Rait Financial Trust (RAS) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		92,691,743

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Investment in mortgages and loans:
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,315,539	$ 1,292,639
Allowance for loan losses		(13,531)	(12,354)
Total investment in mortgages and loans, net (including $1,097,905 and $1,184,588 held by consolidated VIEs, respectively)		1,302,008	1,280,285
Investments in real estate, net of accumulated depreciation of $114,179 and $138,214, respectively (including $141,179 and $192,070 held by consolidated VIEs, respectively)	[1]	580,051	716,432
Cash and cash equivalents		96,432	110,531
Restricted cash		141,610	190,179
Accrued interest receivable		36,176	36,271
Other assets		49,080	53,878
Intangible assets, net of accumulated amortization of $19,589 and $22,230, respectively		17,258	19,267
Total assets		2,222,615	2,406,843
Liabilities and Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $31,273 and $36,892, respectively (including $1,109,403 and $1,288,258 held by consolidated VIEs, respectively)		1,623,133	1,751,082
Accrued interest payable		9,591	8,347
Accounts payable and accrued expenses		14,033	20,016
Deferred taxes, borrowers’ escrows and other liabilities		145,377	168,047
Total liabilities		1,792,134	1,947,492
Series D cumulative redeemable preferred shares, $0.01 par value per share, 4,000,000 shares authorized, 3,536,000 and 3,536,000 shares issued and outstanding, respectively		83,505	81,581
Shareholders’ equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized 92,691,743 and 92,295,478 issued and outstanding, respectively, including 1,332,292 and 1,079,193 unvested restricted common share awards, respectively		2,781	2,769
Additional paid in capital		2,092,695	2,093,257
Retained earnings (deficit)		(1,754,099)	(1,723,735)
Total shareholders’ equity		341,470	372,384
Noncontrolling interests		5,506	5,386
Total equity		346,976	377,770
Total liabilities and equity		2,222,615	2,406,843
7.75% Series A Cumulative Redeemable Preferred Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share		53	53
Total equity		53	53
8.375% Series B Cumulative Redeemable Preferred Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share		23	23
Total equity		23	23
8.875% 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 Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share
[1]	As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Investment in mortgages and loans, net		$ 1,302,008	$ 1,280,285
Real estate, accumulated depreciation		114,179	138,214
Investments in real estate, net of accumulated depreciation	[1]	580,051	716,432
Intangible assets, accumulated amortization		19,589	22,230
Indebtedness, unamortized discounts, premiums and deferred financing costs		31,273	36,892
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 1,623,133	$ 1,751,082
Preferred shares, authorized		25,000,000	25,000,000
Common shares, par value		$ 0.03	$ 0.03
Common shares, shares authorized		200,000,000	200,000,000
Common shares, shares issued		92,691,743	92,295,478
Common shares, shares outstanding		92,691,743	92,295,478
Unvested restricted common share awards		1,332,292	1,079,193
VIE
Investment in mortgages and loans, net		$ 1,097,905	$ 1,184,588
Real estate, accumulated depreciation		31,543	31,652
Investments in real estate, net of accumulated depreciation		141,179	192,070
Intangible assets, accumulated amortization		1,498	3,740
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 1,109,403	$ 1,288,258
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		3,536,000	3,536,000
Series D cumulative redeemable preferred shares, shares outstanding		3,536,000	3,536,000
7.75% Series A Cumulative Redeemable Preferred Stock
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		5,344,353	5,344,353
Cumulative redeemable preferred shares, shares outstanding		5,344,353	5,344,353
Preferred shares, par value		$ 0.01	$ 0.01
8.375% Series B Cumulative Redeemable Preferred Stock
Preferred shares, authorized		4,300,000	4,300,000
Preferred shares, dividend rate		8.375%	8.375%
Cumulative redeemable preferred shares, liquidation preference		$ 25	$ 25
Cumulative redeemable preferred shares, shares issued		2,340,969	2,340,969
Cumulative redeemable preferred shares, shares outstanding		2,340,969	2,340,969
Preferred shares, par value		$ 0.01	$ 0.01
8.875% 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	1,640,425
Cumulative redeemable preferred shares, shares outstanding		1,640,425	1,640,425
Preferred shares, par value		$ 0.01	$ 0.01
Series E Cumulative Redeemable Preferred Stock
Preferred shares, authorized		4,000,000	4,000,000
Preferred shares, par value		$ 0.01	$ 0.01
[1]	As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Investment interest income	$ 17,650	$ 25,802
Investment interest expense	(9,773)	(9,320)
Net interest margin	7,877	16,482
Property income	20,065	30,055
Fee and other income	1,661	2,114
Total revenue	29,603	48,651
Expenses:
Interest expense	10,143	15,870
Real estate operating expense	10,634	14,848
Property management expenses	2,213	2,167
General and administrative expenses:
Compensation expense	3,487	3,625
Other general and administrative expense	2,705	3,215
Total general and administrative expenses	6,192	6,840
Acquisition expense	172	109
Provision for loan losses	1,535	1,325
Depreciation and amortization expense	9,754	12,673
IRT internalization and management transition expenses	736
Shareholder activism expenses	694
Total expenses	42,073	53,832
Operating (Loss) Income	(12,470)	(5,181)
Interest and other income (expense), net	14	61
Gains (losses) on assets	12,006	(195)
Gains (losses) on deconsolidation of properties	(15,947)
Gains (losses) on extinguishments of debt	3,186	344
Asset impairment	(7,424)	(3,922)
Change in fair value of financial instruments	(1,153)	(4,088)
Income (loss) before taxes	(21,788)	(12,981)
Income tax benefit (provision)	249	993
Income (loss) from continuing operations	(21,539)	(11,988)
Discontinued operations:
Income (loss) from discontinued operations	0	1,485
Net income (loss)	(21,539)	(10,503)
(Income) loss allocated to preferred shares	(8,526)	(8,520)
(Income) loss allocated to noncontrolling interests	(20)	1,179
Net income (loss) allocable to common shares	(30,085)	(17,844)
Amount attributable to common shares
Net income (loss) available to common shares from continuing operations	(30,085)	(19,363)
Net income (loss) available to common shares from discontinued operations		1,519
Net income (loss)	$ (30,085)	$ (17,844)
Earnings (loss) per share-Basic:
Earnings (loss) per share from continuing operations	$ (0.33)	$ (0.22)
Earnings (loss) per share from discontinued operations		0.02
Earnings (loss) per share-Basic	$ (0.33)	$ (0.20)
Weighted-average shares outstanding-Basic	91,300,812	91,018,160
Earnings (loss) per share-Diluted:
Earnings (loss) per share from continuing operations	$ (0.33)	$ (0.22)
Earnings (loss) per share from discontinued operations		0.02
Earnings (loss) per share-Diluted	$ (0.33)	$ (0.20)
Weighted average shares outstanding-Diluted	91,300,812	91,018,160

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (21,539)	$ (10,503)
Other comprehensive income (loss):
Change in fair value of interest rate hedges		(120)
Realized (gains) losses on interest rate hedges reclassified to earnings		2,403
Total other comprehensive income from continuing operations		2,283
Discontinued operations:
Other comprehensive income (loss) from discontinued operations		(18)
Total other comprehensive income		2,265
Comprehensive income (loss) before allocation to noncontrolling interests	(21,539)	(8,238)
Allocation to noncontrolling interests	(20)	1,179
Comprehensive income (loss) allocable to common shares	$ (21,559)	$ (7,059)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands	Total	7.75% Series A Cumulative Redeemable Preferred Stock	8.375% Series B Cumulative Redeemable Preferred Stock	8.875% Series C Cumulative Redeemable Preferred Stock	Common Shares	Additional Paid In Capital	Retained Earnings (Deficit)	Total Shareholders' Equity	Total Shareholders' EquityPreferred Series D	Non-controlling Interests
Beginning Balance at Dec. 31, 2016	$ 377,770	$ 53	$ 23	$ 17	$ 2,769	$ 2,093,257	$ (1,723,735)	$ 372,384		$ 5,386
Beginning Balance (in shares) at Dec. 31, 2016		5,344,353	2,340,969	1,640,425	92,295,478
Net income (loss)	(21,539)						(21,559)	(21,559)		20
Preferred dividends	(6,602)						(6,602)	(6,602)
Preferred Series D discount amortization	(1,924)						(1,924)		$ (1,924)
Common dividends declared	(279)						(279)	(279)
Share-based compensation	360				$ 16	344		360
Share-based compensation (in shares)					536,784
Issuance of noncontrolling interests	66									66
Distribution to noncontrolling interests	(20)									(20)
Derecognition of noncontrolling interests	54									54
Common shares activity related to equity compensation	(910)				$ (4)	(906)		(910)
Common shares activity related to equity compensation (in shares)					(142,658)
Common shares issued, net (in shares)					2,139
Ending Balance at Mar. 31, 2017	$ 346,976	$ 53	$ 23	$ 17	$ 2,781	$ 2,092,695	$ (1,754,099)	$ 341,470		$ 5,506
Ending Balance (in shares) at Mar. 31, 2017		5,344,353	2,340,969	1,640,425	92,691,743

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities:
Net income (loss)	$ (21,539)	$ (10,503)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	1,535	1,325
Share-based compensation expense	344	1,273
Depreciation and amortization expense	9,754	24,276
Amortization of deferred financing costs and debt discounts	4,018	6,076
Deferral of loan origination fee and costs, net	272	(1,457)
Amortization of above/below market leases	(327)	(424)
(Gains) losses on assets	(12,006)	(2,258)
(Gains) losses on extinguishments of debt	(3,186)	(344)
Losses on deconsolidation of properties	15,947
(Gains) on IRT merger with TSRE	0	(91)
Asset impairment	7,424	3,922
Change in fair value of financial instruments	1,153	4,088
Provision (benefit) for deferred taxes		(1,108)
Changes in assets and liabilities:
Decrease (increase) in accrued interest receivable	97	(2,653)
Decrease (increase) in other assets	1,911	(3,701)
Increase in accrued interest payable	2,202	3,486
(Decrease) in accounts payable and accrued expenses	(5,210)	(9,453)
Increase in borrowers' escrows and other liabilities	504	4,907
Origination of conduit loans		(8,800)
Cash flows provided by operating activities	2,893	8,561
Investing activities:
Origination of loans for investment	(115,000)	(35,591)
Principal repayments on loans	90,238	55,052
Investments in real estate	(2,002)	(7,521)
IRT's acquisition of TSRE, net of cash acquired		91
Proceeds from the disposition of real estate	71,808	23,286
(Increase) decrease in restricted cash	41,317	7,265
Cash flows provided by investing activities	86,361	42,582
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(402)	(74,266)
Proceeds from secured credit facilities, term loans and loans payable on real estate		53,476
Repayments and repurchase of CDO notes payable and floating rate securitizations	(170,123)	(84,065)
Repayments of senior secured notes	(32,000)	(2,000)
Net proceeds related to conduit loan repurchase agreements		4,049
Net proceeds related to floating rate loan repurchase agreements	102,896	21,685
Proceeds from issuance of other indebtedness	17,022	24,796
Distribution to noncontrolling interests	(20)	(7,774)
Issuance of noncontrolling interests	66	68
Payments for deferred costs	(91)	(467)
Common share issuance, net of costs incurred	(894)	(489)
Distributions paid to preferred shareholders	(11,326)	(8,955)
Distributions paid to common shareholders	(8,481)	(8,518)
Cash flows (used in) financing activities	(103,353)	(82,460)
Net change in cash and cash equivalents	(14,099)	(31,317)
Net change in cash and cash equivalents from discontinued operations	0	(16,161)
Net change in cash and cash equivalents from continuing operations	(14,099)	(15,156)
Cash and cash equivalents at the beginning of the period	110,531	87,581
Cash and cash equivalents at the end of the period	$ 96,432	$ 72,425

