securities	31,241	48,977	97,895
Purchase and origination of loans for investment	(598,146)	(509,340)	(160,700)
Principal repayments on loans	291,228	156,329	98,504
Investments in real estate	(52,482)	(367,269)	(74,920)
IRT's acquisition of TSRE, net of cash acquired	(137,096)
Proceeds from the disposition of real estate	87,573	3,821	3,139
(Increase) Decrease in restricted cash	(25,430)	32,380	(23,164)
Cash flow from investing activities	(403,112)	(635,102)	(59,246)
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(274,765)	(36,622)	(30,834)
Proceeds from secured credit facilities, term loans and loans payable on real estate	488,725	161,080	38,562
Repayments and repurchase of CDO notes payable and floating rate securitizations	(282,680)	(244,815)	(206,112)
Net proceeds from issuance of CDO notes and floating rate securitizations	476,191	336,262	101,250
Proceeds from issuance of senior notes		131,905
Repayments of senior secured notes	(8,000)
Net proceeds (repayments) related to conduit loan repurchase agreements	(19,035)	28,307	30,618
Net proceeds (repayments) related to floating rate loan repurchase agreements	31,050	18,996	7,131
Distribution to noncontrolling interests	(22,083)	(21,132)	(1,053)
Issuance of noncontrolling interests		187,797	29,664
TSRE financing extinguishment expenses	(23,219)
Payments for deferred costs and convertible senior note hedges	(16,547)	(16,536)	(16,896)
Preferred share issuance, net of costs incurred	13,055	49,917	21,829
Common share issuance, net of costs incurred	41,443	85,004	87,513
Distributions paid to preferred shareholders	(24,166)	(23,522)	(20,579)
Distributions paid to common shareholders	(60,568)	(54,719)	(33,851)
Cash flow from financing activities	319,401	618,672	19,683
Net change in cash and cash equivalents	4,160	32,879	(11,194)
Cash and cash equivalents at the beginning of the period	121,726	88,847	100,041
Cash and cash equivalents at the end of the period	$ 125,886	121,726	88,847
4.0% convertible senior notes
Financing activities:
Proceeds from issuance of convertible senior notes		$ 16,750	125,000
7.0% convertible senior notes
Financing activities:
Repayments and repurchase of convertible senior notes			$ (112,559)

THE COMPANY

THE COMPANY	12 Months Ended
	Dec. 31, 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	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. Certain prior period amounts have been reclassified to conform with the current period presentation, including: i) in 2015, reclassifying $44 from property income to real estate operating expense for the year ended December 31, 2014, and ii) in 2014, separately presenting acquisition and integration expenses on the face of the consolidated statements of operations. During the year ended December 31, 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 $2,160 related to our acquisition of Urban Retail. During the year ended December 31, 2015, we corrected the Consolidated Statements of Cash Flows for the years ended December 31, 2014 and December 31, 2013. 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 $32,078 and $41,276 for the years ended December 31, 2014 and December 31, 2013, respectively. The revision had no impact to cash and cash equivalents as of December 31, 2013. In addition, the revision did not impact any other consolidated financial statement as of and for the years ended December 31, 2014 and December 31, 2013. We evaluated these corrections of errors, revisions and reclassifications and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements. b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of our majority-owned and/or controlled subsidiaries. We also consolidate entities that are variable interest entities, or VIEs, where we have determined that we are the primary beneficiary of such entities. The portions of these entities that we do not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation”, the determination of whether to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We define the power to direct the activities that most significantly impact the VIE’s economic performance as the ability to buy, sell, refinance, or recapitalize assets or entities, and solely control other material operating events or items of the respective entity. For our commercial mortgages, mezzanine loans, and preferred equity investments, certain rights we hold are protective in nature and would preclude us from having the power to direct the activities that most significantly impact the VIE’s economic performance. Assuming both criteria are met, we would be considered the primary beneficiary and would consolidate the VIE. We will continually assess our involvement with VIEs and consolidate the VIEs when we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs. c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The items that include significant estimates are fair value of financial instruments and allowance for loan losses. Actual results could differ from those estimates. d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents. e. Restricted Cash Restricted cash consists primarily of tenant escrows and borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. As of December 31, 2015 and 2014, we had $165,866 and $105,207, respectively, of tenant escrows and borrowers’ funds. Restricted cash also includes proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2015 and 2014, we had $47,146 and $19,013, respectively, of restricted cash held by securitizations. f. Investments in Mortgages, Loans and Preferred Equity Interests 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. g. Allowance for Loan Losses, Impaired Loans and Non-accrual Status We maintain an allowance for loan 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. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating which are categorized as either watchlist/impaired or satisfactory. 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. 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 loan losses is increased by charges to operations and decreased by charge-offs (net of recoveries). We charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible. h. Investments in Real Estate Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been evaluated to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred. Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB ASC Topic 805, “Business Combinations.” Fair value is determined by management based on market conditions and inputs at the time the asset is acquired. 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. i. Investments in Securities We account for our investments in securities under FASB ASC Topic 320, “Investments—Debt and Equity Securities”, and designate each investment security as a trading security, an available-for-sale security, or a held-to-maturity security based on our intent at the time of acquisition. Trading securities are recorded at their fair value each reporting period with fluctuations in fair value reported as a component of earnings. Available-for-sale securities are recorded at fair value with changes in fair value reported as a component of other comprehensive income (loss). When we elect to record certain available-for-sale securities under the fair value option, in accordance with FASB ASC Topic 825, “Financial Instruments,” they are recorded at fair value with changes in fair value reported as a component of earnings. See “m. Fair Value of Financial Instruments.” Upon the sale of an available-for-sale security, the realized gain or loss on the sale will be recorded as a component of earnings in the respective period. Held-to-maturity investments are carried at amortized cost at each reporting period. We use our judgment to determine whether an investment in securities has sustained an other-than-temporary decline in value. If management determines that an available-for-sale security has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings, and we establish a new cost basis for the investment. Our evaluation of an other-than-temporary decline is dependent on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the estimated fair value of the investment in relation to our cost basis; the financial condition of the related entity; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery of the fair value of the investment. j. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables. k. Revenue Recognition 1) Interest income 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 Also, during the years ended December 31, 2015, 2014 and 2013 we earned $4,984, $1,582, and $128 of asset management fees, respectively, and $629, $154 and $144 of incentive fees, respectively, related to our Advisory Agreement with IRT. During the years ended December 31, 2015, 2014 and 2013 we also earned $3,675, $1,759, and $785, respectively, of property management and leasing fees related to our property management agreements with IRT’s properties. As we consolidate IRT, these fees are eliminated in consolidation. l. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. m. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: · Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. · Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. · Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category were TruPs and subordinated debentures, trust preferred obligations and CDO notes payable where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. n. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, and IRT have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of our dividends to shareholders and as long as certain asset, income and share ownership tests are met. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for dividends to our shareholders. Management believes that all of the criteria to maintain RAIT’s, TRFT’s, and IRT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations. Our TRS entities generate taxable revenue from advisory fees for services provided to IRT and collateral management fees from consolidated securitizations. In consolidation, these fees are eliminated as IRT and securitizations are included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation. The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. We review the tax balances of our TRS entities quarterly and, as new information becomes available, the balances are adjusted as appropriate. o. Share-Based Compensation We account for our share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” We measure the cost of employee and trustee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and record compensation expense for the entire award on a straight line basis, over the related vesting period, for the entire award. p. Deferred Financing Costs and Intangible Assets Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements, in a manner that approximates 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 December 31, 2015 and December 31, 2014, respectively. The gross carrying amount for our in-place leases and above-market leases was $38,333 and $22,725 as of December 31, 2015 and December 31, 2014, respectively. The gross carrying amount for Urban Retail’s trade name was $1,500 as of December 31, 2015 and December 31, 2014, respectively. The accumulated amortization for our intangible assets was $26,307 and $13,911 as of December 31, 2015 and December 31, 2014, respectively. We recorded amortization expense of $14,283, $11,924 and $2,379 for the years ended December 31, 2015, 2014 and 2013, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $11,132 for 2016, $4,927 for 2017, $3,726 for 2018, $3,236 for 2019, $3,498 for and $6,157 thereafter. As of December 31, 2015, we have determined that no impairment exists on our intangible assets. q. 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 December 31, 2015 and 2014, we have $8,854 and $11,014, respectively, of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As discussed above, during the year ended December 31, 2015, we recorded an adjustment to correct the deferred tax liability balance with an offset to goodwill for $2,160 related to our acquisition of Urban Retail. During the year ended December 31, 2014 we revised the initial purchase price allocation related to Urban Retail and recorded a net increase in goodwill of $3,052 related to a deferred tax liability associated with definite-lived intangible assets and an adjustment to a liability based on its fair value. As of December 31, 2015, we have determined that no impairment exists on our goodwill. r. 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 cu

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGES, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
INVESTMENTS IN COMMERCIAL MORTGAGES, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	NOTE 3: 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 December 31, 2015: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (2) Commercial Real Estate (CRE) Commercial mortgages (3) $ 1,427,328 $ (1,049 ) $ 1,426,279 124 5.2 % Mar. 2016 to Jan. 2029 Mezzanine loans 169,556 (218 ) 169,338 57 10.0 % Jan. 2016 to May 2025 Preferred equity interests 30,237 (1 ) 30,236 7 6.9 % Feb. 2016 to Aug. 2025 Total CRE 1,627,121 (1,268 ) 1,625,853 188 6.1 % Deferred fees, net (2,270 ) — (2,270 ) Total $ 1,624,851 $ (1,268 ) $ 1,623,583 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) (3) Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $49,239 a weighted-average coupon of 4.8% and maturity dates ranging from December 2020 through January 2026. These commercial mortgages are accounted for as loans held for sale. The following table summarizes our investments in commercial mortgages, mezzanine 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 (3) Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 2015 to Jan. 2025 Mezzanine loans 226,105 (1,602 ) 224,503 74 9.8 % Mar. 2015 to Jan. 2029 Preferred equity interests 34,859 (1 ) 34,858 9 7.1 % Feb. 2016 to Aug. 2025 Total CRE 1,409,254 (16,122 ) 1,393,132 178 6.5 % Deferred fees, net (696 ) — (696 ) Total $ 1,408,558 $ (16,122 ) $ 1,392,436 (1) Weighted-average coupon is calculated on the unpaid principal balance, 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 classified as loans held for sale. (3) Does not include the maturity date of two mezzanine loans that were 90 days or more past due which had contractual maturity dates prior to December 31, 2014. A loan is placed on non-accrual status if it delinquent for 90 days or more or if there is uncertainty over full collection of principal and interest, which generally includes our impaired loans that have reserves. The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2015 and 2014: As of December 31, 2015 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings (b) Total Non-accrual (a) Commercial mortgages $ 1,427,328 $ — $ — $ — $ 1,427,328 $ 15,645 Mezzanine loans 167,145 — — 1,163 1,248 169,556 12,346 Preferred equity interests 30,237 — — — — 30,237 7,946 Total $ 1,624,710 $ — $ — $ 1,163 $ 1,248 $ 1,627,121 $ 35,937 (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 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 December 31, 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 December 31, 2015 and December 31, 2014, $35,937 and $25,281, respectively, of our commercial real estate loans that were on non-accrual status and had a weighted-average interest rate of 4.6% and 5.8%, respectively. Also, as of December 31, 2015, two loans, with a recorded investment of $13,002 and a weighted average interest rate of 11.6%, were recognizing interest on the cash basis. Additionally, as of December 31, 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. The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans and preferred equity interests by year: Commercial Mezzanine Preferred equity Total 2016 $ 221,538 $ 80,931 $ 8,184 $ 310,653 2017 544,099 25,239 7,946 577,284 2018 456,469 16,930 - 473,399 2019 83,750 - - 83,750 2020 54,421 8,854 7,948 71,223 Thereafter 67,051 37,602 6,159 110,812 Total $ 1,427,328 $ 169,556 $ 30,237 $ 1,627,121 Allowance for loan losses And Impaired Loans We closely monitor our loans which require evaluation for loan loss in two categories: satisfactory and impaired. Loans classified as impaired are generally loans which have credit weaknesses or which the credit quality of the collateral has deteriorated. This is determined by evaluating quantitative factors including debt service coverage ratios, net operating income of the underlying collateral and qualitative factors such as current performance of the underlying collateral. We have classified our investment in loans by credit risk category as of December 31, 2015 and December 31, 2014 as follows: As of December 31, 2015 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity Total Satisfactory $ 1,336,883 $ 135,710 $ 22,291 $ 1,494,884 Watchlist/Impaired 90,445 33,846 7,946 132,237 Total $ 1,427,328 $ 169,556 $ 30,237 $ 1,627,121 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 a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the years ended December 31, 2015 and 2014: For the Year Ended December 31, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 4,668 478 8,300 Charge-offs, net of recoveries — (421 ) — (421 ) Ending balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 For the Year Ended December 31, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses 360 4,894 246 5,500 Charge-offs, net of recoveries (360 ) (18,638 ) (239 ) (19,237 ) Ending balance $ — $ 7,892 $ 1,326 $ 9,218 Information on those loans considered to be impaired as of December 31, 2015 and December 31, 2014 was as follows: As of December 31, 2015 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity Total Watchlist/Impaired loans expecting full recovery $ 74,800 $ 3,000 $ — $ 77,800 Watchlist/Impaired loans with reserves 15,645 30,846 7,946 54,437 Total Watchlist/Impaired Loans(1) $ 90,445 $ 33,846 $ 7,946 $ 132,237 Allowance for loan losses $ 3,154 $ 12,139 $ 1,804 $ 17,097 (1) As of December 31, 2015, this includes no unpaid principal relating to previously identified TDRs that are on accrual status. 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 loan 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 $90,280, $66,182 and $69,327 during the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, there were two impaired loans with unpaid principal balances of $77,800 for which there is no allowance. We recorded interest income from impaired loans of $4,419, $991 and $229 for the years ended December 31, 2015, 2014, and 2013, respectively. We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring (TDR) under FASB ASC Topic 310, “Receivables”. During the year ended December 31, 2015, there were no restructurings that constituted a TDR. During the year ended December 31, 2014 there was one restructuring that constituted a TDR as the borrower was experiencing financial difficulty and we, as the lender, granted a concession to the borrower by deferring principal payments to future periods. As of December 31, 2015 and December 31, 2014, there were no TDRs that subsequently defaulted. Loan-to-Real Estate Conversion In October 2015, we completed the conversion of one mezzanine loan with a carrying value of $11,000 to real estate owned property. The conversion has resulted in approximately $96,200 of real estate-related assets and $82,423 of debt being reflected on our consolidated balance sheets. We recognized a charge-off of $3 upon the conversion. In December 2015, we completed the conversion of one commercial mortgage loan with an unpaid principal balance of $66,819 and a carrying value of $53,479 to real estate owned property. The conversion has resulted in approximately $63,014 of real estate-related assets being reflected on our consolidated balance sheets. We recognized interest income of $265 upon the conversion, as the converted loan was recognizing interest income on the cash basis and the fair value of the net assets acquired exceeded the amount of the converted loan plus previously accrued interest. During the year ended December 31, 2014, we completed the conversion of three commercial real estate loans with a carrying value of $74,994 to real estate owned property. We recorded a gain on asset of $136 on one property as the value of the real estate exceeded the carrying amount of the converted loan and charged off $600 to the allowance for loan losses as the individual carrying amounts of the other two loans exceeded the fair value of each real estate property. Other Activity In June 2014, we sold all of the remaining interests, held by T8 and T9, in one of our other investments with an unpaid principal balance of $10,488 for $2,850. We recorded a loss on sale of asset of $7,638 due to the illiquid nature of the investment.

INVESTMENTS IN SECURITIES

INVESTMENTS IN SECURITIES	12 Months Ended
	Dec. 31, 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 investments in securities with an aggregate fair value of $31,412 and we had no investments in securities as of December 31, 2015. The following table summarizes our investments in securities as of December 31, 2014: Investment Description Amortized Cost Estimated Fair Value Weighted Average Coupon (1) Weighted Average Years to Maturity Available-for-sale securities (2) $ 210,600 $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 10,995 6.7 % 3.0 CMBS receivables (3) 5,000 1,250 5.7 % 34.5 Total security-related receivables 15,000 12,245 6.3 % 13.5 Total investments in securities $ 225,600 $ 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. On December 19, 2014, our subsidiary assigned or delegated its rights and responsibilities as collateral manager for the T8 and T9 securitizations. As a result of the assignment and delegation, we determined that we are no longer the primary beneficiaries of T8 and T9 and deconsolidated the two securitizations. See Note 10 for additional disclosures pertaining to the deconsolidation. In January 2015, we sold securities with an aggregate fair value of $20,419. TruPS included above as trading securities include (a) investments in TruPS issued by VIEs of which we are not the primary beneficiary and which we do not consolidate and (b) transfers of investments in TruPS securities to us that were accounted for as a sale pursuant to FASB ASC Topic 860, “Transfers and Servicing.” The following table summarizes the non-accrual status of our investments in securities: As of December 31, 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 and 2013, investment in securities of $0 and $653,276, respectively, in principal amount of TruPS and subordinated debentures, and $10,000 and $91,383, respectively, in principal amount of unsecured REIT note receivables and CMBS receivables, collateralized the consolidated CDO notes payable of such entities.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	12 Months Ended
	Dec. 31, 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 December 31 2015 2014 Multi-family real estate properties (a) $ 1,842,704 $ 1,286,898 Office real estate properties 395,224 370,114 Industrial real estate properties 94,938 — Retail real estate properties 134,331 132,117 Parcels of land 50,448 51,322 Subtotal 2,517,645 1,840,451 Less: Accumulated depreciation and amortization (a) (198,326 ) (168,480 ) Investments in real estate $ 2,319,319 $ 1,671,971 (a) As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376. As of December 31, 2015 and 2014, our investments in real estate were comprised of land of $415,707 and $338,057, respectively, and buildings and improvements of $2,101,938 and $1,502,394, respectively. As of December 31, 2015, our investments in real estate of $2,319,319 are financed through $815,745 of mortgages held by third parties and $889,786 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. For our investments in real estate, the leases for our multi-family properties are generally one-year or less and leases for our office and retail properties are operating leases. The following table represents the minimum future rentals under expiring leases for our office and retail properties as of December 31, 2015. 2016 $ 10,255 2017 8,225 2018 5,272 2019 3,787 2020 6,937 2021 and thereafter 21,033 Total $ 55,509 Acquisitions: As discussed in Note 3, we completed the conversion of one mezzanine loan with a carrying value of $11,000 to real estate owned property in October 2015. The conversion has resulted in approximately $96,200 of industrial real estate assets and $82,423 of debt being reflected on our consolidated balance sheets. We have performed fair value analyses for the assets acquired and liabilities assumed. We expect to complete the purchase accounting process as soon as practicable, but no later than one year from the date of acquisition. As discussed in Note 3, we completed the conversion of one n unpaid principal balance We have performed fair value analyses for the assets acquired. We expect to complete the purchase accounting process as soon as practicable, but no later than one year from the date of acquisition. On September 17, 2015, IRT, which we consolidate, completed the TSRE acquisition. IRT acquired TSRE in order to increase IRT’s portfolio of real estate assets and generate attractive risk adjusted returns for its shareholders. Pursuant to the TSRE acquisition, (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 acquisition, IRT acquired 19 multi-family properties representing 4,989 units (unaudited). During the fourth quarter of 2015, IRT received additional information regarding estimates IRT had made for certain receivables and other assets and accrued expenses. This information led to an increase in fair value of the net assets we acquired of $592. The fair value of the assets and liabilities that IRT acquired was as follows: Cash assumed $ 2,685 Investments in real estate 682,237 Accounts receivable and other assets 6,513 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,379 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Total $ 328,240 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 $64,604. 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 acquisition 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 acquisition (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 acquisition and $121,885 of indebtedness that remained on IRT’s balance sheet, which was recognized at fair value. As part of the TSRE acquisition, 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. As of December 31, 2015, IRT was awaiting the outcome of certain real estate tax appeals that TSRE initiated. 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. As part of this acquisition, IRT incurred $270 of acquisition expenses, which were recognized in earnings immediately. Upon acquisition, IRT recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250. The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the 31 properties acquired during the year ended December 31, 2015, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805. Description RAIT IRT Total Estimated Fair Value Assets acquired: Investments in real estate $ 156,801 $ 707,268 $ 864,069 Cash and cash equivalents 685 2,685 3,370 Restricted cash 1,416 — 1,416 Accounts receivable and other assets 316 6,599 6,915 Deferred financing costs — — — Intangible assets 8,244 7,690 15,934 Total assets acquired 167,462 724,242 891,704 Liabilities assumed: Loans payable on real estate 82,423 359,495 441,918 Accounts payable and accrued expenses 2,627 7,867 10,494 Accrued interest payable — 130 130 Other liabilities 6,634 3,764 10,398 Total liabilities acquired 91,684 371,256 462,940 Noncontrolling interests assumed: — — — Estimated fair value of net assets acquired $ 75,778 $ 352,986 $ 428,764 The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date: Description RAIT IRT Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 75,782 $ — $ 75,782 Cash and cash equivalents — $ 164,527 $ 164,527 Equity — 123,855 123,855 Total fair value of consideration transferred $ 75,782 $ 288,382 $ 364,164 The table below presents the revenue and net income (loss) for the properties acquired during the year ended December 31, 2015 as reported in our consolidated financial statements. For the Year Ended December 31, 2015 Property Total Revenue Net income (loss) allocable to common shares TSRE Portfolio $ 19,617 $ 3,420 Bayview Club 1,736 85 Erieview Tower & Parking 357 $ 19 10 Industrial Properties 1,242 (701 ) Total $ 22,952 $ 2,823 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 Year Ended December 31, 2015 For The Year Ended December 31, 2014 Pro forma total revenue (unaudited) 382,875 367,773 Pro forma net income (loss) allocable to common shares (unaudited) 16,067 (307,276 ) Earnings (loss) per share attributable to common shareholders Basic—as pro forma (unaudited) 0.19 (3.78 ) Diluted—as pro forma (unaudited) 0.19 (3.78 ) Dispositions: During the year ended December 31, 2015, we disposed of six multi-family real estate properties, one office property, and two parcels of land (combined in the below table). The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: For the Year Ended December 31, 2015 Property Name Property Type Date of Sale Sale Price Gain (loss) on sale Net income (loss) allocable to common shares English Aire/Lafayette Multifamily 5/15/2015 $ 18,786 $ — $ 265 Preserve at Colony Lakes Multifamily 6/23/2015 49,250 17,913 733 Del Aire/Cardinal Land 7/6/2015 3,000 901 (15 ) Regency Manor Multifamily 9/10/2015 17,500 6,435 403 Vista Lago Multifamily 12/22/2015 17,675 7,844 685 Balcones Multifamily 12/31/2015 30,000 2,938 284 Long Beach Office 12/30/2015 5,200 1,068 122 Centrepoint IRT Multifamily 12/22/2015 33,600 6,420 753 Total $ 175,011 $ 43,519 $ 3,230 Additionally, on October 15, 2015, IRT sold a parcel of land acquired in the TSRE merger for $3,350, recognizing a loss on the sale of this asset of $8. We deferred a gain on the sale for English Aire / Lafayette of $3,124 which is classified within other liabilities and will be recognized under the installment method as the buyer’s initial investment was insufficient. We deconsolidated one multi-family real estate property in June 2015 and one office property in November 2015 with a total carrying value of $23,897 and $21,753, respectively, as we agreed to amend our rights in the properties’ related limited partnership agreements. We recorded a gain of $0 and $294, respectively, upon deconsolidation of these properties. On February 18, 2016, IRT disposed of one multi-family real estate property for a total sale price of $18,000. Impairment: During the year ended December 31, 2015, we recognized an impairment of three real estate assets of $8,179 as it was more likely than not we would dispose of these assets before the end of their previously estimated useful life and a portion of our recorded investment in these assets was determined to not be recoverable.

INDEBTEDNESS

INDEBTEDNESS	12 Months Ended
	Dec. 31, 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 December 31, 2015: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 30,048 $ 29,887 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 137,084 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 70,000 63,150 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 10,504 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 97,067 97,067 2.4 % July 2016 to Jan. 2018 Total recourse indebtedness 514,541 494,697 5.1 % Non-recourse indebtedness: Secured credit facilities (4) 271,500 271,500 2.9 % Sept. 2018 Term Loans (5) 120,000 120,000 5.4 % Sept. 2016 CDO notes payable, at amortized cost (6)(7) 950,981 940,088 0.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (8) 717,255 717,113 2.4 % May 2031 to Dec. 2031 Loans payable on real estate (9) 815,746 816,052 4.5 % Apr. 2016 to Apr. 2026 Total non-recourse indebtedness 2,875,482 2,864,753 2.7 % Total indebtedness $ 3,390,023 $ 3,359,450 3.0 % (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 December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly. (5) Floating rate at 500 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly. (6 ) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (7 ) Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests, $815,745 of which eliminates in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. ( 8 ) Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (9 ) Includes $545,956 of unpaid principal balance with a carrying amount of $546,262 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 May 2025. 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 Senior secured notes 78,000 68,314 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 13,102 0.5 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 85,053 85,053 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 514,545 491,309 5.1 % Non-recourse indebtedness: Secured credit facilities 18,392 18,392 2.7 % Oct. 2016 CDO notes payable, at amortized cost (4)(5) 1,074,102 1,073,145 0.6 % 2045 to 2046 CMBS securitizations (6) 389,994 389,415 1.9 % Jan. 2029 to Dec. 2031 Loans payable on real estate (7) 641,874 643,405 4.6 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,124,362 2,124,357 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 mortgage loans, mezzanine 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 mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025. Recourse indebtedness refers to indebtedness that is recourse to our general assets, including the loans payable on real estate that are guaranteed by us. Non-recourse indebtedness consists of indebtedness of consolidated securitizations and loans payable on real estate which is recourse only to specific assets pledged as collateral to the lenders. The creditors of each consolidated securitization have no recourse to our general credit. The current status or activity in our financing arrangements occurring as of or during the year ended December 31, 2015 is as follows: Recourse Indebtedness 7.0% convertible senior notes. On March 21, 2011, we issued and sold in a public offering $115,000 aggregate principal amount of our 7.0% Convertible Senior Notes due 2031, or the 7.0% convertible senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $109,000 of net proceeds. Interest on the 7.0% convertible senior notes is paid semi-annually and the 7.0% convertible senior notes mature on April 1, 2031. Prior to April 5, 2016, the 7.0% convertible senior notes are not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after April 5, 2016, we may redeem all or a portion of the 7.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 7.0% convertible senior notes may require us to repurchase all or a portion of the 7.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on April 1, 2016, April 1, 2021, and April 1, 2026, or upon the occurrence of certain defined fundamental changes. The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 179.4009 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $5.57 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. According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 7.0% convertible senior notes of $8,228. This discount reflects the fair value of the embedded conversion option within the 7.0% convertible senior notes and was recorded as an increase to additional paid in capital. The fair value was calculated by discounting the cash flows required in the indenture relating to the 7.0% convertible senior notes agreement by a discount rate that represents management’s estimate of our senior, unsecured, non-convertible debt borrowing rate at the time when the 7.0% convertible senior notes were issued. The discount will be amortized to interest expense through April 1, 2016, the date at which holders of our 7.0% convertible senior notes could require repayment. During the year ended December 31, 2013, we repurchased a total of $80,934 in aggregate principal amount of 7.0% convertible senior notes for a total consideration of $112,559. The purchase price consisted of cash from the proceeds received from the public offering of the 4.0% Convertible Senior Notes due 2033 that were issued on December 10, 2013. As a result of this transaction, we recorded losses on extinguishment of debt of $8,407, inclusive of deferred financing costs and unamortized discounts that were written off, and $29,359 representing the reacquisition of the equity conversion right that was recorded as a reduction to additional paid in capital. 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). On November 10, 2015 and November 12, 2015, holders of $2,008 of the 7.0% convertible notes exercised their option to convert their notes. At that time, the conversion rate was 173.6550 common shares per $1 principal amount. We elected to settle the conversion by issuing 348,698 common shares (plus cash in lieu of fractional shares). 4.0% convertible senior notes. On December 10, 2013, we issued and sold in a public offering $125,000 aggregate principal amount of our 4.0% Convertible Senior Notes due 2033, or the 4.0% convertible senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $121,250 of net proceeds. In January 2014, the underwriters exercised the overallotment option with respect to an additional $16,750 aggregate principal amount of the 4.0% convertible senior notes and we received total net proceeds of $16,300 after deducting underwriting fees and adjusting for accrued interim interest. In the aggregate, we issued $141,750 aggregate principal amount of the 4.0% convertible senior notes in the offering and raised total net proceeds of approximately $137,238 after deducting underwriting fees and offering expenses. Interest on the 4.0% convertible senior notes is paid semi-annually and the 4.0% convertible senior notes mature on October 1, 2033. Prior to October 1, 2018, the 4.0% convertible senior notes are not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after October 1, 2018, we may redeem all or a portion of the 4.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 4.0% convertible senior notes may require us to repurchase all or a portion of the 4.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on October 1, 2018, October 1, 2023, and October 1, 2028, or upon the occurrence of certain defined fundamental changes. The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 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 earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods. According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 4.0% convertible senior notes of $8,817 . Concurrent with the offering of the 4.0% convertible senior notes, we used approximately $8,838 of the proceeds and entered into a capped call transaction with an affiliate of the underwriter. The capped call transaction has a cap price of $11.91, which is subject to certain adjustments, and an initial strike price of $9.57, which is subject to certain adjustments and is equivalent to the conversion price of the 4.0% convertible senior notes. The capped calls expire on various dates ranging from June 2018 to October 2018 and are expected to reduce the potential dilution to holders of our common stock upon the potential conversion of the 4.0% convertible senior notes. The capped call transaction is a separate transaction and is not part of the terms of the 4.0% convertible senior notes and will not affect the holders’ rights under the 4.0% convertible senior notes. The capped call transaction meets the criteria for equity classification and was recorded as a reduction to additional paid in capital. The capped call transaction is excluded from the dilutive EPS calculation as their effect would be anti-dilutive. 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 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 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. Senior secured notes. On October 5, 2011, we entered into an exchange agreement with T8 pursuant to which we issued four senior secured notes, or the senior secured notes, with an aggregate principal amount equal to $100,000 to T8 in exchange for a portfolio of real estate related debt securities, or the exchanged securities, held by T8. The senior secured notes and the exchanged securities were determined to have approximately equivalent fair market value at the time of the exchange. Prior to December 19, 2014, T8 was a consolidated subsidiary and the senior secured notes and their related interest were eliminated in consolidation. When T8 was deconsolidated on December 19, 2014, these senior secured notes were no longer eliminated. 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 will be payable quarterly in arrears on October 30, January 30, April 30 and July 30 of each year, beginning October 30, 2011. The senior secured notes are secured and are not convertible into equity securities of RAIT. During the year ended December 31, 2015, we prepaid $8,000 of the senior secured notes. As of December 31, 2015 we have $70,000 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. The second $18,671 junior subordinated note had a fixed rate of interest of 0.5% through March 30, 2015, thereafter with a floating rate of three-month LIBOR plus 400 basis points, with such floating rate not to exceed 7.0%. The maturity date remains the same at March 30, 2035. At issuance, we elected to record the second $18,671 junior subordinated note at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. The fair value, or carrying amount, of this indebtedness was $10,504 as of December 31, 2015. Junior subordinated notes, at amortized cost. On February 12, 2007, we formed Taberna Funding Capital Trust I which issued $25,000 of trust preferred securities to investors and $100 of common securities to us. The combined proceeds were used by Taberna Funding Capital Trust I to purchase $25,100 of junior subordinated notes issued by us. The junior subordinated notes are the sole assets of Taberna Funding Capital Trust I and mature on April 30, 2037, but are callable, at our option, on or after April 30, 2012. Interest on the junior subordinated notes is payable quarterly at a fixed rate of 7.69% through April 2012 and thereafter at a floating rate equal to three-month LIBOR plus 2.50%. CMBS facilities. On October 27, 2011, we entered into a two year CMBS facility pursuant to which we may sell, and later repurchase, performing whole mortgage loans or senior interests in whole mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. The purchase price paid for any asset purchased will be equal to 75% of the lesser of the market value (determined by the purchaser in its sole discretion, exercised in good faith) or par amount of such asset on the purchase date. On July 28, 2014, we entered into an amended and restated master repurchase agreement, or the Amended MRA. The Amended MRA added defined floating-rate whole loans and senior interests in whole loans as eligible purchased assets which we could sell to the investment bank and later repurchase. All eligible purchased assets must be acceptable to the investment bank in its sole discretion. The Amended MRA increased the aggregate principal amount available under the facility to $200,000 from $100,000 provided that the aggregate outstanding purchase price under the Amended MRA at any time for all floating rate loans cannot exceed $100,000. Fixed rate loans incur interest at LIBOR plus 250 basis points and floating rate loans incur interest at LIBOR plus 200 basis points. The Amended MRA contains standard margin call provisions and financial covenants. The expiration date of the Amended MRA is July 28, 2016. As of December 31, 2015, we had $20,780 of outstanding borrowings under the Amended MRA. As of December 31, 2015, we were in compliance with all financial covenants contained in the Amended MRA. On November 23, 2011, we entered into a one year CMBS facility, or the $150,000 CMBS facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. Effective November 17, 2015, we extended the maturity of the $150,000 CMBS facility to the earlier of November 16, 2016 or the day on which an event of default occurs. The aggregate principal amount available under the $150,000 CMBS facility is $150,000 and incurs interest at LIBOR plus 250 basis points. The purchase price paid for any asset purchased is up to 75% of the lesser of the unpaid principal balance and the market value (determined by the purchaser in its sole discretion, exercised in good faith) of such purchased asset on the purchase date. The $150,000 CMBS facility contains standard margin call provisions and financial covenants. As of December 31, 2015, we had $31,447 of outstanding borrowings under the $150,000 CMBS facility. As of December 31, 2015, we were in compliance with all financial covenants contained in the $150,000 CMBS facility. On January 27, 2014, we entered into a two year $75,000 commercial mortgage facility, or the $75,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its sole discretion. Effective September 28, 2015, we extended the maturity of the $75,000 commercial mortgage facility to January 22, 2018 or such date as determined by the Buyer in its good faith discretion pursuant to its rights and remedies under the Agreement. The $75,000 commercial mortgage facility incurs interest at LIBOR plus 200 basis points. The $75,000 commercial mortgage facility contains standard margin call provisions and financial covenants. As of December 31, 2015, we had $29,319 of outstanding borrowings under the $75,000 commercial mortgage facility. As of December 31, 2015, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. On December 23, 2014, we entered into a $150,000 commercial mortgage facility, or the $150,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its reasonable discretion. The $150,000 commercial mortgage facility incurs interest at LIBOR. The purchase price paid for any asset purchased is based on a defined percentage of the lesser of its unpaid principal balance or its defined market value. Effective December 23, 2015, we extended the maturity of the $150,000 commercial mortgage facility to the earlier of December 20, 2016 or the day on which an event of default occurs. The $150,000 commercial mortgage facility contains standard margin call provisions and financial covenants. As of December 31, 2015, we had $15,521 of outstanding borrowings under the $150,000 commercial mortgage facility. As of December 31, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility. Non-Recourse Indebtedness Secured credit facilities. On October 25, 2013, our consolidated affiliate, Independence Realty Operating Partnership, LP, or IROP, the operating partnership of IRT, entered into a $20,000 secured revolving credit agreement, or the IROP credit agreement, with The Huntington National Bank to be used to acquire properties, capital expenditures and for general corporate purposes. The IROP credit agreement has a 3-year term, bears interest at LIBOR plus 2.75% and contains customary financial covenants for this type of revolving credit agreement. IRT guaranteed IROP’s obligations under the IROP credit agreement. 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 acquisition, the HNB facility was terminated as of September 17, 2015. 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 December 31, 2015, amounts outstanding under the KeyBank secured facility bear interest at 245 basis points over 1-month LIBOR. As of December 31, 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 December 31, 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. In January 2016, IROP repaid $14,100 of the KeyBank interim facility subsequent to a property disposition. In February 2016, IROP repaid $9,684 of the KeyBank interim facility subsequent to a property disposition. 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 mortgage loans and mezzanine loans in our commercial real estate portfolio. Generally, CDO notes payable are comprised of various classes of notes payable, with each class bearing interest at variable or fixed rates. Both RAIT I and RAIT II are meeting all of their overcollateralization, or OC, and interest coverage, or IC, trigger tests as of December 31, 2015 and 2014. During the year ended December 31, 2015, we partially sold, to the market, a total of $42,483 in aggregate principal amount of CDO notes payable issued by our RAIT I securitization. The aggregate sales price was $31,367 and we recorded a discount on sale of debt of $11,131. During the year ended December 31, 2014, we repurchased, from the market, a total of $5,800 in aggregate principal amount of CDO notes payable issued by our RAIT I securitization. The aggregate purchase price was $3,379 and we recorded a gain on extinguishment of debt of $2,421. During the year ended December 31, 2013, we repurchased, from the market, a total of $17,500 in aggregate principal amount of CDO notes payable issued by our RAIT I securitization. The aggregate purchase price was $10,369 and we recorded a gain on extinguishment of debt of $7,131. CDO notes payable, 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 a result of the assignment and delegation, we determined that we are no longer the primary beneficiaries of T8 and T9 and deconsolidated the two securitizations. See Item 8—“Financial Statements and Supplementary Data—Note 10” for additional disclosures pertaining to the deconsolidation. CMBS securitizations. On July 31, 2013, we closed a CMBS securitization transaction we refer to as RAIT FL1 collateralized by $135,000 of floating rate commercial mortgage loans and participation interests that we originated. RAIT FL1 issued classes of investment grade senior notes with an aggregate principal balance of a