THE COMPANY

THE COMPANY	3 Months Ended
	Mar. 31, 2017
Nature Of Operations [Abstract]
THE COMPANY	NOTE 1: THE COMPANY RAIT Financial Trust is an internally-managed real estate investment trust focused on providing commercial real estate financing throughout the United States. 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. On December 20, 2016, the management internalization of one of our previously consolidated variable interest entities, Independence Realty Trust, Inc., or IRT, was completed pursuant to the September 27, 2016 securities and asset purchase agreement, or the IRT internalization agreement. The IRT management internalization consisted of two parts: (i) the acquisition of Independence Realty Advisors, LLC, or the IRT advisor, which was our subsidiary and IRT’s external advisor, and (ii) the acquisition of certain assets and the assumption of certain liabilities relating to our multifamily property management business which we referred to as RAIT Residential, including property management contracts relating to apartment properties owned by ourselves, IRT, and third parties. The purchase price paid by IRT for the IRT management internalization was $43,000, subject to certain pro rations at closing. As part of the same agreement, we sold all of the 7,269,719 shares of IRT’s common stock owned by certain of our subsidiaries on October 5, 2016. See Note 16: Discontinued Operations for further information regarding the IRT management internalization and its effects on our financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2016 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The Consolidated Statement of Operations for the three-month period ended March 31, 2016 includes the impact of correcting the reporting of certain activity that occurred in the three-month period ended March 31, 2016. Specifically, the correction adjusts a clerical error made in the determination of the amount of investment interest expense by increasing investment interest expense and decreasing interest expense by $1,424 for the three-month period ended March 31, 2016. This correction had no impact to any other periods. We evaluated this correction and determined, based on quantitative and qualitative factors, that the change was not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements. For the three months ended March 31, 2016, certain entities or distinguishable components of RAIT have been presented as discontinued operations. As of December 31, 2016, these discontinued operations were disposed of. See Note 16: Discontinued Operations for further information. 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 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 8: Variable Interest Entities for additional disclosures pertaining to VIEs. For entities that we do not consolidate, we account for our investment in them either under the equity method pursuant to ASC Topic 323, “Investments-Equity Method and Joint Ventures” or cost method pursuant to ASC Topic 325, “Investments – Other”. 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 March 31, 2017 and December 31, 2016, we had $109,941 and $121,395, 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 March 31, 2017 and December 31, 2016, we had $31,669 and $68,784, respectively, of restricted cash held by securitizations. f. Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests We invest in commercial mortgage loans, mezzanine loans and preferred equity interests. We account for our investments in commercial mortgage loans, 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 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 unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual loans are applied to principal until the loan is removed from non-accrual status. Loans are generally removed from non-accrual status when they are making current interest payments. The allowance for loan losses is increased by the provision for loan losses 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 determined 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 property 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. Revenue Recognition 1) Interest income We recognize interest income from investments in commercial mortgage loans, mezzanine loans, and preferred equity interests on a yield to maturity basis. Certain of our commercial mortgage loans, mezzanine loans and preferred equity interests provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans, the majority of which were originated prior to 2011, at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible. Management will cease accruing interest on these loans when it determines that collection of the interest income is not probable based on the value of the underlying collateral using discounted cash flow models and market based assumptions. For investments that we do 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 elect to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred. 2) Property income 3) Fee and other income j. 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 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. 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. k. 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. l. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. m. Intangible Assets 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 $11,514 and $12,276 as of March 31, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $23,833 and $26,122 as of March 31, 2017 and December 31, 2016, respectively. The gross carrying amount for Urban Retail’s trade name was $1,500 as of March 30, 2017 and December 31, 2016. The accumulated amortization for our intangible assets was $19,589 and $22,230 as of March 31, 2017 and December 31, 2016, respectively. We recorded amortization expense of $2,647 and $2,322 for the three months ended March 31, 2017 and 2016, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $3,273 for the remainder of 2017, $3,220 for 2018, $2,685 for 2019, $2,133 for 2020, $1,840 for 2021 and $4,106 thereafter. As of March 31, 2017, we have determined that no triggering events occurred that would indicate an impairment to our intangible assets. n. Derivative Instruments In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument 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. The Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”) recently made amendments to their respective rules that resulted in the prospective accounting treatment of variation margin payments (certain daily payments that were historically accounted for as collateral) being considered settlements of their related derivatives. While the CME rule, which became effective in January 2017, is mandatory, the LCH rule allows a clearing member institution the option to adopt the rule changes on an individual contract or portfolio basis. As of March 31, 2017, $2,525 of notional of our derivative contracts were cleared on the CME and $12,650 were cleared on the LCH. The fair value of our CME derivative contract was inconsequential as of March 31, 2017. As of March 31, 2017, our LCH clearing member institution has not adopted the new rule change. Therefore, there has been no change to the accounting for the derivatives cleared through the LCH, and variation margin payments related to these derivatives remain accounted for as collateral. o. 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 March 31, 2017 and December 31, 2016, we have $8,342 of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As of March 31, 2017, we have determined that no triggering events occurred that would indicate an impairment on our goodwill. p. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, the RAIT Venture REITs, 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. As of October 5, 2016, IRT was no longer consolidated by RAIT. Refer to Note 16: Discontinued Operations for further discussion. In February 2016 and January 2017, in conjunction with the ventures described in Note 5: Indebtedness and Note 8: Variable Interest Entities, we created two new entities that elected to be taxed as REITs, which we refer to as the RAIT Venture VIEs. These entities hold the FL-5 and FL-6 junior notes for the aforementioned ventures. 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, the RAIT Venture VIEs and, in the relevant period, 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. In prior years, our TRS entities generated taxable revenue primarily from (i) advisory fees for services provided to IRT, (ii) property management fees for services provided to RAIT properties, IRT properties and third-party properties, and (iii) fees and other income from our CMBS lending business. In the current year, our TRS entities generate taxable revenue primarily from (i) property management fees for services provided to RAIT properties and third-party properties, and (ii) fees and other income from our CMBS lending business. In consolidation, the advisory fees and property management fees related to IRT were eliminated through October 5, 2016 and property management fees related to RAIT properties were eliminated in their entirety. 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. As part of our change in strategic direction and to decrease administrative processes, during the year ended December 31, 2016, we moved our active TRS entities under a single holding company. We elected a November 30 th q. Shareholder Activism Expenses During the three months ended March 31, 2017, we incurred additional expenses beyond those normally associated with soliciting proxies for our annual meeting of shareholders as a result of responding to an unsolicited and nonbinding externalization of management proposal as well as an activist campaign threatened by an activist investor. These expenses totaled $694 and are presented as shareholder activism expenses in our consolidated statements of operations. r. Recent Accounting Pronouncements Adopted within these Financial Statements In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This standard was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. This standard did not have an impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This accounting standard clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. This standard did not have an impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
INVESTMENTS IN COMMERCIAL MORTGAGES, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	NOTE 3: INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of March 31, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,189,646 $ (801 ) $ 1,188,845 93 5.9 % Apr. 2017 - Dec. 2025 Mezzanine loans 88,070 45 88,115 21 9.9 % Apr. 2017 - May 2025 Preferred equity interests 40,329 (1 ) 40,328 16 8.7 % Nov. 2018 - Jan. 2029 Total CRE 1,318,045 (757 ) 1,317,288 130 6.3 % Deferred fees and costs, net (3) (1,749 ) - (1,749 ) Total $ 1,316,296 $ (757 ) $ 1,315,539 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $6,600 of deferred fees, net of $4,851 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2016: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,162,233 $ (852 ) $ 1,161,381 94 5.8 % Jan. Mezzanine loans 89,811 45 89,856 23 9.9 % Feb. 2017 to Jun. 2027 Preferred equity interests 42,830 (1 ) 42,829 17 8.2 % Jan. 2017 to Jan. 2029 Total CRE 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (3) (1,427 ) — (1,427 ) Total $ 1,293,447 $ (808 ) $ 1,292,639 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $5,978 of deferred fees, net of $4,551 of deferred costs. A loan is placed on non-accrual status if it is 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 March 31, 2017 and December 31, 2016: As of March 31, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-accrual (1) Commercial mortgage loans $ 1,143,919 $ 45,727 $ — $ — $ — $ 1,189,646 $ 106,737 Mezzanine loans 86,691 — — 1,379 — 88,070 5,379 Preferred equity interests 40,329 — — — — 40,329 3,650 Total $ 1,270,939 $ 45,727 $ — $ 1,379 $ — $ 1,318,045 $ 115,766 (1) Includes four loans that were current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-Accrual (1) Commercial mortgage loans $ 1,111,898 $ 50,335 $ — $ — $ — $ 1,162,233 $ 113,509 Mezzanine loans 88,432 — — 1,379 — 89,811 1,379 Preferred equity interests 42,830 — — — — 42,830 6,150 Total $ 1,243,160 $ 50,335 $ — $ 1,379 $ — $ 1,294,874 $ 121,038 (1) Includes five loans that are current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. As of March 31, 2017 and December 31, 2016, all of our commercial mortgage loans, mezzanine loans and preferred equity interests that were 90 days or more past due or in foreclosure were on non-accrual status. As of March 31, 2017 and December 31, 2016, $115,766 and $121,038, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 6.2% and 5.8%, respectively. Also, as of March 31, 2017 and December 31, 2016, four loans with an unpaid principal balance of $28,930 and a weighted average interest rate of 12.6%were recognizing interest on the cash basis. Additionally, as of March 31, 2017 and December 31, 2016, one loan, with an unpaid principal balance of $18,500, which had previously been restructured in a troubled debt restructuring, or TDR, did not accrue interest in accordance with its restructured terms as it has the option to be prepaid at par. Allowance For Loan Losses And Impaired Loans We closely monitor our loans which require evaluation for loan loss in two categories: satisfactory and watchlist. Loans classified as satisfactory are loans which are performing consistent with our expectations. Loans classified as watchlist are generally loans which have performed below our expectations, have credit weaknesses or in 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 March 31, 2017 and December 31, 2016 as follows: As of March 31, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,068,409 $ 51,322 $ 36,679 $ 1,156,410 Watchlist (1) 121,237 36,748 3,650 161,635 Total $ 1,189,646 $ 88,070 $ 40,329 $ 1,318,045 (1) Includes $147,135 of loans that are considered to be impaired and $14,500 of loans that are not impaired. As of December 31, 2016 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,048,724 $ 57,063 $ 36,680 $ 1,142,467 Watchlist (1) 113,509 32,748 6,150 152,407 Total $ 1,162,233 $ 89,811 $ 42,830 $ 1,294,874 (1) Includes $152,407 of loans that are considered to be impaired. 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 three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 699 850 (14 ) 1,535 Charge-offs, net of recoveries (360 ) 2 — (358 ) Ending balance $ 10,979 $ 852 $ 1,700 $ 13,531 For the Three Months Ended March 31, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision for loan losses 174 158 993 1,325 Charge-offs, net of recoveries — (257 ) — (257 ) Ending balance $ 3,328 $ 12,040 $ 2,797 $ 18,165 Information on those loans considered to be impaired as of March 31, 2017 and December 31, 2016 was as follows: As of March 31, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 45,727 $ 32,748 $ — $ 78,475 Impaired loans with reserves 61,010 4,000 3,650 68,660 Total Impaired Loans (1) $ 106,737 $ 36,748 $ 3,650 $ 147,135 Allowance for loan losses $ 10,979 $ 852 $ 1,700 $ 13,531 (1) As of March 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2016 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ — $ 32,748 $ — $ 32,748 Impaired loans with reserves 113,509 — 6,150 119,659 Total Impaired Loans (1) $ 113,509 $ 32,748 $ 6,150 $ 152,407 Allowance for loan losses $ 10,640 $ — $ 1,714 $ 12,354 (1) As of December 31, 2016, there was no 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 $149,771 and $132,113 during the three months ended March 31, 2017 and 2016, respectively. We recorded interest income from impaired loans of $311 and $1,262 for the three months ended March 31, 2017 and 2016, respectively. We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring, or TDR, under FASB ASC Topic 310, “Receivables”. During the three months ended March 31, 2017, there were no restructurings of our commercial real estate loans that constituted a TDR. During the three months ended March 31, 2016, we have determined that a restructuring of one commercial real estate loan with an unpaid principal balance of $15,645 constituted a TDR as the interest payment rate was decreased, although interest will continue to accrue on the original contractual rate, subject to management’s determination that it is collectible, and will be owed upon maturity. Loan-to-Real Estate Conversion During the three months ended March 31, 2017, we completed the conversion of one commercial mortgage loan with a carrying value of $1,590 to real estate owned property. See Note 4: Investments in Real Estate for further information. We recognized a charge off of $360 upon conversion.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	3 Months Ended
	Mar. 31, 2017
Banking And Thrift [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 4: INVESTMENTS IN REAL ESTATE The table below summarizes our investments in real estate: Book Value As of March 31, 2017 As of December 31, 2016 Multi-family real estate properties $ 63,158 $ 147,201 Office real estate properties 365,206 397,769 Industrial real estate properties 48,377 93,423 Retail real estate properties 165,327 164,019 Parcels of land 52,162 52,234 Subtotal 694,230 854,646 Less: Accumulated depreciation and amortization (114,179 ) (138,214 ) Investments in real estate (1) $ 580,051 $ 716,432 (1) As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale. As of March 31, 2017 and December 31, 2016, our investments in real estate were comprised of land of $141,597 and $169,133, respectively, and buildings and improvements of $552,633 and $685,513, respectively. As of March 31, 2017, our investments in real estate of $694,230 were financed through $135,388 of mortgage loans or other debt held by third parties and $564,191 of mortgage loans held by our RAIT I and RAIT II CDO securitizations. As of December 31, 2016, our investments in real estate of $854,646 were financed through $186,237 of mortgage loans or other debt held by third parties and $642,824 of mortgage loans 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 mortgage loans serve as collateral for the CDO notes payable issued by the RAIT I and RAIT II CDO securitizations. All intercompany balances and interest charges are eliminated in consolidation. Acquisitions: During the three months ended March 31, 2017, we completed the conversion of one commercial loan with a carrying value of $1,590 to real estate. The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the property acquired during the three months ended March 31, 2017, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805: Description Fair Value of Assets Acquired During the Three Months Ended March 31, 2017 Assets acquired: Investments in real estate $ 1,118 Cash and cash equivalents 84 Restricted cash - Accounts receivable and other assets 14 Intangible assets 1,231 Total assets acquired 2,447 Liabilities assumed: Indebtedness, net - Accounts payable and accrued expenses 139 Other liabilities 718 Total liabilities assumed 857 Estimated fair value of net assets acquired $ 1,590 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 Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 1,590 Total $ 1,590 The table below presents the revenue and net income (loss) for the properties acquired during the three months ended March 31, 2017 as reported in our consolidated financial statements: For the Three Months Ended March 31, 2017 Property Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 26 $ (39 ) Total $ 26 $ (39 ) The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2016. 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. For the Three Months ended March 31, Description 2017 2016 Pro forma total revenue (unaudited) $ 29,855 $ 48,963 Pro forma net income (loss) allocable to common shares (unaudited) (30,356 ) (16,800 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (0.33 ) (0.18 ) Diluted-as pro forma (unaudited) (0.33 ) (0.18 ) Property Sales: During the three months ended March 31, 2017, we disposed of three multifamily real estate properties, two office properties and one parcel of land. We also recognized $13 of loss on sales related to properties sold in the prior year as we settled remaining amounts with the buyers. The below table summarizes the current year 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: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended March 31, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ 7 Emerald Bay Multifamily 3/8/2017 23,750 772 181 Tiffany Square Office 3/9/2017 12,175 113 67 Oyster Point Multifamily 3/28/2017 11,500 (82 ) 2 Executive Center Office 3/31/2017 10,600 437 137 MGS Land 3/31/2017 300 - - Total $ 94,975 $ 8,897 $ 394 During the three months ended March 31, 2017, we also recognized a gain of $3,122 related to a sale of a multifamily property that occurred during second quarter of 2015. This gain was deferred as the buyer’s initial investment was insufficient. As our loan, which financed the buyer’s acquisition of this property, was paid off during the three months ended March 31, 2017, we recognized the deferred gain. In April 2017, we disposed of an office property for $4,575. We expect to recognize a gain of the sale of this asset. Other Dispositions: During the three months ended March 31, 2017, we incurred a non-cash loss on deconsolidation of properties of $15,947 relating to an industrial real estate portfolio containing ten properties with carrying value of $82,501 of investments in real estate and $81,941 of related cross-collateralized non-recourse debt as of December 31, 2016. During the three months ended March 31, 2017, the senior lender foreclosed on the mortgage liens encumbering five of these industrial properties and disposed of the properties through auction processes. These five properties, including other assets, net of related liabilities, had an aggregate carrying value of $43,414. Upon foreclosure, we derecognized these net assets and extinguished related debt of $27,467 based on the proceeds received by the senior lender at the auctions. The difference between the net carrying value and the debt extinguished resulted in the non-cash loss noted above as full release of the remaining cross-collateralized non-recourse debt has not yet been received. The remaining five of these industrial properties have a carrying value of $38,833 of investments in real estate and $54,475 of related cross-collateralized non-recourse debt as of March 31, 2017. Impairment: During the three months ended March 31, 2017, we recognized impairment of real estate assets of $7,424 as it was more likely than not we would dispose of the assets before the end of their previously estimated useful lives and a portion of our recorded investment in these assets was determined to not be recoverable.