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 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. These instruments may impact our periodic cash flows, however provide the benefits of minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. Interest Rate Swaps We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. 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 December 31, 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 December 31, 2015 and December 31, 2014: As of December 31, 2015 As of December 31, 2014 Notional Fair Assets Fair Value of Liabilities Notional Fair Assets Fair Value of Liabilities Cash flow hedges: Interest rate swaps $ 243,816 $ — $ (4,672 ) $ 424,025 $ — $ (20,051 ) Interest rate caps 200,000 24 — — — — Other interest rate swaps 37,325 182 (55 ) 72,000 — (644 ) Net fair value $ 481,141 $ 206 $ (4,727 ) $ 496,025 $ — $ (20,695 ) During 2016, interest rate swap agreements relating to RAIT I and RAIT II with a notional amount of $243,816 and a weighted average strike rate of 5.1% as of December 31, 2015 will terminate in accordance with their terms. Effective interest rate swaps are reported in accumulated other comprehensive income and the fair value of these hedge agreements is included in other assets or derivative liabilities. For interest rate swaps that are considered effective hedges, we reclassified realized losses of $16,382, $40,274 and $32,117 to earnings, within investment interest expense, for the years ended December 31, 2015, 2014 and 2013, respectively. During 2016, we expect to reclassify realized losses of $4,691 to earnings. For the years ended December 31, 2015, 2014 and 2013 we had no unrealized gains to reclassify to earnings for interest rate swaps that were considered ineffective. Changes in fair value on our other interest rate swaps are reported in change in fair value of financial instruments in the Consolidated Statements of Operations.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 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, loans, preferred equity interests, investments in securities, CDO notes payable, convertible senior notes, junior subordinated notes, warrants and investor share appreciations rights, or SARs, and derivative assets and liabilities is based on significant observable and unobservable inputs. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments. The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans and preferred equity interests, net $ 1,623,583 $ 1,537,086 Investments in securities and security-related receivables — — Cash and cash equivalents 125,886 125,886 Restricted cash 213,012 213,012 Derivative assets 206 206 Liabilities Recourse indebtedness: 7.0% convertible senior notes 29,887 27,795 4.0% convertible senior notes 137,084 104,184 7.625% senior notes 60,000 46,560 7.125% senior notes 71,905 62,471 Senior secured notes 63,150 66,725 Junior subordinated notes, at fair value 10,504 10,504 Junior subordinated notes, at amortized cost 25,100 11,221 CMBS facilities 97,067 97,067 Non-recourse indebtedness: Secured credit facilities 271,500 271,500 Term loans 120,000 120,000 CDO notes payable, at amortized cost 940,088 801,289 CMBS securitizations 717,113 709,001 Loans payable on real estate 816,052 834,816 Derivative liabilities 4,727 4,727 Warrants and investor SARs 26,200 26,200 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, net $ 1,392,436 $ 1,316,796 Investments in securities and security-related receivables 31,412 31,412 Cash and cash equivalents 121,726 121,726 Restricted cash 124,220 124,220 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,417 41,901 4.0% convertible senior notes 134,418 123,677 7.625% senior notes 60,000 56,016 7.125% senior notes 71,905 70,064 Secured credit facilities 18,392 18,392 Junior subordinated notes, at fair value 13,102 13,102 Junior subordinated notes, at amortized cost 25,100 14,471 CMBS facilities 55,956 55,956 Commercial mortgage facility 29,097 29,097 Senior secured notes 68,314 79,594 Non-recourse indebtedness: CDO notes payable, at amortized cost 1,073,145 913,050 CMBS securitizations 389,415 389,771 Loans payable on real estate 643,405 678,306 Derivative liabilities 20,695 20,695 Warrants and investor SARs 35,384 35,384 Fair Value Measurements The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance of December 31, 2015 Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 206 — 206 Total assets $ — $ 206 $ — $ 206 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 of December 31, 2015 Junior subordinated notes, at fair value $ — $ — $ 10,504 $ 10,504 Derivative liabilities — 4,727 — 4,727 Warrants and investor SARs — — 26,200 26,200 Total liabilities $ — $ 4,727 $ 36,704 $ 41,431 (a) During the year ended December 31, 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 Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance 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 of December 31, 2014 Junior subordinated notes, at fair value $ — $ — $ 13,102 $ 13,102 CDO notes payable, at fair value — — — — 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. On December 19, 2014, our subsidiary assigned or delegated its rights and responsibilities as collateral manager for the T8 and T9 securitizations. As a result of the assignment and delegation, we determined that we are no longer the primary beneficiaries of T8 and T9 and deconsolidated the two securitizations. See Note 10 for additional disclosures pertaining to the deconsolidation. For the fair value of our junior subordinated notes, at fair value, and warrant and investor SARs classified as Level 3 liabilities, we estimate the fair value of these financial instruments using significant unobservable inputs. For the junior subordinated notes, at fair value, we use a discounted cash flow model as the valuation technique and the significant unobservable inputs as of December 31, 2015 include discount rates ranging from 12.9% to 13.3%. For the warrants and investor SARs, we utilized a third party valuation firm who used a binomial model as the valuation technique and the significant unobservable inputs as of December 31, 2015 include 61.0% for the annual volatility of our common shares of beneficial interest over the term of the warrants and investor SARs, 12.0% credit adjusted discount rate on our unsecured debt issued that may be issued in satisfaction of the warrants and investor SARs, and 10.6% for the dividend rate and future dividend rate on our common shares of beneficial interest. The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 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 (9,184 ) (2,598 ) (11,782 ) Purchases — — — Sales — — — Principal repayments — — — Balance, as of December 31, 2015 $ 26,200 $ 10,504 $ 36,704 The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the year ended December 31, 2014: Assets Trading Securities—TruPS and Subordinated Debentures Security—Related Receivables—TruPS and Subordinated Debenture Receivables Total Level 3 Assets Balance, as of December 31, 2013 $ 480,845 $ 8,211 489,056 Change in fair value of financial instruments 9,360 (540 ) 8,820 Purchases — — — Sales — — — Principal repayments (40,000 ) — (40,000 ) Taberna deconsolidation (450,205 ) (7,671 ) (457,876 ) Balance, as of December 31, 2014 $ — $ — $ — Liabilities Derivative Liabilities Warrants and investor SARs CDO Notes Payable, at Fair Value Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2013 $ 67,405 $ 31,304 $ 377,235 $ 11,911 $ 487,855 Change in fair value of financial instruments (16,518 ) (8,593 ) 100,484 1,191 76,564 Purchases — 12,673 — — 12,673 Sales — — — — — Principal repayments — — (69,954 ) — (69,954 ) Taberna deconsolidation (50,887 ) — (407,765 ) — (458,652 ) Balance, as of December 31, 2014 $ — $ 35,384 $ — $ 13,102 $ 48,486 Non-Recurring Fair Value Measurements As of December 31, 2015, we measured two real estate assets at a fair value of $9,335 in our consolidated balance sheets as they were impaired. The fair values were based on purchase and sale agreements and were classified within Level 2 of the fair value hierarchy. The significant inputs to the valuations were the purchase prices derived by the potential buyer. Our non-recurring fair value measurements relate primarily to our commercial real estate loans that are considered impaired and for which we maintain an allowance for loan losses. In determining the allowance for loan losses, we estimate the fair value of the respective commercial real estate loan and compare that fair value to our total investment in the loan. When estimating the fair value of the commercial real estate loan, management uses discounted cash flow analyses and capitalization rates on the underlying property’s net operating income. The discounted cash flow analyses and capitalization rates are based on market information and comparable sales of similar properties. The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount December 31, 2015 Estimated Fair Value as of December 31, 2015 Valuation Technique Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Commercial mortgages and mezzanine loans $ 1,623,583 $ 1,537,086 Discounted cash flows $ 1,537,086 7.0% convertible senior notes 29,887 27,795 Trading price 27,795 4.0% convertible senior notes 137,084 104,184 Trading price 104,184 7.625% senior notes 60,000 46,560 Trading price 46,560 7.125% senior notes 71,905 62,471 Trading price 62,471 Senior Secured Notes 63,150 66,725 Discounted cash flows 66,725 Junior subordinated notes, at amortized cost 25,100 11,221 Discounted cash flows 11,221 CDO notes payable, at amortized cost 940,088 801,289 Discounted cash flows 801,289 CMBS securitization 717,113 709,001 Discounted cash flows 709,001 Loans payable on real estate 816,052 834,816 Discounted cash flows 834,816 Fair Value Measurement Carrying Amount 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 Other Unobservable Inputs (Level 3) Commercial mortgages and mezzanine loans $ 1,392,436 $ 1,316,796 Discounted cash flows $ — $ — $ 1,316,796 7.0% convertible senior notes 33,417 41,901 Trading price 41,901 — — 4.0% convertible senior notes 134,418 123,677 Trading price 123,677 — — 7.625% senior notes 60,000 56,016 Trading price 56,016 — — 7.125% senior notes 71,905 70,064 Trading price 70,064 — — Senior Secured Notes 68,314 79,594 Discounted cash flows — — 79,594 Junior subordinated notes, at amortized cost 25,100 14,471 Discounted cash flows — — 14,471 CDO notes payable, at amortized cost 1,073,145 913,050 Discounted cash flows — — 913,050 CMBS securitization 389,415 389,771 Discounted cash flows — — 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 within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: Description For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Change in fair value of trading securities and security-related receivables $ (172 ) $ 10,682 $ 9,193 Change in fair value of CDO notes payable and trust preferred obligations 2,598 (101,675 ) (311,009 ) Change in fair value of derivatives 28 (16,352 ) (22,230 ) Change in fair value of warrants and investor SARs 9,184 8,593 (20,380 ) Change in fair value of financial instruments $ 11,638 $ (98,752 ) $ (344,426 ) 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 years ended December 31, 2015, 2014 and 2013 was primarily attributable to changes in instrument specific credit risks. The changes in the fair value of the CDO notes payable for which the fair value option was elected was due to repayments at par because of OC failures when the CDO notes have a fair value of less than par. The changes in the fair value of derivatives for which the fair value option was elected for the years ended December 31, 2015, 2014 and 2013 was mainly due to changes in interest rates.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 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 as of 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 December 31, 2015 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and l o Commercial mortgages, mezzanine loans and preferred equity interests $ 1,358,497 $ — $ — $ 1,358,497 Allowance for losses — — — — Total investments in mortgages and loans 1,358,497 — — 1,358,497 Investments in real estate Investments in real estate — 1,372,015 24,550 1,396,565 Accumulated depreciation — (39,638 ) (4,754 ) (44,392 ) Total investments in real estate — 1,332,377 19,796 1,352,173 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 38,301 387 38,688 Restricted cash 12,718 5,413 240 18,371 Accrued interest receivable 73,368 — — 73,368 Other assets 11,539 3,362 7,590 22,491 Deferred financing costs Deferred financing costs 26,028 10,952 346 37,326 Accumulated amortization (23,237 ) (1,726 ) (306 ) (25,269 ) Total deferred financing costs 2,791 9,226 40 12,057 Intangible assets Intangible assets — 15,287 — 15,287 Accumulated amortization — (11,551 ) — (11,551 ) Total intangible assets — 3,736 — 3,736 Total assets $ 1,458,913 $ 1,392,415 $ 28,053 $ 2,879,381 Liabilities and Equity Indebtedness $ 1,181,585 $ 975,837 $ 21,131 $ 2,178,553 Accrued interest payable 445 1,239 4,326 6,010 Accounts payable and accrued expenses 8 19,304 3,280 22,592 Derivative liabilities 4,672 — — 4,672 Deferred taxes, borrowers’ escrows and other liabilities — 6,004 4,024 10,028 Total liabilities 1,186,710 1,002,384 32,761 2,221,855 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (4,691 ) (8 ) — (4,699 ) RAIT investment 115,810 68,273 889 184,972 Retained earnings (deficit) 161,084 (14,499 ) (5,597 ) 140,988 Total shareholders’ equity 272,203 53,766 (4,708 ) 321,261 Noncontroling Interests — 336,265 — 336,265 Total liabilities and equity $ 1,458,913 $ 1,392,415 $ 28,053 $ 2,879,381 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 and preferred equity interests $ 1,535,097 $ — $ — $ 1,535,097 Allowance for losses (8,423 ) — — (8,423 ) Total investments in mortgages and loans 1,526,674 — — 1,526,674 Investments in real estate Investments in real estate — 689,112 23,899 713,011 Accumulated depreciation — (23,376 ) (3,686 ) (27,062 ) Total investments in real estate — 665,736 20,213 685,949 Investments in securities and security-related receivables, at fair value 10,995 — — 10,995 Cash and cash equivalents — 14,763 216 14,979 Restricted cash 14,715 5,205 244 20,164 Accrued interest receivable 74,904 — — 74,904 Other assets 136 2,270 6,908 9,314 Deferred financing costs Deferred financing costs 26,028 3,431 346 29,805 Accumulated amortization (20,095 ) (507 ) (239 ) (20,841 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,596 — 7,596 Accumulated amortization — (4,345 ) — (4,345 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,194 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,900 $ 21,280 $ 1,755,283 Accrued interest payable 670 32 3,661 4,363 Accounts payable and accrued expenses 3 8,371 3,290 11,664 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 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 (16,729 ) (4,236 ) 183,146 Total shareholders’ equity 297,530 54,295 (3,493 ) 348,332 Noncontroling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,194 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.

DECONSOLIDATION OF TABERNA VIE'

DECONSOLIDATION OF TABERNA VIE's	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
DECONSOLIDATION OF TABERNA VIE's	NOTE 10: Deconsolidation Of Taberna VIE’s On December 19, 2014, our subsidiary, TCM, completed the assignment, or the T8 Assignment, and delegation, or the T9 Delegation, of TCM’s rights and responsibilities as collateral manager under the collateral management agreements for T8 and T9, respectively, to an unaffiliated party. As a result of the T8 Assignment and T9 Delegation, we recorded a gain of $4,549, net of $1,821 severance and other costs in our accompanying consolidated statements of operations. T8 and T9 are two securitizations previously consolidated by us. In addition as a result of the T8 Assignment and the T9 Delegation, we determined that T8 and T9 no longer satisfied the requirements to remain variable interest entities consolidated by us, and we deconsolidated T8 and T9. All assets deconsolidated and related liabilities were removed from our consolidated balance sheet on the date of deconsolidation and we recorded a loss on deconsolidation of $215,804 in our accompanying consolidated statements of operations. The following tables summarize the balance sheet and statement of operations effects of the deconsolidated VIEs as of the date of the deconsolidation on December 19, 2014 and for the years ended December 31, 2014, 2013 and 2012. The statements of operations components for the respective VIEs were included in our consolidated statement of operations through December 19, 2014 whereas the assets and liabilities have been removed from our consolidated balance sheet as of December 19, 2014. The following table also describes the non-cash changes in our assets and liabilities during 2014 caused by the deconsolidation of these VIEs. As of December 19, 2014 ASSETS: Investments in mortgages and loans, net $ 43,312 Investments in securities, at fair value 496,587 Restricted cash 4,109 Accrued interest receivable 5,296 Other assets 1,160 Total assets $ 550,464 LIABILITIES: Indebtedness $ 274,787 Accrued interest payable 23,273 Accounts payable and accrued expenses 74 Derivative liabilities, at fair value 52,624 Total liabilities 350,758 Accumulated other comprehensive income (loss) (16,098 ) Total liabilities and accumulated other comprehensive income (loss) 334,660 Loss on sale of assets $ 215,804 For the Years Ended December 31 2014 2013 Revenue: Investment interest income $ 39,551 $ 48,937 Investment interest expense (16,765 ) (18,805 ) Net interest margin 22,786 30,132 Fee and other income 980 1,363 Total revenue 23,766 31,495 Expenses: Compensation expense 1,736 1,672 General and administrative expense 1,440 1,601 Depreciation and amortization expense 136 137 Total expenses 3,312 3,410 Operating income 20,454 28,085 Other income (expense) (21,500 ) — Gains (losses) on assets (7,712 ) (90 ) Gains (losses) on deconsolidation of VIEs (215,804 ) — Net gain on sale of collateral management contracts 4,549 — Change in fair value of financial instruments (106,593 ) (322,301 ) Income (loss) before taxes (326,606 ) (294,306 ) Income tax benefit (provision) (496 ) (714 ) Net income (loss) allocable to common shares $ (327,102 ) $ (295,020 )

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	12 Months Ended
	Dec. 31, 2015
Temporary Equity Disclosure [Abstract]
SERIES D PREFERRED SHARES	NOTE 11: Series D Preferred Shares On October 1, 2012, we entered into a Securities Purchase Agreement, or the purchase agreement, with ARS VI Investor I, LLC, or the investor, an affiliate of Almanac Realty Investors, LLC, or Almanac. Under the purchase agreement, we were required to issue and sell to the investor on a private placement basis from time to time in a period up to two years, and the investor was obligated to purchase from us, for an aggregate purchase price of $100,000, or the total commitment, the following securities, in the aggregate: (i) 4,000,000 of our Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, or the Series D preferred shares, (ii) common share purchase warrants, or the warrants, initially exercisable for 9,931,000 of our common shares, or the common shares, and (iii) common share appreciation rights, or the investor SARs, initially with respect to up to 6,735,667 common shares. We are not obligated to issue any common shares upon exercise of the warrants if the issuance of such common shares would exceed that number of common shares which we may issue upon exercise of the warrants without requiring shareholder approval under the NYSE listing requirements. We will pay cash or issue a 180 day unsecured promissory note, or a combination of the foregoing, equal to the market value of any common shares we cannot issue as a result of this prohibition. The investor SARs are settled only in cash and not in common shares. These securities are issuable on a pro rata basis based on the percentage of the total commitment drawn down at the relevant closing under the purchase agreement. We used the proceeds received under the purchase agreement to fund our loan origination and investment activities, including CMBS and bridge lending. We are subject to covenants under the purchase agreement when the investor and its permitted transferees hold specified amounts of the securities issuable under the purchase agreement. These covenants include defined leverage limits on defined financing assets. In addition, commencing on the first draw down and for so long as the investor and its affiliates which are permitted transferees continue to own at least 10% of the outstanding Series D preferred shares or warrants and common shares issued upon exercise of the warrants representing at least 5% of the aggregate amount of common shares issuable upon exercise of the warrants actually issued, the board will include one person designated by the investor. This right is held only by the investor and is not transferable by it. The investor designated Andrew M. Silberstein to serve on our board. The covenants also include our agreement not to declare any extraordinary dividend except as otherwise required for us to continue to satisfy the requirements for qualification and taxation as a REIT. An extraordinary dividend is defined as any dividend or other distribution (a) on common shares other than regular quarterly dividends on the common shares or (b) on our preferred shares other than in respect of dividends accrued in accordance with the terms expressly applicable to the preferred shares. As of December 31, 2015, the following RAIT securities have been issued pursuant to the purchase agreement, in the aggregate: (i) 4,000,000 Series D preferred shares; (ii) warrants exercisable for 9,931,000 common shares (which have subsequently adjusted to 11,014,048 shares as of the date of the filing of this report); and (iii) investor SARs exercisable with respect to 6,735,667 common shares (which have subsequently adjusted to 7,470,241 shares as of the date of the filing of this report). The number of common shares underlying the warrants and investor SARs and relevant exercise price are subject to further adjustment in defined circumstances. At December 31, 2015, the aggregate purchase price paid for the securities issued was $100,000. The Series D preferred shares initially bore a cash coupon rate of 7.5%, which increased to 8.5% on October 1, 2015 and will increase again on October 1, 2018 and each anniversary thereafter by 50 basis points. They rank on parity with our existing outstanding preferred shares. Their liquidation preference is equal to $26.25 per share to October 1, 2017 and $25.00 per share thereafter. In defined circumstances, the Series D preferred shares are exchangeable for Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, or the Series E preferred shares. The rights and preferences of the Series E preferred shares will be similar to those of the Series D preferred shares except, among other differences, the Series E preferred shares will be mandatorily redeemable upon a change of control, will have no put right, will not have the right to designate one trustee to the board except in the event of a payment default under the Series E preferred shares and have defined registration rights. We have the right in limited circumstances to redeem the Series D preferred shares prior to the October 1, 2017 at a redemption price of $26.25 per share. After October 1, 2017, we may redeem all or a portion of the Series D preferred shares at any time at a redemption price of $25.00 per share. We may satisfy all or a portion of the redemption price for an optional redemption with an unsecured promissory note, or a preferred note, with a maturity date of 180 days from the applicable redemption date. From and after the occurrence of a defined mandatory redemption triggering event, each holder of Series D preferred shares may elect to have all or a portion of such holder’s Series D preferred shares redeemed by us at a redemption price of $26.25 per share prior to October 1, 2017 and $25.00 per share on or after October 1, 2017. We may satisfy all or a portion of the redemption price for certain of the mandatory redemption triggering events with a preferred note. We must redeem the Series D preferred shares with up to $50,000 of net proceeds received from the loans and other investments made with proceeds of the sales under the investor purchase agreement from and after October 1, 2017 in the case of net proceeds from loans and investments other than CMBS loans and from and after October 1, 2019 in the case of net proceeds from CMBS loans, in each case, at a redemption price of $25.00 per share. All amounts paid in connection with liquidation or for all redemptions of the Series D preferred shares must also include all accumulated and unpaid dividends to, but excluding, the redemption date. In September 2015, we amended the 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 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 expire on October 1, 2027. The investor has rights to put the warrants to us at a price of $1.23 per warrant beginning on October 1, 2017, or in defined circumstances, increasing to $1.60 on October 1, 2018 and further increasing to $1.99 on October 1, 2019 and thereafter. From and after the earlier of (i) October 1, 2017 or (ii) the occurrence of a defined mandatory redemption triggering event on the Series D preferred shares, the holders of warrants may put their warrants to us for a put redemption price equal to $1.23 per common share until October 1, 2018 and increasing to set amounts at set intervals thereafter. The put redemption price must be paid in cash or (except in the event of a put for certain of the mandatory redemption triggering events) by a three year unsecured promissory note, or a combination of the foregoing. The investor SARs have a strike price of $6.00, subject to adjustment. As of the filing of this report, the strike price has adjusted to $5.41. The investor SARs are exercisable until October 1, 2027. From and after the earlier of October 1, 2017 or in defined circumstances, the investor SARs may be put to us for $1.23 per investor SAR prior to October 1, 2018, increasing to $1.60 on October 1, 2018 and further increasing to $1.99 on October 1, 2019 and thereafter. The investor SARs are callable at our option beginning on October 1, 2014 at a price of $5.00 per investor SAR, increasing to set amounts at set intervals thereafter. We may settle the call in cash or by way of a one year unsecured promissory note, or with a combination of the foregoing. From and after the earlier of (i) October 1, 2017 or (ii) the occurrence of a defined mandatory redemption triggering event on the Series D preferred shares, the holders of investor SARs may put their investor SARs to us for a put redemption price equal to $1.23 per common share prior to October 1, 2018 and increasing to set amounts at set intervals thereafter. We may settle the exercise of the put in cash or, in the event of certain defined mandatory redemption triggering events, by way of a three year unsecured promissory note, or a combination of the foregoing. Accounting Treatment The accounting treatment for the Series D preferred shares differs from the accounting treatment of our other preferred share instruments. Based on accounting standards, the Series D preferred shares were determined not to be classified as equity as they contain redemption features that are not solely in our control. In addition, the Series D preferred shares were considered not to be classified as a liability because they are not mandatorily redeemable. As a result, the Series D preferred shares are presented in the mezzanine section of the balance sheet, between liabilities and equity. Any costs and the initial value of the warrants and investor SARs are recorded as a discount on the Series D Preferred Shares and that discount will be amortized to earnings over the respective term. The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $26,200, as of December 31, 2015. The warrants contain a put feature which can only be settled by paying cash or issuing a note (i.e. transferring assets). This put feature is a distinguishing characteristic for liability classification. The investor SARs, according to their terms, can only be settled in cash or the issuance of a note payable to the investor. This requirement for cash settlement is also a distinguishing characteristic for liability classification. As a result, the initial fair value of the warrants and investor SARs are recorded as a liability and re-measured at each reporting period until the warrants and investor SARs are settled. Changes in fair value will be recorded in earnings as a component of the change in fair value of financial instruments in the consolidated statement of operations. During the period from the effective date of the purchase agreement through December 31, 2015, we sold the following securities to the investor for an aggregate purchase price of $100.0 million: (i) 4,000,000 Series D preferred shares, (ii) warrants exercisable for 9,931,000 common shares (which have subsequently adjusted to 11,014,048 shares as of the date of filing this report); and (iii) investor SARs exercisable with respect to 6,735,667 common shares (which have subsequently adjusted to 7,470,241 shares as of the date of filing this report). The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through December 31, 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 14,034 Carrying amount of Series D Preferred Shares $ 85,395

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 12: SHAREHOLDERS’ EQUITY Preferred Shares In 2004, we issued 2,760,000 shares of our 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series A Preferred Shares. The Series A Preferred Shares accrue cumulative cash dividends at a rate of 7.75% per year of the $25.00 liquidation preference, equivalent to $1.9375 per year per share. Dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series A Preferred Shares have no maturity date and we are not required to redeem the Series A Preferred Shares at any time. On or after March 19, 2009, we may, at our option, redeem the Series A Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. In 2004, we issued 2,258,300 shares of our 8.375% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series B Preferred Shares. The Series B Preferred Shares accrue cumulative cash dividends at a rate of 8.375% per year of the $25.00 liquidation preference, equivalent to $2.09375 per year per share. Dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series B Preferred Shares have no maturity date and we are not required to redeem the Series B Preferred Shares at any time. On or after October 5, 2009, we may, at our option, redeem the Series B Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. On July 5, 2007, we issued 1,600,000 shares of our 8.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, or the Series C Preferred Shares, in a public offering at an offering price of $25.00 per share. The Series C Preferred Shares accrue cumulative cash dividends at a rate of 8.875% per year of the $25.00 liquidation preference and are paid on a quarterly basis. The Series C Preferred Shares have no maturity date and we are not required to redeem the Series C Preferred Shares at any time. We may not redeem the Series C Preferred Shares before July 5, 2012, except for the special optional redemption to preserve our tax qualification as a REIT. On or after July 5, 2012, we may, at our option, redeem the Series C Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. At Market Issuance Sales Agreements (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 subject to the 2014 Preferred ATM agreement. During the period from the effective date of the 2014 Preferred ATM agreement through December 31, 2015, pursuant to the 2014 Preferred ATM agreement, we issued a total of 1,236,796 Series A Preferred Shares at a weighted-average price of $23.57 per share and received $28,332 of net proceeds. We also issued a total of 52,504 Series B Preferred Shares at a weighted-average price of $23.65 per share and received $1,203 of net proceeds and 325 Series C Preferred Shares at a weighted-average price of $22.90 and received $7 of net proceeds. As of December 31, 2015, 2,763,204, 947,496, and 999,675 Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares, respectively, remain available for issuance under the 2014 Preferred ATM agreement. On June 13, 2014, we amended our declaration of trust to reclassify and designate an additional 3,309,288 of our unclassified preferred shares of beneficial interest, par value $0.01 per share, as 3,309,288 Series A Preferred Shares. This reclassification increased the number of shares classified as Series A Preferred Shares from 4,760,000 shares to 8,069,288 shares. This reclassification decreased the number of unclassified preferred shares from 4,340,000 shares to 1,030,712 shares. We engaged in this reclassification in order to authorize additional Series A Preferred Shares issuable under the 2014 Preferred ATM Agreement. On May 21, 2012, we entered into an At Market Issuance Sales Agreement, or the 2012 Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the 2012 Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV, up to 2,000,000 Series A Preferred Shares, up to 2,000,000 Series B Preferred Shares, and up to 2,000,000 Series C Preferred Shares. Unless the 2012 Preferred ATM agreement is earlier terminated by MLV or us, the 2012 Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares subject to the 2012 Preferred ATM agreement. During the year ended December 31, 2013, pursuant to the 2012 Preferred ATM agreement we issued a total of 945,000 Series A Preferred Shares at a weighted-average price of $23.92 per share and received $21,829 of net proceeds. We did not issue any Series B Preferred Shares or Series C Preferred Shares during the year ended December 31, 2013. On January 10, 2014, we agreed with MLV to terminate the 2012 Preferred ATM agreement. We did not incur any termination penalties as a result of the termination of the 2012 Preferred ATM agreement. As of the termination date, pursuant to the 2012 Preferred ATM agreement, we had sold 1,309,288 Series A Preferred Shares and 690,712 Series A Preferred Shares remained unsold, we had sold 30,165 Series B Preferred Shares and 1,969,835 Series B Preferred Shares remained unsold and we had sold 40,100 Series C Preferred Shares and 1,959,900 Series C Preferred Shares remained unsold. Common Shares Share Issuances: Dividend reinvestment and share purchase plan (DRSPP). We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the year ended December 31, 2015, we issued a total of 8,817 common shares pursuant to the DRSPP at a weighted-average price of $5.92 per share and received $51 of net proceeds. As of December 31, 2015, 7,761,722 common shares, in the aggregate, remain available for issuance under the DRSPP. Capital on Demand™ Sales Agreement (COD). On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the period from the effective date of the COD sales agreement through December 31, 2015, we issued a total of 2,081,081 common shares pursuant to this agreement at a weighted-average price of $7.96 per share and received $16,139 of net proceeds. As of December 31, 2015, 7,918,919 common shares, in the aggregate, remain available for issuance under the COD sales agreement. Common share public offerings. In August 2015, we issued 8,000,000 common shares in an underwritten public offering. The public offering price was $5.40 per share and we received $42,440 of proceeds. In January 2014, we issued 10,000,000 common shares in an underwritten public offering. The public offering price was $8.52 per share and, after transaction costs, we received $82,570 of proceeds. In April 2013, we issued 9,200,000 common shares in an underwritten public offering. The public offering price was $7.87 per share and we received $70,196 of proceeds. In January 2013 in connection with an underwritten public offering in the fourth quarter of 2012, the underwriters exercised their overallotment option to purchase 1,350,000 additional common shares and we received $7,358 of proceeds. Dividends The following tables summarize the dividends we declared or paid during the years ended December 31, 2015 and 2014: March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 For the Year Ended December 31, 2015 Series A Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 2,313 $ 2,569 $ 2,570 $ 2,570 $ 10,022 Series B Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,198 $ 1,215 $ 1,225 $ 1,225 $ 4,863 Series C Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,875 $ 1,875 $ 1,875 $ 2,125 $ 7,750 Common shares Date declared 3/16/15 6/22/15 9/17/15 12/7/15 Record date 4/10/15 7/10/15 10/9/15 1/8/16 Date paid 4/30/15 7/31/15 10/30/15 1/29/16 Dividend per share $ 0.18 $ 0.18 $ 0.18 $ 0.09 $ 0.63 Total dividend declared $ 14,777 $ 14,775 $ 16,276 $ 8,170 $ 53,998 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 For the Year Ended December 31, 2014 Series A Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,971 $ 1,971 $ 1,971 $ 2,313 $ 8,226 Series B Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,198 $ 1,198 $ 1,198 $ 1,198 $ 4,792 Series C Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,255 $ 1,875 $ 1,875 $ 1,875 $ 6,880 Common shares Date declared 3/18/14 6/12/14 9/15/14 12/18/14 Record date 4/4/14 7/11/14 10/7/14 1/9/15 Date paid 4/30/14 7/31/14 10/31/14 1/30/15 Dividend per share $ 0.17 $ 0.18 $ 0.18 $ 0.18 $ 0.71 Total dividend declared $ 13,882 $ 14,738 $ 14,741 $ 14,740 $ 58,101 On February 16, 2016, our board of trustees declared a first quarter 2016 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares and $0.5546875 per share on our 8.875% Series C Preferred Shares, and $0.5312500 per share on our Series D Preferred Shares. The dividends will be paid on March 31, 2016 to holders of record on March 1, 2016. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2015: Interest Rate Hedges Available- For-Sale Securities Foreign Currency Translation Adjustments Total Balance as of December 31, 2014 $ (20,788 ) $ — $ — $ (20,788 ) Other comprehensive income (loss) before reclassifications (293 ) — — (293 ) Amounts reclassified from accumulated other comprehensive income (loss) 16,382 — — 16,382 Net current period other comprehensive income 16,089 — — 16,089 Balance as of December 31, 2015 $ (4,699 ) $ — $ — $ (4,699 ) Noncontrolling Interests On August 16, 2013, IRT completed an underwritten public offering of 4,000,000 shares of IRT common stock at a price of $8.50 per share and received total gross proceeds of $34,000. All of the shares were offered by IRT. The net proceeds of the offering were $31,096 after deducting underwriting discounts and commissions and offering expenses. During the year ended December 31, 2013, IRT used a portion of net proceeds of its offering to redeem all of its and its operating partnership’s outstanding preferred securities, including $3,500 of series B units of IRT’s operating partnership held by us. We held 5,764,900 shares of IRT common stock representing 59.7% of the outstanding shares of IRT common stock as of December 31, 2013. We consolidated IRT in our financial results as of December 31, 2013. During the year ended December 31, 2013, we charged off $3,885 of organizational and offering expenses, which is included in Other income (expense) on the accompanying consolidated statements of operations, we incurred with the non-traded offering of IRT prior to its public offering in August 2013. On January 29, 2014, IRT completed an underwritten public offering selling 8,050,000 shares of IRT common stock for $8.30 per share raising 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 estimated net proceeds of $54,648. As of December 31, 2015 and 2014, we held 7,269,719 shares 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 acquisition. As of December 31, 2015, we continue to consolidate IRT, as it is a VIE and we are the primary beneficiary, in our financial results. See Note 9 for additional disclosures pertaining to VIEs.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS	NOTE 13: SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS We maintain the RAIT Financial Trust 2012 Incentive Award Plan, or the 2012 Incentive Award Plan. The maximum aggregate number of common shares that may be issued pursuant to the Incentive Award Plan is 4,000,000. As of December 31, 2015, 1,971,751 common shares are available for issuance under this plan. 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 December 31, 2015, we recorded $366 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 criteria that may be earned based on individual performance factors deemed relevant by the compensation committee. The LTIP 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 LTIP 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. On February 23, 2016, the compensation committee awarded 168,776 common share awards, valued at $400 using our closing stock price of $2.37, to the board’s non-management trustees. These awards vested immediately. On February, 22, 2016, the compensation committee awarded 367,000 restricted common share awards, valued at $873 using our closing stock price of $2.38, to our non-executive officer employees. These awards generally vest over a three-year period. 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 January 29, 2014, the compensation committee awarded 42,217 common share awards, valued at $350 using our closing stock price of $8.29, to the board’s non-management trustees. These awards vested immediately. On January 29, 2014, the compensation committee awarded 293,700 restricted common share awards, valued at $2,435 using our closing stock price of $8.29, to our executive officers and non-executive officer employees. These awards generally vest over a three-year period. On July 30, 2013, the compensation committee awarded 6,578 restricted common share awards, valued at $50 using our closing stock price of $7.60, to one of the board’s non-management trustees. Three quarters of this award vested immediately and the remainder vested three months after the award date. On January 29, 2013, the compensation committee awarded 43,536 restricted common share awards, valued at $300 using our closing stock price of $6.89, to six of the board’s non-management trustees. One quarter of these awards vested immediately and the remainder vested over a nine-month period. On January 29, 2013, the compensation committee awarded 369,500 restricted common share awards, valued at $2,577 using our closing stock price of $6.89, to our executive officers and non-executive officer employees. These awards generally vest over a three-year period. During the years ended December 31, 2015, 2014, and 2013 there were no phantom units redeemed for common shares. There were no phantom units forfeited during the years ended December 31, 2015, 2014 and 2013. As of December 31, 2015 and December 31, 2014, there were no phantom units outstanding and as of December 31, 2013 there were 195,943 phantom units outstanding. As of December 31, 2015 and 2014, there was no deferred compensation cost relating to unvested awards and there was no remaining vesting period. On February, 22, 2016, the compensation committee awarded 895,000 SARs, valued at $206 based on a Black-Scholes option pricing model at the date of grant, to our non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and February 22, 2021, the expiration date of the SARs. On February 10, 2015, the compensation committee awarded 1,177,500 SARs, valued at $1,126 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and February 10, 2020, the expiration date of the SARs. On January 29, 2014, the compensation committee awarded 895,100 SARs, valued at $1,182 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 29, 2019, the expiration date of the SARs. On January 29, 2013, the compensation committee awarded 1,127,500 SARs, valued at $1,332 based on a Black-Scholes option pricing model at the date of grant, to our executive officers and non-executive officer employees. The SARs vest over a three-year period and may be exercised between the date of vesting and January 29, 2018, the expiration date of the SARs. A summary of the SARs activity of the Incentive Award Plan is presented below. 2015 2014 2013 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 2,780,242 $ 6.92 2,689,458 $ 6.18 2,185,750 $ 5.68 Granted 1,177,500 7.23 895,100 8.29 1,127,500 6.89 Expired (106,500 ) 6.17 — — — — Exercised (61,667 ) 6.30 (711,750 ) 5.74 (363,334 ) 5.68 Forfeited (168,875 ) 7.53 (92,566 ) 7.67 (260,458 ) 5.74 Outstanding, December 31, 3,620,700 $ 7.01 2,780,242 $ 6.92 2,689,458 $ 6.18 SARs exercisable at December 31, 1,649,643 6.52 647,958 6.30 333,667 As of December 31, 2015, our closing common stock price was $2.70, which was less than the exercise prices of all of the SARs. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2015 was $0. As of December 31, 2015, the unrecognized compensation cost relating to unvested SARs was $1,005. Our assumptions used in computing the fair value of the SARs at the dates of their respective awards, using the Black-Scholes Option Pricing Model, were as follows: For the Years Ended December 31 2015 2014 2013 Stock Price $ 7.23 $ 8.29 $ 6.89 Strike Price $ 7.23 $ 8.29 $ 6.89 Risk-free interest rate 1.2 % 1.5 % 0.9 % Dividend yield 10.0 % 7.7 % 5.8 % Volatility 32 % 31 % 30 % Expected term 3.5 years 5.0 years 5.0 years The stock price used was based on the closing price on the date of the award. The strike price used is the strike price in the respective SAR awards, which was based on the closing price on the date of the award. The risk free rate represents the U.S. Treasury rate for the 5 year term of the SARs. The dividend yield was the dividend yield at the time of the SAR awards. In estimating volatility, management used recent historical volatility as a proxy for expected future volatility. The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2015: SARs Outstanding SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $5.68—8.29 3,620,700 2.7 years 1,649,643 1.7 years A summary of the restricted common share awards as of December 31, 2015, 2014, and 2013 of the Incentive Award Plan is presented below. 2015 2014 2013 Number of Shares Weighted Average Grant Date Fair Value Per Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 455,917 $ 7.67 365,667 $ 6.89 — $ — Granted 386,905 7.23 335,917 8.29 420,364 6.90 Vested (234,197 ) 7.46 (165,634 ) 7.25 (50,114 ) 6.98 Forfeited (49,042 ) 7.54 (80,033 ) 7.60 (4,583 ) 6.89 Balance, December 31, 559,583 $ 7.41 455,917 $ 7.67 365,667 $ 6.89 As of December 31, 2015, the unrecognized compensation cost relating to unvested restricted common share awards was $2,122. The estimated fair value of restricted common share awards vested during 2015 was $1,688. Stock Options We have granted to our officers, trustees and employees options to acquire common shares. The vesting period is determined by the compensation committee and the option term is generally ten years after the date of grant. No options were granted during the year years ended December 31, 2015. As of December 31, 2015 and 2014, there were no options outstanding. As of December 31, 2013 there were 5,749 options outstanding. During the years ended December 31, 2015, 2014 and 2013, we recorded compensation expense of $4,466, $4,407 and $3,441, respectively, associated with our share based compensation. Independence Realty Trust, Inc. On February 12, 2016, the compensation committee of IRT awarded 210,000 shares of IRT restricted common stock, valued at $1,306 using IRT’s closing stock price of $6.22, to persons affiliated with IRT’s advisor, including their executive officers. These awards generally vest over three-year periods. On February 18, 2015, the compensation committee of IRT awarded 100,000 shares of IRT restricted common stock, valued at $935 using IRT’s closing stock price of $9.35, to persons affiliated with IRT’s advisor, including their executive officers. These awards generally vest over three-year periods. On January 31, 2014, the compensation committee of IRT awarded 40,000 shares of IRT restricted common stock, valued at $328 using IRT’s closing stock price of $8.20, to persons affiliated with IRT’s advisor, including their executive officers. These awards generally vest over three-year periods. On February 18, 2014, the compensation committee of IRT awarded 300,000 stock appreciation rights, or IRT SARs, valued at $220 based on a Black-Scholes option pricing model at the date of grant, to persons affiliated with IRT’s advisor, including their executive officers. The IRT SARs vest over a three-year period and may be exercised between the date of vesting and February 18, 2020, the expiration date of the IRT SARs. On January 31, 2014, the compensation committee of IRT awarded 80,000 stock appreciation rights, or IRT SARs, valued at $49 based on a Black-Scholes option pricing model at the date of grant, to persons affiliated with IRT’s advisor, including their executive officers. The IRT SARs vest over a three-year period and may be exercised between the date of vesting and January 31, 2019, the expiration date of the IRT SARs. Employee Benefits 401(k) Profit Sharing Plan We maintain a 401(k) profit sharing plan, or the RAIT 401(k) Plan, for the benefit of our eligible employees. The RAIT 401(k) Plan offers eligible employees the opportunity to make long-term investments on a regular basis through salary contributions, which are supplemented by our matching cash contributions and potential profit sharing payments. We provide a cash match of the employee contributions up to 4% of employee compensation, which is capped at limits set by the Internal Revenue Service, or IRS, and may pay an additional 2% of eligible compensation as discretionary cash profit sharing payments. Any matching contribution made by us pursuant to the RAIT 401(k) Plan vests 33% per year of service. During the years ended December 31, 2015, 2014 and 2013, we recorded $548, $551 and $435 of contributions which is included in compensation expense on the accompanying consolidated statements of operations. During the years ended December 31, 2015, 2014, and 2013, we did not make any discretionary cash profit sharing contributions.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 14: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three years ended December 31, 2015: For the Years Ended December 31 2015 2014 2013 Net income (loss) $ 63,493 $ (289,975 ) $ (285,364 ) (Income) loss allocated to preferred shares (32,830 ) (28,993 ) (22,616 ) (Income) loss allocated to noncontrolling interests (23,505 ) 464 (28 ) Net income (loss) allocable to common shares $ 7,158 $ (318,504 ) $ (308,008 ) Weighted-average shares outstanding—Basic 85,524,073 81,328,129 67,814,316 Dilutive securities under the treasury stock method 933,798 — — Weighted-average shares outstanding—Diluted 86,457,871 81,328,129 67,814,316 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ 0.08 $ (3.92 ) $ (4.54 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ 0.08 $ (3.92 ) $ (4.54 ) For the years ended December 31, 2015, 2014 and 2013, convertible senior notes, unvested restricted common share awards, warrants and investor SARs, SARs and stock options issued to employees convertible into 21,807,918, 31,816,146 and 18,026,169, common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 15: INCOME TAXES RAIT, Taberna and IRT have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code. To maintain qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to shareholders. We generally will not be subject to U.S. federal income tax on taxable income that is distributed to our shareholders. If RAIT, Taberna, or IRT fails to qualify as a REIT in any taxable year, we will then be subject to U.S. federal income taxes on our taxable income at regular corporate rates, and we will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. Such an event could materially adversely affect our net income and cash available for dividends to shareholders. However, we believe that each of RAIT, Taberna and IRT will be organized and operated in such a manner as to qualify for treatment as a REIT, and intend to operate in the foreseeable future in a manner so that each will qualify as a REIT. We may be subject to certain state and local taxes. For the year ended December 31, 2015, 21% of dividends were characterized as ordinary income, 53% as total capital gain distribution and 26% were characterized as return of capital. For the year ended December 31, 2014, 2% of dividends were characterized as ordinary income and 98% were characterized as return of capital . Our TRS entities generate taxable revenue from fees for services provided to securitizations. Some of these fees paid to the TRS entities are capitalized as deferred costs by the securitizations. In consolidation, these fees are eliminated when the securitization is included in the consolidated group. Additionally, our TRS entities generate taxable revenue from advisory fees for services provided to IRT. In consolidation, these advisory fees are eliminated as IRT is included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation. The components of the provision for income taxes as it relates to our taxable income from domestic TRSs during the years ended December 31, 2015, 2014 and 2013 includes the effects of our performance of a portion of TRS services in a foreign jurisdiction that does not incur income taxes. Certain TRS entities are domiciled in the Cayman Islands and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally will be included in our income on a current basis as SubPart F income, whether or not distributed. Upon distribution of any previously included SubPart F income by these entities, no incremental U.S. federal, state, or local income taxes would be payable by us. Accordingly, no provision for income taxes has been recorded for these foreign TRS entities for the years ended December 31, 2015, 2014 and 2013. The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2015, 2014 and 2013 were as follows: For the Year Ended December 31, 2015 Federal State and Local Foreign Total Current benefit (provision) $ (268 ) $ (46 ) $ — $ (314 ) Deferred benefit (provision) (2,110 ) (374 ) — (2,484 ) Income tax benefit (provision) $ (2,378 ) $ (420 ) $ — $ (2,798 ) For the Year Ended December 31, 2014 Federal State and Local Foreign Total Current benefit (provision) $ (110 ) $ (69 ) $ — $ (179 ) Deferred benefit (provision) 2,438 (112 ) — 2,326 Income tax benefit (provision) $ 2,328 $ (181 ) $ — $ 2,147 For the Year Ended December 31, 2013 Federal State and Local Foreign Total Current benefit (provision) $ (245 ) $ (157 ) $ — $ (402 ) Deferred benefit (provision) 2,319 1,016 — 3,335 Income tax benefit (provision) $ 2,074 $ 859 $ — $ 2,933 A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the years ended December 31, 2015, 2014 and 2013: For the Years Ended December 31 2015 2014 2013 Federal statutory rate $ (1,718 ) $ 3,171 $ (3,417 ) State statutory, net of federal benefit (404 ) (157 ) 577 Change in valuation allowance (55 ) 986 5,890 Permanent items (41 ) (82 ) (34 ) Penalties associated with SEC settlement — (1,750 ) — Provision to return adjustments (580 ) (21 ) (59 ) Other — — (24 ) Income tax benefit (provision) $ (2,798 ) $ 2,147 $ 2,933 Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2015 and 2014: Deferred tax assets (liabilities): As of December 31, 2015 As of December 31, 2014 Net operating losses, at TRSs $ 14,432 $ 15,295 Capital losses 18,604 $ — Unrealized losses — 10,731 Other 1,056 1,738 Total deferred tax assets 34,092 27,764 Valuation allowance (27,431 ) (17,233 ) Net deferred tax assets $ 6,661 $ 10,531 Identified intangibles (3,838 ) (6,511 ) Advances (517 ) — Accrued interest — (1,432 ) Other (217 ) (175 ) Deferred tax (liabilities) (4,572 ) (8,118 ) Net deferred tax assets (liabilities) $ 2,089 $ 2,413 As of December 31, 2015, we had $28,103 of federal net operating losses, $28,126 of state net operating losses, $0 foreign net operating losses and $51,111 of capital losses. The federal net operating losses will begin to expire in 2028, the state net operating losses will begin to expire in 2017. We have concluded that it is not more likely than not that $12,931 of federal net operating losses and $19,855 of state net operating losses, and $51,111 of capital losses will be utilized during their respective carry forward periods and, as such, we have established a valuation allowance against these deferred tax assets. The accounting guidance for income taxes clarifies the accounting for uncertainty in income taxes, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides rules on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no uncertain tax positions for the years ending December 31, 2015, 2014, 2013 and 2012. Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities. We have open tax years from 2012 through 2014 with various jurisdictions. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 16: 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	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	NOTE 17: SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS The following are supplemental disclosures to the statements of cash flows for the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Cash paid for interest $ 80,748 $ 67,960 $ 32,662 Cash paid (refunds received) for taxes 500 262 (595 ) Non-cash increase in investments in real estate, intangible assets and other liabilities from conversion of loans 159,214 74,530 51,974 Non-cash increase in non-controlling interests from property acquisition 123,855 11,961 1,618 Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments (4,018 ) (2,421 ) (7,131 ) Non-cash increase in indebtedness from the assumption of debt from property acquisitions 204,308 289,292 — Non-cash increase in other assets from business combination — 3,052 8,778 Non-cash increase in intangible assets from business combination — — 19,050 Non-cash increase in indebtedness from business combination — — 2,500 Non-cash increase in accounts payable and accrued expenses from business combination — — 4,848 Non-cash increase in deferred taxes, borrowers’ escrows and other liabilities from business combination — — 8,502 Non-cash decrease in investment in mortgages and loans from deconsolidation of VIEs — (43,312 ) — Non-cash decrease in investment in securities and security- related receivables from deconsolidation of VIEs — (496,587 ) — Non-cash decrease in restricted cash from deconsolidation of VIEs — (4,109 ) — Non-cash decrease in accrued interest receivable from deconsolidation of VIEs — (5,296 ) — Non-cash decrease in other assets from deconsolidation of VIEs — (1,160 ) — Non-cash decrease in indebtedness from deconsolidation of VIEs — (274,787 ) — Non-cash decrease in accrued interest payable from deconsolidation of VIEs — (23,273 ) — Non-cash decrease in accounts payable and accrued expenses from deconsolidation of VIEs — (74 ) — Non-cash decrease in derivative liabilities from deconsolidation of VIEs — (52,624 ) — Non-cash decrease in shareholders’ equity from deconsolidation of VIEs — (199,706 ) — Also, during the year ended December 31, 2015, we deconsolidated two real estate properties which resulted in a non-cash decrease of $45,650 to investments in real estate, a non-cash increase of $4,791 to investment in commercial mortgage loans, mezzanine loans and preferred equity interests, and a non-cash decrease of $47,888 to indebtedness. Also, during the year ended December 31, 2015, we sold one 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 $15,848 to investments in real estate and a non-cash increase of $18,000 to investment in commercial mortgage loans, mezzanine loans and preferred equity interests

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 18: QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2015: Total revenue $ 75,202 $ 79,474 $ 74,962 $ 94,344 Change in fair value of financial instruments 4,490 8,356 620 (1,828 ) Net income (loss) 266 26,441 24,826 11,960 Net income (loss) allocable to common shares (7,097 ) 18,956 (6,532 ) 1,831 Total earnings (loss) per share—Basic (a) $ (0.09 ) $ 0.23 $ (0.07 ) $ 0.02 Total earnings (loss) per share—Diluted (a) $ (0.09 ) $ 0.22 $ (0.07 ) $ 0.02 2014: Total revenue $ 67,305 $ 73,248 $ 75,285 $ 73,832 Change in fair value of financial instruments (24,139 ) (25,071 ) (10,223 ) (39,319 ) Net income (loss) (7,423 ) (19,010 ) (16,462 ) (247,080 ) Net income (loss) allocable to common shares (14,587 ) (25,650 ) (23,266 ) (255,001 ) Total earnings (loss) per share—Basic (a) $ (0.18 ) $ (0.31 ) $ (0.28 ) $ (3.11 ) Total earnings (loss) per share—Diluted (a) $ (0.18 ) $ (0.31 ) $ (0.28 ) $ (3.11 ) (a) The summation of quarterly per share amounts may not equal the full year amounts.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 19: SEGMENT REPORTING As a group, our executive officers act as the Chief Operating Decision Maker, or 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 December 31, 2015, IRT owns properties totaling $1.4 billion in gross real estate investments, before accumulated depreciation. · Our Taberna Securitization segment includes the ownership and management of three real estate trust preferred securitizations, two of which we consolidate. 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 Year Ended December 31, 2015: Net interest margin $ 70,147 $ — $ — $ (965 ) $ 69,182 Property income 124,155 109,576 — — 233,731 Fee and other income 41,874 — — (20,805 ) 21,069 Provision for loan losses (8,300 ) — — — (8,300 ) Depreciation and amortization expense (45,774 ) (28,094 ) — — (73,868 ) Operating income (3,689 ) (13,371 ) — — (17,060 ) Change in fair value of financial instruments 11,638 — — — 11,638 Income tax benefit (provision) (2,798 ) — — — (2,798 ) Net income (loss) 38,571 30,156 — (5,234 ) 63,493 Year Ended December 31, 2014: Net interest margin $ 100,197 $ — $ 22,786 $ (19,874 ) $ 103,109 Property income 113,110 49,171 — — 162,281 Fee and other income 32,166 — 980 (8,866 ) 24,280 Provision for loan losses (5,500 ) — — — (5,500 ) Depreciation and amortization expense (44,128 ) (12,520 ) (136 ) — (56,784 ) Operating income 22,745 45 20,454 (1,012 ) 42,232 Change in fair value of financial instruments 7,841 — (106,593 ) — (98,752 ) Income tax benefit (provision) 2,643 — (496 ) — 2,147 Net income (loss) 40,396 2,944 (327,102 ) (6,213 ) (289,975 ) Year Ended December 31, 2013: Net interest margin $ 99,197 $ — $ 30,132 $ (25,477 ) $ 103,852 Property income 94,281 19,943 — — 114,224 Fee and other income 30,864 — 1,363 (3,428 ) 28,799 Provision for loan losses (3,000 ) — — — (3,000 ) Depreciation and amortization expense (31,543 ) (4,413 ) (137 ) — (36,093 ) Operating income 36,874 1,274 28,085 (1,330 ) 64,903 Change in fair value of financial instruments (22,125 ) — (322,301 ) — (344,426 ) Income tax benefit (provision) 3,647 — (714 ) — 2,933 Net income (loss) 13,320 1,274 (295,020 ) (4,938 ) (285,364 ) Balance Sheet—December 31, 2015: Investment in mortgages and loans $ 1,644,561 $ — $ — $ (38,075 ) $ 1,606,486 Investments in real estate, net of accumulated depreciation 986,942 1,332,377 — — 2,319,319 Investments in securities and security-related receivables, at fair value — — — — — Total assets 3,093,393 1,392,414 — (38,511 ) 4,447,296 Balance Sheet—December 31, 2014: Investment in mortgages and loans $ 1,421,293 $ — $ — $ (38,075 ) $ 1,383,218 Investments in real estate, net of accumulated depreciation 1,006,235 665,736 — — 1,671,971 Investments in securities and security-related receivables, at fair value 17,573 — 13,839 — 31,412 Total assets 2,843,377 694,150 14,459 (38,511 ) 3,513,475 (a) The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgage loans on our owned real estate. We have no single customer that accounts for 10% or more of revenue.

OTHER DISCLOSURES

OTHER DISCLOSURES	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
OTHER DISCLOSURES	NOTE 20: OTHER DISCLOSURES Commitments and Contingencies Unfunded Loan Commitments Certain of our commercial mortgage loans contain provisions whereby we are required to advance additional funds to our borrowers for capital improvements. As of December 31, 2015, our incremental loan commitments were $31,023, which will be funded from either cash or restricted cash held on deposit. Employment Agreements We are party to employment agreements with certain executives that provide for compensation and certain other benefits. The agreements also provide for severance payments under certain circumstances. Litigation We are involved from time to time in litigation on various matters, including disputes with tenants of owned properties, disputes arising out of agreements to purchase or sell properties and disputes arising out of our loan portfolio. Given the nature of our business activities, these lawsuits are considered routine to the conduct of our business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. We do not expect that the liabilities, if any, that may ultimately result from such routine legal actions will have a material adverse effect on our consolidated financial position, results of operations or cash flows. On September 16, 2014, 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. 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. On November 23, 2015, a shareholders’ derivative action, or the action, captioned Lobins v. Brown, et al. On March 4, 2016, the court issued an order preliminarily approving a proposed settlement of the action. The proposed settlement consists of the adoption by RAIT of additions to its Trust Governance Guidelines and the creation of a Board-level Risk Management Committee. The action is not a “class action” and no individual shareholder has the right to receive any direct recovery from the proposed settlement. The proposed settlement, if finally approved by the court, will fully and finally resolve the issues raised in the action. The court has scheduled a hearing on June 7, 2016, at which the court will consider: (i) whether to approve the proposed settlement as fair, reasonable, adequate and in the best interests of RAIT and its shareholders; (ii) whether to dismiss the action and whether the releases set forth in the related Stipulation and Agreement of Settlement should be made full and final; (iii) whether the notice provided to RAIT shareholders conformed with court rules and due process; and (iv) whether the court should approve plaintiff’s counsel’s request for attorneys’ fees and reimbursement of expenses in an aggregate amount no greater than $250,000, as well as such other matters as may properly come before the Court. At this juncture, we cannot guarantee that this approval will be forthcoming. Similarly, we cannot guarantee what the exact terms of any such final settlement or other resolution of this matter will be. Lease Obligations We lease office space in Philadelphia, New York City, and other locations. The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2015: 2016 $ 1,798 2017 1,561 2018 1,857 2019 1,618 2020 1,474 Thereafter 23,793 Total $ 32,101 Rent expense was $2,817, $2,439 and $2,045 for the years ended December 31, 2015, 2014, and 2013, respectively, and has been included in general and administrative expense or property operating expenses in the accompanying consolidated statements of operations.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2015
Valuation And Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	RAIT Financial Trust Schedule II Valuation and Qualifying Accounts For the Three Years Ended December 31, 2015 (Dollars in thousands) Allowance for Losses Balance, Beginning of Period Additions Deductions Balance, End of Period For the year ended December 31, 2015 $ 9,218 $ 8,300 $ (421 ) $ 17,097 For the year ended December 31, 2014 $ 22,955 $ 5,500 $ (19,237 ) $ 9,218 For the year ended December 31, 2013 $ 30,400 $ 3,000 $ (10,445 ) $ 22,955

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2015
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	RAIT Financial Trust Schedule III Real Estate and Accumulated Depreciation As of December 31, 2015 (Dollars in thousands) Initial Cost Cost of Improvements, net of Retirements Gross Carrying Amount Property Name Description Location Land Building Land Building Land (1) Building (1) Accumulated Depreciation- Building Encumbrances (Unpaid Principal) Year of Acquisition Life of Depreciation Willow Grove Land Willow Grove, PA $ 307 $ — $ — $ — $ 307 $ — $ — $ — 2001 N/A Cherry Hill Land Cherry Hill, NJ 307 — — — 307 — — — 2001 N/A Reuss Office Milwaukee, WI 4,090 38,771 — 20,312 4,090 59,083 (21,231 ) (35,692)(2) 2004 30 McDowell Office Scottsdale, AZ 9,809 55,580 — 8,417 9,809 63,997 (15,801 ) (84,609)(2) 2007 30 Crestmont (18) Multi-Family Marietta, GA 3,254 13,017 — 507 3,254 13,524 (2,884 ) (6,522)(20) 2008 40 Copper Mill (18) Multi-Family Austin, TX 3,472 13,888 — 763 3,472 14,651 (3,186 ) (7,101)(20) 2008 40 Cumberland (18) Multi-Family Smyrna, GA 3,100 13,114 — 710 3,100 13,824 (3,007 ) (6,667)(20) 2008 40 Heritage Trace (18) Multi-Family Newport News, VA 2,673 10,691 — 747 2,673 11,438 (2,515 ) (5,314)(20) 2008 40 Mandalay Bay Multi-Family Austin, TX 5,462 21,848 — 760 5,462 22,608 (6,122 ) (27,417)(6) 2008 30 Oyster Point Multi-Family Newport News, VA 3,967 15,868 — 907 3,967 16,775 (4,544 ) (17,133)(8) 2008 30 Tuscany Bay Multi-Family Orlando, FL 7,124 28,496 — 1,465 7,124 29,961 (8,098 ) (29,721)(9) 2008 30 Corey Landings Land St. Pete Beach, FL 21,595 — — 5,024 21,595 5,024 — — 2009 N/A Sharpstown Mall Retail Houston, TX 6,737 26,948 — 9,172 6,737 36,120 (8,747 ) (52,962)(2) 2009 30 Belle Creek Apartments (18) Multi-Family Henderson, CO 1,890 7,562 — 552 1,890 8,114 (1,635 ) (10,575)(2) 2009 40 Tierra Bella Multi-Family Las Vegas, NV 2,184 8,737 — 153 2,184 8,890 (2,046 ) (11,800)(2) 2009 30 Regency Meadows Multi-Family Las Vegas, NV 1,875 7,499 — 440 1,875 7,939 (1,919 ) (10,282)(2) 2009 30 Executive Center Office Milwaukee, WI 1,531 6,324 — 3,816 1,531 10,140 (2,560 ) (11,750)(2) 2009 30 Ashford Place Multi-Family Tampa, FL 4,273 17,092 — 4,668 4,273 21,760 (5,631 ) (24,750)(2) 2009 30 Desert Wind Multi-Family Phoenix, AZ 2,520 10,080 — 530 2,520 10,610 (2,419 ) (12,635)(10) 2009 30 Eagle Ridge Multi-Family Colton, CA 3,198 12,792 — 650 3,198 13,442 (3,162 ) (16,994)(11) 2009 30 Emerald Bay Multi-Family Las Vegas, NV 6,500 26,000 — 1,149 6,500 27,149 (6,215 ) (27,947)(12) 2009 30 Grand Terrace Multi-Family Colton, CA 4,619 18,477 — 740 4,619 19,217 (4,398 ) (23,848)(13) 2009 30 Las Vistas Multi-Family Phoenix, AZ 2,440 9,760 — 824 2,440 10,584 (2,477 ) (12,575)(14) 2009 30 Penny Lane Multi-Family Mesa, AZ 1,540 6,160 — 570 1,540 6,730 (1,610 ) (9,828)(15) 2009 30 Sandal Ridge Multi-Family Mesa, AZ 1,980 7,920 — 948 1,980 8,868 (2,164 ) (11,852)(16) 2009 30 Inlet Square Mall Retail Myrtle Beach, SC — 2,500 — 9,484 — 11,984 (2,983 ) (30,175)(2) 2009 30 Tresa at Arrowhead (18) Multi-Family Phoenix, AZ 7,080 28,320 — 891 7,080 29,211 (5,085 ) (27,500)(2) 2009 40 Mineral Business Center Office Denver, CO 1,940 7,019 — 793 1,940 7,812 (1,837 ) (11,300)(2) 2009 30 1501 Yamato Road Office Boca Raton, FL 8,200 32,800 — 5,503 8,200 38,303 (8,780 ) (54,451)(7) 2009 30 Executive Mews - Willow Grove Office Willow Grove, PA 2,280 9,120 — 1,159 2,280 10,279 (2,210 ) (11,246)(2) 2010 30 Executive Mews - Cherry Hill Office Cherry Hill, NJ 1,980 7,920 — 2,299 1,980 10,219 (2,599 ) (9,886)(5) 2010 30 Ventura Multi-Family Gainesville, FL 1,913 7,650 — 742 1,913 8,392 (1,904 ) (9,137)(17) 2010 30 Lexington/Trails at Northpointe Multi-Family Jackson, MS 4,522 18,086 — 1,687 4,522 19,773 (4,232 ) (26,085)(2) 2010 30 Silversmith Multi-Family Jacksonville, FL 1,048 4,191 — 795 1,048 4,986 (1,268 ) (9,441)(2) 2010 30 Tiffany Square Office Colorado Springs, CO 3,396 9,600 — 2,994 3,396 12,594 (2,835 ) (16,895)(2) 2010 30 Four Resource Square Office Charlotte, NC 4,060 16,240 — 836 4,060 17,076 (2,941 ) (23,000)(2) 2011 30 Ellington Apartments Multi-Family Miami Gardens, FL 5,420 21,886 — 3,784 5,420 25,670 (3,994 ) (34,301)(2) 2011 30 Augusta Apartments Multi-Family Las Vegas, NV 6,180 24,720 — 529 6,180 25,249 (3,908 ) (35,000)(2) 2011 30 South Plaza Retail Nashville, TN 4,480 17,920 — 933 4,480 18,853 (2,940 ) (24,350)(2) 2011 30 Treasure Island Resort Land Daytona Beach, FL 6,230 — — 1,334 6,230 1,334 — (11,077)(2) 2011 N/A Sunny Shores Resort Land Daytona Beach, FL 3,379 — — 43 3,379 43 — (4,323)(2) 2011 N/A MGS Gift Shop Land Daytona Beach, FL 409 — — 16 409 16 — (520)(2) 2011 N/A Saxony Inn Land Daytona Beach, FL 1,465 — — 5 1,465 5 — (2,594)(2) 2011 N/A Beachcomber Beach Resort Land Daytona Beach, FL 10,300 — — 35 10,300 35 — (12,649)(2) 2011 N/A UBS Tower Office St. Paul, MN 3,660 7,926 — 7,740 3,660 15,666 (3,483 ) (18,500)(2) 2012 30 May’s Crossing Retail Round Rock, TX 1,820 6,357 — 248 1,820 6,605 (924 ) (8,600)(2) 2012 30 Runaway Bay (19) Multi-Family Indianapolis, IN 3,079 12,318 — 489 3,079 12,807 (1,117 ) (9,837)(20) 2012 40 Initial Cost Cost of Improvements, net of Retirements Gross Carrying Amount Property Name Description Location Land Building Land Building Land (1) Building (1) Accumulated Depreciation- Building Encumbrances (Unpaid Principal) Year of Acquisition Life of Depreciation South Terrace Multi-Family Durham, NC 4,210 32,434 — 1,062 4,210 33,496 (2,884 ) (33,431)(2) 2013 30 River Park West Multi-Family Houston, TX 6,000 23,572 — 263 6,000 23,835 (1,966 ) (19,500)(20) 2013 30 Berkshire (19) Multi-Family Indianapolis, IN 2,650 10,320 — 452 2,650 10,772 (647 ) (8,612)(20) 2013 40 Crossings (19) Multi-Family Jackson, MS 4,600 17,948 — 541 4,600 18,489 (1,013 ) (15,313)(20) 2013 40 Rutherford Office Woodlawn, MD 719 9,223 — 1,451 719 10,674 (1,103 ) (5,555)(2) 2014 30 Coles Crossing Multi-Family Cypress, TX 8,380 38,855 — 545 8,380 39,400 (2,588 ) (41,356)(3) 2014 30 Reserve at Eagle Ridge (19) Multi-Family Waukegan, IL 5,800 22,743 — 270 5,800 23,013 (1,128 ) (18,850)(20) 2014 40 Windrush (19) Multi-Family Edmond, OK 1,677 7,464 — 149 1,677 7,613 (364 ) (5,808)(20) 2014 40 Heritage Park (19) Multi-Family Oklahoma City, OK 4,233 12,232 — 402 4,233 12,634 (621 ) (10,454)(20) 2014 40 Raindance (19) Multi-Family Oklahoma City, OK 3,502 10,051 — 410 3,502 10,461 (521 ) (8,655)(20) 2014 40 Augusta (Oklahoma) (19) Multi-Family Oklahoma City, OK 1,296 9,930 — 250 1,296 10,180 (492 ) (7,083)(20) 2014 40 Invitational (19) Multi-Family Oklahoma City, OK 1,924 16,852 — 380 1,924 17,232 (833 ) (11,882)(20) 2014 40 Kings Landing (19) Multi-Family Creve Coeur, MO 2,513 29,873 — 106 2,513 29,979 (1,316 ) (21,200)(20) 2014 40 Union Medical Office Colorado Springs, CO 2,448 23,433 — 2,904 2,448 26,337 (1,850 ) (26,085)(2) 2014 30 Carrington (19) Multi-Family Little Rock, AR 1,715 19,526 — 333 1,715 19,859 (827 ) (14,235)(20) 2014 40 Arbors (19) Multi-Family Ridgeland, MS 4,050 15,946 — 559 4,050 16,505 (692 ) (13,150)(20) 2014 40 Walnut Hill (19) Multi-Family Cordova, TN 2,230 25,251 — 420 2,230 25,671 (888 ) (18,650)(20) 2014 40 Lenox Place (19) Multi-Family Raleigh, NC 3,480 20,482 — 275 3,480 20,757 (679 ) (15,991)(20) 2014 40 Stonebridge Crossing (19) Multi-Family Memphis, TN 3,100 26,223 — 419 3,100 26,642 (854 ) (19,370)(20) 2014 40 Oakland Square Retail Troy, MI 6,031 15,836 — 477 6,031 16,313 (797 ) (16,570)(20) 2014 30 Oakland Plaza Retail Troy, MI 5,353 19,381 — 654 5,353 20,035 (914 ) (18,430)(20) 2014 30 100 East Lancaster Avenue Office Downingtown, PA 1,441 5,418 — 212 1,441 5,630 (243 ) (5,450)(2) 2014 30 Bennington Pond (19) Multi-Family Groveport, OH 2,400 14,828 — 245 2,400 15,073 (420 ) (11,375)(20) 2014 40 Prospect Park (19) Multi-Family Louisville, KY 2,837 11,193 — 67 2,837 11,260 (285 ) (9,230)(20) 2014 40 Brookside (19) Multi-Family Louisville, KY 3,947 16,503 — 368 3,947 16,871 (423 ) (13,455)(20) 2014 40 Jamestown (19) Multi-Family Louisville, KY 7,033 27,730 — 399 7,033 28,129 (716 ) (22,880)(20) 2014 40 Meadows (19) Multi-Family Louisville, KY 6,857 30,030 — 757 6,857 30,787 (767 ) (24,245)(20) 2014 40 Oxmoor (19) Multi-Family Louisville, KY 7,411 47,095 — 375 7,411 47,470 (1,193 ) (35,815)(20) 2014 40 Stonebridge at the Ranch (19) Multi-Family Little Rock, AR 3,315 27,954 — 88 3,315 28,042 (703 ) (20,527)(20) 2014 40 Iron Rock Ranch (19) Multi-Family Austin, TX 5,861 28,911 — 254 5,861 29,165 (743 ) (22,900)(20) 2014 40 Bayview Club (19) Multi-Family Indianapolis, IN 2,525 22,506 — 336 2,525 22,842 (343 ) — 2015 40 Arbors River Oaks (19) Multi-Family Memphis, TN 2,100 19,045 — 63 2,100 19,108 (119 ) — 2015 40 Aston (19) Multi-Family Wake Forest, NC 3,450 34,333 — 3 3,450 34,336 (215 ) — 2015 40 Avenues at Craig Ranch (19) Multi-Family McKinneuy, TX 5,500 42,054 — 13 5,500 42,067 (263 ) — 2015 40 Bridge Pointe (19) Multi-Family Huntsville, AL 1,500 14,306 — 14 1,500 14,320 (90 ) — 2015 40 Creekstone at RTP (19) Multi-Family Durham, NC 5,376 32,727 — 10 5,376 32,737 (205 ) (23,250)(20) 2015 40 Fountains Southend (19) Multi-Family Charlotte, NC 4,368 37,254 — 4 4,368 37,258 (233 ) (23,750)(20) 2015 40 Fox Trails (19) Multi-Family Plano, TX 5,700 21,944 — 23 5,700 21,967 (137 ) — 2015 40 Lakeshore on the Hill (19) Multi-Family Chattanooga, TN 925 10,212 — 19 925 10,231 (64 ) — 2015 40 Millenia 700 (19) Multi-Family Orlando, FL 5,500 41,752 — 21 5,500 41,773 (261 ) (29,175)(20) 2015 40 Miller Creek at German Town (19) Multi-Family Memphis, TN 3,300 53,504 — 14 3,300 53,518 (335 ) — 2015 40 Pointe at Canyon Ridge (19) Multi-Family Atlanta, GA 11,100 36,995 — 76 11,100 37,071 (231 ) — 2015 40 St James at Goose Creek (19) Multi-Family Goose Creek, SC 3,780 27,695 — 109 3,780 27,804 (176 ) — 2015 40 Talison Row at Daniel Island (19) Multi-Family Daniel Island, SC 5,480 41,409 — 26 5,480 41,435 (259 ) (33,635)(20) 2015 40 The Aventine Greenville (19) Multi-Family Greenville, SC 4,150 43,905 — 1 4,150 43,906 (274 ) (30,600)(20) 2015 40 Trails at Signal Mountain (19) Multi-Family Chattanooga, TN 1,200 12,895 — 21 1,200 12,916 (81 ) — 2015 40 Vue at Knoll Trail (19) Multi-Family Dallas, TX 3,100 6,077 — 7 3,100 6,084 (38 ) — 2015 40 Waterstone at Brier Creek (19) Multi-Family Raleigh, NC 4,200 34,651 — 10 4,200 34,661 (217 ) (20,425)(20) 2015 40 Waterstone Big Creek (19) Multi-Family Alpharetta, GA 7,600 61,971 — 7 7,600 61,978 (387 ) — 2015 40 Westmont Commons (19) Multi-Family Asheville, NC 2,750 25,225 — 20 2,750 25,245 (158 ) — 2015 40 Adams Aircraft Industrial Englewood, CO 566 3,906 — — 566 3,906 (27 ) (7,329)(4) 2015 30 South Midco Industrial Witchita, KS 415 3,714 — 5 415 3,719 (29 ) (7,243)(4) 2015 30 East Glendale Industrial Sparks, NV 460 1,007 — 3 460 1,010 (7 ) (1,931)(4) 2015 30 Perry Avenue Industrial Attleboro, MA 2,011 28,763 — 24 2,011 28,787 (38 ) (9,433)(4) 2015 30 Interstate Drive Industrial West Springfield, MA 787 4,486 — 10 787 4,496 (51 ) (12,244)(4) 2015 30 Hunt Valley Circle Industrial New Kensington, PA 1,119 9,210 — 5 1,119 9,215 (41 ) (10,692)(4) 2015 30 Kirby Circle Industrial Palm Bay, FL 719 18,930 — — 719 18,930 (45 ) (16,813)(4) 2015 30 Rex Boulevard Industrial Auburn Hills, MI 1,393 6,310 — 211 1,393 6,521 (68 ) (14,460)(4) 2015 30 Square Drive Industrial Marysville, OH 544 4,342 — 37 544 4,379 (23 ) (5,604)(4) 2015 30 Fondorf Drive Industrial Columbus, OH 403 5,521 — 35 403 5,556 (30 ) (7,674)(4) 2015 30 Erieview Tower Office Cleveland, OH 17,385 40,287 — 4,191 17,385 44,478 — (66,819)(2) 2015 30 $ 415,707 $ 1,975,370 $ — $ 126,568 $ 415,707 $ 2,101,938 $ (198,326 ) $ (1,685,975 ) (1) The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2015. (2) These encumbrances are held by our consolidated securitizations, RAIT I and RAIT II (3) Of these encumbrances, $25,830 is held by third parties and $15,526 is held by RAIT I. (4) Of these encumbrances, $82,423 is held by third parties and $11,000 is held by RAIT I. (5) Of these encumbrances, $8,302 is held by third parties and $1,584 is held by RAIT. (6) Of these encumbrances, $15,500 is held by third parties and $11,917 is held by RAIT II. (7) Of these encumbrances, $21,951 is held by third parties and $32,500 is held by RAIT I. (8) Of these encumbrances, $5,191 is held by third parties and $11,942 is held by RAIT II. (9) Of these encumbrances, $9,143 is held by third parties and $20,578 is held by RAIT II. (10) Of these encumbrances, $3,912 is held by third parties and $8,723 is held by RAIT II. (11) Of these encumbrances, $5,294 is held by third parties and $11,700 is held by RAIT II. (12) Of these encumbrances, $8,647 is held by third parties and $19,300 is held by RAIT II. (13) Of these encumbrances, $7,448 is held by third parties and $16,400 is held by RAIT II. (14) Of these encumbrances, $3,963 is held by third parties and $8,612 is held by RAIT II. (15) Of these encumbrances, $3,003 is held by third parties and $6,825 is held by RAIT II. (16) Of these encumbrances, $3,533 is held by third parties and $8,319 is held by RAIT II. (17) Of these encumbrances, $2,837 is held by third parties and $6,300 is held by RAIT II. (18 ) During 2012 and 2011, these properties were acquired by our subsidiary, Independence Realty Trust, Inc. (19 ) These properties were acquired in the year of acquisition, as noted in the table above, by our subsidiary, Independence Realty Trust, Inc. (20 ) These encumbrances are held entirely by third parties. Investments in Real Estate For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Balance, beginning of period $ 1,840,451 $ 1,131,931 Additions during period: Acquisitions 854,901 697,015 Improvements to land and building 26,137 18,841 Deductions during period: Dispositions and deconsolidations of real estate (203,844 ) (7,336 ) Balance, end of period: $ 2,517,645 $ 1,840,451 Accumulated Depreciation For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Balance, beginning of period $ 168,480 $ 127,745 Depreciation expense 55,149 41,724 Dispositions and deconsolidations of real estate (25,303 ) (989 ) Balance, end of period: $ 198,326 $ 168,480

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2015
Mortgage Loans On Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	RAIT Financial Trust Schedule IV Mortgage Loans on Real Estate As of December 31, 2015 (Dollars in thousands) (1) Summary of Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests Interest Rate Maturity Date Principal Description of mortgages Number of Loans Lowest Highest Earliest Latest Lowest Highest Carrying Amount of Mortgages (a) (d) Commercial mortgages Multi-family 29 4.5 % 8.0 % 5/1/2016 11/1/2025 3,700 34,350 349,465 Office 47 4.4 % 8.0 % 3/1/2016 1/2/2029 268 27,040 466,102 Retail 32 4.6 % 7.5 % 4/1/2016 1/1/2026 2,566 74,800 439,762 Other 16 5.0 % 7.5 % 10/1/2016 11/30/2021 2,225 24,500 170,950 Subtotal 124 8,759 160,690 1,426,279 Mezzanine Loans Multi-family 23 5.0 % 14.5 % 3/11/2016 (e) 1/1/2025 22 12,339 47,861 Office 26 5.1 % 12.5 % 2/1/2016 5/1/2025 384 23,990 108,297 Retail 5 0.5 % (b) 12.5 % 6/1/2016 5/8/2018 159 7,790 10,196 Other 3 5.9 % 12.5 % 1/11/2016 12/1/2017 600 1,383 2,984 Subtotal 57 1,165 45,502 169,338 Preferred equity interests Multi-family 4 6.0 % 11.9 % 2/11/2016 8/18/2025 884 7,948 20,991 Office 2 0.0 % (c) 0.0 % 1/11/2017 3/11/2017 3,650 4,296 7,945 Retail 1 12.0 % 12.0 % 9/30/2016 9/30/2016 1,300 1,300 1,300 Subtotal 7 5,834 13,544 30,236 Total commercial mortgages, mezzanine loans and preferred equity interests 188 15,758 219,736 1,625,853 (a) The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount. (b) Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%. (c) Relates to a $3.7 million preferred equity interest and a $4.4 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property. (d) Reconciliation of carrying amount of commercial mortgage loans, mezzanine loans and preferred equity interests: For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 Balance, beginning of period $ 1,393,132 $ 1,123,177 Additions during period: Investments in loans 1,012,310 951,084 Accretion of discount 1,316 5,744 Deductions during period: Collections of principal (291,228 ) (164,040 ) Sales of conduit loans (424,979 ) (409,667 ) Conversion of loans to real estate and charge-offs (64,698 ) (62,607 ) Deconsolidation of Taberna VIII and IX CDOs — (50,559 ) Balance, end of period: $ 1,625,853 $ 1,393,132 (e) Does not include the maturity dates of three loans which were 90 or more days past due which had contractual maturity dates prior to December 31, 2015. (a) Summary of Commercial Mortgage Loanss, Mezzanine Loans and Preferred Equity Interests by Geographic Location: Interest Rate Principal Location by State Number of Loans Lowest Highest Lowest Highest Total Carrying Amount of Mortgages Texas 35 4.7 % 14.5 % $ 22 $ 34,350 $ 280,458 Florida 20 4.6 % 12.0 % 159 27,040 207,356 Various 4 0.5 % (a) 12.5 % 963 74,800 161,553 California 21 0.0 % (b) 7.8 % 1,480 24,100 190,692 Ohio 8 5.3 % \ 6.5 % 559 20,000 77,658 Pennsylvania 6 5.0 % 12.5 % 586 15,500 46,560 Colorado 6 4.5 % 12.0 % 833 33,700 72,392 New York 8 5.5 % 11.0 % 1,000 10,500 45,725 Wisconsin 14 5.2 % 12.5 % 248 13,000 36,796 Maryland 3 5.2 % 6.3 % 4,040 24,500 37,490 North Carolina 2 5.2 % 5.3 % 12,600 23,850 36,450 Georgia 11 5.2 % 12.5 % 383 30,804 85,853 Illinois 5 4.9 % 6.8 % 5,400 13,000 51,900 Alabama 4 5.0 % 6.3 % 6,739 13,600 37,539 Minnesota 1 4.4 % 5.5 % 3,995 16,000 19,995 Massachusetts 2 5.3 % 7.2 % 12,850 18,500 31,231 Tennessee 3 5.8 % 7.0 % 4,400 7,250 17,809 New Jersey 2 5.5 % 11.0 % 4,000 10,625 14,625 Arizona 5 5.0 % 12.1 % 100 11,750 20,180 Indiana 5 5.5 % 12.5 % 357 5,000 8,861 Iowa 2 6.5 % 6.5 % 1,600 8,150 9,750 Connecticut 2 12.0 % 12.0 % 554 4,000 8,302 Oklahoma 3 5.2 % 10.0 % 4,953 7,860 18,413 Michigan 1 5.5 % 5.5 % 6,800 6,800 6,800 Virginia 5 4.8 % 12.5 % 395 17,250 36,595 Montana 1 6.0 % 6.0 % 6,300 6,300 6,300 Mississippi 1 12.5 % 12.5 % 820 820 820 South Carolina 1 5.2 % 5.2 % 9,000 9,000 9,000 Missouri 1 9.1 % 9.1 % 2,600 2,600 2,600 Kentucky 1 12.5 % 12.5 % 238 238 238 Delaware 1 12.5 % 12.5 % 661 661 661 New Mexico 1 6.0 % 6.0 % 4,550 4,550 4,550 Nevada 2 5.7 % 6.0 % 8,400 26,000 34,400 Oregon 1 4.7 % 4.7 % 6,300 6,300 6,300 188 0.0 % 14.5 % $ 22 $ 74,800 $ 1,625,853 (a) Relates to a $7.8 million commercial real estate loan that was restructured in 2011 to reduce the interest rate from 10.25% to 0.5%. (b) Relates to a $3.7 million preferred equity interest and a $4.4 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. Certain prior period amounts have been reclassified to conform with the current period presentation, including: i) in 2015, reclassifying $44 from property income to real estate operating expense for the year ended December 31, 2014, and ii) in 2014, separately presenting acquisition and integration expenses on the face of the consolidated statements of operations. During the year ended December 31, 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 $2,160 related to our acquisition of Urban Retail. During the year ended December 31, 2015, we corrected the Consolidated Statements of Cash Flows for the years ended December 31, 2014 and December 31, 2013. 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 $32,078 and $41,276 for the years ended December 31, 2014 and December 31, 2013, respectively. The revision had no impact to cash and cash equivalents as of December 31, 2013. In addition, the revision did not impact any other consolidated financial statement as of and for the years ended December 31, 2014 and December 31, 2013. We evaluated these corrections of errors, revisions and reclassifications and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements.
Principles of Consolidation	b. Principles of Consolidation The consolidated financial statements reflect our accounts and the accounts of our majority-owned and/or controlled subsidiaries. We also consolidate entities that are variable interest entities, or VIEs, where we have determined that we are the primary beneficiary of such entities. The portions of these entities that we do not own are presented as noncontrolling interests as of the dates and for the periods presented in the consolidated financial statements. All intercompany accounts and transactions have been eliminated in consolidation. Under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 810, “Consolidation”, the determination of whether to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We define the power to direct the activities that most significantly impact the VIE’s economic performance as the ability to buy, sell, refinance, or recapitalize assets or entities, and solely control other material operating events or items of the respective entity. For our commercial mortgages, mezzanine loans, and preferred equity investments, certain rights we hold are protective in nature and would preclude us from having the power to direct the activities that most significantly impact the VIE’s economic performance. Assuming both criteria are met, we would be considered the primary beneficiary and would consolidate the VIE. We will continually assess our involvement with VIEs and consolidate the VIEs when we are the primary beneficiary. See Note 9 for additional disclosures pertaining to VIEs.
Use of Estimates	c. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. The items that include significant estimates are fair value of financial instruments and allowance for loan losses. Actual results could differ from those estimates.
Cash and Cash Equivalents	d. Cash and Cash Equivalents Cash and cash equivalents include cash held in banks and highly liquid investments with maturities of three months or less when purchased. Cash, including amounts restricted, may at times exceed the Federal Deposit Insurance Corporation deposit insurance limit of $250 per institution. We mitigate credit risk by placing cash and cash equivalents with major financial institutions. To date, we have not experienced any losses on cash and cash equivalents.
Restricted Cash	e. Restricted Cash Restricted cash consists primarily of tenant escrows and borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. As of December 31, 2015 and 2014, we had $165,866 and $105,207, respectively, of tenant escrows and borrowers’ funds. Restricted cash also includes proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2015 and 2014, we had $47,146 and $19,013, respectively, of restricted cash held by securitizations.
Investments in Mortgages, Loans and Preferred Equity Interests	f. Investments in Mortgages, Loans and Preferred Equity Interests 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 Loan Losses, Impaired Loans and Non-accrual Status	g. Allowance for Loan Losses, Impaired Loans and Non-accrual Status We maintain an allowance for loan 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. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating which are categorized as either watchlist/impaired or satisfactory. 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. 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 loan losses is increased by charges to operations and decreased by charge-offs (net of recoveries). We charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible.
Investments in Real Estate	h. Investments in Real Estate Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been evaluated to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred. Acquisitions of real estate assets and any related intangible assets are recorded initially at fair value under FASB ASC Topic 805, “Business Combinations.” Fair value is determined by management based on market conditions and inputs at the time the asset is acquired. 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.
Investments in Securities	i. Investments in Securities We account for our investments in securities under FASB ASC Topic 320, “Investments—Debt and Equity Securities”, and designate each investment security as a trading security, an available-for-sale security, or a held-to-maturity security based on our intent at the time of acquisition. Trading securities are recorded at their fair value each reporting period with fluctuations in fair value reported as a component of earnings. Available-for-sale securities are recorded at fair value with changes in fair value reported as a component of other comprehensive income (loss). When we elect to record certain available-for-sale securities under the fair value option, in accordance with FASB ASC Topic 825, “Financial Instruments,” they are recorded at fair value with changes in fair value reported as a component of earnings. See “m. Fair Value of Financial Instruments.” Upon the sale of an available-for-sale security, the realized gain or loss on the sale will be recorded as a component of earnings in the respective period. Held-to-maturity investments are carried at amortized cost at each reporting period. We use our judgment to determine whether an investment in securities has sustained an other-than-temporary decline in value. If management determines that an available-for-sale security has sustained an other-than-temporary decline in its value, the investment is written down to its fair value by a charge to earnings, and we establish a new cost basis for the investment. Our evaluation of an other-than-temporary decline is dependent on the specific facts and circumstances. Factors that we consider in determining whether an other-than-temporary decline in value has occurred include: the estimated fair value of the investment in relation to our cost basis; the financial condition of the related entity; and the intent and ability to retain the investment for a sufficient period of time to allow for recovery of the fair value of the investment.
Transfers of Financial Assets	j. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables.
Revenue Recognition	k. Revenue Recognition 1) Interest income 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 Also, during the years ended December 31, 2015, 2014 and 2013 we earned $4,984, $1,582, and $128 of asset management fees, respectively, and $629, $154 and $144 of incentive fees, respectively, related to our Advisory Agreement with IRT. During the years ended December 31, 2015, 2014 and 2013 we also earned $3,675, $1,759, and $785, respectively, of property management and leasing fees related to our property management agreements with IRT’s properties. As we consolidate IRT, these fees are eliminated in consolidation.
Derivative Instruments	l. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings.
Fair Value of Financial Instruments	m. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: · Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. · Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. · Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category were TruPs and subordinated debentures, trust preferred obligations and CDO notes payable where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
Income Taxes	n. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, and IRT have each elected to be taxed as a REIT and to comply with the related provisions of the Internal Revenue Code of 1986, as amended, or the Internal Revenue Code. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of our dividends to shareholders and as long as certain asset, income and share ownership tests are met. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for dividends to our shareholders. Management believes that all of the criteria to maintain RAIT’s, TRFT’s, and IRT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimate of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations. Our TRS entities generate taxable revenue from advisory fees for services provided to IRT and collateral management fees from consolidated securitizations. In consolidation, these fees are eliminated as IRT and securitizations are included in the consolidated group. Nonetheless, all income taxes are expensed and are paid by the TRSs in the year in which the revenue is received. These income taxes are not eliminated when the related revenue is eliminated in consolidation. The TRS entities may be subject to tax laws that are complex and potentially subject to different interpretations by the taxpayer and the relevant governmental taxing authorities. In establishing a provision for income tax expense, we must make judgments and interpretations about the application of these inherently complex tax laws. Actual income taxes paid may vary from estimates depending upon changes in income tax laws, actual results of operations, and the final audit of tax returns by taxing authorities. Tax assessments may arise several years after tax returns have been filed. We review the tax balances of our TRS entities quarterly and, as new information becomes available, the balances are adjusted as appropriate.
Share-Based Compensation	o. Share-Based Compensation We account for our share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” We measure the cost of employee and trustee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and record compensation expense for the entire award on a straight line basis, over the related vesting period, for the entire award.
Deferred Financing Costs and Intangible Assets	p. Deferred Financing Costs and Intangible Assets Costs incurred in connection with debt financing are capitalized as deferred financing costs and charged to interest expense over the terms of the related debt agreements, in a manner that approximates 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 December 31, 2015 and December 31, 2014, respectively. The gross carrying amount for our in-place leases and above-market leases was $38,333 and $22,725 as of December 31, 2015 and December 31, 2014, respectively. The gross carrying amount for Urban Retail’s trade name was $1,500 as of December 31, 2015 and December 31, 2014, respectively. The accumulated amortization for our intangible assets was $26,307 and $13,911 as of December 31, 2015 and December 31, 2014, respectively. We recorded amortization expense of $14,283, $11,924 and $2,379 for the years ended December 31, 2015, 2014 and 2013, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $11,132 for 2016, $4,927 for 2017, $3,726 for 2018, $3,236 for 2019, $3,498 for and $6,157 thereafter. As of December 31, 2015, we have determined that no impairment exists on our intangible assets.
Goodwill	q. 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 December 31, 2015 and 2014, we have $8,854 and $11,014, respectively, of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As discussed above, during the year ended December 31, 2015, we recorded an adjustment to correct the deferred tax liability balance with an offset to goodwill for $2,160 related to our acquisition of Urban Retail. During the year ended December 31, 2014 we revised the initial purchase price allocation related to Urban Retail and recorded a net increase in goodwill of $3,052 related to a deferred tax liability associated with definite-lived intangible assets and an adjustment to a liability based on its fair value. As of December 31, 2015, we have determined that no impairment exists on our goodwill.
Recent Accounting Pronouncements	r. 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, 2017. 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. The adoption of this accounting standard will not have an impact 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. In January 2016, the FASB issued an accounting standard classified under FASB ASC Topic 825, “Financial Instruments”. This accounting standard amends existing guidance related to the disclosure, presentation, recognition and measurement of financial assets and financial liabilities. This accounting standard primarily amends the accounting for equity method investments, fair value disclosures and presentation of financial assets and financial liabilities. This standard is effective for interim and annual reporting beginning after December 15, 2017, with certain aspects available for early adoption. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard amends existing guidance related to leases, primarily by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under the current accounting guidance. This standard is effective for interim and annual reporting beginning after December 15, 2018, with early adoption permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