INDEBTEDNESS

INDEBTEDNESS	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 5: INDEBTEDNESS We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations. The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2017: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,429 ) 120,669 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,659 ) 55,628 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,399 ) 69,332 7.1 % Aug. 2019 Senior secured notes 30,000 (2,408 ) 27,592 7.2 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,189 ) 12,482 5.0 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.5 % Apr. 2037 Secured warehouse facilities 129,317 (1,218 ) 128,099 3.1 % Nov. Total recourse indebtedness 458,075 (18,342 ) 439,733 4.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 428,258 (6,861 ) 421,397 1.6 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 591,859 (5,358 ) 586,501 3.4 % Jan. 2031 to Dec. 2031 Loans payable on real estate (7) 135,384 (467 ) 134,917 5.6 % Jun. 2016 to Dec. 2021 Total non-recourse indebtedness 1,155,501 (12,686 ) 1,142,815 3.0 % Other indebtedness (8) 40,830 (245 ) 40,585 — — Total indebtedness $ 1,654,406 $ (31,273 ) $ 1,623,133 3.5 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in 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 $824,059 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $456,441 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. (6) Collateralized by $739,709 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) One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure. (8) Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2016: Description Unpaid Principal Balance Unamortized Discount and Deferred Finance Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,719 ) 55,568 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,543 ) 69,188 7.1 % Aug. 2019 Senior secured notes 62,000 (3,767 ) 58,233 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,849 ) 11,822 4.8 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.4 % Apr. 2037 Secured warehouse facilities 26,421 (1,513 ) 24,908 3.1 % Nov. 2017 to Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 647,921 (6,844 ) 641,077 3.1 % Jan. 2031 to Dec. 2031 Loans payable on real estate (7) 186,237 (569 ) 185,668 5.7 % Jun. 2016 to Dec. 2021 Total non-recourse indebtedness 1,376,474 (15,228 ) 1,361,246 2.9 % Other indebtedness (8) 24,321 (406 ) 23,915 — — Total indebtedness $ 1,787,974 $ (36,892 ) $ 1,751,082 3.5 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in 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 $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 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. (6) Collateralized by $789,421 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) One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure. (8) Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture. 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 three months ended March 31, 2017 is as follows: Recourse Indebtedness 7.0% convertible senior notes. The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 195.0060 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $5.13 per common share). As of March 31, 2017, $871 of the 7.0% convertible notes remain outstanding. During the three months ended March 31, 2017, there was no activity other than recurring interest during the current period. 4.0% convertible senior notes. The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 108.5803 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $9.21 per common share). As of March 31, 2017, $126,098 of the 4.0% convertible senior notes remain outstanding. During the three months ended March 31, 2017, there was no activity other than recurring interest during the current period. 7.625% senior notes. As of March 31, 2017, $57,287 of the 7.625% senior notes remain outstanding. During the three months ended March 31, 2017, there was no activity other than recurring interest during the current period. 7.125% senior notes. As of March 31, 2017, $70,731 of the 7.125% senior notes remain outstanding. During the three months ended March 31, 2017, there was no activity other than recurring interest during the current period. Senior secured notes. During the three months ended March 31, 2017, we repaid $1,500 of the senior secured notes. We also redeemed $15,500 in principal amount of the 6.75% senior notes and $15,000 in principal amount of the 6.85% senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. In April 2017, we redeemed $10,000 in principal amount of the 7.15% senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Junior subordinated notes, at fair value. At issuance, we elected to record the $18,671 junior subordinated notes at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. As of March 31, 2017, the fair value, or carrying amount, of this indebtedness was $12,482. Junior subordinated notes, at amortized cost . During the three months ended March 31, 2017, there was no activity other than recurring interest during the current period. Secured warehouse facilities. As of March 31, 2017, we had $0 of outstanding secured warehouse borrowings and $52,952 of outstanding commercial mortgage borrowings under the amended and restated master repurchase agreement, or the Amended MRA. The Amended MRA had a capacity of $200,000 with a limit of $100,000 for floating rate loans. In July of 2016, this facility was amended decreasing the capacity to $150,000 and extending the maturity date to July of 2018. As of March 31, 2017, we were in compliance with all financial covenants contained in the Amended MRA. As of March 31, 2017, we had $0 of outstanding borrowings under the $150,000 secured warehouse facility. As of March 31, 2017, we were in compliance with all financial covenants contained in the $150,000 secured warehouse facility. As of March 31, 2017, we had $10,800 of outstanding borrowings under the $75,000 commercial mortgage facility. As of March 31, 2017, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. As of March 31, 2017, we had $65,565 of outstanding borrowings under the $150,000 commercial mortgage facility. As of March 31, 2017, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility. Non-Recourse Indebtedness CDO notes payable, at amortized cost. 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 over collateralization, or OC, and interest coverage, or IC, trigger tests as of March 31, 2017. CMBS securitizations. As of March 31, 2017, our subsidiary, RAIT 2014-FL3 Trust, or RAIT FL3, had $85,655 of total collateral at par value, none of which was defaulted. RAIT FL3 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $48,268 to investors. As of March 31, 2017, we owned the unrated classes of junior notes, including a class with an aggregate principal balance of $37,387, and the equity, or the retained interests, of RAIT FL3. RAIT FL3 did not have OC triggers or IC triggers. In April 2017, RAIT exercised its right to unwind RAIT FL3, thereby satisfying all of the outstanding notes. As of March 31, 2017, our subsidiary, RAIT 2015-FL4 Trust, or RAIT FL4, had $134,834 of total collateral at par value, none of which was defaulted. RAIT FL4 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $93,444 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $41,390, and the equity, or the retained interests, of RAIT FL4. RAIT FL4 does not have OC triggers or IC triggers. As of March 31, 2017, our subsidiary, RAIT 2015-FL5 Trust, or RAIT FL5, had $299,420 of total collateral at par value, none of which was defaulted. RAIT FL5 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $238,617 to investors. We formed a venture, the 2016 RAIT Venture VIE, which currently owns the unrated classes of junior notes with an aggregate principal balance of $60,803, and the equity of RAIT FL5. We retained a 60% interest in the venture. RAIT FL5 does not have OC triggers or IC triggers. As of March 31, 2017, our subsidiary, RAIT 2016-FL6 Trust, or RAIT FL6, had $252,799 of total collateral at par value, none of which was defaulted. RAIT FL6 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $211,527 to investors. Upon closing, we retained $41,272 of the unrated classes of junior notes and equity of the FL6 issuer. In January 2017, we contributed the $41,272 junior notes and the equity of RAIT FL6 to a venture, the 2017 RAIT Venture VIE. We Loans payable on real estate. As of March 31, 2017 and December 31, 2016, we had $135,384 and $186,237, respectively, of other indebtedness outstanding relating to loans payable on consolidated real estate. These loans are secured by specific consolidated real estate and commercial loans included in our consolidated balance sheets. During the three months ended March 31, 2017, we repaid $22,981 of mortgage indebtedness as part of three property dispositions. We recognized $3,813 gains on extinguishments of debt related to two of these three dispositions as the properties were sold for less than their outstanding indebtedness and the outstanding indebtedness was deemed satisfied in full as a result of such sales. During the three months ended March 31, 2017, we incurred a non-cash loss on deconsolidation of properties of $15,947 relating to an industrial real estate portfolio containing ten properties with a carrying value of $82,501 and $81,941 of related cross-collateralized non-recourse debt as of December 31, 2016. During the three months ended March 31, 2017, the senior lender foreclosed on the mortgage liens encumbering five of these industrial properties and disposed of the properties through auction processes. These five properties, including other assets, net of related liabilities, had an aggregate carrying value of $43,414. Upon foreclosure, we derecognized these net assets and extinguished related debt of $27,467 based on the proceeds received by the senior lender at the auctions. The difference between the net carrying value and the debt extinguished resulted in the non-cash loss noted above as full release of the remaining cross-collateralized non-recourse debt has not yet been received. The remaining five of these industrial properties have a carrying value of $38,833 and $54,475 of related cross-collateralized non-recourse debt as of March 31, 2017. Maturity of Indebtedness Generally, the majority of our indebtedness is payable in full upon the maturity or termination date of the underlying indebtedness. The following table displays the aggregate contractual maturities of our indebtedness on or before December 31 by year: Recourse indebtedness Non-recourse indebtedness 2017 (1) (2) $ 65,565 $ 73,088 2018 78,752 1,315 2019 85,731 1,387 2020 - 1,455 2021 - 25,980 Thereafter (3) 228,027 1,052,276 Total $ 458,075 $ 1,155,501 (1) Recourse indebtedness includes $65,565 of secured warehouse facility borrowings whose facility matures in 2017. (2) Non-recourse indebtedness includes $54,474 of indebtedness that had a maturity date of June 2016. This indebtedness was collateralized by ten industrial properties as of December 31, 2016. In February and March of 2017, the senior lender foreclosed on the mortgage liens encumbering five of these properties and is in the process of foreclosing on the remaining properties. (3) Includes $871 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2021 and April 2026. Includes $126,098 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 INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 6: 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. While these instruments may impact our periodic cash flows, they benefit us by 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 Derivatives We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. We designate interest rate hedge agreements at inception and determine whether or not the interest rate hedge agreement is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. At designation, certain of these interest rate swaps had a fair value not equal to zero. However, we concluded, at designation, that these hedging arrangements were highly effective during their term using regression analysis and determined that the hypothetical derivative method would be used in measuring any ineffectiveness. At each reporting period, we update our regression analysis and, as of March 31, 2017, 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. As of March 31, 2017, all of our cash flow hedge interest rate swaps had reached maturity. As of March 31, 2017, no new cash flow hedge interest rate swaps have been entered into. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of March 31, 2017 and December 31, 2016: As of March 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ 28,960 $ 133 $ - $ 28,960 $ 135 $ - Other interest rate swaps 15,175 124 - 15,175 71 - Net fair value $ 44,135 $ 257 $ - $ 44,135 $ 206 $ - Effective interest rate hedges 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 were considered effective hedges, we reclassified realized losses of $0 and $2,403 to earnings, within investment interest expense, for the three months ended March 31, 2017, and 2016, respectively. Changes in fair value on our other interest rate derivatives 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	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7: 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, 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, CMBS facilities, and other indebtedness approximates their carrying amount or unpaid principal balance due to the nature of these instruments. The following table summarizes the carrying amount and the fair value of our financial instruments as of March 31, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,302,008 $ 1,250,954 Cash and cash equivalents 96,432 96,432 Restricted cash 141,610 141,610 Derivative assets 257 257 Liabilities Recourse indebtedness: 7.0% convertible senior notes 831 700 4.0% convertible senior notes 120,669 120,688 7.625% senior notes 55,628 55,454 7.125% senior notes 69,332 71,127 Senior secured notes 27,592 30,822 Junior subordinated notes, at fair value 12,482 12,482 Junior subordinated notes, at amortized cost 25,100 13,919 CMBS facilities 128,099 129,317 Non-recourse indebtedness: CDO notes payable, at amortized cost 421,397 372,804 CMBS securitizations 586,501 592,117 Loans payable on real estate 134,917 137,712 Other indebtedness 40,585 40,830 Warrants and investor SARs 30,900 30,900 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2016: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,280,285 $ 1,256,342 Cash and cash equivalents 110,531 110,531 Restricted cash 190,179 190,179 Derivative assets 206 206 Liabilities Recourse indebtedness: 7.0% convertible senior notes 831 890 4.0% convertible senior notes 120,271 116,861 7.625% senior notes 55,568 53,231 7.125% senior notes 69,188 69,118 Senior secured notes 58,233 62,620 Junior subordinated notes, at fair value 11,822 11,822 Junior subordinated notes, at amortized cost 25,100 13,099 CMBS facilities 24,908 26,421 Non-recourse indebtedness: CDO notes payable, at amortized cost 534,501 477,032 CMBS securitizations 641,077 646,642 Loans payable on real estate 185,668 188,525 Other indebtedness 23,915 24,321 Derivative liabilities - - Warrants and investor SARs 30,400 30,400 Fair Value Measurements The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of March 31, 2017, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of March 31, 2017 Derivative assets $ — $ 257 $ — $ 257 Total assets $ — $ 257 $ — $ 257 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of March 31, 2017 Junior subordinated notes, at fair value $ — $ — $ 12,482 $ 12,482 Warrants and investor SARs — — 30,900 30,900 Total liabilities $ — $ — $ 43,382 $ 43,382 (a) During the three months ended March 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or 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, 2016, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2016 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 as of December 31, 2016 Junior subordinated notes, at fair value $ — $ — $ 11,822 $ 11,822 Warrants and investor SARs — — 30,400 30,400 Total liabilities $ — $ - $ 42,222 $ 42,222 (a) During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or 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. 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 March 31, 2017 include discount rates ranging from 10.9% to 11.3% and as of December 31, 2016 include discount rates ranging from 11.5% to 11.8%. 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 March 31, 2017 and December 31, 2016 include 51.0% and 51.0%, respectively, for the annual volatility of our common shares of beneficial interest over the term of the warrants and investor SARs, 9.0% and 10.0%, respectively, for the credit adjusted discount rate on our unsecured debt issued that may be issued in satisfaction of the warrants and investor SARs, and 10.4% and 10.0%, respectively, for the dividend rate and future dividend rate on our common shares of beneficial interest. The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three months ended March 31, 2017: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2016 $ 30,400 $ 11,822 $ 42,222 Change in fair value of financial instruments 500 660 1,160 Purchases — — — Principal Repayments — — — Balance, as of March 31, 2017 $ 30,900 $ 12,482 $ 43,382 Non-Recurring Fair Value Measurements As of March 31, 2017, we measured two real estate assets at a fair value of $10,525 in our consolidated balance sheets as they were impaired. The fair values were based on executed purchase and sale agreements for the real estate assets and were classified within Level 2 of the fair value hierarchy. The significant input was the purchase price agreed to with the potential buyer. As of March 31, 2017, we measured one real estate asset at a fair value of $55,000 in our consolidated balance sheets as it was impaired. The fair value was based on an income capitalization valuation approach and was classified within Level 3 of the fair value hierarchy. The significant input was the capitalization rate of 7.8%. Our other non-recurring fair value measurements relate primarily to our commercial real estate loans that are considered impaired and for which we maintain an allowance for loss. In determining the allowance for losses, we estimate the fair value of the respective commercial real estate loan and compare that fair value to our total investment in the loan. When estimating the fair value of the commercial real estate loan, management uses discounted cash flow analyses and capitalization rates on the underlying property’s net operating income. The discounted cash flow analyses and capitalization rates are based on market information and comparable sales of similar properties. These methodologies are classified in Level 3 of the fair value hierarchy. Fair Value of Financial Instruments The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities, commercial mortgage facilities and other indebtedness approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of March 31, 2017 Estimated Fair Value as of March 31, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,302,008 $ 1,250,954 Discounted Three 7.0% convertible senior notes 831 700 Trading price Two 4.0% convertible senior notes 120,669 120,688 Trading price Two 7.625% senior notes 55,628 55,454 Trading price Two 7.125% senior notes 69,332 71,127 Trading price Two Senior secured notes 27,592 30,822 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,919 Discounted cash flows Three CDO notes payable, at amortized cost 421,397 372,804 Discounted cash flows Three CMBS securitizations 586,501 589,271 Discounted cash flows Three Loans payable on real estate 134,917 137,712 Discounted cash flows Three Carrying Amount as of December 31, 2016 Estimated Fair Value as of December 31, 2016 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,280,285 $ 1,256,342 Discounted Three 7.0% convertible senior notes 831 890 Trading price One 4.0% convertible senior notes 120,271 116,861 Trading price One 7.625% senior notes 55,568 53,231 Trading price One 7.125% senior notes 69,188 69,118 Trading price One Senior secured notes 58,233 62,620 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,099 Discounted cash flows Three CDO notes payable, at amortized cost 534,501 477,032 Discounted cash flows Three CMBS securitization 641,077 646,642 Discounted cash flows Three Loans payable on real estate 185,668 188,525 Discounted cash flows Three Other indebtedness 23,915 24,321 Discounted cash flows Three The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Three Months Ended March 31, Description 2017 2016 Change in fair value of junior subordinated notes $ (660 ) $ 719 Change in fair value of derivatives 7 (1,907 ) Change in fair value of warrants and investors SARs (500 ) (2,900 ) Change in fair value of financial instruments $ (1,153 ) $ (4,088 ) The changes in the fair value for the junior subordinated notes for which the fair value option was elected for the three months ended March 31, 2017 and 2016 was primarily attributable to changes in interest rates and instrument specific credit risks. The changes in the fair value of derivatives for the three and months ended March 31, 2017 and 2016 was primarily attributable to changes in interest rates. The changes in fair value of the warrants and investor SARs for the three months ended March 31, 2017 and 2016 was primarily attributable to changes in the reference stock price and volatility.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 8: VARIABLE INTEREST ENTITIES The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined that, as of March 31, 2017 and December 31, 2016, our consolidated VIEs were: RAIT I, RAIT II, our floating rate securitizations, RAIT VIE Properties (Willow Grove, Cherry Hill, South Terrace, McDowell, and five of our industrial properties) and the two ventures described in Note 5: Indebtedness (RAIT Venture VIEs). We consolidate the securitizations that we sponsor as we have retained interests in these entities and control the significant decisions regarding the collateral in these entities, such as the approval of loan workouts. As of March 31, 2017, we consolidate the VIE properties as we own a majority of these entities and control the significant capital and operating decisions regarding the properties. As of March 31, 2017, we consolidate our two RAIT Venture VIEs (each of which consolidates a floating rate securitization) as we own a majority of these entities and control a majority of the significant decisions regarding the collateral in these entities, such as the approval of loan workouts. The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of March 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIEs Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,018,535 $ — $ 551,719 $ 1,570,254 Allowance for losses — — — 0 Total investments in mortgages and loans 1,018,535 — 551,719 1,570,254 Investments in real estate Investments in real estate — 172,722 — 172,722 Accumulated depreciation — (31,543 ) — (31,543 ) Total investments in real estate — 141,179 — 141,179 Cash and cash equivalents — 1,046 92 1,138 Restricted cash 6,187 1,451 31 7,669 Accrued interest receivable 53,661 — 3,575 57,236 Other assets 122 9,174 — 9,296 Intangible assets Intangible assets — 2,095 — 2,095 Accumulated amortization — (1,498 ) — (1,498 ) Total intangible assets — 597 — 597 Total assets $ 1,078,505 $ 153,447 $ 555,417 $ 1,787,369 Liabilities and Equity Indebtedness, net $ 851,729 $ 203,036 $ 546,858 $ 1,601,623 Accrued interest payable 896 15,689 1,581 18,166 Accounts payable and accrued expenses 29 5,172 — 5,201 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 951 1,210 2,161 Total liabilities 852,654 224,848 549,649 1,627,151 Equity: Shareholders’ equity: Preferred shares — — — — Additional paid in capital — — 55 55 RAIT investment 26,234 40,494 7,791 74,519 Retained earnings (deficit) 199,617 (113,754 ) (2,078 ) 83,785 Total shareholders’ equity 225,851 (73,260 ) 5,768 158,359 Noncontrolling Interests — 1,859 — 1,859 Total liabilities and equity $ 1,078,505 $ 153,447 $ 555,417 $ 1,787,369 As of December 31, 2016 RAIT Securitizations RAIT VIE Properties RAIT Venture VIE Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,409,758 $ — $ 324,709 $ 1,734,467 Allowance for losses — — — — Total investments in mortgages and loans 1,409,758 — 324,709 1,734,467 Investments in real estate Investments in real estate — 223,722 — 223,722 Accumulated depreciation — (31,652 ) — (31,652 ) Total investments in real estate — 192,070 — 192,070 Cash and cash equivalents — 2,145 1 2,146 Restricted cash 6,986 1,167 723 8,876 Accrued interest receivable 56,974 — 1,513 58,487 Other assets 480 9,591 — 10,071 Intangible assets Intangible assets — 5,616 — 5,616 Accumulated amortization — (3,740 ) — (3,740 ) Total intangible assets — 1,876 — 1,876 Total assets $ 1,474,198 $ 206,849 $ 326,946 $ 2,007,993 Liabilities and Equity Indebtedness, net $ 1,244,507 $ 230,510 $ 323,485 $ 1,798,502 Accrued interest payable 1,903 14,306 854 17,063 Accounts payable and accrued expenses 19 5,443 1 5,463 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 2,051 920 2,971 Total liabilities 1,246,429 252,310 325,260 1,823,999 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) — — — — RAIT investment 41,790 40,962 2,885 85,637 Retained earnings (deficit) 185,979 (88,282 ) (1,199 ) 96,498 Total shareholders’ equity 227,769 (47,320 ) 1,686 182,135 Noncontrolling Interests — 1,859 — 1,859 Total liabilities and equity $ 1,474,198 $ 206,849 $ 326,946 $ 2,007,993 The assets of the VIEs can only be used to settle obligations of the VIEs and are not available to our creditors. The amounts that eliminate in consolidation include $472,349 of total investments in mortgage loans and $492,220 of indebtedness as of March 31, 2017 and $549,879 of total investments in mortgage loans and $510,244 of indebtedness as of December 31, 2016. We do not have any contractual obligation to provide the VIEs listed above with any financial support. We have not and do not intend to provide financial support to these VIEs that we were not previously contractually required to provide.