INVESTMENTS IN COMMERCIAL MOR33

INVESTMENTS IN COMMERCIAL MORTGAGES, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Investments in Loans	The following table summarizes our investments in commercial mortgages, mezzanine loans and preferred equity interests as of December 31, 2015: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (2) Commercial Real Estate (CRE) Commercial mortgages (3) $ 1,427,328 $ (1,049 ) $ 1,426,279 124 5.2 % Mar. 2016 to Jan. 2029 Mezzanine loans 169,556 (218 ) 169,338 57 10.0 % Jan. 2016 to May 2025 Preferred equity interests 30,237 (1 ) 30,236 7 6.9 % Feb. 2016 to Aug. 2025 Total CRE 1,627,121 (1,268 ) 1,625,853 188 6.1 % Deferred fees, net (2,270 ) — (2,270 ) Total $ 1,624,851 $ (1,268 ) $ 1,623,583 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) (3) Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $49,239 a weighted-average coupon of 4.8% and maturity dates ranging from December 2020 through January 2026. These commercial mortgages are accounted for as loans held for sale. The following table summarizes our investments in commercial mortgages, mezzanine 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 (3) Commercial Real Estate (CRE) Commercial mortgages (2) $ 1,148,290 $ (14,519 ) $ 1,133,771 95 5.9 % Jan. 2015 to Jan. 2025 Mezzanine loans 226,105 (1,602 ) 224,503 74 9.8 % Mar. 2015 to Jan. 2029 Preferred equity interests 34,859 (1 ) 34,858 9 7.1 % Feb. 2016 to Aug. 2025 Total CRE 1,409,254 (16,122 ) 1,393,132 178 6.5 % Deferred fees, net (696 ) — (696 ) Total $ 1,408,558 $ (16,122 ) $ 1,392,436 (1) Weighted-average coupon is calculated on the unpaid principal balance, 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 classified as loans held for sale.
Delinquency Statistics of Commercial Real Estate Loan	The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2015 and 2014: As of December 31, 2015 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings (b) Total Non-accrual (a) Commercial mortgages $ 1,427,328 $ — $ — $ — $ 1,427,328 $ 15,645 Mezzanine loans 167,145 — — 1,163 1,248 169,556 12,346 Preferred equity interests 30,237 — — — — 30,237 7,946 Total $ 1,624,710 $ — $ — $ 1,163 $ 1,248 $ 1,627,121 $ 35,937 (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 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.
Maturities of Investments in Commercial Mortgages, Mezzanine Loans and Preferred Equity Interests	The following table sets forth the maturities of our investments in commercial mortgages, mezzanine loans and preferred equity interests by year: Commercial Mezzanine Preferred equity Total 2016 $ 221,538 $ 80,931 $ 8,184 $ 310,653 2017 544,099 25,239 7,946 577,284 2018 456,469 16,930 - 473,399 2019 83,750 - - 83,750 2020 54,421 8,854 7,948 71,223 Thereafter 67,051 37,602 6,159 110,812 Total $ 1,427,328 $ 169,556 $ 30,237 $ 1,627,121
Investment in Loans by Credit Risk Category	We have classified our investment in loans by credit risk category as of December 31, 2015 and December 31, 2014 as follows: As of December 31, 2015 Credit Status Commercial Mortgages Mezzanine Loans Preferred Equity Total Satisfactory $ 1,336,883 $ 135,710 $ 22,291 $ 1,494,884 Watchlist/Impaired 90,445 33,846 7,946 132,237 Total $ 1,427,328 $ 169,556 $ 30,237 $ 1,627,121 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 Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the years ended December 31, 2015 and 2014: For the Year Ended December 31, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 4,668 478 8,300 Charge-offs, net of recoveries — (421 ) — (421 ) Ending balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 For the Year Ended December 31, 2014 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 21,636 $ 1,319 $ 22,955 Provision for loan losses 360 4,894 246 5,500 Charge-offs, net of recoveries (360 ) (18,638 ) (239 ) (19,237 ) Ending balance $ — $ 7,892 $ 1,326 $ 9,218
Loans Considered to be Impaired	Information on those loans considered to be impaired as of December 31, 2015 and December 31, 2014 was as follows: As of December 31, 2015 Watchlist/Impaired Loans Commercial Mortgages Mezzanine Loans Preferred Equity Total Watchlist/Impaired loans expecting full recovery $ 74,800 $ 3,000 $ — $ 77,800 Watchlist/Impaired loans with reserves 15,645 30,846 7,946 54,437 Total Watchlist/Impaired Loans(1) $ 90,445 $ 33,846 $ 7,946 $ 132,237 Allowance for loan losses $ 3,154 $ 12,139 $ 1,804 $ 17,097 (1) As of December 31, 2015, this includes no unpaid principal relating to previously identified TDRs that are on accrual status. 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 loan 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)	12 Months Ended
	Dec. 31, 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 Estimated Fair Value Weighted Average Coupon (1) Weighted Average Years to Maturity Available-for-sale securities (2) $ 210,600 $ 19,167 3.5 % 23.1 Security-related receivables Unsecured REIT note receivables 10,000 10,995 6.7 % 3.0 CMBS receivables (3) 5,000 1,250 5.7 % 34.5 Total security-related receivables 15,000 12,245 6.3 % 13.5 Total investments in securities $ 225,600 $ 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)	12 Months Ended
	Dec. 31, 2015
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value as of December 31 2015 2014 Multi-family real estate properties (a) $ 1,842,704 $ 1,286,898 Office real estate properties 395,224 370,114 Industrial real estate properties 94,938 — Retail real estate properties 134,331 132,117 Parcels of land 50,448 51,322 Subtotal 2,517,645 1,840,451 Less: Accumulated depreciation and amortization (a) (198,326 ) (168,480 ) Investments in real estate $ 2,319,319 $ 1,671,971 (a) As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376.
Minimum Future Rentals under Expiring Leases for Office and Retail Properties	The following table represents the minimum future rentals under expiring leases for our office and retail properties as of December 31, 2015. 2016 $ 10,255 2017 8,225 2018 5,272 2019 3,787 2020 6,937 2021 and thereafter 21,033 Total $ 55,509
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 31 properties acquired during the year ended December 31, 2015, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805. Description RAIT IRT Total Estimated Fair Value Assets acquired: Investments in real estate $ 156,801 $ 707,268 $ 864,069 Cash and cash equivalents 685 2,685 3,370 Restricted cash 1,416 — 1,416 Accounts receivable and other assets 316 6,599 6,915 Deferred financing costs — — — Intangible assets 8,244 7,690 15,934 Total assets acquired 167,462 724,242 891,704 Liabilities assumed: Loans payable on real estate 82,423 359,495 441,918 Accounts payable and accrued expenses 2,627 7,867 10,494 Accrued interest payable — 130 130 Other liabilities 6,634 3,764 10,398 Total liabilities acquired 91,684 371,256 462,940 Noncontrolling interests assumed: — — — Estimated fair value of net assets acquired $ 75,778 $ 352,986 $ 428,764
Consideration Transferred to Acquire Real Estate Properties	The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date: Description RAIT IRT Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 75,782 $ — $ 75,782 Cash and cash equivalents — $ 164,527 $ 164,527 Equity — 123,855 123,855 Total fair value of consideration transferred $ 75,782 $ 288,382 $ 364,164
Schedule of Revenue and Net Income (Loss) for the Properties Acquired	The table below presents the revenue and net income (loss) for the properties acquired during the year ended December 31, 2015 as reported in our consolidated financial statements. For the Year Ended December 31, 2015 Property Total Revenue Net income (loss) allocable to common shares TSRE Portfolio $ 19,617 $ 3,420 Bayview Club 1,736 85 Erieview Tower & Parking 357 $ 19 10 Industrial Properties 1,242 (701 ) Total $ 22,952 $ 2,823
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 Year Ended December 31, 2015 For The Year Ended December 31, 2014 Pro forma total revenue (unaudited) 382,875 367,773 Pro forma net income (loss) allocable to common shares (unaudited) 16,067 (307,276 ) Earnings (loss) per share attributable to common shareholders Basic—as pro forma (unaudited) 0.19 (3.78 ) Diluted—as pro forma (unaudited) 0.19 (3.78 )
Summary of Disposition and Each Property's Contribution	The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: For the Year Ended December 31, 2015 Property Name Property Type Date of Sale Sale Price Gain (loss) on sale Net income (loss) allocable to common shares English Aire/Lafayette Multifamily 5/15/2015 $ 18,786 $ — $ 265 Preserve at Colony Lakes Multifamily 6/23/2015 49,250 17,913 733 Del Aire/Cardinal Land 7/6/2015 3,000 901 (15 ) Regency Manor Multifamily 9/10/2015 17,500 6,435 403 Vista Lago Multifamily 12/22/2015 17,675 7,844 685 Balcones Multifamily 12/31/2015 30,000 2,938 284 Long Beach Office 12/30/2015 5,200 1,068 122 Centrepoint IRT Multifamily 12/22/2015 33,600 6,420 753 Total $ 175,011 $ 43,519 $ 3,230
TSRE
Aggregate Estimated Fair Value of Assets and Liabilities Acquired	As a result of the TSRE acquisition, IRT acquired 19 multi-family properties representing 4,989 units (unaudited). During the fourth quarter of 2015, IRT received additional information regarding estimates IRT had made for certain receivables and other assets and accrued expenses. This information led to an increase in fair value of the net assets we acquired of $592. The fair value of the assets and liabilities that IRT acquired was as follows: Cash assumed $ 2,685 Investments in real estate 682,237 Accounts receivable and other assets 6,513 Intangible assets 7,471 Indebtedness (359,495 ) Accounts payable and accrued expenses (7,379 ) Accrued interest payable (130 ) Other liabilities (3,662 ) Total $ 328,240
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)	12 Months Ended
	Dec. 31, 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 December 31, 2015: Description Unpaid Principal Balance Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 30,048 $ 29,887 7.0 % Apr. 2031 4.0% convertible senior notes (2) 141,750 137,084 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 70,000 63,150 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 10,504 4.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 97,067 97,067 2.4 % July 2016 to Jan. 2018 Total recourse indebtedness 514,541 494,697 5.1 % Non-recourse indebtedness: Secured credit facilities (4) 271,500 271,500 2.9 % Sept. 2018 Term Loans (5) 120,000 120,000 5.4 % Sept. 2016 CDO notes payable, at amortized cost (6)(7) 950,981 940,088 0.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (8) 717,255 717,113 2.4 % May 2031 to Dec. 2031 Loans payable on real estate (9) 815,746 816,052 4.5 % Apr. 2016 to Apr. 2026 Total non-recourse indebtedness 2,875,482 2,864,753 2.7 % Total indebtedness $ 3,390,023 $ 3,359,450 3.0 % (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 December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly. (5) Floating rate at 500 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly. (6 ) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (7 ) Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests, $815,745 of which eliminates in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. ( 8 ) Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (9 ) Includes $545,956 of unpaid principal balance with a carrying amount of $546,262 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 May 2025. 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 Senior secured notes 78,000 68,314 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 13,102 0.5 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 25,100 2.7 % Apr. 2037 CMBS facilities 85,053 85,053 2.5 % Nov. 2015 to Jul. 2016 Total recourse indebtedness 514,545 491,309 5.1 % Non-recourse indebtedness: Secured credit facilities 18,392 18,392 2.7 % Oct. 2016 CDO notes payable, at amortized cost (4)(5) 1,074,102 1,073,145 0.6 % 2045 to 2046 CMBS securitizations (6) 389,994 389,415 1.9 % Jan. 2029 to Dec. 2031 Loans payable on real estate (7) 641,874 643,405 4.6 % Sep. 2015 to May 2040 Total non-recourse indebtedness 2,124,362 2,124,357 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 mortgage loans, mezzanine 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 mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (7) Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.
Aggregate Contractual Maturities of Indebtedness by Year	The following table displays the aggregate contractual maturities of our indebtedness by year: Recourse indebtedness Non-recourse indebtedness 2016 $ 67,748 $ 257,139 2017 35,000 19,137 2018 46,819 316,422 2019 89,405 8,333 2020 — 43,463 Thereafter (1) 275,569 2,230,988 Total $ 514,541 $ 2,875,482 (1) Includes $30,048 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $141,750 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

DERIVATIVE FINANCIAL INSTRUME37

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 and December 31, 2014: As of December 31, 2015 As of December 31, 2014 Notional Fair Assets Fair Value of Liabilities Notional Fair Assets Fair Value of Liabilities Cash flow hedges: Interest rate swaps $ 243,816 $ — $ (4,672 ) $ 424,025 $ — $ (20,051 ) Interest rate caps 200,000 24 — — — — Other interest rate swaps 37,325 182 (55 ) 72,000 — (644 ) Net fair value $ 481,141 $ 206 $ (4,727 ) $ 496,025 $ — $ (20,695 )

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015: Financial Instrument Carrying Amount Estimated Fair Value Assets Commercial mortgages, mezzanine loans and preferred equity interests, net $ 1,623,583 $ 1,537,086 Investments in securities and security-related receivables — — Cash and cash equivalents 125,886 125,886 Restricted cash 213,012 213,012 Derivative assets 206 206 Liabilities Recourse indebtedness: 7.0% convertible senior notes 29,887 27,795 4.0% convertible senior notes 137,084 104,184 7.625% senior notes 60,000 46,560 7.125% senior notes 71,905 62,471 Senior secured notes 63,150 66,725 Junior subordinated notes, at fair value 10,504 10,504 Junior subordinated notes, at amortized cost 25,100 11,221 CMBS facilities 97,067 97,067 Non-recourse indebtedness: Secured credit facilities 271,500 271,500 Term loans 120,000 120,000 CDO notes payable, at amortized cost 940,088 801,289 CMBS securitizations 717,113 709,001 Loans payable on real estate 816,052 834,816 Derivative liabilities 4,727 4,727 Warrants and investor SARs 26,200 26,200 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, net $ 1,392,436 $ 1,316,796 Investments in securities and security-related receivables 31,412 31,412 Cash and cash equivalents 121,726 121,726 Restricted cash 124,220 124,220 Liabilities Recourse indebtedness: 7.0% convertible senior notes 33,417 41,901 4.0% convertible senior notes 134,418 123,677 7.625% senior notes 60,000 56,016 7.125% senior notes 71,905 70,064 Secured credit facilities 18,392 18,392 Junior subordinated notes, at fair value 13,102 13,102 Junior subordinated notes, at amortized cost 25,100 14,471 CMBS facilities 55,956 55,956 Commercial mortgage facility 29,097 29,097 Senior secured notes 68,314 79,594 Non-recourse indebtedness: CDO notes payable, at amortized cost 1,073,145 913,050 CMBS securitizations 389,415 389,771 Loans payable on real estate 643,405 678,306 Derivative liabilities 20,695 20,695 Warrants and investor SARs 35,384 35,384
Information of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2015, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance of December 31, 2015 Available-for-sale securities $ — $ — $ — $ — Security-related receivables Unsecured REIT note receivables — — — — CMBS receivables — — — — Other securities — — — — Derivative assets — 206 — 206 Total assets $ — $ 206 $ — $ 206 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 of December 31, 2015 Junior subordinated notes, at fair value $ — $ — $ 10,504 $ 10,504 Derivative liabilities — 4,727 — 4,727 Warrants and investor SARs — — 26,200 26,200 Total liabilities $ — $ 4,727 $ 36,704 $ 41,431 (a) During the year ended December 31, 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 Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance 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 of December 31, 2014 Junior subordinated notes, at fair value $ — $ — $ 13,102 $ 13,102 CDO notes payable, at fair value — — — — 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	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 (9,184 ) (2,598 ) (11,782 ) Purchases — — — Sales — — — Principal repayments — — — Balance, as of December 31, 2015 $ 26,200 $ 10,504 $ 36,704 Liabilities Derivative Liabilities Warrants and investor SARs CDO Notes Payable, at Fair Value Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2013 $ 67,405 $ 31,304 $ 377,235 $ 11,911 $ 487,855 Change in fair value of financial instruments (16,518 ) (8,593 ) 100,484 1,191 76,564 Purchases — 12,673 — — 12,673 Sales — — — — — Principal repayments — — (69,954 ) — (69,954 ) Taberna deconsolidation (50,887 ) — (407,765 ) — (458,652 ) Balance, as of December 31, 2014 $ — $ 35,384 $ — $ 13,102 $ 48,486
Rollforward of Level 3 Assets	Assets Trading Securities—TruPS and Subordinated Debentures Security—Related Receivables—TruPS and Subordinated Debenture Receivables Total Level 3 Assets Balance, as of December 31, 2013 $ 480,845 $ 8,211 489,056 Change in fair value of financial instruments 9,360 (540 ) 8,820 Purchases — — — Sales — — — Principal repayments (40,000 ) — (40,000 ) Taberna deconsolidation (450,205 ) (7,671 ) (457,876 ) Balance, as of December 31, 2014 $ — $ — $ —
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage facility approximates cost due to the nature of these instruments and are not included in the tables below. Fair Value Measurement Carrying Amount December 31, 2015 Estimated Fair Value as of December 31, 2015 Valuation Technique Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Commercial mortgages and mezzanine loans $ 1,623,583 $ 1,537,086 Discounted cash flows $ 1,537,086 7.0% convertible senior notes 29,887 27,795 Trading price 27,795 4.0% convertible senior notes 137,084 104,184 Trading price 104,184 7.625% senior notes 60,000 46,560 Trading price 46,560 7.125% senior notes 71,905 62,471 Trading price 62,471 Senior Secured Notes 63,150 66,725 Discounted cash flows 66,725 Junior subordinated notes, at amortized cost 25,100 11,221 Discounted cash flows 11,221 CDO notes payable, at amortized cost 940,088 801,289 Discounted cash flows 801,289 CMBS securitization 717,113 709,001 Discounted cash flows 709,001 Loans payable on real estate 816,052 834,816 Discounted cash flows 834,816 Fair Value Measurement Carrying Amount 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 Other Unobservable Inputs (Level 3) Commercial mortgages and mezzanine loans $ 1,392,436 $ 1,316,796 Discounted cash flows $ — $ — $ 1,316,796 7.0% convertible senior notes 33,417 41,901 Trading price 41,901 — — 4.0% convertible senior notes 134,418 123,677 Trading price 123,677 — — 7.625% senior notes 60,000 56,016 Trading price 56,016 — — 7.125% senior notes 71,905 70,064 Trading price 70,064 — — Senior Secured Notes 68,314 79,594 Discounted cash flows — — 79,594 Junior subordinated notes, at amortized cost 25,100 14,471 Discounted cash flows — — 14,471 CDO notes payable, at amortized cost 1,073,145 913,050 Discounted cash flows — — 913,050 CMBS securitization 389,415 389,771 Discounted cash flows — — 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 within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: Description For the Year Ended December 31, 2015 For the Year Ended December 31, 2014 For the Year Ended December 31, 2013 Change in fair value of trading securities and security-related receivables $ (172 ) $ 10,682 $ 9,193 Change in fair value of CDO notes payable and trust preferred obligations 2,598 (101,675 ) (311,009 ) Change in fair value of derivatives 28 (16,352 ) (22,230 ) Change in fair value of warrants and investor SARs 9,184 8,593 (20,380 ) Change in fair value of financial instruments $ 11,638 $ (98,752 ) $ (344,426 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2015 RAIT Securitizations IRT RAIT VIE Properties Total Assets Investments in mortgages and l o Commercial mortgages, mezzanine loans and preferred equity interests $ 1,358,497 $ — $ — $ 1,358,497 Allowance for losses — — — — Total investments in mortgages and loans 1,358,497 — — 1,358,497 Investments in real estate Investments in real estate — 1,372,015 24,550 1,396,565 Accumulated depreciation — (39,638 ) (4,754 ) (44,392 ) Total investments in real estate — 1,332,377 19,796 1,352,173 Investments in securities and security-related receivables, at fair value — — — — Cash and cash equivalents — 38,301 387 38,688 Restricted cash 12,718 5,413 240 18,371 Accrued interest receivable 73,368 — — 73,368 Other assets 11,539 3,362 7,590 22,491 Deferred financing costs Deferred financing costs 26,028 10,952 346 37,326 Accumulated amortization (23,237 ) (1,726 ) (306 ) (25,269 ) Total deferred financing costs 2,791 9,226 40 12,057 Intangible assets Intangible assets — 15,287 — 15,287 Accumulated amortization — (11,551 ) — (11,551 ) Total intangible assets — 3,736 — 3,736 Total assets $ 1,458,913 $ 1,392,415 $ 28,053 $ 2,879,381 Liabilities and Equity Indebtedness $ 1,181,585 $ 975,837 $ 21,131 $ 2,178,553 Accrued interest payable 445 1,239 4,326 6,010 Accounts payable and accrued expenses 8 19,304 3,280 22,592 Derivative liabilities 4,672 — — 4,672 Deferred taxes, borrowers’ escrows and other liabilities — 6,004 4,024 10,028 Total liabilities 1,186,710 1,002,384 32,761 2,221,855 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) (4,691 ) (8 ) — (4,699 ) RAIT investment 115,810 68,273 889 184,972 Retained earnings (deficit) 161,084 (14,499 ) (5,597 ) 140,988 Total shareholders’ equity 272,203 53,766 (4,708 ) 321,261 Noncontroling Interests — 336,265 — 336,265 Total liabilities and equity $ 1,458,913 $ 1,392,415 $ 28,053 $ 2,879,381 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 and preferred equity interests $ 1,535,097 $ — $ — $ 1,535,097 Allowance for losses (8,423 ) — — (8,423 ) Total investments in mortgages and loans 1,526,674 — — 1,526,674 Investments in real estate Investments in real estate — 689,112 23,899 713,011 Accumulated depreciation — (23,376 ) (3,686 ) (27,062 ) Total investments in real estate — 665,736 20,213 685,949 Investments in securities and security-related receivables, at fair value 10,995 — — 10,995 Cash and cash equivalents — 14,763 216 14,979 Restricted cash 14,715 5,205 244 20,164 Accrued interest receivable 74,904 — — 74,904 Other assets 136 2,270 6,908 9,314 Deferred financing costs Deferred financing costs 26,028 3,431 346 29,805 Accumulated amortization (20,095 ) (507 ) (239 ) (20,841 ) Total deferred financing costs 5,933 2,924 107 8,964 Intangible assets Intangible assets — 7,596 — 7,596 Accumulated amortization — (4,345 ) — (4,345 ) Total intangible assets — 3,251 — 3,251 Total assets $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,194 Liabilities and Equity Indebtedness $ 1,315,103 $ 418,900 $ 21,280 $ 1,755,283 Accrued interest payable 670 32 3,661 4,363 Accounts payable and accrued expenses 3 8,371 3,290 11,664 Derivative liabilities 20,051 — — 20,051 Deferred taxes, borrowers’ escrows and other liabilities — 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 (16,729 ) (4,236 ) 183,146 Total shareholders’ equity 297,530 54,295 (3,493 ) 348,332 Noncontroling Interests — 208,738 — 208,738 Total liabilities and equity $ 1,633,357 $ 694,150 $ 27,688 $ 2,355,194

DECONSOLIDATION OF TABERNA VI40

DECONSOLIDATION OF TABERNA VIE's (Tables)	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Summary of Balance Sheet of Deconsolidated VIEs	The following tables summarize the balance sheet and statement of operations effects of the deconsolidated VIEs as of the date of the deconsolidation on December 19, 2014 and for the years ended December 31, 2014, 2013 and 2012. The statements of operations components for the respective VIEs were included in our consolidated statement of operations through December 19, 2014 whereas the assets and liabilities have been removed from our consolidated balance sheet as of December 19, 2014. The following table also describes the non-cash changes in our assets and liabilities during 2014 caused by the deconsolidation of these VIEs. As of December 19, 2014 ASSETS: Investments in mortgages and loans, net $ 43,312 Investments in securities, at fair value 496,587 Restricted cash 4,109 Accrued interest receivable 5,296 Other assets 1,160 Total assets $ 550,464 LIABILITIES: Indebtedness $ 274,787 Accrued interest payable 23,273 Accounts payable and accrued expenses 74 Derivative liabilities, at fair value 52,624 Total liabilities 350,758 Accumulated other comprehensive income (loss) (16,098 ) Total liabilities and accumulated other comprehensive income (loss) 334,660 Loss on sale of assets $ 215,804
Summary of Statement of Operations of Deconsolidated VIEs	For the Years Ended December 31 2014 2013 Revenue: Investment interest income $ 39,551 $ 48,937 Investment interest expense (16,765 ) (18,805 ) Net interest margin 22,786 30,132 Fee and other income 980 1,363 Total revenue 23,766 31,495 Expenses: Compensation expense 1,736 1,672 General and administrative expense 1,440 1,601 Depreciation and amortization expense 136 137 Total expenses 3,312 3,410 Operating income 20,454 28,085 Other income (expense) (21,500 ) — Gains (losses) on assets (7,712 ) (90 ) Gains (losses) on deconsolidation of VIEs (215,804 ) — Net gain on sale of collateral management contracts 4,549 — Change in fair value of financial instruments (106,593 ) (322,301 ) Income (loss) before taxes (326,606 ) (294,306 ) Income tax benefit (provision) (496 ) (714 ) Net income (loss) allocable to common shares $ (327,102 ) $ (295,020 )

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 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 14,034 Carrying amount of Series D Preferred Shares $ 85,395

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Dividends Declared or Paid	The following tables summarize the dividends we declared or paid during the years ended December 31, 2015 and 2014: March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 For the Year Ended December 31, 2015 Series A Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 2,313 $ 2,569 $ 2,570 $ 2,570 $ 10,022 Series B Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,198 $ 1,215 $ 1,225 $ 1,225 $ 4,863 Series C Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,875 $ 1,875 $ 1,875 $ 2,125 $ 7,750 Common shares Date declared 3/16/15 6/22/15 9/17/15 12/7/15 Record date 4/10/15 7/10/15 10/9/15 1/8/16 Date paid 4/30/15 7/31/15 10/30/15 1/29/16 Dividend per share $ 0.18 $ 0.18 $ 0.18 $ 0.09 $ 0.63 Total dividend declared $ 14,777 $ 14,775 $ 16,276 $ 8,170 $ 53,998 March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 For the Year Ended December 31, 2014 Series A Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,971 $ 1,971 $ 1,971 $ 2,313 $ 8,226 Series B Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,198 $ 1,198 $ 1,198 $ 1,198 $ 4,792 Series C Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 1/29/14 5/13/14 7/29/14 10/28/14 Record date 3/3/14 6/2/14 9/2/14 12/1/14 Date paid 3/31/14 6/30/14 9/30/14 12/31/14 Total dividend amount $ 1,255 $ 1,875 $ 1,875 $ 1,875 $ 6,880 Common shares Date declared 3/18/14 6/12/14 9/15/14 12/18/14 Record date 4/4/14 7/11/14 10/7/14 1/9/15 Date paid 4/30/14 7/31/14 10/31/14 1/30/15 Dividend per share $ 0.17 $ 0.18 $ 0.18 $ 0.18 $ 0.71 Total dividend declared $ 13,882 $ 14,738 $ 14,741 $ 14,740 $ 58,101
Summary of Changes in Accumulated Other Comprehensive Loss by Component	The following table summarizes the changes in accumulated other comprehensive loss by component for the year ended December 31, 2015: Interest Rate Hedges Available- For-Sale Securities Foreign Currency Translation Adjustments Total Balance as of December 31, 2014 $ (20,788 ) $ — $ — $ (20,788 ) Other comprehensive income (loss) before reclassifications (293 ) — — (293 ) Amounts reclassified from accumulated other comprehensive income (loss) 16,382 — — 16,382 Net current period other comprehensive income 16,089 — — 16,089 Balance as of December 31, 2015 $ (4,699 ) $ — $ — $ (4,699 )

SHARE-BASED COMPENSATION AND 43

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SARs activity of the Incentive Award Plan	A summary of the SARs activity of the Incentive Award Plan is presented below. 2015 2014 2013 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 2,780,242 $ 6.92 2,689,458 $ 6.18 2,185,750 $ 5.68 Granted 1,177,500 7.23 895,100 8.29 1,127,500 6.89 Expired (106,500 ) 6.17 — — — — Exercised (61,667 ) 6.30 (711,750 ) 5.74 (363,334 ) 5.68 Forfeited (168,875 ) 7.53 (92,566 ) 7.67 (260,458 ) 5.74 Outstanding, December 31, 3,620,700 $ 7.01 2,780,242 $ 6.92 2,689,458 $ 6.18 SARs exercisable at December 31, 1,649,643 6.52 647,958 6.30 333,667
Summary of Assumptions Used In Computing the Fair Value Of the SARs	Our assumptions used in computing the fair value of the SARs at the dates of their respective awards, using the Black-Scholes Option Pricing Model, were as follows: For the Years Ended December 31 2015 2014 2013 Stock Price $ 7.23 $ 8.29 $ 6.89 Strike Price $ 7.23 $ 8.29 $ 6.89 Risk-free interest rate 1.2 % 1.5 % 0.9 % Dividend yield 10.0 % 7.7 % 5.8 % Volatility 32 % 31 % 30 % Expected term 3.5 years 5.0 years 5.0 years
Summary of Information about the SARs Outstanding and Exercisable	The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2015: SARs Outstanding SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $5.68—8.29 3,620,700 2.7 years 1,649,643 1.7 years
Summary of the SARs activity of the Incentive Award Plan	A summary of the restricted common share awards as of December 31, 2015, 2014, and 2013 of the Incentive Award Plan is presented below. 2015 2014 2013 Number of Shares Weighted Average Grant Date Fair Value Per Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 455,917 $ 7.67 365,667 $ 6.89 — $ — Granted 386,905 7.23 335,917 8.29 420,364 6.90 Vested (234,197 ) 7.46 (165,634 ) 7.25 (50,114 ) 6.98 Forfeited (49,042 ) 7.54 (80,033 ) 7.60 (4,583 ) 6.89 Balance, December 31, 559,583 $ 7.41 455,917 $ 7.67 365,667 $ 6.89

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015: For the Years Ended December 31 2015 2014 2013 Net income (loss) $ 63,493 $ (289,975 ) $ (285,364 ) (Income) loss allocated to preferred shares (32,830 ) (28,993 ) (22,616 ) (Income) loss allocated to noncontrolling interests (23,505 ) 464 (28 ) Net income (loss) allocable to common shares $ 7,158 $ (318,504 ) $ (308,008 ) Weighted-average shares outstanding—Basic 85,524,073 81,328,129 67,814,316 Dilutive securities under the treasury stock method 933,798 — — Weighted-average shares outstanding—Diluted 86,457,871 81,328,129 67,814,316 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ 0.08 $ (3.92 ) $ (4.54 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ 0.08 $ (3.92 ) $ (4.54 )

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Components of Income Tax Benefit (Provision)	The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2015, 2014 and 2013 were as follows: For the Year Ended December 31, 2015 Federal State and Local Foreign Total Current benefit (provision) $ (268 ) $ (46 ) $ — $ (314 ) Deferred benefit (provision) (2,110 ) (374 ) — (2,484 ) Income tax benefit (provision) $ (2,378 ) $ (420 ) $ — $ (2,798 ) For the Year Ended December 31, 2014 Federal State and Local Foreign Total Current benefit (provision) $ (110 ) $ (69 ) $ — $ (179 ) Deferred benefit (provision) 2,438 (112 ) — 2,326 Income tax benefit (provision) $ 2,328 $ (181 ) $ — $ 2,147 For the Year Ended December 31, 2013 Federal State and Local Foreign Total Current benefit (provision) $ (245 ) $ (157 ) $ — $ (402 ) Deferred benefit (provision) 2,319 1,016 — 3,335 Income tax benefit (provision) $ 2,074 $ 859 $ — $ 2,933
Reconciliation of Income Tax Benefit (Provision) based upon Statutory Tax Rates to Effective Rates	A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the years ended December 31, 2015, 2014 and 2013: For the Years Ended December 31 2015 2014 2013 Federal statutory rate $ (1,718 ) $ 3,171 $ (3,417 ) State statutory, net of federal benefit (404 ) (157 ) 577 Change in valuation allowance (55 ) 986 5,890 Permanent items (41 ) (82 ) (34 ) Penalties associated with SEC settlement — (1,750 ) — Provision to return adjustments (580 ) (21 ) (59 ) Other — — (24 ) Income tax benefit (provision) $ (2,798 ) $ 2,147 $ 2,933
Components of Deferred Tax Assets (Liabilities)	Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2015 and 2014: Deferred tax assets (liabilities): As of December 31, 2015 As of December 31, 2014 Net operating losses, at TRSs $ 14,432 $ 15,295 Capital losses 18,604 $ — Unrealized losses — 10,731 Other 1,056 1,738 Total deferred tax assets 34,092 27,764 Valuation allowance (27,431 ) (17,233 ) Net deferred tax assets $ 6,661 $ 10,531 Identified intangibles (3,838 ) (6,511 ) Advances (517 ) — Accrued interest — (1,432 ) Other (217 ) (175 ) Deferred tax (liabilities) (4,572 ) (8,118 ) Net deferred tax assets (liabilities) $ 2,089 $ 2,413

SUPPLEMENTAL DISCLOSURE TO ST46

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 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 years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Cash paid for interest $ 80,748 $ 67,960 $ 32,662 Cash paid (refunds received) for taxes 500 262 (595 ) Non-cash increase in investments in real estate, intangible assets and other liabilities from conversion of loans 159,214 74,530 51,974 Non-cash increase in non-controlling interests from property acquisition 123,855 11,961 1,618 Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments (4,018 ) (2,421 ) (7,131 ) Non-cash increase in indebtedness from the assumption of debt from property acquisitions 204,308 289,292 — Non-cash increase in other assets from business combination — 3,052 8,778 Non-cash increase in intangible assets from business combination — — 19,050 Non-cash increase in indebtedness from business combination — — 2,500 Non-cash increase in accounts payable and accrued expenses from business combination — — 4,848 Non-cash increase in deferred taxes, borrowers’ escrows and other liabilities from business combination — — 8,502 Non-cash decrease in investment in mortgages and loans from deconsolidation of VIEs — (43,312 ) — Non-cash decrease in investment in securities and security- related receivables from deconsolidation of VIEs — (496,587 ) — Non-cash decrease in restricted cash from deconsolidation of VIEs — (4,109 ) — Non-cash decrease in accrued interest receivable from deconsolidation of VIEs — (5,296 ) — Non-cash decrease in other assets from deconsolidation of VIEs — (1,160 ) — Non-cash decrease in indebtedness from deconsolidation of VIEs — (274,787 ) — Non-cash decrease in accrued interest payable from deconsolidation of VIEs — (23,273 ) — Non-cash decrease in accounts payable and accrued expenses from deconsolidation of VIEs — (74 ) — Non-cash decrease in derivative liabilities from deconsolidation of VIEs — (52,624 ) — Non-cash decrease in shareholders’ equity from deconsolidation of VIEs — (199,706 ) —

QUARTERLY FINANCIAL DATA (UNA47

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Results of Operations	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2015: Total revenue $ 75,202 $ 79,474 $ 74,962 $ 94,344 Change in fair value of financial instruments 4,490 8,356 620 (1,828 ) Net income (loss) 266 26,441 24,826 11,960 Net income (loss) allocable to common shares (7,097 ) 18,956 (6,532 ) 1,831 Total earnings (loss) per share—Basic (a) $ (0.09 ) $ 0.23 $ (0.07 ) $ 0.02 Total earnings (loss) per share—Diluted (a) $ (0.09 ) $ 0.22 $ (0.07 ) $ 0.02 2014: Total revenue $ 67,305 $ 73,248 $ 75,285 $ 73,832 Change in fair value of financial instruments (24,139 ) (25,071 ) (10,223 ) (39,319 ) Net income (loss) (7,423 ) (19,010 ) (16,462 ) (247,080 ) Net income (loss) allocable to common shares (14,587 ) (25,650 ) (23,266 ) (255,001 ) Total earnings (loss) per share—Basic (a) $ (0.18 ) $ (0.31 ) $ (0.28 ) $ (3.11 ) Total earnings (loss) per share—Diluted (a) $ (0.18 ) $ (0.31 ) $ (0.28 ) $ (3.11 ) (a) The summation of quarterly per share amounts may not equal the full year amounts.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting	The following tables present segment reporting: Real Estate Lending Owning and Management IRT Taberna Eliminations (a) Consolidated Year Ended December 31, 2015: Net interest margin $ 70,147 $ — $ — $ (965 ) $ 69,182 Property income 124,155 109,576 — — 233,731 Fee and other income 41,874 — — (20,805 ) 21,069 Provision for loan losses (8,300 ) — — — (8,300 ) Depreciation and amortization expense (45,774 ) (28,094 ) — — (73,868 ) Operating income (3,689 ) (13,371 ) — — (17,060 ) Change in fair value of financial instruments 11,638 — — — 11,638 Income tax benefit (provision) (2,798 ) — — — (2,798 ) Net income (loss) 38,571 30,156 — (5,234 ) 63,493 Year Ended December 31, 2014: Net interest margin $ 100,197 $ — $ 22,786 $ (19,874 ) $ 103,109 Property income 113,110 49,171 — — 162,281 Fee and other income 32,166 — 980 (8,866 ) 24,280 Provision for loan losses (5,500 ) — — — (5,500 ) Depreciation and amortization expense (44,128 ) (12,520 ) (136 ) — (56,784 ) Operating income 22,745 45 20,454 (1,012 ) 42,232 Change in fair value of financial instruments 7,841 — (106,593 ) — (98,752 ) Income tax benefit (provision) 2,643 — (496 ) — 2,147 Net income (loss) 40,396 2,944 (327,102 ) (6,213 ) (289,975 ) Year Ended December 31, 2013: Net interest margin $ 99,197 $ — $ 30,132 $ (25,477 ) $ 103,852 Property income 94,281 19,943 — — 114,224 Fee and other income 30,864 — 1,363 (3,428 ) 28,799 Provision for loan losses (3,000 ) — — — (3,000 ) Depreciation and amortization expense (31,543 ) (4,413 ) (137 ) — (36,093 ) Operating income 36,874 1,274 28,085 (1,330 ) 64,903 Change in fair value of financial instruments (22,125 ) — (322,301 ) — (344,426 ) Income tax benefit (provision) 3,647 — (714 ) — 2,933 Net income (loss) 13,320 1,274 (295,020 ) (4,938 ) (285,364 ) Balance Sheet—December 31, 2015: Investment in mortgages and loans $ 1,644,561 $ — $ — $ (38,075 ) $ 1,606,486 Investments in real estate, net of accumulated depreciation 986,942 1,332,377 — — 2,319,319 Investments in securities and security-related receivables, at fair value — — — — — Total assets 3,093,393 1,392,414 — (38,511 ) 4,447,296 Balance Sheet—December 31, 2014: Investment in mortgages and loans $ 1,421,293 $ — $ — $ (38,075 ) $ 1,383,218 Investments in real estate, net of accumulated depreciation 1,006,235 665,736 — — 1,671,971 Investments in securities and security-related receivables, at fair value 17,573 — 13,839 — 31,412 Total assets 2,843,377 694,150 14,459 (38,511 ) 3,513,475 (a) The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgage loans on our owned real estate.

OTHER DISCLOSURES (Tables)

OTHER DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Annual Minimum Rent Due Pursuant to Leases	We lease office space in Philadelphia, New York City, and other locations. The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2015: 2016 $ 1,798 2017 1,561 2018 1,857 2019 1,618 2020 1,474 Thereafter 23,793 Total $ 32,101

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Significant Accounting Policies [Line Items]
Reclassification from property income to real estate operating expenses		$ 44,000
Investment interest income	$ 98,432,000	133,419,000	$ 134,447,000
Depreciation and amortization expense	73,868,000	56,784,000	36,093,000
Federal deposit insurance corporation, insurance limit per institution	250,000
Restricted cash	213,012,000	124,220,000
Accrued interest receivable	47,343,000	51,640,000
Earned asset management fees	1,892,000	4,191,000	4,732,000
Eliminated management fee income	1,644,000	3,200,000	3,450,000
Intangible assets, accumulated amortization	26,307,000	13,911,000
Intangible assets, amortization expenses	14,283,000	11,924,000	2,379,000
Expected amortization expense of intangible assets in 2016	11,132,000
Expected amortization expense of intangible assets in 2017	4,927,000
Expected amortization expense of intangible assets in 2018	3,726,000
Expected amortization expense of intangible assets in 2019	3,236,000
Expected amortization expense of intangible assets in 2020	3,498,000
Expected amortization expense of intangible assets thereafter	6,157,000
Goodwill	8,854,000	11,014,000
Net increase in goodwill	3,052,000
Goodwill impairment	0
Deferred Costs, Net	31,368,000	27,802,000
Deferred financing costs, accumulated amortization	33,769,000	26,056,000
Customer relationships
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	19,149,000	19,149,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	38,333,000	22,725,000
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	1,500,000	1,500,000
IRT
Significant Accounting Policies [Line Items]
Earned asset management fees	4,984,000	1,582,000	128,000
Incentive fees	629,000	154,000	144,000
Property management and leasing fees	3,675,000	1,759,000	785,000
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable	34,132,000	41,347,000	30,246,000
Impairment of loans	$ 0	0	0
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
Tenant escrows and borrowers' funds
Significant Accounting Policies [Line Items]
Restricted cash	$ 165,866,000	105,207,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash	47,146,000	19,013,000
Cash and Cash Equivalents
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities		0	0
Cash Flows from Operating Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities		(32,078,000)	(41,276,000)
Cash Flows from Investing Activities
Significant Accounting Policies [Line Items]
Increase (decrease) in cash flows activities		$ 32,078,000	$ 41,276,000
Adjustment to Incorrect Useful Lives
Significant Accounting Policies [Line Items]
Depreciation and amortization expense	623,000
Scenario, Adjustment
Significant Accounting Policies [Line Items]
Investment interest income	842,000
Depreciation and amortization expense	708,000
Deferred tax liability	$ 2,160,000

Investments in Loans (Detail)

Investments in Loans (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)Loan		Dec. 31, 2014USD ($)Loan		Dec. 31, 2013USD ($)
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,627,121		$ 1,409,254
Deferred fees		(2,270)		(696)
Total investments in loans, Unpaid Principal Balance		1,624,851		1,408,558
Total investment in loans, Unamortized (Discounts) Premiums		(1,268)		(16,122)
Carrying Amount		$ 1,625,853	[1]	1,393,132		$ 1,123,177
Number of Loans | Loan		188
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		$ 1,623,583		1,392,436
CRE Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		1,627,121		1,409,254
Total investment in loans, Unamortized (Discounts) Premiums		(1,268)		(16,122)
Carrying Amount		$ 1,625,853		$ 1,393,132
Number of Loans | Loan		188		178
Weighted-Average Coupon	[2]	6.10%		6.50%
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,427,328	[3]	$ 1,148,290	[4]
Total investment in loans, Unamortized (Discounts) Premiums		(1,049)	[3]	(14,519)	[4]
Carrying Amount		$ 1,426,279	[3]	$ 1,133,771	[4]
Number of Loans | Loan		124	[3]	95	[4]
Weighted-Average Coupon	[2]	5.20%	[3]	5.90%	[4]
Range of Maturity Dates, Minimum		Mar. 1, 2016	[3],[5]	Jan. 1, 2015	[4],[6]
Range of Maturity Dates, Maximum		Jan. 1, 2029	[3],[5]	Jan. 1, 2025	[4],[6]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 169,556		$ 226,105
Total investment in loans, Unamortized (Discounts) Premiums		(218)		(1,602)
Carrying Amount		$ 169,338	[1]	$ 224,503
Number of Loans | Loan		57		74
Weighted-Average Coupon	[2]	10.00%		9.80%
Range of Maturity Dates, Minimum		Jan. 1, 2016	[5]	Mar. 1, 2015	[6]
Range of Maturity Dates, Maximum		May 1, 2025	[5]	Jan. 1, 2029	[6]
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 30,237		$ 34,859
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 30,236		$ 34,858
Number of Loans | Loan		7		9
Weighted-Average Coupon	[2]	6.90%		7.10%
Range of Maturity Dates, Minimum		Feb. 1, 2016	[5]	Feb. 1, 2016	[6]
Range of Maturity Dates, Maximum		Aug. 1, 2025	[5]	Aug. 1, 2025	[6]
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.
[2]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[3]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $49,239 a weighted-average coupon of 4.8% and maturity dates ranging from December 2020 through January 2026. These commercial mortgages are accounted for as loans held for sale.
[4]	Commercial mortgages includes 11 conduit loans with an unpaid principal balance and carrying amount of $93,925, a weighted-average coupon of 4.6% and maturity dates ranging from November 2019 through January 2025. These commercial mortgages are classified as loans held for sale.
[5]	Does not include the maturity dates of three mezzanine loans that were 90 days or more past due which had contractual maturity date prior to December 31, 2015.
[6]	Does not include the maturity date of two mezzanine loans that were 90 days or more past due which had contractual maturity dates prior to December 31, 2014.

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2015USD ($)Loan	Dec. 31, 2014USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans		188
Unpaid Principal Balance | $		$ 1,627,121	$ 1,409,254
Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans		6	11
Unpaid Principal Balance | $		$ 49,239	$ 93,925
Weighted-Average Coupon		4.80%	4.60%
90 days or more
Mortgage Loans On Real Estate [Line Items]
Number of Loans		3
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans		57	74
Unpaid Principal Balance | $		$ 169,556	$ 226,105
Weighted-Average Coupon	[1]	10.00%	9.80%
Mezzanine Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Number of Loans		3	2
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan (Detail) - USD ($) $ in Thousands		Dec. 31, 2015		Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		$ 1,627,121		$ 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		1,163		23,603	[1]
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,624,710		1,382,418
In foreclosure or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	[2]	1,248		1,678
Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		35,937	[1]	25,281
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,427,328		1,148,290
Commercial mortgages | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		1,427,328		1,148,290
Commercial mortgages | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	[1]	15,645
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		169,556		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		167,145		202,919
Mezzanine Loans | In foreclosure or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	[2]	1,248		1,678
Mezzanine Loans | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		12,346	[1]	21,631
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		30,237		34,859
Preferred Equity Interests | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	[1]			3,650
Preferred Equity Interests | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		30,237		31,209
Preferred Equity Interests | Non-Accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total		$ 7,946	[1]	$ 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.

Investments in Commercial Mor54

Investments in Commercial Mortgages, Mezzanine Loans and Preferred Equity Interests - Additional Information (Detail) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2015USD ($)Loan		Oct. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2015USD ($)Loan		Dec. 31, 2014USD ($)Loan	Dec. 31, 2013USD ($)
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 1,625,853	[1]			$ 1,625,853	[1]	$ 1,393,132	$ 1,123,177
Number of Loans | Loan					188
Average impaired loans unpaid balance					$ 90,280		66,182	69,327
Impaired loans unpaid principal balance with no related allowance	$ 77,800				$ 77,800
Number of impaired loans with no related allowance | Loan	2				2
Interest income from impaired loans					$ 4,419		991	229
Transfer of commercial real estate loan to real estate owned			$ 11,000				74,994
Real estate related assets			96,200
Indebtedness	$ 3,359,450		82,423		3,359,450		2,615,666
Charge off to the allowance for losses			$ 3		421		19,237	10,445
Gain (losses) on assets					43,805		$ (5,370)	$ (2,266)
T8 and T9
Accounts Notes And Loans Receivable [Line Items]
Impaired unpaid principal balances				$ 10,488
Proceed from sale of investment in loans				2,850
Gain (loss) on sale of investment in loans				$ (7,638)
Commercial Real Estate Loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan							3
Charge off to the allowance for losses							$ 600
Gain (losses) on assets							$ 136
Bridge Loan
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	1
Transfer of commercial real estate loan to real estate owned	$ 53,479
Real estate related assets	63,014				63,014
Impaired unpaid principal balances	66,819				$ 66,819
Interest income recognized upon conversion	265
90 days or more
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan					3
Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan					0		1
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan					0		0
Commercial Portfolio Segment | Minimum
Accounts Notes And Loans Receivable [Line Items]
Loan maturity					90 days		90 days
Commercial Portfolio Segment | Recognizing interest on the cash basis
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 13,002				$ 13,002
Weighted-average interest rate	11.60%				11.60%
Number of Loans | Loan					2
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
Number of Loans | Loan					1
Commercial Portfolio Segment | 90 days or more
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 35,937				$ 35,937		$ 25,281
Weighted-average interest rate	4.60%				4.60%		5.80%
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

Maturities of Investments in Co

Maturities of Investments in Commercial Mortgages, Mezzanine Loans and Preferred Equity Interests (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
Financing Receivables [Line Items]
2,016	$ 310,653
2,017	577,284
2,018	473,399
2,019	83,750
2,020	71,223
Thereafter	110,812
Total	1,627,121		$ 1,409,254
Commercial mortgages
Financing Receivables [Line Items]
2,016	221,538
2,017	544,099
2,018	456,469
2,019	83,750
2,020	54,421
Thereafter	67,051
Total	1,427,328	[1]	1,148,290	[2]
Mezzanine Loans
Financing Receivables [Line Items]
2,016	80,931
2,017	25,239
2,018	16,930
2,020	8,854
Thereafter	37,602
Total	169,556		226,105
Preferred Equity Interests
Financing Receivables [Line Items]
2,016	8,184
2,017	7,946
2,020	7,948
Thereafter	6,159
Total	$ 30,237		$ 34,859
[1]	Commercial mortgages includes six conduit loans with an unpaid principal balance and carrying amount of $49,239 a weighted-average coupon of 4.8% and maturity dates ranging from December 2020 through January 2026. 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 classified as loans held for sale.

Investment in Loans by Credit R

Investment in Loans by Credit Risk Category (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,627,121		$ 1,409,254
Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,427,328	[1]	1,148,290	[2]
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	169,556		226,105
Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	30,237		34,859
Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,494,884		1,328,134
Satisfactory | Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,336,883		1,125,370
Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	135,710		175,915
Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	22,291		26,849
Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	132,237		81,120
Watchlist | Commercial mortgages
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	90,445		22,920
Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,846		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 $49,239 a weighted-average coupon of 4.8% and maturity dates ranging from December 2020 through January 2026. 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 classified as loans held for sale.

Roll-Forwards of Allowance for

Roll-Forwards of Allowance for Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 9,218	$ 22,955
Provision	8,300	5,500
Charge-offs, net of recoveries	(421)	(19,237)
Ending balance	17,097	9,218
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Provision	3,154	360
Charge-offs, net of recoveries		(360)
Ending balance	3,154
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	7,892	21,636
Provision	4,668	4,894
Charge-offs, net of recoveries	(421)	(18,638)
Ending balance	12,139	7,892
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	1,326	1,319
Provision	478	246
Charge-offs, net of recoveries		(239)
Ending balance	$ 1,804	$ 1,326

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Financing Receivable Impaired [Line Items]
Allowance for loan losses	$ 17,097		$ 9,218		$ 22,955	$ 30,400
Commercial mortgages
Financing Receivable Impaired [Line Items]
Allowance for loan losses	3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Allowance for loan losses	12,139		7,892		21,636
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Allowance for loan losses	1,804		1,326		$ 1,319
Watchlist
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	77,800		67,839
Watchlist/Impaired loans with reserves	54,437		13,281
Total Watchlist/Impaired Loans	132,237	[1]	81,120	[2]
Watchlist | Commercial mortgages
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	74,800		22,920
Watchlist/Impaired loans with reserves	15,645
Total Watchlist/Impaired Loans	90,445	[1]	22,920	[2]
Watchlist | Mezzanine Loans
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery	3,000		40,559
Watchlist/Impaired loans with reserves	30,846		9,631
Total Watchlist/Impaired Loans	33,846	[1]	50,190	[2]
Watchlist | Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Watchlist/Impaired loans expecting full recovery			4,360
Watchlist/Impaired loans with reserves	7,946		3,650
Total Watchlist/Impaired Loans	$ 7,946	[1]	$ 8,010	[2]
[1]	As of December 31, 2015, this includes no unpaid principal relating to previously identified TDRs that are on accrual status.
[2]	As of December 31, 2014, this includes $5,500 of unpaid principal relating to previously identified TDRs that are on accrual status.

Loans Considered to be Impair59

Loans Considered to be Impaired (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 0	$ 5,500

Investments in Securities - Add

Investments in Securities - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Mar. 31, 2015
Investment Securities [Line Items]
Investment in securities		$ 0
Investments in securities and security-related receivables, at fair value			$ 31,412,000		$ 31,412,000
Proceeds from sales of other securities	$ 20,419,000	$ 31,241,000	48,977,000	$ 97,895,000
Principal amount of unsecured REIT note receivables and CMBS receivables			10,000,000	91,383,000
TruPS and subordinated debentures
Investment Securities [Line Items]
Principal amount of TruPS			$ 0	$ 653,276,000

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
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
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
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
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
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 and62

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		Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 2,517,645		$ 1,840,451		$ 1,131,931
Less: Accumulated depreciation and amortization		(198,326)	[1]	(168,480)	[1]	$ (127,745)
Investments in real estate, net, Book Value		2,319,319		1,671,971
Multi-family real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	[1]	1,842,704		1,286,898
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		395,224		370,114
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		94,938
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		134,331		132,117
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 50,448		$ 51,322
[1]	As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376

Summary of Investments in Rea65

Summary of Investments in Real Estate (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Dec. 31, 2014		Dec. 31, 2013
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 2,517,645		$ 1,840,451		$ 1,131,931
Accumulated depreciation and amortization	198,326	[1]	168,480	[1]	$ 127,745
IRT
Real Estate Properties [Line Items]
Investments in real estate, Book Value	1,372,015		689,112
Accumulated depreciation and amortization	$ 39,638		$ 23,376
[1]	As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. 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	Feb. 18, 2016USD ($)	Oct. 15, 2015USD ($)	Sep. 17, 2015USD ($)	May. 01, 2015USD ($)State	Dec. 31, 2015USD ($)PropertyUnit$ / shares	Nov. 30, 2015USD ($)Property	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)Property	Dec. 31, 2015USD ($)PropertyUnit$ / sharesshares	Dec. 31, 2014USD ($)
Real Estate Properties [Line Items]
Investments in real estate					$ 2,319,319				$ 2,319,319	$ 1,671,971
Mortgages or other debt held by third parties					815,745				815,745	641,874
Mortgages held by consolidated securitizations					889,786				889,786	878,856
Transfer of commercial real estate loan to real estate owned							$ 11,000			74,994
Real estate related assets							96,200
Indebtedness					$ 3,359,450		$ 82,423		3,359,450	2,615,666
Gain on IRT merger with TSRE			$ 64,604						$ 64,604
Number of parcels of land disposed | Property									2
Gain (losses) on deconsolidation of VIEs										(215,804)
Number of real estate assets recognized for impairment | Property					3				3
Impairment of real estate asset									$ 8,179
English Aire Or Lafayette
Real Estate Properties [Line Items]
Deferred gain on sale of real estate property									$ 3,124
Multi-family real estate properties
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property									6
Multi-family real estate properties | Deconsolidated
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property								1
Carrying value of asset held for sale								$ 23,897
Gain (losses) on deconsolidation of VIEs								$ 0
Office real estate properties
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property									1
Office real estate properties | Deconsolidated
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property						1
Carrying value of asset held for sale						$ 21,753
Gain (losses) on deconsolidation of VIEs						$ 294
TSRE
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property									19
Fair value of net assets acquired			328,240
Indebtedness			359,495
Series of Individually Immaterial Business Acquisitions
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property									31
Investments in acquisition of real estate									$ 364,164
Series of Individually Immaterial Business Acquisitions | Multi-family real estate properties
Real Estate Properties [Line Items]
Number of real estate properties acquired | Property									19
Number of units in real estate properties | Unit					4,989				4,989
IRT
Real Estate Properties [Line Items]
Indebtedness					$ 546,262				$ 546,262	362,434
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 acquisition | shares									15,100,000
Gain on IRT merger with TSRE									$ 34,000
Investments in acquisition of real estate				$ 25,250
Acquisition expense				$ 270
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 | Multi-family real estate properties | Subsequent Event
Real Estate Properties [Line Items]
Real estate property for sale price	$ 18,000
IRT | TSRE
Real Estate Properties [Line Items]
Common stock issued in connection with acquisition | shares									1,925,419
Fair value of net assets acquired					$ 592				$ 592
Gain 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
Sale of parcel of land acquired		$ 3,350
Recognizing loss on sale of asset		$ 8
IRT | Series of Individually Immaterial Business Acquisitions
Real Estate Properties [Line Items]
Investments in acquisition of real estate									288,382
Bridge Loan
Real Estate Properties [Line Items]
Transfer of commercial real estate loan to real estate owned					53,479
Real estate related assets					63,014				63,014
Impaired unpaid principal balances					66,819				66,819
Land
Real Estate Properties [Line Items]
Investments in real estate					415,707				415,707	338,057
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate					$ 2,101,938				$ 2,101,938	$ 1,502,394

Minimum Future Rentals under Ex

Minimum Future Rentals under Expiring Leases for Office and Retail Properties (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Operating Leased Assets [Line Items]
2,016	$ 1,798
2,017	1,561
2,018	1,857
2,019	1,618
2,020	1,474
2021 and thereafter	23,793
Total	32,101
Retail and Office Real Estate Properties
Operating Leased Assets [Line Items]
2,016	10,255
2,017	8,225
2,018	5,272
2,019	3,787
2,020	6,937
2021 and thereafter	21,033
Total	$ 55,509

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	6,513
Intangible assets	7,471
Indebtedness	(359,495)
Accounts payable and accrued expenses	(7,379)
Accrued interest payable	(130)
Other liabilities	(3,662)
Total	$ 328,240

Consideration Transferred to Ac

Consideration Transferred to Acquire Real Estate Properties (Detail) - USD ($) $ in Thousands	Sep. 17, 2015	May. 01, 2015	Dec. 31, 2015
Series of Individually Immaterial Business Acquisitions
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets			$ 75,782
Cash consideration			164,527
Equity consideration			123,855
Total fair value of consideration transferred			364,164
Series of Individually Immaterial Business Acquisitions | RAIT
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets			75,782
Total fair value of consideration transferred			75,782
IRT
Fair value of consideration transferred:
Total fair value of consideration transferred		$ 25,250
IRT | TSRE
Fair value of consideration transferred:
Cash consideration	$ 139,781
Equity consideration	123,855
Total fair value of consideration transferred	$ 263,636
IRT | Series of Individually Immaterial Business Acquisitions
Fair value of consideration transferred:
Cash consideration			164,527
Equity consideration			123,855
Total fair value of consideration transferred			$ 288,382

Aggregate Estimated Fair Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Dec. 31, 2015USD ($)
Assets acquired:
Investments in real estate	$ 864,069
Cash and cash equivalents	3,370
Restricted cash	1,416
Accounts receivable and other assets	6,915
Intangible assets	15,934
Total assets acquired	891,704
Liabilities assumed:
Loans payable on real estate	441,918
Accounts payable and accrued expenses	10,494
Accrued interest payable	130
Other liabilities	10,398
Total liabilities acquired	462,940
Estimated fair value of net assets acquired	428,764
IRT
Assets acquired:
Investments in real estate	707,268
Cash and cash equivalents	2,685
Accounts receivable and other assets	6,599
Intangible assets	7,690
Total assets acquired	724,242
Liabilities assumed:
Loans payable on real estate	359,495
Accounts payable and accrued expenses	7,867
Accrued interest payable	130
Other liabilities	3,764
Total liabilities acquired	371,256
Estimated fair value of net assets acquired	352,986
RAIT
Assets acquired:
Investments in real estate	156,801
Cash and cash equivalents	685
Restricted cash	1,416
Accounts receivable and other assets	316
Intangible assets	8,244
Total assets acquired	167,462
Liabilities assumed:
Loans payable on real estate	82,423
Accounts payable and accrued expenses	2,627
Other liabilities	6,634
Total liabilities acquired	91,684
Estimated fair value of net assets acquired	$ 75,778

Schedule of Revenue and Net Inc

Schedule of Revenue and Net Income (Loss) for the Properties Acquired (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Total Revenue									$ 233,731	$ 162,281	$ 114,224
Net income (loss) allocable to common shares	$ 1,831	$ (6,532)	$ 18,956	$ (7,097)	$ (255,001)	$ (23,266)	$ (25,650)	$ (14,587)	7,158	$ (318,504)	$ (308,008)
Properties Acquired
Real Estate Properties [Line Items]
Total Revenue									22,952
Net income (loss) allocable to common shares									2,823
Properties Acquired | TSRE
Real Estate Properties [Line Items]
Total Revenue									19,617
Net income (loss) allocable to common shares									3,420
Properties Acquired | Bayview Club
Real Estate Properties [Line Items]
Total Revenue									1,736
Net income (loss) allocable to common shares									85
Properties Acquired | Erieview Tower & Parking
Real Estate Properties [Line Items]
Total Revenue									357
Net income (loss) allocable to common shares									19
Properties Acquired | Stag Ten Industrial Portfolio
Real Estate Properties [Line Items]
Total Revenue									1,242
Net income (loss) allocable to common shares									$ (701)

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Business Combinations [Abstract]
Pro forma total revenue (unaudited)	$ 382,875	$ 367,773
Pro forma net income (loss) allocable to common shares (unaudited)	$ 16,067	$ (307,276)
Basic—as pro forma (unaudited)	$ 0.19	$ (3.78)
Diluted—as pro forma (unaudited)	$ 0.19	$ (3.78)

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate Properties [Line Items]
Net income (loss) allocable to common shares	$ 1,831	$ (6,532)	$ 18,956	$ (7,097)	$ (255,001)	$ (23,266)	$ (25,650)	$ (14,587)	$ 7,158	$ (318,504)	$ (308,008)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price									175,011
Gain (loss) on sale									43,519
Net income (loss) allocable to common shares									$ 3,230
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multi family | English Aire Or Lafayette
Real Estate Properties [Line Items]
Date of Sale									May 15, 2015
Sale Price									$ 18,786
Net income (loss) allocable to common shares									$ 265
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multi family | Preserve At Colony Lakes
Real Estate Properties [Line Items]
Date of Sale									Jun. 23, 2015
Sale Price									$ 49,250
Gain (loss) on sale									17,913
Net income (loss) allocable to common shares									$ 733
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multi family | Regency Manor
Real Estate Properties [Line Items]
Date of Sale									Sep. 10, 2015
Sale Price									$ 17,500
Gain (loss) on sale									6,435
Net income (loss) allocable to common shares									$ 403
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multi family | Vista Lago
Real Estate Properties [Line Items]
Date of Sale									Dec. 22, 2015
Sale Price									$ 17,675
Gain (loss) on sale									7,844
Net income (loss) allocable to common shares									$ 685
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multi family | Balcones
Real Estate Properties [Line Items]
Date of Sale									Dec. 31, 2015
Sale Price									$ 30,000
Gain (loss) on sale									2,938
Net income (loss) allocable to common shares									$ 284
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Land | Del Aire Or Cardinal
Real Estate Properties [Line Items]
Date of Sale									Jul. 6, 2015
Sale Price									$ 3,000
Gain (loss) on sale									901
Net income (loss) allocable to common shares									$ (15)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Long Beach
Real Estate Properties [Line Items]
Date of Sale									Dec. 30, 2015
Sale Price									$ 5,200
Gain (loss) on sale									1,068
Net income (loss) allocable to common shares									$ 122
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | IRT | Multi family | Centrepoint
Real Estate Properties [Line Items]
Date of Sale									Dec. 22, 2015
Sale Price									$ 33,600
Gain (loss) on sale									6,420
Net income (loss) allocable to common shares									$ 753

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014		Oct. 31, 2015
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 3,390,023		$ 2,638,907
Indebtedness		$ 3,359,450		$ 2,615,666		$ 82,423
Weighted-Average Interest Rate		3.00%		2.60%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 514,541		$ 514,545
Indebtedness		$ 494,697		$ 491,309
Weighted-Average Interest Rate		5.10%		5.10%
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 2,875,482		$ 2,124,362
Indebtedness		$ 2,864,753		$ 2,124,357
Weighted-Average Interest Rate		2.70%		2.10%
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[1]	$ 30,048		$ 34,066
Indebtedness	[1]	$ 29,887		$ 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]	$ 137,084		$ 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		$ 70,000		$ 78,000
Indebtedness		$ 63,150		$ 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]	$ 10,504		$ 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		2.70%		2.70%
Contractual Maturity, month and year		2037-04		2037-04
CMBS Facilities
Debt Instrument [Line Items]
Indebtedness		$ 1,388,194		$ 1,572,126
CMBS Facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		97,067		85,053
Indebtedness		$ 97,067		$ 85,053
Weighted-Average Interest Rate		2.40%		2.50%
CMBS Facilities | Minimum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-07		2015-11
CMBS Facilities | Maximum | Recourse Indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2018-01		2016-07
Secured credit facilities | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 271,500	[4]	$ 18,392
Indebtedness		$ 271,500	[4]	$ 18,392
Weighted-Average Interest Rate		2.90%	[4]	2.70%
Contractual Maturity, month and year		2018-09	[4]	2016-10
Term Loans | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[5]	$ 120,000
Indebtedness	[5]	$ 120,000
Weighted-Average Interest Rate	[5]	5.40%
Contractual Maturity, month and year	[5]	2016-09
CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[7]	$ 950,981	[6]	$ 1,074,102	[8]
Indebtedness	[7]	$ 940,088	[6]	$ 1,073,145	[8]
Weighted-Average Interest Rate	[7]	0.90%	[6]	0.60%	[8]
CDO notes payable, at amortized cost | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6],[7]	2045-06
Contractual Maturity, year	[7],[8]			2,045
CDO notes payable, at amortized cost | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6],[7]	2046-11
Contractual Maturity, year	[7],[8]			2,046
Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 815,746	[9]	$ 641,874	[10]
Indebtedness		$ 816,052	[9]	$ 643,405	[10]
Weighted-Average Interest Rate		4.50%	[9]	4.60%	[10]
Loans payable on real estate | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-04	[9]	2015-09	[10]
Loans payable on real estate | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2026-04	[9]	2040-05	[10]
CMBS securitizations
Debt Instrument [Line Items]
Indebtedness		$ 885,055		$ 490,863
CMBS securitizations | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		717,255	[11]	389,994	[12]
Indebtedness		$ 717,113	[11]	$ 389,415	[12]
Weighted-Average Interest Rate		2.40%	[11]	1.90%	[12]
CMBS securitizations | Minimum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2031-05	[11]	2029-01	[12]
CMBS securitizations | Maximum | Non-recourse indebtedness
Debt Instrument [Line Items]
Contractual Maturity, month and year		2031-12	[11]	2031-12	[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 December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.
[5]	Floating rate at 500 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.
[6]	Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests, $815,745 of which eliminates in consolidation. 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]	Collateralized by $1,572,126 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[9]	Includes $545,956 of unpaid principal balance with a carrying amount of $546,262 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 May 2025.
[10]	Includes $360,902 of unpaid principal balance with a carrying amount of $362,434 of third party mortgage indebtedness that encumbers properties owned by IRT. The weighted-average interest rate is 3.8% and has a range of maturity dates from April 2016 to January 2025.
[11]	Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage 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.
[12]	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 mortgage 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 and75

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) - USD ($) $ in Thousands	Apr. 17, 2014	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2015	Dec. 31, 2013
Debt Instrument [Line Items]
Indebtedness		$ 3,359,450	$ 2,615,666	$ 82,423
Unpaid Principal Balance		$ 3,390,023	$ 2,638,907
Weighted-Average Interest Rate		3.00%	2.60%
IRT
Debt Instrument [Line Items]
Indebtedness		$ 546,262	$ 362,434
Unpaid Principal Balance		$ 545,956	$ 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		$ 885,055	$ 490,863
Consolidation Eliminations
Debt Instrument [Line Items]
Indebtedness		$ 815,745
London Interest Bank Offer Rate
Debt Instrument [Line Items]
Interest rate at LIBOR plus basis rate	1.65%
7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%	7.00%		7.00%
4.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		4.00%	4.00%		4.00%
Secured credit facilities | London Interest Bank Offer Rate
Debt Instrument [Line Items]
Stated interest rate		0.4295%
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		0.4295%
Interest rate at LIBOR plus basis rate		5.00%
Debt instrument, description of variable rate basis		1-month LIBOR
CMBS Facilities
Debt Instrument [Line Items]
Indebtedness		$ 1,388,194	$ 1,572,126

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Dec. 23, 2015USD ($)

Nov. 12, 2015USD ($)shares

Nov. 10, 2015USD ($)shares

Oct. 05, 2015USD ($)shares

Oct. 02, 2015USD ($)shares

Sep. 28, 2015

Sep. 17, 2015USD ($)Option

May. 22, 2015USD ($)

Dec. 19, 2014USD ($)

Oct. 29, 2014USD ($)

Sep. 09, 2014USD ($)

Jul. 28, 2014USD ($)

Apr. 17, 2014USD ($)

Apr. 14, 2014USD ($)

Jan. 27, 2014USD ($)

Dec. 31, 2013USD ($)MortgageLoan

Dec. 10, 2013USD ($)

Oct. 25, 2013USD ($)

Nov. 23, 2011USD ($)

Oct. 27, 2011

Mar. 21, 2011USD ($)

Oct. 25, 2010USD ($)

Oct. 16, 2008USD ($)

Feb. 12, 2007USD ($)

Feb. 29, 2016USD ($)

Jan. 31, 2016USD ($)

Aug. 31, 2014USD ($)

Jan. 31, 2014USD ($)

Jul. 31, 2013USD ($)

Dec. 31, 2015USD ($)PropertyMortgageLoan$ / shares$ / Transaction

Dec. 31, 2014USD ($)MortgageLoan

Dec. 31, 2013USD ($)MortgageLoan

Oct. 31, 2015USD ($)

Dec. 23, 2014USD ($)

Apr. 29, 2014USD ($)

Oct. 05, 2011USD ($)

Debt Instrument [Line Items]

Gain (losses) on extinguishment of debt

$ 2,421,000

$ (1,275,000)

Repurchase of 7.0% convertible senior notes

29,359,000

Payment of notes

$ 274,765,000

36,622,000

$ 30,834,000

Indebtedness

3,359,450,000

2,615,666,000

$ 82,423,000

Unpaid Principal Balance

$ 3,390,023,000

2,638,907,000

First Mortgage

Debt Instrument [Line Items]

Stated interest rate

6.06%

Contractual Maturity, month and year

2016-06

Unpaid Principal Balance

$ 82,423,000

Number of real estate properties acquired | Property

10

Equity interest

Debt Instrument [Line Items]

Real estate investment

$ 40,191,000

Junior Notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 38,117,000

RAIT FL One | Equity interest

Debt Instrument [Line Items]

Real estate investment

$ 33,750,000

R A I T F L Two | Equity interest

Debt Instrument [Line Items]

Real estate investment

$ 40,191,000

R A I T F L Three | Equity interest

Debt Instrument [Line Items]

Real estate investment

37,387,000

R A I T F L Four | Equity interest

Debt Instrument [Line Items]

Real estate investment

$ 41,819,000

R A I T F L Four | Junior Notes

Debt Instrument [Line Items]

Real estate investment

41,390,000

R A I T F L Five | Equity interest

Debt Instrument [Line Items]

Real estate investment

$ 83,822,000

83,822,000

Subsequent Event | R A I T F L Five

Debt Instrument [Line Items]

Interest in joint venture

60.00%

Proceeds from contribution of junior notes

$ 24,900,000

London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.65%

London Interest Bank Offer Rate | RAIT FL One

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.85%

London Interest Bank Offer Rate | R A I T F L Four

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.84%

London Interest Bank Offer Rate | R A I T F L Five

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.62%

CMBS securitizations

Debt Instrument [Line Items]

Indebtedness

885,055,000

$ 490,863,000

CMBS securitizations | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

$ 135,000,000

CMBS securitizations | R A I T F L Two

Debt Instrument [Line Items]

Real estate investment

134,747,000

$ 196,052,000

CMBS securitizations | R A I T F L Three

Debt Instrument [Line Items]

Real estate investment

183,578,000

CMBS securitizations | R A I T F L Four

Debt Instrument [Line Items]

Real estate investment

$ 223,034,000

219,284,000

CMBS securitizations | R A I T F L Five

Debt Instrument [Line Items]

Real estate investment

$ 347,446,000

347,446,000

Floating Rate Commercial Mortgage Loans | R A I T F L Three

Debt Instrument [Line Items]

Floating rate commercial mortgage loans and participation interests

$ 219,378,000

Second Capped Call Option

Debt Instrument [Line Items]

Capped call transaction amount

$ 8,838,000

Cap price of capped call transaction | $ / Transaction

11.91

Initial strike price of capped call transaction | $ / shares

$ 9.57

Second Capped Call Option | Minimum

Debt Instrument [Line Items]

Capped call expiration date

2018-06

Second Capped Call Option | Maximum

Debt Instrument [Line Items]

Capped call expiration date

2018-10

7.0% convertible senior notes

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

7.00%

7.00%

4.0% convertible senior notes

Debt Instrument [Line Items]

Stated interest rate

4.00%

4.00%

4.00%

4.00%

4.0% convertible senior notes | Overallotment Option

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 16,750,000

Proceeds from issuance of convertible senior notes

16,300,000

4.0% convertible senior notes | Additional Principal Amount Overallotment Option Exercised By Underwriters

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

141,750,000

Proceeds from issuance of convertible senior notes

$ 137,238,000

Secured credit facilities | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Stated interest rate

0.4295%

Interest rate on excess of reference rate

2.45%

Senior Notes

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-12

Real estate investment

$ 181,261,000

Advance rate

82.60%

Redemption date

2016-10

Senior Notes | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.86%

Recourse Indebtedness

Debt Instrument [Line Items]

Repurchase of 7.0% convertible senior notes

$ 29,359,000

Indebtedness

$ 494,697,000

$ 491,309,000

Unpaid Principal Balance

514,541,000

$ 514,545,000

Recourse Indebtedness | Floating Rate Loans

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 100,000,000

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

Debt Instrument [Line Items]

Maturity date

Jan. 22, 2018

Line of credit facility, borrowing capacity

$ 75,000,000

Indebtedness

$ 29,319,000

Debt instrument, financial covenant compliance

As of December 31, 2015, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility.

Loan maturity

2 years

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

Debt Instrument [Line Items]

Maturity date

Dec. 20, 2016

Line of credit facility, borrowing capacity

$ 150,000,000

Indebtedness

$ 15,521,000

Debt instrument, financial covenant compliance

As of December 31, 2015, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility

Recourse Indebtedness | CMBS securitizations | London Interest Bank Offer Rate | Seventy Five Thousand CMF [Member]

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.00%

Recourse Indebtedness | 7.0% convertible senior notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 115,000,000

$ 30,048,000

Stated interest rate

7.00%

7.00%

Net proceeds from notes issued

$ 109,000,000

Maturity date

Apr. 1, 2031

Convertible note conversion rate

173.6550

173.6550

1.678233

1.678233

179.4009

Initial conversion price | $ / shares

$ 5.57

Discount on convertible senior notes

$ 8,228,000

Principal amount repurchase convertible senior notes

$ 80,934,000

80,934,000

Gain (losses) on extinguishment of debt

(8,407,000)

Debt Instrument, Face Amount

$ 2,008,000

$ 2,008,000

$ 2,010,000

$ 2,010,000

Settled the conversion by issuing common shares | shares

348,698

348,698

337,324

337,324

Contractual Maturity, month and year

[1]

2031-04

2031-04

Indebtedness

[1]

$ 29,887,000

$ 33,417,000

Unpaid Principal Balance

[1]

30,048,000

$ 34,066,000

Recourse Indebtedness | 4.0% convertible senior notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 125,000,000

$ 141,750,000

Stated interest rate

4.00%

Net proceeds from notes issued

$ 121,250,000

Convertible note conversion rate

108.5803

Initial conversion price | $ / shares

$ 9.21

Discount on convertible senior notes

$ 8,817,000

Consideration from repurchase convertible senior notes

112,559,000

112,559,000

Contractual Maturity, month and year

[2]

2033-10

2033-10

Indebtedness

[2]

$ 137,084,000

$ 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

Contractual Maturity, month and year

2024-04

2024-04

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Apr. 15, 2017

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

Contractual Maturity, month and year

2019-08

2019-08

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Aug. 30, 2017

Indebtedness

$ 71,905,000

$ 71,905,000

Unpaid Principal Balance

71,905,000

71,905,000

Recourse Indebtedness | Senior Secured Notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 100,000,000

Stated interest rate

7.00%

Payment of notes

8,000,000

Senior notes, outstanding

70,000,000

Indebtedness

63,150,000

68,314,000

Unpaid Principal Balance

$ 70,000,000

$ 78,000,000

Recourse Indebtedness | Senior Secured Notes | Each

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 25,000,000

Recourse Indebtedness | 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 | 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

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

400.00%

Floating rate

7.00%

Fair value of indebtedness

$ 10,504,000

Recourse Indebtedness | Junior subordinated notes, at amortized cost

Debt Instrument [Line Items]

Stated interest rate

7.69%

Net proceeds from notes issued

$ 25,100,000

Contractual Maturity, month and year

2037-04

2037-04

Interest rate on excess of reference rate

2.50%

Proceeds from trust preferred securities to investors

$ 25,000,000

Issued common securities

$ 100,000

Indebtedness

$ 25,100,000

$ 25,100,000

Unpaid Principal Balance

25,100,000

25,100,000

Recourse Indebtedness | Two Year CMBS Facilities

Debt Instrument [Line Items]

Line of credit facility period

2 years

Percentage for purchase price of asset to market value

75.00%

Indebtedness

$ 20,780,000

Debt instrument, financial covenant compliance

As of December 31, 2015, we were in compliance with all financial covenants contained in the Amended MRA

Recourse Indebtedness | Amended Master Repurchase Agreement

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 200,000,000

Line of credit facility, expiration date

Jul. 28, 2016

Recourse Indebtedness | Amended Master Repurchase Agreement | London Interest Bank Offer Rate | Floating Rate Loans

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.00%

Recourse Indebtedness | Amended Master Repurchase Agreement | London Interest Bank Offer Rate | Fixed Rate Loans

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.50%

Recourse Indebtedness | One Year CMBS Facilities

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.50%

Line of credit facility period

1 year

Percentage for purchase price of asset to market value

75.00%

Line of credit facility, borrowing capacity

$ 150,000,000

Indebtedness

$ 31,447,000

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

400.00%

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%

Non-recourse indebtedness

Debt Instrument [Line Items]

Maturity date

Sep. 17, 2018

Line of credit facility, borrowing capacity

$ 325,000,000

Indebtedness

$ 2,864,753,000

2,124,357,000

Revolving credit agreement term

3 years

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

$ 2,875,482,000

2,124,362,000

Non-recourse indebtedness | R A I T F L Two

Debt Instrument [Line Items]

Real estate investment

129,544,000

Non-recourse indebtedness | R A I T F L Three

Debt Instrument [Line Items]

Real estate investment

146,192,000

Non-recourse indebtedness | R A I T F L Four

Debt Instrument [Line Items]

Real estate investment

$ 177,894,000

Non-recourse indebtedness | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.45%

Non-recourse indebtedness | CMBS securitizations

Debt Instrument [Line Items]

Indebtedness

$ 717,113,000

[3]

389,415,000

[4]

Unpaid Principal Balance

717,255,000

[3]

$ 389,994,000

[4]

Non-recourse indebtedness | CMBS securitizations | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

$ 0

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.65%

Non-recourse indebtedness | Minimum | Base Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

0.65%

Non-recourse indebtedness | Minimum | CMBS securitizations

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-05

[3]

2029-01

[4]

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.45%

Non-recourse indebtedness | Maximum | Base Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.45%

Non-recourse indebtedness | Maximum | CMBS securitizations

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-12

[3]

2031-12

[4]

Non-recourse indebtedness | Secured credit facilities

Debt Instrument [Line Items]

Contractual Maturity, month and year

2018-09

[5]

2016-10

Interest rate on excess of reference rate

2.75%

Line of credit facility, borrowing capacity

$ 125,000,000

$ 20,000,000

$ 20,000,000

Line of credit facility, expiration date

Sep. 17, 2015

Indebtedness

$ 271,500,000

[5]

$ 18,392,000

Revolving credit agreement term

3 years

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

271,500,000

[5]

18,392,000

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 | Amended IROP Credit agreement

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.50%

Line of credit facility, borrowing capacity

$ 30,000,000

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 | Subsequent Event

Debt Instrument [Line Items]

Line of credit facility, repayments

9,684,000

$ 14,100,000

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 | CDO notes payable, at amortized cost

Debt Instrument [Line Items]

Principal amount repurchase convertible senior notes

17,500,000

5,800,000

17,500,000

Consideration from repurchase convertible senior notes

$ 10,369,000

3,379,000

10,369,000

Gain (losses) on extinguishment of debt

2,421,000

$ 7,131,000

Indebtedness

[7]

$ 940,088,000

[6]

1,073,145,000

[8]

Principal amount partially sold convertible senior notes

42,483,000

Aggregate sales price

31,367,000

Discount on sale of debt

11,131,000

Unpaid Principal Balance

[7]

$ 950,981,000

[6]

1,074,102,000

[8]

Non-recourse indebtedness | CDO notes payable, at amortized cost | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[6],[7]

2045-06

Non-recourse indebtedness | CDO notes payable, at amortized cost | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[6],[7]

2046-11

Non-recourse indebtedness | Loans payable on real estate

Debt Instrument [Line Items]

Indebtedness

$ 816,052,000

[9]

643,405,000

[10]

Unpaid Principal Balance

815,746,000

[9]

641,874,000

[10]

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

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 64,343,000

$ 204,262,000

$ 409,776,000

Number of mortgages obtained | MortgageLoan

2

8

16

2

Contractual Maturity, start year

2015-09

2021-03

2016-04

Contractual Maturity, end year

2026-04

2025-05

2040-05

Stated interest rate, minimum

5.00%

3.20%

3.40%

Stated interest rate, maximum

10.00%

4.30%

5.60%

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

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 19,500,000

$ 19,500,000

Contractual Maturity, start year

2023-12

Stated interest rate, minimum

4.60%

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

Debt Instrument [Line Items]

Unpaid Principal Balance

$ 8,612,000

$ 8,612,000

Contractual Maturity, start year

2021-01

Stated interest rate, minimum

4.40%

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

Debt Instrument [Line Items]

Contractual Maturity, month and year

2016-04

[9]

2015-09

[10]

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

Debt Instrument [Line Items]

Contractual Maturity, month and year

2026-04

[9]

2040-05

[10]

Investment Grade Senior Notes

Debt Instrument [Line Items]

Real estate investment

$ 155,861,000

Advance rate

79.50%

Maturity date of investment

2031-05

Investment Grade Senior Notes | RAIT FL One

Debt Instrument [Line Items]

Advance rate

75.00%

Maturity date of investment

2029-01

Investment Grade Senior Notes | R A I T F L Four

Debt Instrument [Line Items]

Real estate investment

$ 181,215,000

Advance rate

81.20%

Investment Grade Senior Notes | R A I T F L Five

Debt Instrument [Line Items]

Real estate investment

$ 263,624,000

$ 263,624,000

Advance rate

75.80%

Investment Grade Senior Notes | Subsequent Event | R A I T F L Five

Debt Instrument [Line Items]

Real estate investment

$ 23,000,000

Investment Grade Senior Notes | Upon Occurrence Of Certain Events

Debt Instrument [Line Items]

Maturity date of investment

2016-04

Investment Grade Senior Notes | Upon Occurrence Of Certain Events | RAIT FL One

Debt Instrument [Line Items]

Maturity date of investment

2015-08

Investment Grade Senior Notes | CMBS securitizations | RAIT FL One

Debt Instrument [Line Items]

Real estate investment

$ 101,250,000

[1]

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

[2]

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

[3]

Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[4]

Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[5]

Floating rate at 245 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. Interest only payments are due monthly.