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	3 Months Ended
	Mar. 31, 2017
Temporary Equity Disclosure [Abstract]
SERIES D PREFERRED SHARES	NOTE 9: SERIES D PREFERRED SHARES On October 1, 2012, we entered into a Securities Purchase Agreement, or the purchase agreement, with ARS VI Investor I, LLC, or the investor, an affiliate of Almanac Realty Investors, LLC, or Almanac. During the period from the effective date of the purchase agreement through March 2014, we sold to the investor on a private placement basis in four separate sales between October 2012 and March 2014 for an aggregate purchase price of $100,000, or the total commitment, the following securities were issued: (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, exercisable for 9,931,000 of our common shares, or the common shares (which have subsequently adjusted to 11,035,875 shares), and (iii) common share appreciation rights, or the investor SARs, with respect to up to 6,735,667 common shares (which have subsequently adjusted to 7,485,045 shares). On December 7, 2016, we entered into a securities repurchase agreement with Almanac whereby we agreed to repurchase and cancel 464,000 Series D preferred shares at par for a purchase price of $11,600 which resulted in a decrease from 4,000,000 Series D preferred shares issued to 3,536,000 Series D preferred shares issued and outstanding. 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 and investor SARs had an initial strike price of $6.00 per common share, subject to adjustment. As of the filing of this report, the strike price has adjusted to $5.40. The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $30,900 as of March 31, 2017. The initial fair value of the warrants and investor SARs are recorded as a liability and re-measured at each reporting period until the warrants and investor SARs are settled. Changes in fair value will be recorded in earnings as a component of the change in fair value of financial instruments in the consolidated statement of operations. The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through March 31, 2017: Aggregate purchase price $ 100,000 Repurchase $ (11,600 ) Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 23,744 Carrying amount of Series D Preferred Shares $ 83,505