[6]

Collateralized by $1,388,194 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests, $815,745 of which eliminates in consolidation. 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]

Collateralized by $1,572,126 principal amount of commercial mortgage loans, mezzanine loans and preferred equity interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[9]

Includes $545,956 of unpaid principal balance with a carrying amount of $546,262 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 May 2025.

[10]

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

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness by Year (Detail) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Extinguishment Of Debt [Line Items]
Total		$ 3,390,023	$ 2,638,907
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,016		67,748
2,017		35,000
2,018		46,819
2,019		89,405
Thereafter	[1]	275,569
Total		514,541	514,545
Non-recourse indebtedness
Extinguishment Of Debt [Line Items]
2,016		257,139
2,017		19,137
2,018		316,422
2,019		8,333
2,020		43,463
Thereafter	[1]	2,230,988
Total		$ 2,875,482	$ 2,124,362
[1]	Includes $30,048 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2016, April 2021, and April 2026. Includes $141,750 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

Aggregate Contractual Maturit78

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 10, 2013	Mar. 21, 2011
7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Convertible senior notes interest rate	7.00%	7.00%	7.00%
7.0% convertible senior notes | Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Aggregate principal amount of notes issued	$ 30,048,000				$ 115,000,000
Convertible senior notes interest rate	7.00%				7.00%
4.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Convertible senior notes interest rate	4.00%	4.00%	4.00%
4.0% convertible senior notes | Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Aggregate principal amount of notes issued	$ 141,750,000			$ 125,000,000
Convertible senior notes interest rate	4.00%

Derivative Financial Instrume79

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivative [Line Items]
Interest cap contract date	Sep. 30, 2015
Notional amount	$ 481,141,000	$ 481,141,000	$ 496,025,000
Realized losses		16,382,000	40,274,000	$ 32,117,000
Expected realized losses to be reclassify to earnings during 2016	4,691,000	4,691,000
Unrealized gains		0	0	$ 0
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 243,816,000	$ 243,816,000	$ 424,025,000
RAIT I and RAIT II | Interest rate swaps
Derivative [Line Items]
Weighted average strike rate	5.10%	5.10%
Notional amount	$ 243,816,000	$ 243,816,000

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Notional amount	$ 481,141,000	$ 496,025,000
Fair Value of Assets	206,000
Fair Value of Liabilities	(4,727,000)	(20,695,000)
Interest rate swaps
Derivative [Line Items]
Notional amount	243,816,000	424,025,000
Fair Value of Liabilities	(4,672,000)	(20,051,000)
Interest rate cap
Derivative [Line Items]
Notional amount	200,000,000
Fair Value of Assets	24,000
Other interest rate swaps
Derivative [Line Items]
Notional amount	37,325,000	72,000,000
Fair Value of Assets	182,000
Fair Value of Liabilities	$ (55,000)	$ (644,000)

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Oct. 31, 2015	Mar. 31, 2015	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Assets
Commercial mortgages, mezzanine loans and preferred equity interests	$ 1,623,583				$ 1,392,436
Investments in securities and security-related receivables, at fair value				$ 31,412	31,412
Cash and cash equivalents	125,886				121,726		$ 88,847	$ 100,041
Restricted cash	213,012				124,220
Derivative assets	206
Liabilities
Indebtedness	3,359,450		$ 82,423		2,615,666
Derivative liabilities	4,727				20,695
Junior subordinated notes	10,504				13,102
Warrants and investor SARs	26,200				35,384
Recourse Indebtedness
Liabilities
Indebtedness	494,697				491,309
Non-recourse indebtedness
Liabilities
Indebtedness	2,864,753				2,124,357
Carrying Amount
Assets
Commercial mortgages, mezzanine loans and preferred equity interests	1,623,583				1,392,436
Investments in securities and security-related receivables, at fair value					31,412
Cash and cash equivalents	125,886				121,726
Restricted cash	213,012				124,220
Derivative assets	206
Carrying Amount | 7.0% convertible senior notes
Liabilities
Indebtedness	29,887				33,417
Carrying Amount | 4.0% convertible senior notes
Liabilities
Indebtedness	137,084				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	63,150				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	940,088				1,073,145
Carrying Amount | Loans payable on real estate
Liabilities
Indebtedness	816,052				643,405
Carrying Amount | Derivative Liabilities
Liabilities
Derivative liabilities	4,727				20,695
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs	26,200				35,384
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Indebtedness	29,887				33,417
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Indebtedness	137,084				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	63,150				68,314
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Indebtedness	25,100				25,100
Carrying Amount | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	97,067				55,956
Carrying Amount | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Indebtedness					29,097
Carrying Amount | Non-recourse indebtedness | Term Loans
Liabilities
Indebtedness	120,000
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Indebtedness	940,088				1,073,145
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Indebtedness	816,052				643,405
Estimated Fair Value
Assets
Commercial mortgages, mezzanine loans, other loans and	1,537,086				1,316,796
Investments in securities and security-related receivables, at fair value					31,412
Cash and cash equivalents	125,886				121,726
Restricted cash	213,012				124,220
Derivative assets	206
Estimated Fair Value | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	27,795				41,901
Estimated Fair Value | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	104,184				123,677
Estimated Fair Value | 7.625% senior notes due 2024
Liabilities
Senior notes, Estimated Fair Value	46,560				56,016
Estimated Fair Value | 7.125% Senior Notes due 2019
Liabilities
Senior notes, Estimated Fair Value	62,471				70,064
Estimated Fair Value | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value	66,725				79,594
Estimated Fair Value | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	11,221				14,471
Estimated Fair Value | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value	801,289				913,050
Estimated Fair Value | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value	834,816				678,306
Estimated Fair Value | Derivative Liabilities
Liabilities
Derivative liabilities	4,727				20,695
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs	26,200				35,384
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	27,795				41,901
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes, Estimated Fair Value	104,184				123,677
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Senior notes, Estimated Fair Value	46,560				56,016
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Senior notes, Estimated Fair Value	62,471				70,064
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Senior notes, Estimated Fair Value					79,594
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	11,221				14,471
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	97,067				55,956
Estimated Fair Value | Recourse Indebtedness | Commercial Mortgage Facility
Liabilities
Indebtedness					29,097
Estimated Fair Value | Non-recourse indebtedness | Term Loans
Liabilities
Indebtedness	120,000
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable, Estimated Fair Value	801,289				913,050
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate, Estimated Fair Value	834,816				678,306
CMBS securitizations
Liabilities
Indebtedness	885,055				490,863
CMBS securitizations | Non-recourse indebtedness
Liabilities
Indebtedness	717,113	[1]			389,415	[2]
CMBS securitizations | Carrying Amount
Liabilities
Indebtedness	717,113				389,415
CMBS securitizations | Carrying Amount | Non-recourse indebtedness
Liabilities
Indebtedness	717,113				389,415
CMBS securitizations | Estimated Fair Value
Liabilities
Notes payable, Estimated Fair Value	709,001				389,771
CMBS securitizations | Estimated Fair Value | Non-recourse indebtedness
Liabilities
Notes payable, Estimated Fair Value	709,001				389,771
Junior subordinated notes, at fair value | Carrying Amount | Recourse Indebtedness
Liabilities
Indebtedness	10,504				13,102
Junior subordinated notes, at fair value | Estimated Fair Value | Recourse Indebtedness
Liabilities
Junior subordinated notes	10,504				13,102
Secured credit facilities | Non-recourse indebtedness
Liabilities
Indebtedness	271,500	[3]			18,392
Secured credit facilities | Carrying Amount | Recourse Indebtedness
Liabilities
Indebtedness					18,392
Secured credit facilities | Carrying Amount | Non-recourse indebtedness
Liabilities
Indebtedness	271,500
Secured credit facilities | Estimated Fair Value | Recourse Indebtedness
Liabilities
Secured credit facilities, Estimated Fair Value					$ 18,392
Secured credit facilities | Estimated Fair Value | Non-recourse indebtedness
Liabilities
Secured credit facilities, Estimated Fair Value	$ 271,500
[1]	Excludes the RAIT FL2 junior notes, RAIT FL3 junior notes, RAIT FL4 junior notes and RAIT FL5 junior purchased by us which are eliminated in consolidation. Collateralized by $885,055 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[2]	Excludes the RAIT FL1 junior notes, RAIT FL2 junior notes and RAIT FL3 junior notes purchased by us which are eliminated in consolidation. Collateralized by $490,863 principal amount of commercial mortgage 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.
[3]	Floating rate at 245 basis points over 1-month LIBOR. As of December 31, 2015, 1-month LIBOR was 0.4295%. 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		Dec. 31, 2015		Mar. 31, 2015	Dec. 31, 2014
Assets:
Marketable Securities				$ 31,412	$ 31,412
Derivative assets		$ 206
Total assets		206			31,412
Liabilities:
Junior subordinated notes, at fair value		10,504			13,102
Derivative liabilities		4,727			20,695
Warrants and investor SARs		26,200			35,384
Total liabilities		41,431			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]	206
Total assets		206	[2]		31,412	[3]
Liabilities:
Derivative liabilities		4,727	[2]		20,695	[3]
Total liabilities		4,727	[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		10,504	[2]		13,102	[3]
Warrants and investor SARs		26,200	[2]		35,384	[3]
Total liabilities		$ 36,704	[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 year ended December 31, 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 Lia83

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

Fair Value of Financial Instr84

Fair Value of Financial Instruments - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)Property		Dec. 31, 2014USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 206,000		$ 31,412,000
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Volatility rate	61.00%
Credit adjusted discount rate	12.00%
Dividend rate	10.60%
Significant Unobservable Inputs (Level 3) | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	12.90%
Significant Unobservable Inputs (Level 3) | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	13.30%
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 206,000	[1]	$ 31,412,000	[2]
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of real estate properties | Property	2
Assets Fair Value Disclosure	$ 9,335
[1]	During the year ended December 31, 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.

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 48,486	$ 487,855
Change in fair value of financial instruments	(11,782)	76,564
Purchases		12,673
Principal repayments		(69,954)
Ending Balance	36,704	48,486
Beginning Balance		489,056
Change in fair value of financial instruments		8,820
Principal repayments		(40,000)
Taberna deconsolidation		(457,876)
Ending Balance
Taberna deconsolidation		(458,652)
Trading Securities-TruPS and Subordinated Debentures
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		480,845
Change in fair value of financial instruments		9,360
Principal repayments		(40,000)
Taberna deconsolidation		(450,205)
Ending Balance
Security-Related Receivables-TruPS and subordinated Debenture Receivables
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		8,211
Change in fair value of financial instruments		(540)
Taberna deconsolidation		(7,671)
Ending Balance
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	35,384	31,304
Change in fair value of financial instruments	(9,184)	(8,593)
Purchases		12,673
Ending Balance	26,200	35,384
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	13,102	11,911
Change in fair value of financial instruments	(2,598)	1,191
Ending Balance	$ 10,504	13,102
Derivative Liabilities
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		67,405
Change in fair value of financial instruments		(16,518)
Ending Balance
Taberna deconsolidation		(50,887)
Cdo Notes Payable At Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance		377,235
Change in fair value of financial instruments		100,484
Principal repayments		(69,954)
Ending Balance
Taberna deconsolidation		$ (407,765)

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	Dec. 31, 2015		Oct. 31, 2015	Dec. 31, 2014
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans and preferred equity interests	$ 1,623,583			$ 1,392,436
Indebtedness	3,359,450		$ 82,423	2,615,666
Junior subordinated notes	10,504			13,102
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, other loans and	1,537,086			1,316,796
Junior subordinated notes	10,504	[1]		13,102	[2]
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans and preferred equity interests	1,623,583			1,392,436
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Commercial mortgages, mezzanine loans, other loans and	1,537,086			1,316,796
CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	885,055			490,863
CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	709,001			389,771
CMBS securitizations | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	717,113			389,415
CMBS securitizations | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	709,001			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	27,795			41,901
7.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	29,887			33,417
7.0% convertible senior notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	27,795			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	104,184			123,677
4.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	137,084			134,418
4.0% convertible senior notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes, Estimated Fair Value	104,184			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	46,560			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	46,560			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	62,471			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	62,471			70,064
Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	66,725			79,594
Senior Secured Notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	63,150			68,314
Senior Secured Notes | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Senior notes, Estimated Fair Value	66,725			79,594
Junior subordinated notes, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	11,221			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	11,221			14,471
CDO notes payable, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	801,289			913,050
CDO notes payable, at amortized cost | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	940,088			1,073,145
CDO notes payable, at amortized cost | Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable, Estimated Fair Value	801,289			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	834,816			678,306
Loans payable on real estate | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	816,052			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	$ 834,816			$ 678,306
[1]	During the year ended December 31, 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								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Assets										$ 8,820
Change in fair value of financial instruments, Liabilities									$ (11,782)	76,564
Change in fair value of financial instruments	$ (1,828)	$ 620	$ 8,356	$ 4,490	$ (39,319)	$ (10,223)	$ (25,071)	$ (24,139)	11,638	(98,752)	$ (344,426)
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									(172)	10,682	9,193
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									2,598	(101,675)	(311,009)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									28	(16,352)	(22,230)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									(9,184)	(8,593)
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									$ 9,184	$ 8,593	$ (20,380)

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015		Oct. 31, 2015	Mar. 31, 2015	Dec. 31, 2014		Dec. 31, 2013	Dec. 31, 2012
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans and preferred equity interests	$ 1,623,583				$ 1,392,436
Allowance for losses	(17,097)				(9,218)		$ (22,955)	$ (30,400)
Total investment in mortgages, loans and preferred equity interests, net	1,606,486				1,383,218
Investments in real estate
Investments in real estate, Book Value	2,517,645				1,840,451		1,131,931
Accumulated depreciation	(198,326)	[1]			(168,480)	[1]	(127,745)
Total investments in real estate	2,319,319				1,671,971
Investments in securities and security-related receivables, at fair value				$ 31,412	31,412
Cash and cash equivalents	125,886				121,726		$ 88,847	$ 100,041
Restricted cash	213,012				124,220
Accrued interest receivable	47,343				51,640
Other assets	71,207				72,023
Deferred financing costs
Accumulated amortization	(33,769)				(26,056)
Total deferred financing costs	31,368				27,802
Intangible assets
Accumulated amortization	(26,307)				(13,911)
Total intangible assets	32,675				29,463
Total assets	4,447,296				3,513,475
Liabilities and Equity
Indebtedness	3,359,450		$ 82,423		2,615,666
Accrued interest payable	9,834				10,269
Accounts payable and accrued expenses	39,672				54,962
Derivative liabilities	4,727				20,695
Deferred taxes, borrowers’ escrows and other liabilities	203,477				144,733
Total liabilities	3,617,160				2,846,325
Shareholders’ equity
Accumulated other comprehensive income (loss)	(4,699)				(20,788)
Retained earnings (deficit)	(1,680,751)				(1,633,911)
Total shareholders’ equity	404,528				373,545
Noncontrolling interests	340,213				214,297
Total liabilities and equity	4,447,296				3,513,475
IRT
Investments in real estate
Investments in real estate, Book Value	1,372,015				689,112
Accumulated depreciation	(39,638)				(23,376)
Liabilities and Equity
Indebtedness	546,262				362,434
Variable Interest Entities
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans and preferred equity interests	1,358,497				1,535,097
Allowance for losses					(8,423)
Total investment in mortgages, loans and preferred equity interests, net	1,358,497				1,526,674
Investments in real estate
Investments in real estate, Book Value	1,396,565				713,011
Accumulated depreciation	(44,392)				(27,062)
Total investments in real estate	1,352,173				685,949
Investments in securities and security-related receivables, at fair value					10,995
Cash and cash equivalents	38,688				14,979
Restricted cash	18,371				20,164
Accrued interest receivable	73,368				74,904
Other assets	22,491				9,314
Deferred financing costs
Deferred financing costs	37,326				29,805
Accumulated amortization	(25,269)				(20,841)
Total deferred financing costs	12,057				8,964
Intangible assets
Intangible assets	15,287				7,596
Accumulated amortization	(11,551)				(4,345)
Total intangible assets	3,736				3,251
Total assets	2,879,381				2,355,194
Liabilities and Equity
Indebtedness	2,178,553				1,755,283
Accrued interest payable	6,010				4,363
Accounts payable and accrued expenses	22,592				11,664
Derivative liabilities	4,672				20,051
Deferred taxes, borrowers’ escrows and other liabilities	10,028				6,763
Total liabilities	2,221,855				1,798,124
Shareholders’ equity
Accumulated other comprehensive income (loss)	(4,699)				(20,788)
RAIT investment	184,972				185,974
Retained earnings (deficit)	140,988				183,146
Total shareholders’ equity	321,261				348,332
Noncontrolling interests	336,265				208,738
Total liabilities and equity	2,879,381				2,355,194
Variable Interest Entities | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans and preferred equity interests	1,358,497				1,535,097
Allowance for losses					(8,423)
Total investment in mortgages, loans and preferred equity interests, net	1,358,497				1,526,674
Investments in real estate
Investments in securities and security-related receivables, at fair value					10,995
Restricted cash	12,718				14,715
Accrued interest receivable	73,368				74,904
Other assets	11,539				136
Deferred financing costs
Deferred financing costs	26,028				26,028
Accumulated amortization	(23,237)				(20,095)
Total deferred financing costs	2,791				5,933
Intangible assets
Total assets	1,458,913				1,633,357
Liabilities and Equity
Indebtedness	1,181,585				1,315,103
Accrued interest payable	445				670
Accounts payable and accrued expenses	8				3
Derivative liabilities	4,672				20,051
Total liabilities	1,186,710				1,335,827
Shareholders’ equity
Accumulated other comprehensive income (loss)	(4,691)				(20,788)
RAIT investment	115,810				114,207
Retained earnings (deficit)	161,084				204,111
Total shareholders’ equity	272,203				297,530
Total liabilities and equity	1,458,913				1,633,357
Variable Interest Entities | IRT
Investments in real estate
Investments in real estate, Book Value	1,372,015				689,112
Accumulated depreciation	(39,638)				(23,376)
Total investments in real estate	1,332,377				665,736
Cash and cash equivalents	38,301				14,763
Restricted cash	5,413				5,205
Other assets	3,362				2,270
Deferred financing costs
Deferred financing costs	10,952				3,431
Accumulated amortization	(1,726)				(507)
Total deferred financing costs	9,226				2,924
Intangible assets
Intangible assets	15,287				7,596
Accumulated amortization	(11,551)				(4,345)
Total intangible assets	3,736				3,251
Total assets	1,392,415				694,150
Liabilities and Equity
Indebtedness	975,837				418,900
Accrued interest payable	1,239				32
Accounts payable and accrued expenses	19,304				8,371
Deferred taxes, borrowers’ escrows and other liabilities	6,004				3,813
Total liabilities	1,002,384				431,116
Shareholders’ equity
Accumulated other comprehensive income (loss)	(8)
RAIT investment	68,273				71,024
Retained earnings (deficit)	(14,499)				(16,729)
Total shareholders’ equity	53,766				54,295
Noncontrolling interests	336,265				208,738
Total liabilities and equity	1,392,415				694,150
Variable Interest Entities | RAIT VIE Properties
Investments in real estate
Investments in real estate, Book Value	24,550				23,899
Accumulated depreciation	(4,754)				(3,686)
Total investments in real estate	19,796				20,213
Cash and cash equivalents	387				216
Restricted cash	240				244
Other assets	7,590				6,908
Deferred financing costs
Deferred financing costs	346				346
Accumulated amortization	(306)				(239)
Total deferred financing costs	40				107
Intangible assets
Total assets	28,053				27,688
Liabilities and Equity
Indebtedness	21,131				21,280
Accrued interest payable	4,326				3,661
Accounts payable and accrued expenses	3,280				3,290
Deferred taxes, borrowers’ escrows and other liabilities	4,024				2,950
Total liabilities	32,761				31,181
Shareholders’ equity
RAIT investment	889				743
Retained earnings (deficit)	(5,597)				(4,236)
Total shareholders’ equity	(4,708)				(3,493)
Total liabilities and equity	$ 28,053				$ 27,688
[1]	As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376

Deconsolidation Of Taberna VI89

Deconsolidation Of Taberna VIE's - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 19, 2014	Dec. 31, 2014
Effects Of Deconsolidation Of Subsidiaries [Line Items]
Net gain on sale of Collateral Management contracts		$ 4,549
Gain (losses) on deconsolidation of VIEs		(215,804)
Deconsolidation of VIEs
Effects Of Deconsolidation Of Subsidiaries [Line Items]
Net gain on sale of Collateral Management contracts	$ 4,549	4,549
Severance and other costs	1,821
Gain (losses) on deconsolidation of VIEs	$ (215,804)	$ (215,804)

Summary of Balance Sheet of Dec

Summary of Balance Sheet of Deconsolidated VIEs (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Oct. 31, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 19, 2014
ASSETS:
Investments in mortgages and loans, net	$ 1,606,486			$ 1,383,218
Marketable Securities			$ 31,412	31,412
Restricted cash	213,012			124,220
Accrued interest receivable	47,343			51,640
Other assets	71,207			72,023
Total assets	4,447,296			3,513,475
LIABILITIES:
Indebtedness	3,359,450	$ 82,423		2,615,666
Accrued interest payable	9,834			10,269
Accounts payable and accrued expenses	39,672			54,962
Derivative liabilities, at fair value	4,727			20,695
Total liabilities	3,617,160			2,846,325
Accumulated other comprehensive income (loss)	$ (4,699)			$ (20,788)
Deconsolidation of VIEs
ASSETS:
Investments in mortgages and loans, net					$ 43,312
Marketable Securities					496,587
Restricted cash					4,109
Accrued interest receivable					5,296
Other assets					1,160
Total assets					550,464
LIABILITIES:
Indebtedness					274,787
Accrued interest payable					23,273
Accounts payable and accrued expenses					74
Derivative liabilities, at fair value					52,624
Total liabilities					350,758
Accumulated other comprehensive income (loss)					(16,098)
Total liabilities and accumulated other comprehensive income (loss)					334,660
Loss on sale of assets					$ 215,804

Summary of Statement of Operati

Summary of Statement of Operations of Deconsolidated VIEs (Detail) - USD ($) $ in Thousands	Dec. 19, 2014	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue:
Investment interest income										$ 98,432	$ 133,419	$ 134,447
Investment interest expense										(29,250)	(30,310)	(30,595)
Net interest margin										69,182	103,109	103,852
Fee and other income										21,069	24,280	28,799
Total revenue		$ 94,344	$ 74,962	$ 79,474	$ 75,202	$ 73,832	$ 75,285	$ 73,248	$ 67,305	323,982	289,670	246,875
Expenses:
Compensation expense										28,229	28,168	26,802
General and administrative expense										20,779	17,653	14,496
Depreciation and amortization expense										73,868	56,784	36,093
Total expenses										341,042	247,438	181,972
Operating income										(17,060)	42,232	64,903
Interest and other income (expense), net										(1,009)	(21,398)	(5,233)
Gain (losses) on assets										43,805	(5,370)	(2,266)
Gain (losses) on deconsolidation of VIEs											(215,804)
Net gain on sale of Collateral Management contracts											4,549
Change in fair value of financial instruments		(1,828)	620	8,356	4,490	(39,319)	(10,223)	(25,071)	(24,139)	11,638	(98,752)	(344,426)
Income (loss) before taxes										66,291	(292,122)	(288,297)
Income tax benefit (provision)										(2,798)	2,147	2,933
Net income (loss) allocable to common shares		$ 1,831	$ (6,532)	$ 18,956	$ (7,097)	$ (255,001)	$ (23,266)	$ (25,650)	$ (14,587)	$ 7,158	(318,504)	(308,008)
Deconsolidation of VIEs
Revenue:
Investment interest income											39,551	48,937
Investment interest expense											(16,765)	(18,805)
Net interest margin											22,786	30,132
Fee and other income											980	1,363
Total revenue											23,766	31,495
Expenses:
Compensation expense											1,736	1,672
General and administrative expense											1,440	1,601
Depreciation and amortization expense											136	137
Total expenses											3,312	3,410
Operating income											20,454	28,085
Interest and other income (expense), net											(21,500)
Gain (losses) on assets											(7,712)	(90)
Gain (losses) on deconsolidation of VIEs	$ (215,804)										(215,804)
Net gain on sale of Collateral Management contracts	$ 4,549										4,549
Change in fair value of financial instruments											(106,593)	(322,301)
Income (loss) before taxes											(326,606)	(294,306)
Income tax benefit (provision)											(496)	(714)
Net income (loss) allocable to common shares											$ (327,102)	$ (295,020)

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands	Oct. 01, 2012USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)Covenant	Dec. 31, 2014USD ($)
Temporary Equity [Line Items]
Maximum period to issue and sell securities on private placement basis	2 years
Aggregate purchase price under Securities Purchase Agreement | $		$ 100,000
Cumulative redeemable preferred shares, shares issued | shares		4,000,000
Stock Appreciation Rights | shares	6,735,667
Percentage of aggregate amount of common shares issuable upon exercise of warrants		5.00%
Warrants exercisable for common shares | shares		9,931,000
Warrants and investor SARs | $		$ 26,200		$ 35,384
Adjusted
Temporary Equity [Line Items]
Stock Appreciation Rights | shares		7,470,241
Warrants exercisable for common shares | shares		11,014,048
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 | shares	9,931,000
Maturity of unsecured promissory note		180 days
Percentage of outstanding Series D preferred shares or warrants		10.00%
Preferred Shares, Dividend Rate		7.50%
Preferred Shares, Dividend Rate increase per each anniversary		0.50%
Liquidation preference per share to October 1, 2017		$ 26.25
Liquidation preference per share after five years		25
Warrants Exercise Price		$ 6
Warrants Expiration Date		Oct. 1, 2027
Stock Appreciation Rights Exercise Price		$ 6
Preferred Series D | Maximum
Temporary Equity [Line Items]
Preferred stock redemption amount | $		$ 50,000
Preferred Series D | October 1, 2015
Temporary Equity [Line Items]
Preferred Shares, Dividend Rate		8.50%
Preferred Series D | Prior To October 1, 2017
Temporary Equity [Line Items]
Redemption price		$ 26.25
Preferred Series D | After October 1, 2017
Temporary Equity [Line Items]
Redemption price		25
Preferred Series D | October 1, 2019
Temporary Equity [Line Items]
Redemption price		25
Put price per warrant		1.99
Put price per SARs		1.99
Preferred Series D | October 1, 2017
Temporary Equity [Line Items]
Put price per warrant		1.23
Put price per SARs		1.23
Preferred Series D | October 1, 2018
Temporary Equity [Line Items]
Put price per warrant		1.60
Put price per SARs		1.60
Preferred Series D | October 1, 2014
Temporary Equity [Line Items]
Stock appreciation rights call price		5
Preferred Series D | Adjusted
Temporary Equity [Line Items]
Warrants Exercise Price		5.41
Stock Appreciation Rights Exercise Price		$ 5.41
Preferred Series D | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued | shares	4,000,000
Cumulative Redeemable Preferred Shares, par value	$ 0.01
Number of covenants | Covenant			2
Consideration paid under Securities Purchase Agreement | $			$ 450

Sales Activity of Series D Pref

Sales Activity of Series D Preferred Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	14,034
Carrying amount of Series D Preferred Shares	$ 85,395	$ 79,308

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)	Sep. 17, 2015	Nov. 25, 2014	Jul. 21, 2014	Jun. 13, 2014	Jan. 29, 2014	Aug. 16, 2013	Jul. 05, 2007	Feb. 29, 2016	Aug. 31, 2015	Jan. 31, 2014	Apr. 30, 2013	Jan. 31, 2013	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2004	Dec. 31, 2015	Jan. 10, 2014	Nov. 21, 2012	May. 21, 2012
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued													4,000,000								4,000,000				4,000,000
Public offering price									$ 5.40	$ 8.52	$ 7.87
Net proceeds received from issuance of Preferred Shares																					$ 13,055,000	$ 49,917,000	$ 21,829,000
Preferred shares, authorized													25,000,000				25,000,000				25,000,000	25,000,000			25,000,000
Common shares pursuant to the DRSPP																					8,817
Net proceeds received																					$ 51,000
Common shares remaining available under the DRSPP													7,761,722								7,761,722				7,761,722
Net proceeds received from issuance of common shares																					$ 41,443,000	$ 85,004,000	87,513,000
Common shares issued for underwritten public offering									8,000,000	10,000,000	9,200,000	1,350,000
Net proceeds received during period from common share issuance in underwritten public offering									$ 42,440,000	$ 82,570,000	$ 70,196,000	$ 7,358,000
Other income (expense)																					$ (1,009,000)	$ (21,398,000)	$ (5,233,000)
IRT
Class of Stock [Line Items]
Public offering price		$ 9.60	$ 9.50		$ 8.30	$ 8.50
Common shares issued for underwritten public offering		6,000,000	8,050,000		8,050,000	4,000,000
Net proceeds received during period from common share issuance in underwritten public offering		$ 54,648,000	$ 72,002,000		$ 62,718,000	$ 34,000,000
Net proceeds received during period from common shares issuance in underwritten public offering						$ 31,096,000
Shares outstanding													7,269,719				7,269,719				7,269,719	7,269,719	5,764,900		7,269,719
Ownership percentage													15.50%				22.90%				15.50%	22.90%	59.70%		15.50%
Other income (expense)																							$ 3,885,000
Common stock issued in connection with acquisition																					15,100,000
IRT | Trade Street Residential, Inc
Class of Stock [Line Items]
Common stock issued in connection with acquisition																					1,925,419
IRT | RAIT
Class of Stock [Line Items]
Common shares purchased by us in underwritten public offering			300,000		1,204,819
IROP | Trade Street Residential, Inc
Class of Stock [Line Items]
Common stock issued in connection with acquisition	1,925,419
Jones Trading Institutional Services LLC
Class of Stock [Line Items]
Common shares issued, net (in shares)																					2,081,081
Weighted-average price per shares													$ 7.96								$ 7.96				$ 7.96
Net proceeds received from issuance of common shares																					$ 16,139,000
Common shares remaining available for issuance																					7,918,919
Jones Trading Institutional Services LLC | Maximum
Class of Stock [Line Items]
Common shares to be issued and sold																											10,000,000
Dividend Reinvestment And Share Purchase Plan
Class of Stock [Line Items]
Registered and reserved common shares													10,500,000								10,500,000				10,500,000
Weighted-average price per shares													$ 5.92								$ 5.92				$ 5.92
7.75% Series A cumulative redeemable preferred shares
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued													5,306,084				4,775,569				5,306,084	4,775,569			5,306,084
Preferred Shares, Dividend Rate																					7.75%	7.75%
Cumulative redeemable preferred shares, liquidation preference													$ 25				$ 25				$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued																					530,515	706,281	945,000
Preferred shares, par value													$ 0.01				$ 0.01				$ 0.01	$ 0.01			$ 0.01
Preferred shares, authorized													8,069,288				8,069,288				8,069,288	8,069,288			8,069,288
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]
Cumulative redeemable preferred shares, shares issued													2,340,969				2,288,465				2,340,969	2,288,465			2,340,969
Preferred Shares, Dividend Rate																					8.375%	8.375%
Cumulative redeemable preferred shares, liquidation preference													$ 25				$ 25				$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued																					52,504
Preferred shares, par value													$ 0.01				$ 0.01				$ 0.01	$ 0.01			$ 0.01
Preferred shares, authorized													4,300,000				4,300,000				4,300,000	4,300,000			4,300,000
8.375% Series B cumulative redeemable preferred shares | IRT
Class of Stock [Line Items]
Stock redeemed, value																							$ 3,500,000
8.375% Series B cumulative redeemable preferred shares | Subsequent Event
Class of Stock [Line Items]
Preferred Shares, dividend declared								0.5234375
Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued													1,640,425				1,640,100				1,640,425	1,640,100			1,640,425
Preferred Shares, Dividend Rate																					8.875%	8.875%
Cumulative redeemable preferred shares, liquidation preference													$ 25				$ 25				$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued																					325
Preferred shares, par value													$ 0.01				$ 0.01				$ 0.01	$ 0.01			$ 0.01
Preferred shares, authorized													3,600,000				3,600,000				3,600,000	3,600,000			3,600,000
Series C Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred Shares, dividend declared								0.5546875
Preferred Series D
Class of Stock [Line Items]
Preferred Shares, Dividend Rate																					7.50%
Cumulative redeemable preferred shares, liquidation preference													$ 26.25								$ 26.25				$ 26.25
Preferred Series D | Subsequent Event
Class of Stock [Line Items]
Preferred Shares, dividend declared								$ 0.5312500
Preferred Stock
Class of Stock [Line Items]
Preferred shares aggregate amount to be issued and sold				$ 150,000,000
Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Dividend payment date								Mar. 31, 2016
Dividend record date								Mar. 1, 2016
Preferred Stock | 7.75% Series A cumulative redeemable preferred shares
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued																								2,760,000
Preferred Shares, Dividend Rate																								7.75%
Cumulative redeemable preferred shares, liquidation preference																								$ 25
Cumulative redeemable preferred shares, liquidation preference per year per share																								$ 1.9375
Preferred shares authorized to be issued under agreement				4,000,000																								2,000,000
Cumulative redeemable preferred shares, shares issued																							945,000		1,236,796	1,309,288
Weighted-average price per share																							$ 23.92		$ 23.57
Net proceeds received from issuance of Preferred Shares																							$ 21,829,000		$ 28,332,000
Aggregate of Series A,B,C Preferred Shares available for issuance													2,763,204								2,763,204				2,763,204	690,712
Increase in Series A preferred shares as a result of reclassification				3,309,288
Dividend payment date													Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividend record date													Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Preferred Stock | 7.75% Series A cumulative redeemable preferred shares | Before Reclassification
Class of Stock [Line Items]
Preferred shares, authorized				4,760,000
Preferred Stock | 7.75% Series A cumulative redeemable preferred shares | After Reclassification
Class of Stock [Line Items]
Preferred shares, authorized				8,069,288
Preferred Stock | 8.375% Series B cumulative redeemable preferred shares
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued																								2,258,300
Preferred Shares, Dividend Rate																								8.375%
Cumulative redeemable preferred shares, liquidation preference																								$ 25
Cumulative redeemable preferred shares, liquidation preference per year per share																								$ 2.09375
Preferred shares authorized to be issued under agreement				1,000,000																								2,000,000
Cumulative redeemable preferred shares, shares issued																									52,504	30,165
Weighted-average price per share																									$ 23.65
Net proceeds received from issuance of Preferred Shares																									$ 1,203,000
Aggregate of Series A,B,C Preferred Shares available for issuance													947,496								947,496				947,496	1,969,835
Dividend payment date													Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividend record date													Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Preferred Stock | Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued							1,600,000
Preferred Shares, Dividend Rate							8.875%
Cumulative redeemable preferred shares, liquidation preference							$ 25
Public offering price							$ 25
Preferred shares authorized to be issued under agreement				1,000,000																								2,000,000
Cumulative redeemable preferred shares, shares issued																									325	40,100
Weighted-average price per share																									$ 22.90
Net proceeds received from issuance of Preferred Shares																									$ 7,000
Aggregate of Series A,B,C Preferred Shares available for issuance													999,675								999,675				999,675	1,959,900
Dividend payment date													Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividend record date													Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Preferred Stock | Unclassified Preferred Stock
Class of Stock [Line Items]
Reclassification of unclassified preferred shares to Series A preferred shares				3,309,288
Preferred shares, par value				$ 0.01
Preferred Stock | Unclassified Preferred Stock | Before Reclassification
Class of Stock [Line Items]
Preferred shares, authorized				4,340,000
Preferred Stock | Unclassified Preferred Stock | After Reclassification
Class of Stock [Line Items]
Preferred shares, authorized				1,030,712
Preferred Stock | Preferred Series D
Class of Stock [Line Items]
Dividend payment date													Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Dividend record date													Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014

Dividends Declared or Paid (Det

Dividends Declared or Paid (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends [Line Items]
Total dividend amount									$ 26,275	$ 28,993	$ 22,616
Preferred Stock | 7.75% Series A cumulative redeemable preferred shares
Dividends [Line Items]
Date declared	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015	Oct. 28, 2014	Jul. 29, 2014	May 13, 2014	Jan. 29, 2014
Record date	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Date paid	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Total dividend amount	$ 2,570	$ 2,570	$ 2,569	$ 2,313	$ 2,313	$ 1,971	$ 1,971	$ 1,971	10,022	8,226
Preferred Stock | 8.375% Series B cumulative redeemable preferred shares
Dividends [Line Items]
Date declared	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015	Oct. 28, 2014	Jul. 29, 2014	May 13, 2014	Jan. 29, 2014
Record date	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Date paid	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Total dividend amount	$ 1,225	$ 1,225	$ 1,215	$ 1,198	$ 1,198	$ 1,198	$ 1,198	$ 1,198	4,863	4,792
Preferred Stock | Series C Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015	Oct. 28, 2014	Jul. 29, 2014	May 13, 2014	Jan. 29, 2014
Record date	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Date paid	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Total dividend amount	$ 910	$ 910	$ 910	$ 910	$ 910	$ 910	$ 910	$ 910	3,640	3,640
Preferred Stock | Series D cumulative redeemable preferred shares
Dividends [Line Items]
Date declared	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015	Oct. 28, 2014	Jul. 29, 2014	May 13, 2014	Jan. 29, 2014
Record date	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015	Dec. 1, 2014	Sep. 2, 2014	Jun. 2, 2014	Mar. 3, 2014
Date paid	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014
Total dividend amount	$ 2,125	$ 1,875	$ 1,875	$ 1,875	$ 1,875	$ 1,875	$ 1,875	$ 1,255	$ 7,750	$ 6,880
Common Stock
Dividends [Line Items]
Date declared	Dec. 7, 2015	Sep. 17, 2015	Jun. 22, 2015	Mar. 16, 2015	Dec. 18, 2014	Sep. 15, 2014	Jun. 12, 2014	Mar. 18, 2014
Record date	Jan. 8, 2016	Oct. 9, 2015	Jul. 10, 2015	Apr. 10, 2015	Jan. 9, 2015	Oct. 7, 2014	Jul. 11, 2014	Apr. 4, 2014
Date paid	Jan. 29, 2016	Oct. 30, 2015	Jul. 31, 2015	Apr. 30, 2015	Jan. 30, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014
Dividend per share	$ 0.09	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.17	$ 0.63	$ 0.71
Total dividend declared	$ 8,170	$ 16,276	$ 14,775	$ 14,777	$ 14,740	$ 14,741	$ 14,738	$ 13,882	$ 53,998	$ 58,101

Summary of Changes in Accumulat

Summary of Changes in Accumulated Other Comprehensive loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2014	$ (20,788)
Other comprehensive income (loss) before reclassifications	(293)
Amounts reclassified from accumulated other comprehensive income (loss)	16,382
Total other comprehensive income (loss)	16,089	$ 43,022	$ 31,363
Balance as of December 31, 2015	(4,699)	(20,788)
Interest Rate Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance as of December 31, 2014	(20,788)
Other comprehensive income (loss) before reclassifications	(293)
Amounts reclassified from accumulated other comprehensive income (loss)	16,382
Total other comprehensive income (loss)	16,089
Balance as of December 31, 2015	$ (4,699)	$ (20,788)

Share-Based Compensation and 97

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

Feb. 23, 2016

Feb. 22, 2016

Feb. 12, 2016

Mar. 31, 2015

Feb. 18, 2015

Feb. 10, 2015

Feb. 18, 2014

Jan. 31, 2014

Jan. 29, 2014

Jul. 30, 2013

Jan. 29, 2013

Dec. 31, 2015

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

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

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 December 31, 2015, we recorded $366 of compensation expense related to the LTIP.

Compensation expense

$ 28,229,000

$ 28,168,000

$ 26,802,000

Number of shares awarded, share

0

Number of shares awarded, value

$ 1,332,000

Closing stock price

$ 2.70

Stock option outstanding

0

0

0

5,749

Share based compensation expense

$ 4,466,000

$ 4,407,000

$ 3,441,000

Percentage of additional contribution

2.00%

Percentage employer matching contribution vesting per year

33.00%

Contribution expense

$ 548,000

$ 551,000

$ 435,000

Maximum

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

Percentage of employer matching contribution

4.00%

Non-management trustees

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

Number of shares awarded, share

48,405

42,217

Number of shares awarded, value

$ 350,000

$ 350,000

Closing stock price

$ 7.23

$ 8.29

Non-management trustees | Subsequent Event

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

Vesting period

3 years

Number of shares awarded, share

168,776

Number of shares awarded, value

$ 400,000

Closing stock price

$ 2.37

Long Term Incentive Compensation Plan Ltip

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

Compensation expense

$ 366,000

Short Term Annual Cash Bonus Plan | Tranche One

Share-based Compensation Arrangement by Share-based Payment Award [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

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

Percentage of target awards payable

25.00%

Short Term Annual Cash Bonus Plan | Minimum Performance Target

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

Target incentive opportunity payable percentage

50.00%

Short Term Annual Cash Bonus Plan | Target Performance Target

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

Target incentive opportunity payable percentage

100.00%

Short Term Annual Cash Bonus Plan | Maximum Performance Target

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

Target incentive opportunity payable percentage

150.00%

LTIP | Performance Based Long Term Incentive Plan

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

Vesting period

3 years

Compensation awarded, Percentage of award

75.00%

LTIP | Time Based Long Term Incentive Plan

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

Vesting period

3 years

Compensation awarded, Percentage of award

25.00%

LTIP | Peer Group of Public Companies Over The Same Period

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

Equity award target percentage

40.00%

LTIP | TSR for the NAREIT Mortgage Index

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

Equity award target percentage

20.00%

LTIP | Absolute TSR

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

Equity award target percentage

20.00%

LTIP | Strategic Objective

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

Equity award target percentage

20.00%

Incentive Award Plan

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

Maximum number of shares to be issued

4,000,000

4,000,000

Common shares available for issuance

1,971,751

1,971,751

Performance Shares Component One | Long Term Incentive Compensation Plan Ltip

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

Grant date fair value per share

$ 3.35

Performance Shares Component Two | Long Term Incentive Compensation Plan Ltip

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

Grant date fair value per share

3.26

Performance Shares Component Three | Long Term Incentive Compensation Plan Ltip

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

Grant date fair value per share

2.17

Restricted Stock

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

Grant date fair value per share

$ 7.23

$ 8.29

$ 6.90

Vesting period

3 years

3 years

3 years

Number of shares awarded, share

386,905

335,917

420,364

Deferred compensation costs related to unvested award

$ 2,122,000

$ 2,122,000

Estimated fair value of restricted common share awards vested

$ 1,688,000

Restricted Stock | IRT

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

Vesting period

3 years

3 years

Number of shares awarded, share

40,000

Number of shares awarded, value

$ 935,000

$ 328,000

Closing stock price

$ 9.35

$ 8.20

Number of shares awarded, share

100,000

Restricted Stock | Subsequent Event | IRT

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

Vesting period

3 years

Number of shares awarded, value

$ 1,306,000

Closing stock price

$ 6.22

Number of shares awarded, share

210,000

Restricted Stock | Non-management trustees

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

Vesting period

3 months

Number of shares awarded, value

$ 50,000

$ 300,000

Closing stock price

$ 7.60

$ 6.89

Number of shares awarded, share

6,578

43,536

Restricted Stock | Executive Officers and Non-executive Officer Employees

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

Number of shares awarded, value

$ 2,447,000

$ 2,435,000

$ 2,577,000

Closing stock price

$ 7.23

$ 8.29

$ 6.89

Number of shares awarded, share

338,500

293,700

369,500

Restricted Stock | Non-executive Officer Employees | Subsequent Event

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

Vesting period

3 years

Number of shares awarded, share

367,000

Number of shares awarded, value

$ 873,000

Closing stock price

$ 2.38

Phantom Units

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

Number of phantom units redeemed during that period

0

0

0

Phantom units forfeited

0

0

0

Phantom units outstanding

0

0

195,943

Deferred compensation costs related to unvested award

0

$ 0

$ 0

Weighted average remaining vesting period

0 years

0 years

0 years

Stock Appreciation Rights (SARs)

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

Vesting period

3 years

3 years

3 years

Number of shares awarded, value

$ 1,126,000

$ 1,182,000

$ 1,332,000

Number of shares awarded, share

1,177,500

895,100

1,127,500

1,177,500

895,100

1,127,500

Expiration date

Feb. 10, 2020

Jan. 29, 2019

Jan. 29, 2018

Total intrinsic value

0

$ 0

Unrecognized compensation costs related to unvested award

$ 1,005

$ 1,005

Stock Appreciation Rights (SARs) | IRT

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

Vesting period

3 years

3 years

Number of shares awarded, value

$ 220,000

$ 49,000

Number of shares awarded, share

300,000

80,000

Stock Appreciation Rights (SARs) | Non-executive Officer Employees | Subsequent Event

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

Vesting period

3 years

Number of shares awarded, value

$ 206,000

Number of shares awarded, share

895,000

Expiration date

Feb. 22, 2021

Stock Options

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

Outstanding Weighted Average Remaining Contractual Life

10 years

Summary of SARs Activity of Inc

Summary of SARs Activity of Incentive Award (Detail) - Stock Appreciation Rights (SARs) - $ / shares	Feb. 10, 2015	Jan. 29, 2014	Jan. 29, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, January 1,				2,780,242	2,689,458	2,185,750
Granted	1,177,500	895,100	1,127,500	1,177,500	895,100	1,127,500
Expired				(106,500)	0	0
Exercised				(61,667)	(711,750)	(363,334)
Forfeited				(168,875)	(92,566)	(260,458)
Balance, December 31,				3,620,700	2,780,242	2,689,458
SARs exercisable at December 31,				1,649,643	647,958	333,667
Outstanding, January 1,				$ 6.92	$ 6.18	$ 5.68
Granted				7.23	8.29	6.89
Expired				6.17	0	0
Exercised				6.30	5.74	5.68
Forfeited				7.53	7.67	5.74
Outstanding, December 31,				7.01	6.92	$ 6.18
SARs exercisable at December 31,				$ 6.52	$ 6.30

Assumptions used in Computing F

Assumptions used in Computing Fair Value of SARs (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Price	$ 7.23	$ 8.29	$ 6.89
Strike Price	$ 7.23	$ 8.29	$ 6.89
Risk-free interest rate	1.20%	1.50%	0.90%
Dividend yield	10.00%	7.70%	5.80%
Volatility	32.00%	31.00%	30.00%
Expected term	3 years 6 months	5 years	5 years

Summary of SARs Outstanding and

Summary of SARs Outstanding and exercisable (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price, Lower Limit	$ 5.68
Exercise Price, Upper Limit	$ 8.29
Number Outstanding	3,620,700
Outstanding Weighted Average Remaining Contractual Life	2 years 8 months 12 days
Number Exercisable	1,649,643	647,958	333,667
Exercisable Weighted Average Remaining Contractual Life	1 year 8 months 12 days

Summary of Restricted Common Sh

Summary of Restricted Common Shares Awards (Detail) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, January 1,	455,917	365,667	0
Granted	386,905	335,917	420,364
Vested	(234,197)	(165,634)	(50,114)
Forfeited	(49,042)	(80,033)	(4,583)
Balance, December 31,	559,583	455,917	365,667
Balance, January 1,	$ 7.67	$ 6.89
Granted	7.23	8.29	$ 6.90
Vested	7.46	7.25	6.98
Forfeited	7.54	7.60	6.89
Balance, December 31,	$ 7.41	$ 7.67	$ 6.89

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Net income (loss)	$ 11,960		$ 24,826		$ 26,441		$ 266		$ (247,080)		$ (16,462)		$ (19,010)		$ (7,423)		$ 63,493	$ (289,975)	$ (285,364)
(Income) loss allocated to preferred shares																	(32,830)	(28,993)	(22,616)
(Income) loss allocated to noncontrolling interests																	(23,505)	464	(28)
Net income (loss) allocable to common shares	$ 1,831		$ (6,532)		$ 18,956		$ (7,097)		$ (255,001)		$ (23,266)		$ (25,650)		$ (14,587)		$ 7,158	$ (318,504)	$ (308,008)
Weighted-average shares outstanding-Basic																	85,524,073	81,328,129	67,814,316
Dilutive securities under the treasury stock method																	933,798
Weighted-average shares outstanding—Diluted																	86,457,871	81,328,129	67,814,316
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ 0.02	[1]	$ (0.07)	[1]	$ 0.23	[1]	$ (0.09)	[1]	$ (3.11)	[1]	$ (0.28)	[1]	$ (0.31)	[1]	$ (0.18)	[1]	$ 0.08	$ (3.92)	$ (4.54)
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ 0.02	[1]	$ (0.07)	[1]	$ 0.22	[1]	$ (0.09)	[1]	$ (3.11)	[1]	$ (0.28)	[1]	$ (0.31)	[1]	$ (0.18)	[1]	$ 0.08	$ (3.92)	$ (4.54)
[1]	The summation of quarterly per share amounts may not equal the full year amounts.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	21,807,918	31,816,146	18,026,169

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Income Taxes [Line Items]
Ordinary taxable income distributable to shareholders	90.00%
Provision for foreign income taxes	$ 0	$ 0	$ 0
Liability for uncertain tax positions	$ 0	$ 0	$ 0	$ 0
Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax year subject to examination	2,012
Latest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax year subject to examination	2,014
Capital Loss Carryforward
Schedule Of Income Taxes [Line Items]
Other tax carryforwards	$ 51,111,000
Capital losses carryforwards, amount to be utilized	51,111,000
Internal Revenue Service (IRS)
Schedule Of Income Taxes [Line Items]
Net operating losses carryforwards	$ 28,103,000
Net operating losses, expiration year	2,028
Net operating losses carryforwards, amount to be utilized	$ 12,931,000
State and Local Jurisdiction
Schedule Of Income Taxes [Line Items]
Net operating losses carryforwards	$ 28,126,000
Net operating losses, expiration year	2,017
Net operating losses carryforwards, amount to be utilized	$ 19,855,000
Foreign Tax Authority
Schedule Of Income Taxes [Line Items]
Net operating losses carryforwards	$ 0

Components of Income Tax Benefi

Components of Income Tax Benefit (Provision) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Current benefit (provision), Federal	$ (268,000)	$ (110,000)	$ (245,000)
Deferred benefit (provision), Federal	(2,110,000)	2,438,000	2,319,000
Income tax benefit (provision), Federal	(2,378,000)	2,328,000	2,074,000
Current benefit (provision), State and Local	(46,000)	(69,000)	(157,000)
Deferred benefit (provision), State and Local	(374,000)	(112,000)	1,016,000
Income tax benefit (provision), State and Local	(420,000)	(181,000)	859,000
Income tax benefit (provision), Foreign	0	0	0
Current benefit (provision), Total	(314,000)	(179,000)	(402,000)
Deferred benefit (provision), Total	(2,484,000)	2,326,000	3,335,000
Income tax benefit (provision)	$ (2,798,000)	$ 2,147,000	$ 2,933,000

Reconciliation of Income Tax Be

Reconciliation of Income Tax Benefit (Provision) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal statutory rate	$ (1,718)	$ 3,171	$ (3,417)
State statutory, net of federal benefit	(404)	(157)	577
Change in valuation allowance	(55)	986	5,890
Permanent items	(41)	(82)	(34)
Penalties associated with SEC settlement		(1,750)
Provision to return adjustments	(580)	(21)	(59)
Other			(24)
Income tax benefit (provision)	$ (2,798)	$ 2,147	$ 2,933

Components of Deferred Tax Asse

Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating losses, at TRSs	$ 14,432	$ 15,295
Capital losses	18,604
Unrealized losses		10,731
Other	1,056	1,738
Total deferred tax assets	34,092	27,764
Valuation allowance	(27,431)	(17,233)
Net deferred tax assets	6,661	10,531
Identified intangibles	(3,838)	(6,511)
Advances	(517)
Accrued interest		(1,432)
Other	(217)	(175)
Deferred tax (liabilities)	(4,572)	(8,118)
Net deferred tax assets (liabilities)	$ 2,089	$ 2,413

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 80,748	$ 67,960	$ 32,662
Cash paid (refunds received) for taxes	500	262	(595)
Non-cash increase in investments in real estate, intangible assets and other liabilities from conversion of loans	159,214	74,530	51,974
Non-cash increase in non-controlling interests from property acquisition	123,855	11,961	1,618
Non-cash increase (decrease) in indebtedness from conversion to shares or debt extinguishments	(4,018)	(2,421)	(7,131)
Non-cash increase in indebtedness from the assumption of debt from property acquisitions	$ 204,308	289,292
Non-cash increase in other assets from business combination		3,052	8,778
Non-cash increase in intangible assets from business combination			19,050
Non-cash increase in indebtedness from business combination			2,500
Non-cash increase in accounts payable and accrued expenses from business combination			4,848
Non-cash increase in deferred taxes, borrowers’ escrows and other liabilities from business combination			$ 8,502
Non-cash decrease in investment in mortgages and loans from deconsolidation of VIEs		(43,312)
Non-cash decrease in investment in securities and security- related receivables from deconsolidation of VIEs		(496,587)
Non-cash decrease in restricted cash from deconsolidation of VIEs		(4,109)
Non-cash decrease in accrued interest receivable from deconsolidation of VIEs		(5,296)
Non-cash decrease in other assets from deconsolidation of VIEs		(1,160)
Non-cash decrease in indebtedness from deconsolidation of VIEs		(274,787)
Non-cash decrease in accrued interest payable from deconsolidation of VIEs		(23,273)
Non-cash decrease in accounts payable and accrued expenses from deconsolidation of VIEs		(74)
Non-cash decrease in derivative liabilities from deconsolidation of VIEs		(52,624)
Non-cash decrease in shareholders’ equity from deconsolidation of VIEs		$ (199,706)

Supplemental Disclosure to S109

Supplemental Disclosure to Statement of Cash Flows (Detail) - Deconsolidated $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Property One
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	$ 45,650
Non-cash increase in investment in mortgages, loans and preferred equity interests	4,791
Non-cash decrease in indebtedness	47,888
Property Two
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	15,848
Non-cash increase in investment in mortgages, loans and preferred equity interests	$ 18,000

Summary of Results of Operation

Summary of Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2015		Sep. 30, 2015		Jun. 30, 2015		Mar. 31, 2015		Dec. 31, 2014		Sep. 30, 2014		Jun. 30, 2014		Mar. 31, 2014		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 94,344		$ 74,962		$ 79,474		$ 75,202		$ 73,832		$ 75,285		$ 73,248		$ 67,305		$ 323,982	$ 289,670	$ 246,875
Change in fair value of financial instruments	(1,828)		620		8,356		4,490		(39,319)		(10,223)		(25,071)		(24,139)		11,638	(98,752)	(344,426)
Net income (loss)	11,960		24,826		26,441		266		(247,080)		(16,462)		(19,010)		(7,423)		63,493	(289,975)	(285,364)
Net income (loss) allocable to common shares	$ 1,831		$ (6,532)		$ 18,956		$ (7,097)		$ (255,001)		$ (23,266)		$ (25,650)		$ (14,587)		$ 7,158	$ (318,504)	$ (308,008)
Total earnings (loss) per share—Basic	$ 0.02	[1]	$ (0.07)	[1]	$ 0.23	[1]	$ (0.09)	[1]	$ (3.11)	[1]	$ (0.28)	[1]	$ (0.31)	[1]	$ (0.18)	[1]	$ 0.08	$ (3.92)	$ (4.54)
Total earnings (loss) per share—Diluted	$ 0.02	[1]	$ (0.07)	[1]	$ 0.22	[1]	$ (0.09)	[1]	$ (3.11)	[1]	$ (0.28)	[1]	$ (0.31)	[1]	$ (0.18)	[1]	$ 0.08	$ (3.92)	$ (4.54)
[1]	The summation of quarterly per share amounts may not equal the full year amounts.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Customer	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 2,517,645	$ 1,840,451	$ 1,131,931
Number of customer accounted for more than 10% of revenues | Customer	0
IRT
Segment Reporting Information [Line Items]
Investments in real estate, Book Value	$ 1,372,015	$ 689,112

Segment Reporting (Detail)

Segment Reporting (Detail) - USD ($) $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Net interest margin										$ 69,182	$ 103,109	$ 103,852
Property income										233,731	162,281	114,224
Fee and other income										21,069	24,280	28,799
Provision for loan losses										(8,300)	(5,500)	(3,000)
Depreciation and amortization expense										(73,868)	(56,784)	(36,093)
Operating income										(17,060)	42,232	64,903
Change in fair value of financial instruments		$ (1,828)	$ 620	$ 8,356	$ 4,490	$ (39,319)	$ (10,223)	$ (25,071)	$ (24,139)	11,638	(98,752)	(344,426)
Income tax benefit (provision)										(2,798)	2,147	2,933
Net income (loss)		11,960	$ 24,826	$ 26,441	266	(247,080)	$ (16,462)	$ (19,010)	$ (7,423)	63,493	(289,975)	(285,364)
Investment in mortgages and loans		1,606,486				1,383,218				1,606,486	1,383,218
Investments in real estate, net of accumulated depreciation		2,319,319				1,671,971				2,319,319	1,671,971
Investments in securities and security-related receivables, at fair value					$ 31,412	31,412					31,412
Total assets		4,447,296				3,513,475				4,447,296	3,513,475
Operating Segments | Owning and Management Segment
Segment Reporting Information [Line Items]
Net interest margin										70,147	100,197	99,197
Property income										124,155	113,110	94,281
Fee and other income										41,874	32,166	30,864
Provision for loan losses										(8,300)	(5,500)	(3,000)
Depreciation and amortization expense										(45,774)	(44,128)	(31,543)
Operating income										(3,689)	22,745	36,874
Change in fair value of financial instruments										11,638	7,841	(22,125)
Income tax benefit (provision)										(2,798)	2,643	3,647
Net income (loss)										38,571	40,396	13,320
Investment in mortgages and loans		1,644,561				1,421,293				1,644,561	1,421,293
Investments in real estate, net of accumulated depreciation		986,942				1,006,235				986,942	1,006,235
Investments in securities and security-related receivables, at fair value						17,573					17,573
Total assets		3,093,393				2,843,377				3,093,393	2,843,377
Operating Segments | IRT Segment
Segment Reporting Information [Line Items]
Property income										109,576	49,171	19,943
Depreciation and amortization expense										(28,094)	(12,520)	(4,413)
Operating income										(13,371)	45	1,274
Net income (loss)										30,156	2,944	1,274
Investments in real estate, net of accumulated depreciation		1,332,377				665,736				1,332,377	665,736
Total assets		1,392,414				694,150				1,392,414	694,150
Operating Segments | Taberna Segment
Segment Reporting Information [Line Items]
Net interest margin											22,786	30,132
Fee and other income											980	1,363
Depreciation and amortization expense											(136)	(137)
Operating income											20,454	28,085
Change in fair value of financial instruments											(106,593)	(322,301)
Income tax benefit (provision)											(496)	(714)
Net income (loss)											(327,102)	(295,020)
Investments in securities and security-related receivables, at fair value						13,839					13,839
Total assets						14,459					14,459
Eliminations
Segment Reporting Information [Line Items]
Net interest margin	[1]									(965)	(19,874)	(25,477)
Fee and other income	[1]									(20,805)	(8,866)	(3,428)
Operating income	[1]										(1,012)	(1,330)
Net income (loss)	[1]									(5,234)	(6,213)	$ (4,938)
Investment in mortgages and loans	[1]	(38,075)				(38,075)				(38,075)	(38,075)
Total assets	[1]	$ (38,511)				$ (38,511)				$ (38,511)	$ (38,511)
[1]	The transactions that occur between the reportable segments include advisory and property management services, as well as, providing commercial mortgage loans on our owned real estate.

Other Disclosures - Additional

Other Disclosures - Additional Information (Detail) - USD ($)	Sep. 03, 2015	Sep. 16, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Feb. 29, 2016
Other Liabilities [Line Items]
Incremental loan commitments			$ 31,023,000
Non-recurring settlement charge		$ 21,500,000		$ 21,500,000
Payment of finalized settlement amount	$ 21,500,000
Rent expense			$ 2,817,000	$ 2,439,000	$ 2,045,000
Subsequent Event
Other Liabilities [Line Items]
Attorneys’ fees and reimbursement expenses						$ 250,000
Disgorgement
Other Liabilities [Line Items]
Non-recurring settlement charge		13,000,000
Prejudgment Interest
Other Liabilities [Line Items]
Non-recurring settlement charge		2,000,000
Civil Penalty
Other Liabilities [Line Items]
Non-recurring settlement charge		$ 6,500,000

Annual Minimum Rent Due Pursuan

Annual Minimum Rent Due Pursuant to Leases (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Other Liabilities Disclosure [Abstract]
2,016	$ 1,798
2,017	1,561
2,018	1,857
2,019	1,618
2,020	1,474
Thereafter	23,793
Total	$ 32,101

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation And Qualifying Accounts [Abstract]
Beginning balance		$ 9,218	$ 22,955	$ 30,400
Additions		8,300	5,500	3,000
Deductions	$ (3)	(421)	(19,237)	(10,445)
Ending balance		$ 17,097	$ 9,218	$ 22,955