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 10: SHAREHOLDERS’ EQUITY Preferred Shares Dividends: The following table summarizes the dividends we declared and paid on the preferred shares for the three months ended March 31, 2017: March 31, 2017 Series A Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 2,589 Series B Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 1,225 Series C Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 910 Series D Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 1,878 At Market Issuance Sales Agreement (ATM): On June 13, 2014, we entered into an At Market Issuance Sales Agreement, or the 2014 Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the 2014 Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV up to $150,000 aggregate amount of preferred shares. With respect to each series of preferred shares, the maximum amount issuable is as follows: 4,000,000 Series A Preferred Shares, 1,000,000 Series B Preferred Shares, and 1,000,000 Series C Preferred Shares. Unless the 2014 Preferred ATM agreement is earlier terminated by MLV or us, the 2014 Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares. As of March 31, 2017, 2,724,935 Series A Preferred Shares, 947,496 Series B Preferred Shares, and 999,675 Series C Preferred Shares remain available for issuance under the 2014 Preferred ATM agreement. Common Shares Dividends: During the three months ended March 31, 2017, we paid $279 of dividends on restricted common share awards that vested in this period. On May 2, 2017, the board of trustees declared a $0.09 dividend on our common shares to holders of record as of May 26, 2017. The dividend is payable on June 15, 2017. Equity Compensation: On January 9, 2017, the compensation committee awarded 344,042 unvested restricted common share awards to one of our executive officers in order to satisfy the remaining portion of the 600,000 awards to be granted to the executive officer under a Binding Memorandum of Understanding dated September 26, 2016, or the MOU, contingent on the closing of the IRT internalization transaction. While a portion of the awards issued with respect to the MOU were granted on December 23, 2016 and this final portion on January 9, 2017, stock compensation expense of $2,068 related to all 600,000 awards was recorded in 2016 since the awards were authorized as of the December 20, 2016 IRT internalization transaction and no future service would be required after the grant date. On February 14, 2017, the compensation committee awarded 332,500 unvested restricted common share awards, valued at $1,257 using our closing price of $3.78, to our non-executive officer employees. These awards vest over a three-year period. On February 14, 2017, the compensation committee awarded 832,500 SARs, valued at $574 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 14, 2022, the expiration date of the SARs. On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, setting forth the basis on which target cash bonus awards are earned. In addition, on March 31, 2015, the compensation committee adopted a 2015 Long Term Incentive Plan, or the 2015 LTIP, setting forth the basis on which the eligible officers could earn equity compensation that was directly linked to long-term performance. Pursuant to the 2015 LTIP, equity awards to eligible officers will consist of performance share unit (PSU) awards issued at the conclusion of a three year performance period based on RAIT’s performance relative to three long-term performance metrics established by the compensation committee. See Note 13: Shared-Based Compensation and Employee Benefits in the 2016 Annual Report on Form 10-K for further details regarding these awards. For the three months ended March 31, 2017, we recorded $344 of stock compensation expense. On April 26, 2017, the compensation committee made 2017 awards, or the 2017 awards, to the eligible executives pursuant to the annual cash bonus plan and the LTIP. The LTIP awards consist of both a performance share unit award for a three year performance period commencing January 1, 2017 and ending December 31, 2019 and an annual restricted share award vesting over a four year period. Dividend Reinvestment and Share Purchase Plan (DRSPP): We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the three months ended March 31, 2017, we issued a total of 2,139 common shares pursuant to the DRSPP at a weighted-average price of $3.51 per share and we received $8 of net proceeds. As of March 31, 2017, 7,750,340 common shares, in the aggregate, remain available for issuance under the DRSPP. Capital on Demand™ Sales Agreement (COD): On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the three months ended March 31, 2017, we did not issue any common shares pursuant to this agreement. As of March 31, 2017, 7,918,919 common shares, in the aggregate, remain available for issuance under the COD sales agreement. Non-Controlling Interests RAIT Venture VIE: During the three months ended March 31, 2017, the 2016 RAIT Venture VIE, which elected to be taxed as a REIT and that was formed in 2016 to hold the junior subordinated notes of FL-5, issued 125 Series A Preferred Shares at a public offering. The price was $1,000 per share and the 2016 RAIT Venture VIE received $66 of net proceeds. Refer to Note 2: Summary of Significant Accounting Policies – Income Taxes and Note 5: Indebtedness for further discussion about this entity.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 11: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Income (loss) from continuing operations $ (21,539 ) $ (11,988 ) (Income) loss allocated to preferred shares (8,526 ) (8,520 ) (Income) loss allocated to noncontrolling interests (20 ) 1,145 Income (loss) from continuing operations allocable to common shares (30,085 ) (19,363 ) Total Income (loss) from discontinued operations — 1,485 (Income) loss from discontinued operations allocated to noncontrolling interests — 34 Income (loss) from discontinued operations allocable to common shares — 1,519 Net income (loss) allocable to common shares $ (30,085 ) $ (17,844 ) Weighted-average shares outstanding—Basic 91,300,812 91,018,160 Dilutive securities — — Weighted-average shares outstanding—Diluted 91,300,812 91,018,160 Earnings (loss) per share—Basic: Continuing operations $ (0.33 ) $ (0.22 ) Discontinued operations - 0.02 Earnings (loss) per share—Basic $ (0.33 ) $ (0.20 ) Earnings (loss) per share—Diluted: Continuing operations $ (0.33 ) $ (0.22 ) Discontinued operations - 0.02 Earnings (loss) per share—Diluted $ (0.33 ) $ (0.20 ) For the three months ended March 31, 2017, securities convertible into 26,935,378 common shares, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive. For the three months ended March 31, 2016, securities convertible into 32,325,109 common shares, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 12: 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 from an unaffiliated third party or otherwise not creating a conflict of interest. Almanac 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 9: Series D Preferred Shares. IRT As described in Note 16: Discontinued Operations, we deconsolidated IRT as of October 5, 2016. While IRT was consolidated by RAIT, IRT was not considered a related party. Subsequent to deconsolidation, IRT became a related party. RAIT’s relationships with IRT are discussed below. Fees and Expenses Received as IRT’s Former External Advisor On December 20, 2016, in connection with IRT’s management internalization, we sold IRT’s Advisor and, therefore, these fees and expenses are no longer earned. On September 25, 2015, we entered into the Second Amendment to the Second Amended and Restated Advisory Agreement. The Second Amendment amended the advisory agreement to extend its term to October 1, 2020, and to provide for compensation to us for periods subsequent to October 1, 2015, as follows: • Quarterly base management fee of 0.375% of IRT’s cumulative equity raised; and • Quarterly incentive fee equal to 20% of IRT’s core funds from operations, or Core FFO, as defined in the advisory agreement, in excess of $0.20 per share. For the three months ended March 31, 2016, we earned $1,631 of asset management fees and $65 of incentive fees, which were eliminated in consolidation. As of March 31, 2017 and December 31, 2016, we had no amounts due from IRT related to the advisory agreement. Property Management Fees Paid to Our Property Manager On December 20, 2016, in connection with our management internalization, we sold our multifamily property management business to IRT, which included all of the property management agreements for IRT’s properties. We had entered into property management agreements with IRT with respect to each of IRT’s properties. Pursuant to these property management agreements, IRT paid our multifamily property manager property management and construction management fees on a monthly basis up to 4.0% of the gross revenues from a property for each month. For the three months ended March 31, 2016, we earned $1,262 of property management and construction management fees, which were eliminated in consolidation. As of March 31, 2017 and December 31, 2016, we had no amounts due from IRT related to these property management agreements. IRT Dividends and IRT Repurchase of its Common Stock On October 5, 2016, we sold all 7,269,719 shares of IRT’s common stock that we owned to IRT. For the three months ended March 31, 2016, we earned and subsequently received dividends of $1,309, which were eliminated in consolidation. As of March 31, 2017 and December 31, 2016, we had no amounts due from IRT related to our previous ownership of shares of IRT’s common stock. Indebtedness During the three months ended March 31, 2016, we earned $265 of interest from IRT related to $38,075 of mortgage indebtedness held by us. As of March 31, 2017 and December 31, 2016, we had no amounts due from IRT related to this mortgage indebtedness. Other Transactions with IRT Pursuant to a shared services agreement, IRT reimbursed RAIT $387 for general and administrative services for the three months ended March 31, 2017. In addition, during the three months ended March 31, 2017, IRT reimbursed RAIT for $155 of general and administrative items that were paid on IRT’s behalf. Pursuant to property management agreements with IRT with respect to RAIT’s multifamily properties, RAIT paid IRT $137 of property management fees for the three months ended March 31, 2017. This is reflected within real estate operating expense in our consolidated statements of operations. Other On December 20, 2016, Scott F. Schaeffer resigned from his position as Chief Executive Officer of RAIT and became the full-time Chief Executive Officer of IRT. On the same date, Scott F. Schaeffer entered into a one year consulting agreement with RAIT for which he will receive compensation of $375. For the three months ended March 31, 2017, $94 was earned and paid related to this consulting agreement, which is reflected in general and administrative expenses in our consolidated statements of operations. In accordance with the Memorandum of Understanding dated September 26, 2016, which memorialized the terms of Scott F. Schaeffer’s resignation, RAIT granted Scott F. Schaeffer 150,000 unvested shares of common stock on December 23, 2016, and made a $500 cash payment in January 2017. The shares vest 50% on the six month anniversary and 50% on the one year anniversary of the grant date. In accordance with the Memorandum of Understanding dated September 26, 2016, which memorialized the terms of James J. Sebra’s resignation, he was owed a cash bonus, payable in 2017, equal to 25% of his cash bonus for the year ended December 31, 2016. As of March 31, 2017, $110 has been accrued as a payable for this cash bonus.

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	NOTE 13: SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS The following are supplemental disclosures to the statements of cash flows for the three months ended March 31, 2017 and 2016: For the March 31, 2017 2016 Cash paid for interest $ 16,247 $ 22,766 Cash paid for taxes 24 120 Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans 1,590 1,499 Non-cash (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties (43,025 ) — Non-cash increase (decrease) in indebtedness from debt extinguishments (3,813 ) — Non-cash increase (decrease) in indebtedness from deconsolidation of properties (27,467 ) — For a discussion of the non-cash changes in indebtedness and investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities that occurred during the three months ended March 31, 2017, see Note 4: Investments in Real Estate and Note 5: Indebtedness.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 14: SEGMENT REPORTING As a group, our executive officers act as the Chief Operating Decision Maker (“CODM”). The CODM reviews operating results of our reportable segments to make decisions about investments and resources and to assess performance for each of these reportable segments. Historically, we have conducted 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 internally through our asset management and property management professionals. • Prior to the deconsolidation of IRT in October 2016, our IRT segment concentrated on the ownership of apartment properties in opportunistic markets throughout the United States. As discussed in Note 16: Discontinued Operations, IRT is a discontinued operation. As a result, we only have one reportable segment that relates to our continuing operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 15: COMMITMENTS AND CONTINGENCIES We are involved from time to time in litigation on various matters, including disputes with tenants of owned properties, disputes arising out of agreements to purchase or sell properties, disputes arising out of our loan portfolio, negligence, and similar tort claims related to owned properties or employment related disputes. 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. During the three months ended March 31, 2017, we reached an agreement in principle to settle a matter with a former employee for $175. This amount has been accrued as a liability as of March 31, 2017.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2017
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 16: DISCONTINUED OPERATIONS As discussed in Note 1: The Company, on December 20, 2016, the management internalization of one of our previously consolidated variable interest entities Independence Realty Trust, Inc., or IRT, was completed pursuant to the September 27, 2016 securities and asset purchase agreement, or the IRT internalization agreement. The IRT management internalization consisted of two parts: (i) the sale of Independence Realty Advisors, LLC, or the IRT advisor, which was our subsidiary and IRT’s external advisor, and (ii) the sale of certain assets and the assumption of certain liabilities relating to our multifamily property management business which we referred to as RAIT Residential, including property management contracts relating to apartment properties owned by ourselves, IRT, and third parties. The purchase price paid by IRT for the IRT management internalization was $43,000, subject to certain pro rations at closing. As part of the same agreement, we sold all of the 7,269,719 shares of IRT’s common stock owned by certain of our subsidiaries on October 5, 2016. As the IRT internalization agreement resulted in our disposal of our investment in IRT, our advisory agreement with IRT and our multifamily property management business as well as a strategic shift in our operations and financial results, we concluded that these entities or distinguishable components of RAIT should be reported as discontinued operations as of September 30, 2016. As discussed in Note 14: Segment Reporting, IRT was part of our IRT segment. The IRT advisor and our multifamily property management business were part of our real estate lending, owning and managing segment. Provided below are the statements of operations and summarized cash flow statement classified as discontinued operations. A balance sheet will not be included as there were no discontinued operations presented as of the balance sheet dates. The table below presents the statements of operations of these entities or distinguishable components of RAIT that are discontinued operations for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Revenue: Property income $ — $ 38,667 Fee and other income — 738 Total revenue — 39,405 Expenses: Interest expense — 9,712 Real estate operating expense — 15,858 Compensation expense — 1,874 General and administrative expense — 1,257 Acquisition expense — 160 Depreciation and amortization expense — 11,603 Total expenses — 40,464 Operating (Loss) Income — (1,059 ) Interest and other income (expense), net — — Gains (losses) on assets — 2,453 Gain (loss) on IRT merger with TSRE — 91 TSRE financing extinguishment and employee separation expenses — — Gains (losses) on extinguishments of debt — — Net income (loss) from discontinued operations $ — $ 1,485 The table below summarizes the cash flows provided by operating, financing and investing activities of these entities or distinguishable components of RAIT that are discontinued operations for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 7,673 Cash flow from investing activities from discontinued operations — 5,900 Cash flow from financing activities from discontinued operations — (29,734 ) Net change in cash and cash equivalents from discontinued operations — (16,161 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 22,144