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014	[2]	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land		$ 415,707
Initial Cost, Building		1,975,370
Cost of Improvements, net of Retirements, Building		126,568
Gross Carrying Amount, Land	[1]	415,707
Gross Carrying Amount, Building	[1]	2,101,938
Accumulated depreciation		(198,326)	[2]	$ (168,480)		$ (127,745)
Encumbrances (Unpaid Principal)		$ (1,685,975)
Willow Grove | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Willow Grove, PA
Initial Cost, Land		$ 307
Gross Carrying Amount, Land	[1]	$ 307
Year of Acquisition		2,001
Cherry Hill | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Cherry Hill, NJ
Initial Cost, Land		$ 307
Gross Carrying Amount, Land	[1]	$ 307
Year of Acquisition		2,001
Reuss | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Milwaukee, WI
Initial Cost, Land		$ 4,090
Initial Cost, Building		38,771
Cost of Improvements, net of Retirements, Building		20,312
Gross Carrying Amount, Land	[1]	4,090
Gross Carrying Amount, Building	[1]	59,083
Accumulated depreciation		(21,231)
Encumbrances (Unpaid Principal)	[3]	$ (35,692)
Year of Acquisition		2,004
Life of Depreciation		30 years
McDowell | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Scottsdale, AZ
Initial Cost, Land		$ 9,809
Initial Cost, Building		55,580
Cost of Improvements, net of Retirements, Building		8,417
Gross Carrying Amount, Land	[1]	9,809
Gross Carrying Amount, Building	[1]	63,997
Accumulated depreciation		(15,801)
Encumbrances (Unpaid Principal)	[3]	$ (84,609)
Year of Acquisition		2,007
Life of Depreciation		30 years
Crestmont | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Marietta, GA
Initial Cost, Land	[4]	$ 3,254
Initial Cost, Building	[4]	13,017
Cost of Improvements, net of Retirements, Building	[4]	507
Gross Carrying Amount, Land	[1],[4]	3,254
Gross Carrying Amount, Building	[1],[4]	13,524
Accumulated depreciation	[4]	(2,884)
Encumbrances (Unpaid Principal)	[4],[5]	$ (6,522)
Year of Acquisition	[4]	2,008
Life of Depreciation	[4]	40 years
Copper Mill | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Austin, TX
Initial Cost, Land	[4]	$ 3,472
Initial Cost, Building	[4]	13,888
Cost of Improvements, net of Retirements, Building	[4]	763
Gross Carrying Amount, Land	[1],[4]	3,472
Gross Carrying Amount, Building	[1],[4]	14,651
Accumulated depreciation	[4]	(3,186)
Encumbrances (Unpaid Principal)	[4],[5]	$ (7,101)
Year of Acquisition	[4]	2,008
Life of Depreciation	[4]	40 years
Cumberland | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Smyrna, GA
Initial Cost, Land	[4]	$ 3,100
Initial Cost, Building	[4]	13,114
Cost of Improvements, net of Retirements, Building	[4]	710
Gross Carrying Amount, Land	[1],[4]	3,100
Gross Carrying Amount, Building	[1],[4]	13,824
Accumulated depreciation	[4]	(3,007)
Encumbrances (Unpaid Principal)	[4],[5]	$ (6,667)
Year of Acquisition	[4]	2,008
Life of Depreciation	[4]	40 years
Heritage Trace | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Newport News, VA
Initial Cost, Land	[4]	$ 2,673
Initial Cost, Building	[4]	10,691
Cost of Improvements, net of Retirements, Building	[4]	747
Gross Carrying Amount, Land	[1],[4]	2,673
Gross Carrying Amount, Building	[1],[4]	11,438
Accumulated depreciation	[4]	(2,515)
Encumbrances (Unpaid Principal)	[4],[5]	$ (5,314)
Year of Acquisition	[4]	2,008
Life of Depreciation	[4]	40 years
Mandalay Bay | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Austin, TX
Initial Cost, Land		$ 5,462
Initial Cost, Building		21,848
Cost of Improvements, net of Retirements, Building		760
Gross Carrying Amount, Land	[1]	5,462
Gross Carrying Amount, Building	[1]	22,608
Accumulated depreciation		(6,122)
Encumbrances (Unpaid Principal)	[6]	$ (27,417)
Year of Acquisition		2,008
Life of Depreciation		30 years
Oyster Point | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Newport News, VA
Initial Cost, Land		$ 3,967
Initial Cost, Building		15,868
Cost of Improvements, net of Retirements, Building		907
Gross Carrying Amount, Land	[1]	3,967
Gross Carrying Amount, Building	[1]	16,775
Accumulated depreciation		(4,544)
Encumbrances (Unpaid Principal)	[7]	$ (17,133)
Year of Acquisition		2,008
Life of Depreciation		30 years
Tuscany Bay | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Orlando, FL
Initial Cost, Land		$ 7,124
Initial Cost, Building		28,496
Cost of Improvements, net of Retirements, Building		1,465
Gross Carrying Amount, Land	[1]	7,124
Gross Carrying Amount, Building	[1]	29,961
Accumulated depreciation		(8,098)
Encumbrances (Unpaid Principal)	[8]	$ (29,721)
Year of Acquisition		2,008
Life of Depreciation		30 years
Corey Landings | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		St. Pete Beach, FL
Initial Cost, Land		$ 21,595
Cost of Improvements, net of Retirements, Building		5,024
Gross Carrying Amount, Land	[1]	21,595
Gross Carrying Amount, Building	[1]	$ 5,024
Year of Acquisition		2,009
Sharpstown Mall | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Houston, TX
Initial Cost, Land		$ 6,737
Initial Cost, Building		26,948
Cost of Improvements, net of Retirements, Building		9,172
Gross Carrying Amount, Land	[1]	6,737
Gross Carrying Amount, Building	[1]	36,120
Accumulated depreciation		(8,747)
Encumbrances (Unpaid Principal)	[3]	$ (52,962)
Year of Acquisition		2,009
Life of Depreciation		30 years
Belle Creek Apartments | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Henderson, CO
Initial Cost, Land	[4]	$ 1,890
Initial Cost, Building	[4]	7,562
Cost of Improvements, net of Retirements, Building	[4]	552
Gross Carrying Amount, Land	[1],[4]	1,890
Gross Carrying Amount, Building	[1],[4]	8,114
Accumulated depreciation	[4]	(1,635)
Encumbrances (Unpaid Principal)	[3],[4]	$ (10,575)
Year of Acquisition	[4]	2,009
Life of Depreciation	[4]	40 years
Tierra Bella | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Las Vegas, NV
Initial Cost, Land		$ 2,184
Initial Cost, Building		8,737
Cost of Improvements, net of Retirements, Building		153
Gross Carrying Amount, Land	[1]	2,184
Gross Carrying Amount, Building	[1]	8,890
Accumulated depreciation		(2,046)
Encumbrances (Unpaid Principal)	[3]	$ (11,800)
Year of Acquisition		2,009
Life of Depreciation		30 years
Regency Meadows | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Las Vegas, NV
Initial Cost, Land		$ 1,875
Initial Cost, Building		7,499
Cost of Improvements, net of Retirements, Building		440
Gross Carrying Amount, Land	[1]	1,875
Gross Carrying Amount, Building	[1]	7,939
Accumulated depreciation		(1,919)
Encumbrances (Unpaid Principal)	[3]	$ (10,282)
Year of Acquisition		2,009
Life of Depreciation		30 years
Executive Center | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Milwaukee, WI
Initial Cost, Land		$ 1,531
Initial Cost, Building		6,324
Cost of Improvements, net of Retirements, Building		3,816
Gross Carrying Amount, Land	[1]	1,531
Gross Carrying Amount, Building	[1]	10,140
Accumulated depreciation		(2,560)
Encumbrances (Unpaid Principal)	[3]	$ (11,750)
Year of Acquisition		2,009
Life of Depreciation		30 years
Ashford Place | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Tampa, FL
Initial Cost, Land		$ 4,273
Initial Cost, Building		17,092
Cost of Improvements, net of Retirements, Building		4,668
Gross Carrying Amount, Land	[1]	4,273
Gross Carrying Amount, Building	[1]	21,760
Accumulated depreciation		(5,631)
Encumbrances (Unpaid Principal)	[3]	$ (24,750)
Year of Acquisition		2,009
Life of Depreciation		30 years
Desert Wind | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Phoenix, AZ
Initial Cost, Land		$ 2,520
Initial Cost, Building		10,080
Cost of Improvements, net of Retirements, Building		530
Gross Carrying Amount, Land	[1]	2,520
Gross Carrying Amount, Building	[1]	10,610
Accumulated depreciation		(2,419)
Encumbrances (Unpaid Principal)	[9]	$ (12,635)
Year of Acquisition		2,009
Life of Depreciation		30 years
Eagle Ridge | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Colton, CA
Initial Cost, Land		$ 3,198
Initial Cost, Building		12,792
Cost of Improvements, net of Retirements, Building		650
Gross Carrying Amount, Land	[1]	3,198
Gross Carrying Amount, Building	[1]	13,442
Accumulated depreciation		(3,162)
Encumbrances (Unpaid Principal)	[10]	$ (16,994)
Year of Acquisition		2,009
Life of Depreciation		30 years
Emerald Bay | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Las Vegas, NV
Initial Cost, Land		$ 6,500
Initial Cost, Building		26,000
Cost of Improvements, net of Retirements, Building		1,149
Gross Carrying Amount, Land	[1]	6,500
Gross Carrying Amount, Building	[1]	27,149
Accumulated depreciation		(6,215)
Encumbrances (Unpaid Principal)	[11]	$ (27,947)
Year of Acquisition		2,009
Life of Depreciation		30 years
Grand Terrace | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Colton, CA
Initial Cost, Land		$ 4,619
Initial Cost, Building		18,477
Cost of Improvements, net of Retirements, Building		740
Gross Carrying Amount, Land	[1]	4,619
Gross Carrying Amount, Building	[1]	19,217
Accumulated depreciation		(4,398)
Encumbrances (Unpaid Principal)	[12]	$ (23,848)
Year of Acquisition		2,009
Life of Depreciation		30 years
Las Vistas | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Phoenix, AZ
Initial Cost, Land		$ 2,440
Initial Cost, Building		9,760
Cost of Improvements, net of Retirements, Building		824
Gross Carrying Amount, Land	[1]	2,440
Gross Carrying Amount, Building	[1]	10,584
Accumulated depreciation		(2,477)
Encumbrances (Unpaid Principal)	[13]	$ (12,575)
Year of Acquisition		2,009
Life of Depreciation		30 years
Penny Lane | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Mesa, AZ
Initial Cost, Land		$ 1,540
Initial Cost, Building		6,160
Cost of Improvements, net of Retirements, Building		570
Gross Carrying Amount, Land	[1]	1,540
Gross Carrying Amount, Building	[1]	6,730
Accumulated depreciation		(1,610)
Encumbrances (Unpaid Principal)	[14]	$ (9,828)
Year of Acquisition		2,009
Life of Depreciation		30 years
Sandal Ridge | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Mesa, AZ
Initial Cost, Land		$ 1,980
Initial Cost, Building		7,920
Cost of Improvements, net of Retirements, Building		948
Gross Carrying Amount, Land	[1]	1,980
Gross Carrying Amount, Building	[1]	8,868
Accumulated depreciation		(2,164)
Encumbrances (Unpaid Principal)	[15]	$ (11,852)
Year of Acquisition		2,009
Life of Depreciation		30 years
Inlet Square Mall | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Myrtle Beach, SC
Initial Cost, Building		$ 2,500
Cost of Improvements, net of Retirements, Building		9,484
Gross Carrying Amount, Building	[1]	11,984
Accumulated depreciation		(2,983)
Encumbrances (Unpaid Principal)	[3]	$ (30,175)
Year of Acquisition		2,009
Life of Depreciation		30 years
Tresa at Arrowhead | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[4]	Phoenix, AZ
Initial Cost, Land	[4]	$ 7,080
Initial Cost, Building	[4]	28,320
Cost of Improvements, net of Retirements, Building	[4]	891
Gross Carrying Amount, Land	[1],[4]	7,080
Gross Carrying Amount, Building	[1],[4]	29,211
Accumulated depreciation	[4]	(5,085)
Encumbrances (Unpaid Principal)	[3],[4]	$ (27,500)
Year of Acquisition	[4]	2,009
Life of Depreciation	[4]	40 years
Mineral Business Center | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Denver, CO
Initial Cost, Land		$ 1,940
Initial Cost, Building		7,019
Cost of Improvements, net of Retirements, Building		793
Gross Carrying Amount, Land	[1]	1,940
Gross Carrying Amount, Building	[1]	7,812
Accumulated depreciation		(1,837)
Encumbrances (Unpaid Principal)	[3]	$ (11,300)
Year of Acquisition		2,009
Life of Depreciation		30 years
1501 Yamato Road | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Boca Raton, FL
Initial Cost, Land		$ 8,200
Initial Cost, Building		32,800
Cost of Improvements, net of Retirements, Building		5,503
Gross Carrying Amount, Land	[1]	8,200
Gross Carrying Amount, Building	[1]	38,303
Accumulated depreciation		(8,780)
Encumbrances (Unpaid Principal)	[16]	$ (54,451)
Year of Acquisition		2,009
Life of Depreciation		30 years
Executive Mews - Willow Grove | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Willow Grove, PA
Initial Cost, Land		$ 2,280
Initial Cost, Building		9,120
Cost of Improvements, net of Retirements, Building		1,159
Gross Carrying Amount, Land	[1]	2,280
Gross Carrying Amount, Building	[1]	10,279
Accumulated depreciation		(2,210)
Encumbrances (Unpaid Principal)	[3]	$ (11,246)
Year of Acquisition		2,010
Life of Depreciation		30 years
Executive Mews - Cherry Hill | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Cherry Hill, NJ
Initial Cost, Land		$ 1,980
Initial Cost, Building		7,920
Cost of Improvements, net of Retirements, Building		2,299
Gross Carrying Amount, Land	[1]	1,980
Gross Carrying Amount, Building	[1]	10,219
Accumulated depreciation		(2,599)
Encumbrances (Unpaid Principal)	[17]	$ (9,886)
Year of Acquisition		2,010
Life of Depreciation		30 years
Ventura | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Gainesville, FL
Initial Cost, Land		$ 1,913
Initial Cost, Building		7,650
Cost of Improvements, net of Retirements, Building		742
Gross Carrying Amount, Land	[1]	1,913
Gross Carrying Amount, Building	[1]	8,392
Accumulated depreciation		(1,904)
Encumbrances (Unpaid Principal)	[18]	$ (9,137)
Year of Acquisition		2,010
Life of Depreciation		30 years
Lexington /Trails at Northpointe | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Jackson, MS
Initial Cost, Land		$ 4,522
Initial Cost, Building		18,086
Cost of Improvements, net of Retirements, Building		1,687
Gross Carrying Amount, Land	[1]	4,522
Gross Carrying Amount, Building	[1]	19,773
Accumulated depreciation		(4,232)
Encumbrances (Unpaid Principal)	[3]	$ (26,085)
Year of Acquisition		2,010
Life of Depreciation		30 years
Silversmith | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Jacksonville, FL
Initial Cost, Land		$ 1,048
Initial Cost, Building		4,191
Cost of Improvements, net of Retirements, Building		795
Gross Carrying Amount, Land	[1]	1,048
Gross Carrying Amount, Building	[1]	4,986
Accumulated depreciation		(1,268)
Encumbrances (Unpaid Principal)	[3]	$ (9,441)
Year of Acquisition		2,010
Life of Depreciation		30 years
Tiffany Square | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Colorado Springs, CO
Initial Cost, Land		$ 3,396
Initial Cost, Building		9,600
Cost of Improvements, net of Retirements, Building		2,994
Gross Carrying Amount, Land	[1]	3,396
Gross Carrying Amount, Building	[1]	12,594
Accumulated depreciation		(2,835)
Encumbrances (Unpaid Principal)	[3]	$ (16,895)
Year of Acquisition		2,010
Life of Depreciation		30 years
Four Resource Square | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Charlotte, NC
Initial Cost, Land		$ 4,060
Initial Cost, Building		16,240
Cost of Improvements, net of Retirements, Building		836
Gross Carrying Amount, Land	[1]	4,060
Gross Carrying Amount, Building	[1]	17,076
Accumulated depreciation		(2,941)
Encumbrances (Unpaid Principal)	[3]	$ (23,000)
Year of Acquisition		2,011
Life of Depreciation		30 years
Ellington Apartments | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Miami Gardens, FL
Initial Cost, Land		$ 5,420
Initial Cost, Building		21,886
Cost of Improvements, net of Retirements, Building		3,784
Gross Carrying Amount, Land	[1]	5,420
Gross Carrying Amount, Building	[1]	25,670
Accumulated depreciation		(3,994)
Encumbrances (Unpaid Principal)	[3]	$ (34,301)
Year of Acquisition		2,011
Life of Depreciation		30 years
Augusta Apartments | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Las Vegas, NV
Initial Cost, Land		$ 6,180
Initial Cost, Building		24,720
Cost of Improvements, net of Retirements, Building		529
Gross Carrying Amount, Land	[1]	6,180
Gross Carrying Amount, Building	[1]	25,249
Accumulated depreciation		(3,908)
Encumbrances (Unpaid Principal)	[3]	$ (35,000)
Year of Acquisition		2,011
Life of Depreciation		30 years
South Plaza | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Nashville, TN
Initial Cost, Land		$ 4,480
Initial Cost, Building		17,920
Cost of Improvements, net of Retirements, Building		933
Gross Carrying Amount, Land	[1]	4,480
Gross Carrying Amount, Building	[1]	18,853
Accumulated depreciation		(2,940)
Encumbrances (Unpaid Principal)	[3]	$ (24,350)
Year of Acquisition		2,011
Life of Depreciation		30 years
Treasure Island Resort | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 6,230
Cost of Improvements, net of Retirements, Building		1,334
Gross Carrying Amount, Land	[1]	6,230
Gross Carrying Amount, Building	[1]	1,334
Encumbrances (Unpaid Principal)	[3]	$ (11,077)
Year of Acquisition		2,011
Sunny Shores Resort | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 3,379
Cost of Improvements, net of Retirements, Building		43
Gross Carrying Amount, Land	[1]	3,379
Gross Carrying Amount, Building	[1]	43
Encumbrances (Unpaid Principal)	[3]	$ (4,323)
Year of Acquisition		2,011
MGS Gift Shop | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 409
Cost of Improvements, net of Retirements, Building		16
Gross Carrying Amount, Land	[1]	409
Gross Carrying Amount, Building	[1]	16
Encumbrances (Unpaid Principal)	[3]	$ (520)
Year of Acquisition		2,011
Saxony Inn | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 1,465
Cost of Improvements, net of Retirements, Building		5
Gross Carrying Amount, Land	[1]	1,465
Gross Carrying Amount, Building	[1]	5
Encumbrances (Unpaid Principal)	[3]	$ (2,594)
Year of Acquisition		2,011
Beachcomber Beach Resort | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 10,300
Cost of Improvements, net of Retirements, Building		35
Gross Carrying Amount, Land	[1]	10,300
Gross Carrying Amount, Building	[1]	35
Encumbrances (Unpaid Principal)	[3]	$ (12,649)
Year of Acquisition		2,011
UBS Tower | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		St. Paul, MN
Initial Cost, Land		$ 3,660
Initial Cost, Building		7,926
Cost of Improvements, net of Retirements, Building		7,740
Gross Carrying Amount, Land	[1]	3,660
Gross Carrying Amount, Building	[1]	15,666
Accumulated depreciation		(3,483)
Encumbrances (Unpaid Principal)	[3]	$ (18,500)
Year of Acquisition		2,012
Life of Depreciation		30 years
May's Crossing | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Round Rock, TX
Initial Cost, Land		$ 1,820
Initial Cost, Building		6,357
Cost of Improvements, net of Retirements, Building		248
Gross Carrying Amount, Land	[1]	1,820
Gross Carrying Amount, Building	[1]	6,605
Accumulated depreciation		(924)
Encumbrances (Unpaid Principal)	[3]	$ (8,600)
Year of Acquisition		2,012
Life of Depreciation		30 years
Runaway Bay | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Indianapolis, IN
Initial Cost, Land	[19]	$ 3,079
Initial Cost, Building	[19]	12,318
Cost of Improvements, net of Retirements, Building	[19]	489
Gross Carrying Amount, Land	[1],[19]	3,079
Gross Carrying Amount, Building	[1],[19]	12,807
Accumulated depreciation	[19]	(1,117)
Encumbrances (Unpaid Principal)	[5],[19]	$ (9,837)
Year of Acquisition	[19]	2,012
Life of Depreciation	[19]	40 years
South Terrace | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Durham, NC
Initial Cost, Land		$ 4,210
Initial Cost, Building		32,434
Cost of Improvements, net of Retirements, Building		1,062
Gross Carrying Amount, Land	[1]	4,210
Gross Carrying Amount, Building	[1]	33,496
Accumulated depreciation		(2,884)
Encumbrances (Unpaid Principal)	[3]	$ (33,431)
Year of Acquisition		2,013
Life of Depreciation		30 years
River Park West | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Houston, TX
Initial Cost, Land		$ 6,000
Initial Cost, Building		23,572
Cost of Improvements, net of Retirements, Building		263
Gross Carrying Amount, Land	[1]	6,000
Gross Carrying Amount, Building	[1]	23,835
Accumulated depreciation		(1,966)
Encumbrances (Unpaid Principal)	[5]	$ (19,500)
Year of Acquisition		2,013
Life of Depreciation		30 years
Berkshire | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Indianapolis, IN
Initial Cost, Land	[19]	$ 2,650
Initial Cost, Building	[19]	10,320
Cost of Improvements, net of Retirements, Building	[19]	452
Gross Carrying Amount, Land	[1],[19]	2,650
Gross Carrying Amount, Building	[1],[19]	10,772
Accumulated depreciation	[19]	(647)
Encumbrances (Unpaid Principal)	[5],[19]	$ (8,612)
Year of Acquisition	[19]	2,013
Life of Depreciation	[19]	40 years
Crossings | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Jackson, MS
Initial Cost, Land	[19]	$ 4,600
Initial Cost, Building	[19]	17,948
Cost of Improvements, net of Retirements, Building	[19]	541
Gross Carrying Amount, Land	[1],[19]	4,600
Gross Carrying Amount, Building	[1],[19]	18,489
Accumulated depreciation	[19]	(1,013)
Encumbrances (Unpaid Principal)	[5],[19]	$ (15,313)
Year of Acquisition	[19]	2,013
Life of Depreciation	[19]	40 years
Rutherford | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Woodlawn, MD
Initial Cost, Land		$ 719
Initial Cost, Building		9,223
Cost of Improvements, net of Retirements, Building		1,451
Gross Carrying Amount, Land	[1]	719
Gross Carrying Amount, Building	[1]	10,674
Accumulated depreciation		(1,103)
Encumbrances (Unpaid Principal)	[3]	$ (5,555)
Year of Acquisition		2,014
Life of Depreciation		30 years
Coles Crossing | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location		Cypress, TX
Initial Cost, Land		$ 8,380
Initial Cost, Building		38,855
Cost of Improvements, net of Retirements, Building		545
Gross Carrying Amount, Land	[1]	8,380
Gross Carrying Amount, Building	[1]	39,400
Accumulated depreciation		(2,588)
Encumbrances (Unpaid Principal)	[20]	$ (41,356)
Year of Acquisition		2,014
Life of Depreciation		30 years
Reserve at Eagle Ridge | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Waukegan, IL
Initial Cost, Land	[19]	$ 5,800
Initial Cost, Building	[19]	22,743
Cost of Improvements, net of Retirements, Building	[19]	270
Gross Carrying Amount, Land	[1],[19]	5,800
Gross Carrying Amount, Building	[1],[19]	23,013
Accumulated depreciation	[19]	(1,128)
Encumbrances (Unpaid Principal)	[5],[19]	$ (18,850)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Windrush | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Edmond, OK
Initial Cost, Land	[19]	$ 1,677
Initial Cost, Building	[19]	7,464
Cost of Improvements, net of Retirements, Building	[19]	149
Gross Carrying Amount, Land	[1],[19]	1,677
Gross Carrying Amount, Building	[1],[19]	7,613
Accumulated depreciation	[19]	(364)
Encumbrances (Unpaid Principal)	[5],[19]	$ (5,808)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Heritage Park | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Oklahoma City, OK
Initial Cost, Land	[19]	$ 4,233
Initial Cost, Building	[19]	12,232
Cost of Improvements, net of Retirements, Building	[19]	402
Gross Carrying Amount, Land	[1],[19]	4,233
Gross Carrying Amount, Building	[1],[19]	12,634
Accumulated depreciation	[19]	(621)
Encumbrances (Unpaid Principal)	[5],[19]	$ (10,454)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Raindance | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Oklahoma City, OK
Initial Cost, Land	[19]	$ 3,502
Initial Cost, Building	[19]	10,051
Cost of Improvements, net of Retirements, Building	[19]	410
Gross Carrying Amount, Land	[1],[19]	3,502
Gross Carrying Amount, Building	[1],[19]	10,461
Accumulated depreciation	[19]	(521)
Encumbrances (Unpaid Principal)	[5],[19]	$ (8,655)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Augusta (Oklahoma) | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Oklahoma City, OK
Initial Cost, Land	[19]	$ 1,296
Initial Cost, Building	[19]	9,930
Cost of Improvements, net of Retirements, Building	[19]	250
Gross Carrying Amount, Land	[1],[19]	1,296
Gross Carrying Amount, Building	[1],[19]	10,180
Accumulated depreciation	[19]	(492)
Encumbrances (Unpaid Principal)	[5],[19]	$ (7,083)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Invitational | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Oklahoma City, OK
Initial Cost, Land	[19]	$ 1,924
Initial Cost, Building	[19]	16,852
Cost of Improvements, net of Retirements, Building	[19]	380
Gross Carrying Amount, Land	[1],[19]	1,924
Gross Carrying Amount, Building	[1],[19]	17,232
Accumulated depreciation	[19]	(833)
Encumbrances (Unpaid Principal)	[5],[19]	$ (11,882)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Kings Landing | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Creve Coeur, MO
Initial Cost, Land	[19]	$ 2,513
Initial Cost, Building	[19]	29,873
Cost of Improvements, net of Retirements, Building	[19]	106
Gross Carrying Amount, Land	[1],[19]	2,513
Gross Carrying Amount, Building	[1],[19]	29,979
Accumulated depreciation	[19]	(1,316)
Encumbrances (Unpaid Principal)	[5],[19]	$ (21,200)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Union Medical | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Colorado Springs, CO
Initial Cost, Land		$ 2,448
Initial Cost, Building		23,433
Cost of Improvements, net of Retirements, Building		2,904
Gross Carrying Amount, Land	[1]	2,448
Gross Carrying Amount, Building	[1]	26,337
Accumulated depreciation		(1,850)
Encumbrances (Unpaid Principal)	[3]	$ (26,085)
Year of Acquisition		2,014
Life of Depreciation		30 years
Carrington | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Little Rock, AR
Initial Cost, Land	[19]	$ 1,715
Initial Cost, Building	[19]	19,526
Cost of Improvements, net of Retirements, Building	[19]	333
Gross Carrying Amount, Land	[1],[19]	1,715
Gross Carrying Amount, Building	[1],[19]	19,859
Accumulated depreciation	[19]	(827)
Encumbrances (Unpaid Principal)	[5],[19]	$ (14,235)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Arbors | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Ridgeland, MS
Initial Cost, Land	[19]	$ 4,050
Initial Cost, Building	[19]	15,946
Cost of Improvements, net of Retirements, Building	[19]	559
Gross Carrying Amount, Land	[1],[19]	4,050
Gross Carrying Amount, Building	[1],[19]	16,505
Accumulated depreciation	[19]	(692)
Encumbrances (Unpaid Principal)	[5],[19]	$ (13,150)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Walnut Hill | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Cordova, TN
Initial Cost, Land	[19]	$ 2,230
Initial Cost, Building	[19]	25,251
Cost of Improvements, net of Retirements, Building	[19]	420
Gross Carrying Amount, Land	[1],[19]	2,230
Gross Carrying Amount, Building	[1],[19]	25,671
Accumulated depreciation	[19]	(888)
Encumbrances (Unpaid Principal)	[5],[19]	$ (18,650)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Lenoxplace | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Raleigh, NC
Initial Cost, Land	[19]	$ 3,480
Initial Cost, Building	[19]	20,482
Cost of Improvements, net of Retirements, Building	[19]	275
Gross Carrying Amount, Land	[1],[19]	3,480
Gross Carrying Amount, Building	[1],[19]	20,757
Accumulated depreciation	[19]	(679)
Encumbrances (Unpaid Principal)	[5],[19]	$ (15,991)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Stonebridge Crossing | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Memphis, TN
Initial Cost, Land	[19]	$ 3,100
Initial Cost, Building	[19]	26,223
Cost of Improvements, net of Retirements, Building	[19]	419
Gross Carrying Amount, Land	[1],[19]	3,100
Gross Carrying Amount, Building	[1],[19]	26,642
Accumulated depreciation	[19]	(854)
Encumbrances (Unpaid Principal)	[5],[19]	$ (19,370)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Oakland Square | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Troy, MI
Initial Cost, Land		$ 6,031
Initial Cost, Building		15,836
Cost of Improvements, net of Retirements, Building		477
Gross Carrying Amount, Land	[1]	6,031
Gross Carrying Amount, Building	[1]	16,313
Accumulated depreciation		(797)
Encumbrances (Unpaid Principal)	[5]	$ (16,570)
Year of Acquisition		2,014
Life of Depreciation		30 years
Oakland Plaza | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Troy, MI
Initial Cost, Land		$ 5,353
Initial Cost, Building		19,381
Cost of Improvements, net of Retirements, Building		654
Gross Carrying Amount, Land	[1]	5,353
Gross Carrying Amount, Building	[1]	20,035
Accumulated depreciation		(914)
Encumbrances (Unpaid Principal)	[5]	$ (18,430)
Year of Acquisition		2,014
Life of Depreciation		30 years
100 East Lancaster Avenue | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Downingtown, PA
Initial Cost, Land		$ 1,441
Initial Cost, Building		5,418
Cost of Improvements, net of Retirements, Building		212
Gross Carrying Amount, Land	[1]	1,441
Gross Carrying Amount, Building	[1]	5,630
Accumulated depreciation		(243)
Encumbrances (Unpaid Principal)	[3]	$ (5,450)
Year of Acquisition		2,014
Life of Depreciation		30 years
Bennington Pond | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Groveport, OH
Initial Cost, Land	[19]	$ 2,400
Initial Cost, Building	[19]	14,828
Cost of Improvements, net of Retirements, Building	[19]	245
Gross Carrying Amount, Land	[1],[19]	2,400
Gross Carrying Amount, Building	[1],[19]	15,073
Accumulated depreciation	[19]	(420)
Encumbrances (Unpaid Principal)	[5],[19]	$ (11,375)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Prospect Park | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Louisville, KY
Initial Cost, Land	[19]	$ 2,837
Initial Cost, Building	[19]	11,193
Cost of Improvements, net of Retirements, Building	[19]	67
Gross Carrying Amount, Land	[1],[19]	2,837
Gross Carrying Amount, Building	[1],[19]	11,260
Accumulated depreciation	[19]	(285)
Encumbrances (Unpaid Principal)	[5],[19]	$ (9,230)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Brook Side | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Louisville, KY
Initial Cost, Land	[19]	$ 3,947
Initial Cost, Building	[19]	16,503
Cost of Improvements, net of Retirements, Building	[19]	368
Gross Carrying Amount, Land	[1],[19]	3,947
Gross Carrying Amount, Building	[1],[19]	16,871
Accumulated depreciation	[19]	(423)
Encumbrances (Unpaid Principal)	[5],[19]	$ (13,455)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Jamestown | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Louisville, KY
Initial Cost, Land	[19]	$ 7,033
Initial Cost, Building	[19]	27,730
Cost of Improvements, net of Retirements, Building	[19]	399
Gross Carrying Amount, Land	[1],[19]	7,033
Gross Carrying Amount, Building	[1],[19]	28,129
Accumulated depreciation	[19]	(716)
Encumbrances (Unpaid Principal)	[5],[19]	$ (22,880)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Meadows | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Louisville, KY
Initial Cost, Land	[19]	$ 6,857
Initial Cost, Building	[19]	30,030
Cost of Improvements, net of Retirements, Building	[19]	757
Gross Carrying Amount, Land	[1],[19]	6,857
Gross Carrying Amount, Building	[1],[19]	30,787
Accumulated depreciation	[19]	(767)
Encumbrances (Unpaid Principal)	[5],[19]	$ (24,245)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Oxmoor | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Louisville, KY
Initial Cost, Land	[19]	$ 7,411
Initial Cost, Building	[19]	47,095
Cost of Improvements, net of Retirements, Building	[19]	375
Gross Carrying Amount, Land	[1],[19]	7,411
Gross Carrying Amount, Building	[1],[19]	47,470
Accumulated depreciation	[19]	(1,193)
Encumbrances (Unpaid Principal)	[5],[19]	$ (35,815)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Stonebridge | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Little Rock, AR
Initial Cost, Land	[19]	$ 3,315
Initial Cost, Building	[19]	27,954
Cost of Improvements, net of Retirements, Building	[19]	88
Gross Carrying Amount, Land	[1],[19]	3,315
Gross Carrying Amount, Building	[1],[19]	28,042
Accumulated depreciation	[19]	(703)
Encumbrances (Unpaid Principal)	[5],[19]	$ (20,527)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Iron Rock Ranch | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Austin, TX
Initial Cost, Land	[19]	$ 5,861
Initial Cost, Building	[19]	28,911
Cost of Improvements, net of Retirements, Building	[19]	254
Gross Carrying Amount, Land	[1],[19]	5,861
Gross Carrying Amount, Building	[1],[19]	29,165
Accumulated depreciation	[19]	(743)
Encumbrances (Unpaid Principal)	[5],[19]	$ (22,900)
Year of Acquisition	[19]	2,014
Life of Depreciation	[19]	40 years
Bayview Club | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Indianapolis, IN
Initial Cost, Land	[19]	$ 2,525
Initial Cost, Building	[19]	22,506
Cost of Improvements, net of Retirements, Building	[19]	336
Gross Carrying Amount, Land	[1],[19]	2,525
Gross Carrying Amount, Building	[1],[19]	22,842
Accumulated depreciation	[19]	$ (343)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Arbors River Oaks | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Memphis, TN
Initial Cost, Land	[19]	$ 2,100
Initial Cost, Building	[19]	19,045
Cost of Improvements, net of Retirements, Building	[19]	63
Gross Carrying Amount, Land	[1],[19]	2,100
Gross Carrying Amount, Building	[1],[19]	19,108
Accumulated depreciation	[19]	$ (119)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Aston | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Wake Forest, NC
Initial Cost, Land	[19]	$ 3,450
Initial Cost, Building	[19]	34,333
Cost of Improvements, net of Retirements, Building	[19]	3
Gross Carrying Amount, Land	[1],[19]	3,450
Gross Carrying Amount, Building	[1],[19]	34,336
Accumulated depreciation	[19]	$ (215)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Avenues At Craig Ranch | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	McKinneuy, TX
Initial Cost, Land	[19]	$ 5,500
Initial Cost, Building	[19]	42,054
Cost of Improvements, net of Retirements, Building	[19]	13
Gross Carrying Amount, Land	[1],[19]	5,500
Gross Carrying Amount, Building	[1],[19]	42,067
Accumulated depreciation	[19]	$ (263)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Bridge Pointe | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Huntsville, AL
Initial Cost, Land	[19]	$ 1,500
Initial Cost, Building	[19]	14,306
Cost of Improvements, net of Retirements, Building	[19]	14
Gross Carrying Amount, Land	[1],[19]	1,500
Gross Carrying Amount, Building	[1],[19]	14,320
Accumulated depreciation	[19]	$ (90)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Creekstone at RTP | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Durham, NC
Initial Cost, Land	[19]	$ 5,376
Initial Cost, Building	[19]	32,727
Cost of Improvements, net of Retirements, Building	[19]	10
Gross Carrying Amount, Land	[1],[19]	5,376
Gross Carrying Amount, Building	[1],[19]	32,737
Accumulated depreciation	[19]	(205)
Encumbrances (Unpaid Principal)	[5],[19]	$ (23,250)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Fountains Southend | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Charlotte, NC
Initial Cost, Land	[19]	$ 4,368
Initial Cost, Building	[19]	37,254
Cost of Improvements, net of Retirements, Building	[19]	4
Gross Carrying Amount, Land	[1],[19]	4,368
Gross Carrying Amount, Building	[1],[19]	37,258
Accumulated depreciation	[19]	(233)
Encumbrances (Unpaid Principal)	[5],[19]	$ (23,750)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Fox Trails | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Plano, TX
Initial Cost, Land	[19]	$ 5,700
Initial Cost, Building	[19]	21,944
Cost of Improvements, net of Retirements, Building	[19]	23
Gross Carrying Amount, Land	[1],[19]	5,700
Gross Carrying Amount, Building	[1],[19]	21,967
Accumulated depreciation	[19]	$ (137)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Lakeshore On Hill | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Chattanooga, TN
Initial Cost, Land	[19]	$ 925
Initial Cost, Building	[19]	10,212
Cost of Improvements, net of Retirements, Building	[19]	19
Gross Carrying Amount, Land	[1],[19]	925
Gross Carrying Amount, Building	[1],[19]	10,231
Accumulated depreciation	[19]	$ (64)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Millenia 700 | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Orlando, FL
Initial Cost, Land	[19]	$ 5,500
Initial Cost, Building	[19]	41,752
Cost of Improvements, net of Retirements, Building	[19]	21
Gross Carrying Amount, Land	[1],[19]	5,500
Gross Carrying Amount, Building	[1],[19]	41,773
Accumulated depreciation	[19]	(261)
Encumbrances (Unpaid Principal)	[5],[19]	$ (29,175)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Miller Creek at German Town | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Memphis, TN
Initial Cost, Land	[19]	$ 3,300
Initial Cost, Building	[19]	53,504
Cost of Improvements, net of Retirements, Building	[19]	14
Gross Carrying Amount, Land	[1],[19]	3,300
Gross Carrying Amount, Building	[1],[19]	53,518
Accumulated depreciation	[19]	$ (335)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Pointe at Canyon Ridge | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Atlanta, GA
Initial Cost, Land	[19]	$ 11,100
Initial Cost, Building	[19]	36,995
Cost of Improvements, net of Retirements, Building	[19]	76
Gross Carrying Amount, Land	[1],[19]	11,100
Gross Carrying Amount, Building	[1],[19]	37,071
Accumulated depreciation	[19]	$ (231)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
St James at Goose Creek | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Goose Creek, SC
Initial Cost, Land	[19]	$ 3,780
Initial Cost, Building	[19]	27,695
Cost of Improvements, net of Retirements, Building	[19]	109
Gross Carrying Amount, Land	[1],[19]	3,780
Gross Carrying Amount, Building	[1],[19]	27,804
Accumulated depreciation	[19]	$ (176)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Talison Row at Daniel Island | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Daniel Island, SC
Initial Cost, Land	[19]	$ 5,480
Initial Cost, Building	[19]	41,409
Cost of Improvements, net of Retirements, Building	[19]	26
Gross Carrying Amount, Land	[1],[19]	5,480
Gross Carrying Amount, Building	[1],[19]	41,435
Accumulated depreciation	[19]	(259)
Encumbrances (Unpaid Principal)	[5],[19]	$ (33,635)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
The Aventine Greenville | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Greenville, SC
Initial Cost, Land	[19]	$ 4,150
Initial Cost, Building	[19]	43,905
Cost of Improvements, net of Retirements, Building	[19]	1
Gross Carrying Amount, Land	[1],[19]	4,150
Gross Carrying Amount, Building	[1],[19]	43,906
Accumulated depreciation	[19]	(274)
Encumbrances (Unpaid Principal)	[5],[19]	$ (30,600)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Trails at Signal Mountain | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Chattanooga, TN
Initial Cost, Land	[19]	$ 1,200
Initial Cost, Building	[19]	12,895
Cost of Improvements, net of Retirements, Building	[19]	21
Gross Carrying Amount, Land	[1],[19]	1,200
Gross Carrying Amount, Building	[1],[19]	12,916
Accumulated depreciation	[19]	$ (81)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Vue at Knoll Trail | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Dallas, TX
Initial Cost, Land	[19]	$ 3,100
Initial Cost, Building	[19]	6,077
Cost of Improvements, net of Retirements, Building	[19]	7
Gross Carrying Amount, Land	[1],[19]	3,100
Gross Carrying Amount, Building	[1],[19]	6,084
Accumulated depreciation	[19]	$ (38)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Waterstone at Brier Creek | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Raleigh, NC
Initial Cost, Land	[19]	$ 4,200
Initial Cost, Building	[19]	34,651
Cost of Improvements, net of Retirements, Building	[19]	10
Gross Carrying Amount, Land	[1],[19]	4,200
Gross Carrying Amount, Building	[1],[19]	34,661
Accumulated depreciation	[19]	(217)
Encumbrances (Unpaid Principal)	[5],[19]	$ (20,425)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Waterstone Big Creek | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Alpharetta, GA
Initial Cost, Land	[19]	$ 7,600
Initial Cost, Building	[19]	61,971
Cost of Improvements, net of Retirements, Building	[19]	7
Gross Carrying Amount, Land	[1],[19]	7,600
Gross Carrying Amount, Building	[1],[19]	61,978
Accumulated depreciation	[19]	$ (387)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Westmont Commons | Multi family
Real Estate and Accumulated Depreciation [Line Items]
Location	[19]	Asheville, NC
Initial Cost, Land	[19]	$ 2,750
Initial Cost, Building	[19]	25,225
Cost of Improvements, net of Retirements, Building	[19]	20
Gross Carrying Amount, Land	[1],[19]	2,750
Gross Carrying Amount, Building	[1],[19]	25,245
Accumulated depreciation	[19]	$ (158)
Year of Acquisition	[19]	2,015
Life of Depreciation	[19]	40 years
Adams Aircraft | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Englewood, CO
Initial Cost, Land		$ 566
Initial Cost, Building		3,906
Gross Carrying Amount, Land	[1]	566
Gross Carrying Amount, Building	[1]	3,906
Accumulated depreciation		(27)
Encumbrances (Unpaid Principal)	[21]	$ (7,329)
Year of Acquisition		2,015
Life of Depreciation		30 years
South Midco | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Witchita, KS
Initial Cost, Land		$ 415
Initial Cost, Building		3,714
Cost of Improvements, net of Retirements, Building		5
Gross Carrying Amount, Land	[1]	415
Gross Carrying Amount, Building	[1]	3,719
Accumulated depreciation		(29)
Encumbrances (Unpaid Principal)	[21]	$ (7,243)
Year of Acquisition		2,015
Life of Depreciation		30 years
East Glendale | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Sparks, NV
Initial Cost, Land		$ 460
Initial Cost, Building		1,007
Cost of Improvements, net of Retirements, Building		3
Gross Carrying Amount, Land	[1]	460
Gross Carrying Amount, Building	[1]	1,010
Accumulated depreciation		(7)
Encumbrances (Unpaid Principal)	[21]	$ (1,931)
Year of Acquisition		2,015
Life of Depreciation		30 years
Perry Avenue | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Attleboro, MA
Initial Cost, Land		$ 2,011
Initial Cost, Building		28,763
Cost of Improvements, net of Retirements, Building		24
Gross Carrying Amount, Land	[1]	2,011
Gross Carrying Amount, Building	[1]	28,787
Accumulated depreciation		(38)
Encumbrances (Unpaid Principal)	[21]	$ (9,433)
Year of Acquisition		2,015
Life of Depreciation		30 years
Interstate Drive | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		West Springfield, MA
Initial Cost, Land		$ 787
Initial Cost, Building		4,486
Cost of Improvements, net of Retirements, Building		10
Gross Carrying Amount, Land	[1]	787
Gross Carrying Amount, Building	[1]	4,496
Accumulated depreciation		(51)
Encumbrances (Unpaid Principal)	[21]	$ (12,244)
Year of Acquisition		2,015
Life of Depreciation		30 years
Hunt Valley Circle | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		New Kensington, PA
Initial Cost, Land		$ 1,119
Initial Cost, Building		9,210
Cost of Improvements, net of Retirements, Building		5
Gross Carrying Amount, Land	[1]	1,119
Gross Carrying Amount, Building	[1]	9,215
Accumulated depreciation		(41)
Encumbrances (Unpaid Principal)	[21]	$ (10,692)
Year of Acquisition		2,015
Life of Depreciation		30 years
Kirby Circle | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Palm Bay, FL
Initial Cost, Land		$ 719
Initial Cost, Building		18,930
Gross Carrying Amount, Land	[1]	719
Gross Carrying Amount, Building	[1]	18,930
Accumulated depreciation		(45)
Encumbrances (Unpaid Principal)	[21]	$ (16,813)
Year of Acquisition		2,015
Life of Depreciation		30 years
Rex Boulevard | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Auburn Hills, MI
Initial Cost, Land		$ 1,393
Initial Cost, Building		6,310
Cost of Improvements, net of Retirements, Building		211
Gross Carrying Amount, Land	[1]	1,393
Gross Carrying Amount, Building	[1]	6,521
Accumulated depreciation		(68)
Encumbrances (Unpaid Principal)	[21]	$ (14,460)
Year of Acquisition		2,015
Life of Depreciation		30 years
Square Drive | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Marysville, OH
Initial Cost, Land		$ 544
Initial Cost, Building		4,342
Cost of Improvements, net of Retirements, Building		37
Gross Carrying Amount, Land	[1]	544
Gross Carrying Amount, Building	[1]	4,379
Accumulated depreciation		(23)
Encumbrances (Unpaid Principal)	[21]	$ (5,604)
Year of Acquisition		2,015
Life of Depreciation		30 years
Fondorf Drive | Industrial
Real Estate and Accumulated Depreciation [Line Items]
Location		Columbus, OH
Initial Cost, Land		$ 403
Initial Cost, Building		5,521
Cost of Improvements, net of Retirements, Building		35
Gross Carrying Amount, Land	[1]	403
Gross Carrying Amount, Building	[1]	5,556
Accumulated depreciation		(30)
Encumbrances (Unpaid Principal)	[21]	$ (7,674)
Year of Acquisition		2,015
Life of Depreciation		30 years
Erieview Tower | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Cleveland, OH
Initial Cost, Land		$ 17,385
Initial Cost, Building		40,287
Cost of Improvements, net of Retirements, Building		4,191
Gross Carrying Amount, Land	[1]	17,385
Gross Carrying Amount, Building	[1]	44,478
Encumbrances (Unpaid Principal)	[3]	$ (66,819)
Year of Acquisition		2,015
Life of Depreciation		30 years
[1]	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2015.
[2]	As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376
[3]	These encumbrances are held by our consolidated securitizations, RAIT I and RAIT II
[4]	During 2012 and 2011, these properties were acquired by our subsidiary, Independence Realty Trust, Inc.
[5]	These encumbrances are held entirely by third parties.
[6]	Of these encumbrances, $15,500 is held by third parties and $11,917 is held by RAIT II.
[7]	Of these encumbrances, $5,191 is held by third parties and $11,942 is held by RAIT II.
[8]	Of these encumbrances, $9,143 is held by third parties and $20,578 is held by RAIT II.
[9]	Of these encumbrances, $3,912 is held by third parties and $8,723 is held by RAIT II.
[10]	Of these encumbrances, $5,294 is held by third parties and $11,700 is held by RAIT II.
[11]	Of these encumbrances, $8,647 is held by third parties and $19,300 is held by RAIT II.
[12]	Of these encumbrances, $7,448 is held by third parties and $16,400 is held by RAIT II.
[13]	Of these encumbrances, $3,963 is held by third parties and $8,612 is held by RAIT II.
[14]	Of these encumbrances, $3,003 is held by third parties and $6,825 is held by RAIT II.
[15]	Of these encumbrances, $3,533 is held by third parties and $8,319 is held by RAIT II.
[16]	Of these encumbrances, $21,951 is held by third parties and $32,500 is held by RAIT I.
[17]	Of these encumbrances, $8,302 is held by third parties and $1,584 is held by RAIT.
[18]	Of these encumbrances, $2,837 is held by third parties and $6,300 is held by RAIT II.
[19]	These properties were acquired in the year of acquisition, as noted in the table above, by our subsidiary, Independence Realty Trust, Inc.
[20]	Of these encumbrances, $25,830 is held by third parties and $15,526 is held by RAIT I.
[21]	Of these encumbrances, $82,423 is held by third parties and $11,000 is held by RAIT I

Real Estate and Accumulated 117

Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	$ 1,685,975
Stonecrest | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	25,830
Stonecrest | RAIT I
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	15,526
Mandalay Bay | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	15,500
Mandalay Bay | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	11,917
Oyster Point | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	5,191
Oyster Point | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	11,942
Tuscany Bay | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	9,143
Tuscany Bay | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	20,578
Desert Wind | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	3,912
Desert Wind | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	8,723
Eagle Ridge | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	5,294
Eagle Ridge | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	11,700
Emerald Bay | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	8,647
Emerald Bay | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	19,300
Grand Terrace | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	7,448
Grand Terrace | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	16,400
Las Vistas | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	3,963
Las Vistas | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	8,612
Penny Lane | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	3,003
Penny Lane | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	6,825
Sandal Ridge | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	3,533
Sandal Ridge | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	8,319
Preserve @ Colony Lakes | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	82,423
Preserve @ Colony Lakes | RAIT I
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	11,000
1501 Yamato Road | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	21,951
1501 Yamato Road | RAIT I
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	32,500
Pine Tree | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	8,302
Pine Tree | RAIT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	1,584
Ventura | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	2,837
Ventura | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	$ 6,300

Investment in Real Estate (Deta

Investment in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 1,840,451	$ 1,131,931
Additions during period:
Acquisitions	854,901	697,015
Improvements to land and building	26,137	18,841
Deductions during period:
Dispositions and deconsolidations of real estate	(203,844)	(7,336)
Balance, end of period:	$ 2,517,645	$ 1,840,451

Accumulated Depreciation (Detai

Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015		Dec. 31, 2014
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period		$ 168,480	[1]	$ 127,745
Depreciation expense		55,149		41,724
Dispositions and deconsolidations of real estate		(25,303)		(989)
Balance, end of period:	[1]	$ 198,326		$ 168,480
[1]	As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638. As of December 31, 2014, includes properties owned by IRT with a book value of $689,112 and accumulated depreciation of $23,376

Summary of Commercial Mortgage

Summary of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail)		12 Months Ended
		Dec. 31, 2015USD ($)Loan		Dec. 31, 2014USD ($)Loan	Dec. 31, 2013USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		188
Interest Lowest		0.00%
Interest Rate		14.50%
Carrying Amount of Mortgages		$ 1,625,853,000	[1]	$ 1,393,132,000	$ 1,123,177,000
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		57		74
Carrying Amount of Mortgages		$ 169,338,000	[1]	$ 224,503,000
Mezzanine Loans | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		23
Interest Lowest		5.00%
Interest Rate		14.50%
Carrying Amount of Mortgages	[1]	$ 47,861,000
Mezzanine Loans | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		26
Interest Lowest		5.10%
Interest Rate		12.50%
Carrying Amount of Mortgages	[1]	$ 108,297,000
Mezzanine Loans | Retail
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		5
Interest Lowest		0.50%
Interest Rate		12.50%
Carrying Amount of Mortgages	[1]	$ 10,196,000
Mezzanine Loans | Other
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		3
Interest Lowest		5.90%
Interest Rate		12.50%
Carrying Amount of Mortgages	[1]	$ 2,984,000
Minimum
Mortgage Loans On Real Estate [Line Items]
at Highest		15,758,000
Minimum | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 1,165,000
Minimum | Mezzanine Loans | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		Mar. 11, 2016
at Highest		$ 22,000
Minimum | Mezzanine Loans | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		Feb. 1, 2016
at Highest		$ 384,000
Minimum | Mezzanine Loans | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jun. 1, 2016
at Highest		$ 159,000
Minimum | Mezzanine Loans | Other
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jan. 11, 2016
at Highest		$ 600,000
Maximum
Mortgage Loans On Real Estate [Line Items]
at Highest		219,736,000
Maximum | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 45,502,000
Maximum | Mezzanine Loans | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jan. 1, 2025
at Highest		$ 12,339,000
Maximum | Mezzanine Loans | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		May 1, 2025
at Highest		$ 23,990,000
Maximum | Mezzanine Loans | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		May 8, 2018
at Highest		$ 7,790,000
Maximum | Mezzanine Loans | Other
Mortgage Loans On Real Estate [Line Items]
Date Latest		Dec. 1, 2017
at Highest		$ 1,383,000
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		124
Carrying Amount of Mortgages	[1]	$ 1,426,279,000
Commercial mortgages | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		29
Interest Lowest		4.50%
Interest Rate		8.00%
Carrying Amount of Mortgages	[1]	$ 349,465,000
Commercial mortgages | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		47
Interest Lowest		4.40%
Interest Rate		8.00%
Carrying Amount of Mortgages	[1]	$ 466,102,000
Commercial mortgages | Retail
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		32
Interest Lowest		4.60%
Interest Rate		7.50%
Carrying Amount of Mortgages	[1]	$ 439,762,000
Commercial mortgages | Other
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		16
Interest Lowest		5.00%
Interest Rate		7.50%
Carrying Amount of Mortgages	[1]	$ 170,950,000
Commercial mortgages | Minimum
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 8,759,000
Commercial mortgages | Minimum | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		May 1, 2016
at Highest		$ 3,700,000
Commercial mortgages | Minimum | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		Mar. 1, 2016
at Highest		$ 268,000
Commercial mortgages | Minimum | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		Apr. 1, 2016
at Highest		$ 2,566,000
Commercial mortgages | Minimum | Other
Mortgage Loans On Real Estate [Line Items]
Date Latest		Oct. 1, 2016
at Highest		$ 2,225,000
Commercial mortgages | Maximum
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 160,690,000
Commercial mortgages | Maximum | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		Nov. 1, 2025
at Highest		$ 34,350,000
Commercial mortgages | Maximum | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jan. 2, 2029
at Highest		$ 27,040,000
Commercial mortgages | Maximum | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jan. 1, 2026
at Highest		$ 74,800,000
Commercial mortgages | Maximum | Other
Mortgage Loans On Real Estate [Line Items]
Date Latest		Nov. 30, 2021
at Highest		$ 24,500,000
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		7
Carrying Amount of Mortgages	[1]	$ 30,236,000
Preferred Equity Interests | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		4
Interest Lowest		6.00%
Interest Rate		11.90%
Carrying Amount of Mortgages	[1]	$ 20,991,000
Preferred Equity Interests | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		2
Interest Lowest		0.00%
Interest Rate		0.00%
Carrying Amount of Mortgages	[1]	$ 7,945,000
Preferred Equity Interests | Retail
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Interest Lowest		12.00%
Interest Rate		12.00%
Carrying Amount of Mortgages	[1]	$ 1,300,000
Preferred Equity Interests | Minimum
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 5,834,000
Preferred Equity Interests | Minimum | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		Feb. 11, 2016
at Highest		$ 884,000
Preferred Equity Interests | Minimum | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		Jan. 11, 2017
at Highest		$ 3,650,000
Preferred Equity Interests | Minimum | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		Sep. 30, 2016
at Highest		$ 1,300,000
Preferred Equity Interests | Maximum
Mortgage Loans On Real Estate [Line Items]
at Highest		$ 13,544,000
Preferred Equity Interests | Maximum | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Date Latest		Aug. 18, 2025
at Highest		$ 7,948,000
Preferred Equity Interests | Maximum | Office
Mortgage Loans On Real Estate [Line Items]
Date Latest		Mar. 11, 2017
at Highest		$ 4,296,000
Preferred Equity Interests | Maximum | Retail
Mortgage Loans On Real Estate [Line Items]
Date Latest		Sep. 30, 2016
at Highest		$ 1,300,000
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

Summary of Commercial Mortga121

Summary of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Parenthetical) (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Loan		Dec. 31, 2011USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 1,625,853	[1]		$ 1,393,132	$ 1,123,177
Number of Loans | Loan	188
90 or more days
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages			$ 7,800
Equity Investments | Investment 1
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 3,700
Equity Investments | Investment 2
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 4,400
Maximum | Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Commercial real estate interest rate			10.25%
Minimum | Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Commercial real estate interest rate			0.50%
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

Reconciliation of Carrying Amou

Reconciliation of Carrying Amount of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015		Dec. 31, 2014
Mortgage Loans On Real Estate [Line Items]
Balance, beginning of period	$ 1,393,132		$ 1,123,177
Investments in loans	1,012,310		951,084
Accretion of discount	1,316		5,744
Collections of principal	(291,228)		(164,040)
Conversion of loans to real estate and charge-offs	(64,698)		(62,607)
Balance, end of period:	1,625,853	[1]	1,393,132
Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Sales of loans	$ (424,979)		(409,667)
Deconsolidation of Taberna VIII and IX CDOs
Mortgage Loans On Real Estate [Line Items]
Sales of loans			$ (50,559)
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

Summary of Commercial Mortga123

Summary of Commercial Mortgage Loans, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)Loan		Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	188
Interest Lowest	0.00%
Rate Highest	14.50%
Total Carrying Amount of Mortgages	$ 1,625,853,000	[1]	$ 1,393,132,000	$ 1,123,177,000
Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	22,000
Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 74,800,000
Texas
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	35
Interest Lowest	4.70%
Rate Highest	14.50%
Total Carrying Amount of Mortgages	$ 280,458,000
Texas | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	22,000
Texas | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 34,350,000
Florida
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	20
Interest Lowest	4.60%
Rate Highest	12.00%
Total Carrying Amount of Mortgages	$ 207,356,000
Florida | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	159,000
Florida | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 27,040,000
Various States
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Interest Lowest	0.50%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 161,553,000
Various States | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	963,000
Various States | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 74,800,000
California
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	21
Interest Lowest	0.00%
Rate Highest	7.80%
Total Carrying Amount of Mortgages	$ 190,692,000
California | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	1,480,000
California | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 24,100,000
Ohio
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	8
Interest Lowest	5.30%
Rate Highest	6.50%
Total Carrying Amount of Mortgages	$ 77,658,000
Ohio | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	559,000
Ohio | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 20,000,000
Pennsylvania
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	6
Interest Lowest	5.00%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 46,560,000
Pennsylvania | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	586,000
Pennsylvania | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 15,500,000
Colorado
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	6
Interest Lowest	4.50%
Rate Highest	12.00%
Total Carrying Amount of Mortgages	$ 72,392,000
Colorado | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	833,000
Colorado | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 33,700,000
New York
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	8
Interest Lowest	5.50%
Rate Highest	11.00%
Total Carrying Amount of Mortgages	$ 45,725,000
New York | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	1,000,000
New York | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 10,500,000
Wisconsin
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	14
Interest Lowest	5.20%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 36,796,000
Wisconsin | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	248,000
Wisconsin | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 13,000,000
Maryland
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Interest Lowest	5.20%
Rate Highest	6.30%
Total Carrying Amount of Mortgages	$ 37,490,000
Maryland | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	4,040,000
Maryland | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 24,500,000
North Carolina
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	5.20%
Rate Highest	5.30%
Total Carrying Amount of Mortgages	$ 36,450,000
North Carolina | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	12,600,000
North Carolina | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 23,850,000
Georgia
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	11
Interest Lowest	5.20%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 85,853,000
Georgia | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	383,000
Georgia | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 30,804,000
Illinois
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	5
Interest Lowest	4.90%
Rate Highest	6.80%
Total Carrying Amount of Mortgages	$ 51,900,000
Illinois | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	5,400,000
Illinois | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 13,000,000
Alabama
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Interest Lowest	5.00%
Rate Highest	6.30%
Total Carrying Amount of Mortgages	$ 37,539,000
Alabama | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	6,739,000
Alabama | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 13,600,000
Minnesota
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	4.40%
Rate Highest	5.50%
Total Carrying Amount of Mortgages	$ 19,995,000
Minnesota | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	3,995,000
Minnesota | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 16,000,000
Massachusetts
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	5.30%
Rate Highest	7.20%
Total Carrying Amount of Mortgages	$ 31,231,000
Massachusetts | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	12,850,000
Massachusetts | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 18,500,000
Tennessee
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Interest Lowest	5.80%
Rate Highest	7.00%
Total Carrying Amount of Mortgages	$ 17,809,000
Tennessee | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	4,400,000
Tennessee | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 7,250,000
New Jersey
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	5.50%
Rate Highest	11.00%
Total Carrying Amount of Mortgages	$ 14,625,000
New Jersey | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	4,000,000
New Jersey | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 10,625,000
Arizona
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	5
Interest Lowest	5.00%
Rate Highest	12.10%
Total Carrying Amount of Mortgages	$ 20,180,000
Arizona | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	100,000
Arizona | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 11,750,000
Indiana
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	5
Interest Lowest	5.50%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 8,861,000
Indiana | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	357,000
Indiana | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 5,000,000
IOWA
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	6.50%
Rate Highest	6.50%
Total Carrying Amount of Mortgages	$ 9,750,000
IOWA | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	1,600,000
IOWA | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 8,150,000
Connecticut
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	12.00%
Rate Highest	12.00%
Total Carrying Amount of Mortgages	$ 8,302,000
Connecticut | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	554,000
Connecticut | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 4,000,000
OKLAHOMA
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Interest Lowest	5.20%
Rate Highest	10.00%
Total Carrying Amount of Mortgages	$ 18,413,000
OKLAHOMA | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	4,953,000
OKLAHOMA | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 7,860,000
Michigan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	5.50%
Rate Highest	5.50%
Total Carrying Amount of Mortgages	$ 6,800,000
Michigan | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	6,800,000
Michigan | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 6,800,000
Virginia
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	5
Interest Lowest	4.80%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 36,595,000
Virginia | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	395,000
Virginia | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 17,250,000
MONTANA
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	6.00%
Rate Highest	6.00%
Total Carrying Amount of Mortgages	$ 6,300,000
MONTANA | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	6,300,000
MONTANA | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 6,300,000
Mississippi
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	12.50%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 820,000
Mississippi | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	820,000
Mississippi | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 820,000
SOUTH CAROLINA
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	5.20%
Rate Highest	5.20%
Total Carrying Amount of Mortgages	$ 9,000,000
SOUTH CAROLINA | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	9,000,000
SOUTH CAROLINA | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 9,000,000
Missouri
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	9.10%
Rate Highest	9.10%
Total Carrying Amount of Mortgages	$ 2,600,000
Missouri | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	2,600,000
Missouri | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 2,600,000
Kentucky
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	12.50%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 238,000
Kentucky | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	238,000
Kentucky | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 238,000
Delaware
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	12.50%
Rate Highest	12.50%
Total Carrying Amount of Mortgages	$ 661,000
Delaware | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	661,000
Delaware | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 661,000
New Mexico
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	6.00%
Rate Highest	6.00%
Total Carrying Amount of Mortgages	$ 4,550,000
New Mexico | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	4,550,000
New Mexico | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 4,550,000
Nevada
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Interest Lowest	5.70%
Rate Highest	6.00%
Total Carrying Amount of Mortgages	$ 34,400,000
Nevada | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	8,400,000
Nevada | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 26,000,000
Oregon
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Interest Lowest	4.70%
Rate Highest	4.70%
Total Carrying Amount of Mortgages	$ 6,300,000
Oregon | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal	6,300,000
Oregon | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal	$ 6,300,000
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.

Summary of Commercial Mortga124

Summary of Commercial Mortgage Loans, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Parenthetical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages		$ 1,625,853	[1]	$ 1,393,132	$ 1,123,177
Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 7,800
Equity Investments | Investment 1
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages		3,700
Equity Investments | Investment 2
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages		$ 4,400
Maximum | Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Commercial real estate interest rate	10.25%
Minimum | Commercial Real Estate Loan
Mortgage Loans On Real Estate [Line Items]
Commercial real estate interest rate	0.50%
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the carrying amount.