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17: SUBSEQUENT EVENTS We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of March 31, 2017, but prior to the filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed within this Note and other Notes, there are no subsequent events that require disclosure in this Annual Report on Form 10-Q.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2016 included in our Annual Report on Form 10-K. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The Consolidated Statement of Operations for the three-month period ended March 31, 2016 includes the impact of correcting the reporting of certain activity that occurred in the three-month period ended March 31, 2016. Specifically, the correction adjusts a clerical error made in the determination of the amount of investment interest expense by increasing investment interest expense and decreasing interest expense by $1,424 for the three-month period ended March 31, 2016. This correction had no impact to any other periods. We evaluated this correction and determined, based on quantitative and qualitative factors, that the change was not material to the consolidated financial statements taken as a whole for any previously filed consolidated financial statements. For the three months ended March 31, 2016, certain entities or distinguishable components of RAIT have been presented as discontinued operations. As of December 31, 2016, these discontinued operations were disposed of. See Note 16: Discontinued Operations for further information.
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 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 8: Variable Interest Entities for additional disclosures pertaining to VIEs. For entities that we do not consolidate, we account for our investment in them either under the equity method pursuant to ASC Topic 323, “Investments-Equity Method and Joint Ventures” or cost method pursuant to ASC Topic 325, “Investments – Other”.
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 March 31, 2017 and December 31, 2016, we had $109,941 and $121,395, 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 March 31, 2017 and December 31, 2016, we had $31,669 and $68,784, respectively, of restricted cash held by securitizations.
Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	f. Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests We invest in commercial mortgage loans, mezzanine loans and preferred equity interests. We account for our investments in commercial mortgage loans, 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 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 unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual loans are applied to principal until the loan is removed from non-accrual status. Loans are generally removed from non-accrual status when they are making current interest payments. The allowance for loan losses is increased by the provision for loan losses 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 determined 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 property income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property.
Revenue Recognition	i. Revenue Recognition 1) Interest income We recognize interest income from investments in commercial mortgage loans, mezzanine loans, and preferred equity interests on a yield to maturity basis. Certain of our commercial mortgage loans, mezzanine loans and preferred equity interests provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans, the majority of which were originated prior to 2011, at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible. Management will cease accruing interest on these loans when it determines that collection of the interest income is not probable based on the value of the underlying collateral using discounted cash flow models and market based assumptions. For investments that we do 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 elect to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred. 2) Property income 3) Fee and other income
Fair Value of Financial Instruments	j. 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 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. 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.
Transfers of Financial Assets	k. 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.
Deferred Financing Costs	l. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
Intangible Assets	m. Intangible Assets 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 $11,514 and $12,276 as of March 31, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $23,833 and $26,122 as of March 31, 2017 and December 31, 2016, respectively. The gross carrying amount for Urban Retail’s trade name was $1,500 as of March 30, 2017 and December 31, 2016. The accumulated amortization for our intangible assets was $19,589 and $22,230 as of March 31, 2017 and December 31, 2016, respectively. We recorded amortization expense of $2,647 and $2,322 for the three months ended March 31, 2017 and 2016, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $3,273 for the remainder of 2017, $3,220 for 2018, $2,685 for 2019, $2,133 for 2020, $1,840 for 2021 and $4,106 thereafter. As of March 31, 2017, we have determined that no triggering events occurred that would indicate an impairment to our intangible assets.
Derivative Instruments	n. Derivative Instruments In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument 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. The Chicago Mercantile Exchange (“CME”) and the London Clearing House (“LCH”) recently made amendments to their respective rules that resulted in the prospective accounting treatment of variation margin payments (certain daily payments that were historically accounted for as collateral) being considered settlements of their related derivatives. While the CME rule, which became effective in January 2017, is mandatory, the LCH rule allows a clearing member institution the option to adopt the rule changes on an individual contract or portfolio basis. As of March 31, 2017, $2,525 of notional of our derivative contracts were cleared on the CME and $12,650 were cleared on the LCH. The fair value of our CME derivative contract was inconsequential as of March 31, 2017. As of March 31, 2017, our LCH clearing member institution has not adopted the new rule change. Therefore, there has been no change to the accounting for the derivatives cleared through the LCH, and variation margin payments related to these derivatives remain accounted for as collateral.
Goodwill	o. 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 March 31, 2017 and December 31, 2016, we have $8,342 of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As of March 31, 2017, we have determined that no triggering events occurred that would indicate an impairment on our goodwill.
Income Taxes	p. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, the RAIT Venture REITs, 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. As of October 5, 2016, IRT was no longer consolidated by RAIT. Refer to Note 16: Discontinued Operations for further discussion. In February 2016 and January 2017, in conjunction with the ventures described in Note 5: Indebtedness and Note 8: Variable Interest Entities, we created two new entities that elected to be taxed as REITs, which we refer to as the RAIT Venture VIEs. These entities hold the FL-5 and FL-6 junior notes for the aforementioned ventures. 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, the RAIT Venture VIEs and, in the relevant period, 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. In prior years, our TRS entities generated taxable revenue primarily from (i) advisory fees for services provided to IRT, (ii) property management fees for services provided to RAIT properties, IRT properties and third-party properties, and (iii) fees and other income from our CMBS lending business. In the current year, our TRS entities generate taxable revenue primarily from (i) property management fees for services provided to RAIT properties and third-party properties, and (ii) fees and other income from our CMBS lending business. In consolidation, the advisory fees and property management fees related to IRT were eliminated through October 5, 2016 and property management fees related to RAIT properties were eliminated in their entirety. 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. As part of our change in strategic direction and to decrease administrative processes, during the year ended December 31, 2016, we moved our active TRS entities under a single holding company. We elected a November 30 th
Shareholder Activism Expenses	q. Shareholder Activism Expenses During the three months ended March 31, 2017, we incurred additional expenses beyond those normally associated with soliciting proxies for our annual meeting of shareholders as a result of responding to an unsolicited and nonbinding externalization of management proposal as well as an activist campaign threatened by an activist investor. These expenses totaled $694 and are presented as shareholder activism expenses in our consolidated statements of operations.
Recent Accounting Pronouncements	r. Recent Accounting Pronouncements Adopted within these Financial Statements In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. This standard was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. This standard did not have an impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard clarifies the requirements for assessing whether contingent call (put) options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This accounting standard clarifies what steps are required when assessing whether the economic characteristics and risks of call (put) options are clearly and closely related to the economic characteristics and risks of their debt hosts, which is one of the criteria for bifurcating an embedded derivative. Consequently, when a call (put) option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise a call (put) option is related to interest rates or credit risks. This standard was effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those fiscal years. This standard did not have an impact on our consolidated financial statements. In March 2016, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation”. This accounting standard simplifies several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences; (ii) classification of awards as either equity or liabilities; and (iii) classification on the statement of cash flows. This standard was effective for annual periods beginning after December 15, 2016, and interim period within those annual periods. This standard did not have a material impact on our consolidated financial statements. In October 2016, the FASB issued an accounting standard classified under FASB ASC Topic 810, “Consolidation”. The amendments in this accounting standard provide guidance on how a reporting entity that is the single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. The amendments in this accounting standard do not change the characteristics of a primary beneficiary in current GAAP. A primary beneficiary of a VIE has both of the following characteristics: (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If a reporting entity satisfies the first characteristic of a primary beneficiary (such that it is the single decision maker of a VIE), the amendments in this accounting standard require that the reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interest in a VIE and, on a proportionate basis, its indirect variable interest in a VIE held through related parties, including related parties that are under common control with the reporting entity. If after performing that assessment, a reporting entity that is the single decision maker of a VIE concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that the reporting entity evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary. The amendments in this accounting standard were effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. This standard did not have an impact on our consolidated financial statements. Not Yet Adopted Within These 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 accounting standard applies to all contracts with customers, except those that are within the scope of other Topics in the FASB ASC. During 2016 and 2017, the FASB issued multiple amendments to this accounting standard which provide further clarification to this accounting standard. These standards amending FASB ASC Topic 606 are currently effective for annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact that these standards may have 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 addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, the amendment (i) eliminates certain disclosure requirements for financial instruments measured at amortized cost; (ii) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation, in other comprehensive income, of the change in fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk; and (iv) requires separate presentation of financial instruments by measurement category and form. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the separate presentation of changes in fair value due to changes in instrument-specific credit risk. 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 lease accounting by requiring the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases on the balance sheet and disclosing key information about leasing arrangements. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early application of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In June 2016, the FASB issued an accounting standard classified under FASB ASC Topic 326, “Financial Instruments-Credit Losses”. The amendments in this standard provide an approach based on expected losses to estimate credit losses on certain types of financial instruments. The amendments also modify the impairment model for available for sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The amendments in this standard expand the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, public business entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application of the guidance will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. This accounting standard provides guidance on eight specific cash flow issues; (i) debt prepayment or debt extinguishment costs; (ii) settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (iii) contingent consideration payments made after a business combination; (iv) proceeds from the settlement of insurance claims; (v) proceeds from the settlement of corporate-owned life insurance policies; including bank-owned life insurance policies; (vi) distributions received from equity method investees; (vii) beneficial interests in securitization transactions; and (viii) separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated statement of cash flows. In October 2016, the FASB issued an accounting standard classified under FASB ASC Topic 740, “Income Taxes”. The amendments in this accounting standard provide that the current and deferred income tax consequences of an intra-entity transfer of an asset other than inventory should be recognized when the transfer occurs rather than when the asset has been sold to an outside party. Two common examples of assets included in the scope of this accounting standard are intellectual property and property, plant, and equipment. The amendments in this standard are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued. The amendments in this accounting standard should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In November 2016, the FASB issued an accounting standard classified under FASB ASC Topic 230, “Statement of Cash Flows”. The amendments in this accounting standard require that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. Management is currently evaluating the impact that this standard may have on our consolidated financial statements. In January 2017, the FASB issued an accounting standard classified under FASB ASC Topic 805, “Business Combinations’. The amendments in this accounting standard clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for transactions not yet reflected in the financial statements. Management expects that this standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred In January 2017, the FASB issued an accounting standard classified under FASB ASC Topic 350, “Intangibles – Goodwill and Other”. The amendments in this accounting standard removes step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation. As a result, a goodwill impairment will now be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption of the amendments in this standard is permitted. Management is currently evaluating the impact that these standards may have on our consolidated financial statements. In February 2017, the FASB issued an accounting standard classified under FASB ASC Subtopic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”. The amendments in this accounting standard clarifies what constitutes an “in substance nonfinancial asset” and changes the accounting for partial sales of nonfinancial assets to be more consistent with the accounting for a sale of a business. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption of the amendments in this standard is permitted. Management is currently evaluating the impact that these standards may have on our consolidated financial statements.

INVESTMENTS IN COMMERCIAL MOR26

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Investments in Loans	The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of March 31, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,189,646 $ (801 ) $ 1,188,845 93 5.9 % Apr. 2017 - Dec. 2025 Mezzanine loans 88,070 45 88,115 21 9.9 % Apr. 2017 - May 2025 Preferred equity interests 40,329 (1 ) 40,328 16 8.7 % Nov. 2018 - Jan. 2029 Total CRE 1,318,045 (757 ) 1,317,288 130 6.3 % Deferred fees and costs, net (3) (1,749 ) - (1,749 ) Total $ 1,316,296 $ (757 ) $ 1,315,539 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $6,600 of deferred fees, net of $4,851 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2016: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,162,233 $ (852 ) $ 1,161,381 94 5.8 % Jan. Mezzanine loans 89,811 45 89,856 23 9.9 % Feb. 2017 to Jun. 2027 Preferred equity interests 42,830 (1 ) 42,829 17 8.2 % Jan. 2017 to Jan. 2029 Total CRE 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (3) (1,427 ) — (1,427 ) Total $ 1,293,447 $ (808 ) $ 1,292,639 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $5,978 of deferred fees, net of $4,551 of deferred costs.
Delinquency Statistics of Commercial Real Estate Loan	The following table summarizes the delinquency statistics of our commercial real estate loans as of March 31, 2017 and December 31, 2016: As of March 31, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-accrual (1) Commercial mortgage loans $ 1,143,919 $ 45,727 $ — $ — $ — $ 1,189,646 $ 106,737 Mezzanine loans 86,691 — — 1,379 — 88,070 5,379 Preferred equity interests 40,329 — — — — 40,329 3,650 Total $ 1,270,939 $ 45,727 $ — $ 1,379 $ — $ 1,318,045 $ 115,766 (1) Includes four loans that were current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure or bankruptcy proceedings Total Non-Accrual (1) Commercial mortgage loans $ 1,111,898 $ 50,335 $ — $ — $ — $ 1,162,233 $ 113,509 Mezzanine loans 88,432 — — 1,379 — 89,811 1,379 Preferred equity interests 42,830 — — — — 42,830 6,150 Total $ 1,243,160 $ 50,335 $ — $ 1,379 $ — $ 1,294,874 $ 121,038 (1) Includes five loans that are current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest.
Investment in Loans by Credit Risk Category	We have classified our investment in loans by credit risk category as of March 31, 2017 and December 31, 2016 as follows: As of March 31, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,068,409 $ 51,322 $ 36,679 $ 1,156,410 Watchlist (1) 121,237 36,748 3,650 161,635 Total $ 1,189,646 $ 88,070 $ 40,329 $ 1,318,045 (1) Includes $147,135 of loans that are considered to be impaired and $14,500 of loans that are not impaired. As of December 31, 2016 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,048,724 $ 57,063 $ 36,680 $ 1,142,467 Watchlist (1) 113,509 32,748 6,150 152,407 Total $ 1,162,233 $ 89,811 $ 42,830 $ 1,294,874 (1) Includes $152,407 of loans that are considered to be impaired.
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 three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 699 850 (14 ) 1,535 Charge-offs, net of recoveries (360 ) 2 — (358 ) Ending balance $ 10,979 $ 852 $ 1,700 $ 13,531 For the Three Months Ended March 31, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision for loan losses 174 158 993 1,325 Charge-offs, net of recoveries — (257 ) — (257 ) Ending balance $ 3,328 $ 12,040 $ 2,797 $ 18,165
Loans Considered to be Impaired	Information on those loans considered to be impaired as of March 31, 2017 and December 31, 2016 was as follows: As of March 31, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 45,727 $ 32,748 $ — $ 78,475 Impaired loans with reserves 61,010 4,000 3,650 68,660 Total Impaired Loans (1) $ 106,737 $ 36,748 $ 3,650 $ 147,135 Allowance for loan losses $ 10,979 $ 852 $ 1,700 $ 13,531 (1) As of March 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2016 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ — $ 32,748 $ — $ 32,748 Impaired loans with reserves 113,509 — 6,150 119,659 Total Impaired Loans (1) $ 113,509 $ 32,748 $ 6,150 $ 152,407 Allowance for loan losses $ 10,640 $ — $ 1,714 $ 12,354 (1) As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	3 Months Ended
	Mar. 31, 2017
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of March 31, 2017 As of December 31, 2016 Multi-family real estate properties $ 63,158 $ 147,201 Office real estate properties 365,206 397,769 Industrial real estate properties 48,377 93,423 Retail real estate properties 165,327 164,019 Parcels of land 52,162 52,234 Subtotal 694,230 854,646 Less: Accumulated depreciation and amortization (114,179 ) (138,214 ) Investments in real estate (1) $ 580,051 $ 716,432 (1) As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.
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 property acquired during the three months ended March 31, 2017, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805: Description Fair Value of Assets Acquired During the Three Months Ended March 31, 2017 Assets acquired: Investments in real estate $ 1,118 Cash and cash equivalents 84 Restricted cash - Accounts receivable and other assets 14 Intangible assets 1,231 Total assets acquired 2,447 Liabilities assumed: Indebtedness, net - Accounts payable and accrued expenses 139 Other liabilities 718 Total liabilities assumed 857 Estimated fair value of net assets acquired $ 1,590
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 Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 1,590 Total $ 1,590
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 three months ended March 31, 2017 as reported in our consolidated financial statements: For the Three Months Ended March 31, 2017 Property Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 26 $ (39 ) Total $ 26 $ (39 )
Consolidated Unaudited Pro Forma Information	The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2016. 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. For the Three Months ended March 31, Description 2017 2016 Pro forma total revenue (unaudited) $ 29,855 $ 48,963 Pro forma net income (loss) allocable to common shares (unaudited) (30,356 ) (16,800 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (0.33 ) (0.18 ) Diluted-as pro forma (unaudited) (0.33 ) (0.18 )
Summary of Disposition and Each Property's Contribution	The below table summarizes the current year 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: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended March 31, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ 7 Emerald Bay Multifamily 3/8/2017 23,750 772 181 Tiffany Square Office 3/9/2017 12,175 113 67 Oyster Point Multifamily 3/28/2017 11,500 (82 ) 2 Executive Center Office 3/31/2017 10,600 437 137 MGS Land 3/31/2017 300 - - Total $ 94,975 $ 8,897 $ 394

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of March 31, 2017: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,429 ) 120,669 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,659 ) 55,628 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,399 ) 69,332 7.1 % Aug. 2019 Senior secured notes 30,000 (2,408 ) 27,592 7.2 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,189 ) 12,482 5.0 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.5 % Apr. 2037 Secured warehouse facilities 129,317 (1,218 ) 128,099 3.1 % Nov. Total recourse indebtedness 458,075 (18,342 ) 439,733 4.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 428,258 (6,861 ) 421,397 1.6 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 591,859 (5,358 ) 586,501 3.4 % Jan. 2031 to Dec. 2031 Loans payable on real estate (7) 135,384 (467 ) 134,917 5.6 % Jun. 2016 to Dec. 2021 Total non-recourse indebtedness 1,155,501 (12,686 ) 1,142,815 3.0 % Other indebtedness (8) 40,830 (245 ) 40,585 — — Total indebtedness $ 1,654,406 $ (31,273 ) $ 1,623,133 3.5 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in 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 $824,059 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $456,441 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. (6) Collateralized by $739,709 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) One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure. (8) Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2016: Description Unpaid Principal Balance Unamortized Discount and Deferred Finance Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,719 ) 55,568 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,543 ) 69,188 7.1 % Aug. 2019 Senior secured notes 62,000 (3,767 ) 58,233 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,849 ) 11,822 4.8 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.4 % Apr. 2037 Secured warehouse facilities 26,421 (1,513 ) 24,908 3.1 % Nov. 2017 to Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 647,921 (6,844 ) 641,077 3.1 % Jan. 2031 to Dec. 2031 Loans payable on real estate (7) 186,237 (569 ) 185,668 5.7 % Jun. 2016 to Dec. 2021 Total non-recourse indebtedness 1,376,474 (15,228 ) 1,361,246 2.9 % Other indebtedness (8) 24,321 (406 ) 23,915 — — Total indebtedness $ 1,787,974 $ (36,892 ) $ 1,751,082 3.5 % (1) Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in 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 $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 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. (6) Collateralized by $789,421 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) One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure. (8) Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.
Aggregate Contractual Maturities of Indebtedness by Year	The following table displays the aggregate contractual maturities of our indebtedness on or before December 31 by year: Recourse indebtedness Non-recourse indebtedness 2017 (1) (2) $ 65,565 $ 73,088 2018 78,752 1,315 2019 85,731 1,387 2020 - 1,455 2021 - 25,980 Thereafter (3) 228,027 1,052,276 Total $ 458,075 $ 1,155,501 (1) Recourse indebtedness includes $65,565 of secured warehouse facility borrowings whose facility matures in 2017. (2) Non-recourse indebtedness includes $54,474 of indebtedness that had a maturity date of June 2016. This indebtedness was collateralized by ten industrial properties as of December 31, 2016. In February and March of 2017, the senior lender foreclosed on the mortgage liens encumbering five of these properties and is in the process of foreclosing on the remaining properties. (3) Includes $871 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2021 and April 2026. Includes $126,098 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 INSTRUME29

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016: As of March 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ 28,960 $ 133 $ - $ 28,960 $ 135 $ - Other interest rate swaps 15,175 124 - 15,175 71 - Net fair value $ 44,135 $ 257 $ - $ 44,135 $ 206 $ -

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,302,008 $ 1,250,954 Cash and cash equivalents 96,432 96,432 Restricted cash 141,610 141,610 Derivative assets 257 257 Liabilities Recourse indebtedness: 7.0% convertible senior notes 831 700 4.0% convertible senior notes 120,669 120,688 7.625% senior notes 55,628 55,454 7.125% senior notes 69,332 71,127 Senior secured notes 27,592 30,822 Junior subordinated notes, at fair value 12,482 12,482 Junior subordinated notes, at amortized cost 25,100 13,919 CMBS facilities 128,099 129,317 Non-recourse indebtedness: CDO notes payable, at amortized cost 421,397 372,804 CMBS securitizations 586,501 592,117 Loans payable on real estate 134,917 137,712 Other indebtedness 40,585 40,830 Warrants and investor SARs 30,900 30,900 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2016: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,280,285 $ 1,256,342 Cash and cash equivalents 110,531 110,531 Restricted cash 190,179 190,179 Derivative assets 206 206 Liabilities Recourse indebtedness: 7.0% convertible senior notes 831 890 4.0% convertible senior notes 120,271 116,861 7.625% senior notes 55,568 53,231 7.125% senior notes 69,188 69,118 Senior secured notes 58,233 62,620 Junior subordinated notes, at fair value 11,822 11,822 Junior subordinated notes, at amortized cost 25,100 13,099 CMBS facilities 24,908 26,421 Non-recourse indebtedness: CDO notes payable, at amortized cost 534,501 477,032 CMBS securitizations 641,077 646,642 Loans payable on real estate 185,668 188,525 Other indebtedness 23,915 24,321 Derivative liabilities - - Warrants and investor SARs 30,400 30,400
Information of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of March 31, 2017, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of March 31, 2017 Derivative assets $ — $ 257 $ — $ 257 Total assets $ — $ 257 $ — $ 257 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of March 31, 2017 Junior subordinated notes, at fair value $ — $ — $ 12,482 $ 12,482 Warrants and investor SARs — — 30,900 30,900 Total liabilities $ — $ — $ 43,382 $ 43,382 (a) During the three months ended March 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or 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, 2016, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (a) Significant Other Observable Inputs (Level 2) (a) Significant Unobservable Inputs (Level 3) (a) Balance as of December 31, 2016 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 as of December 31, 2016 Junior subordinated notes, at fair value $ — $ — $ 11,822 $ 11,822 Warrants and investor SARs — — 30,400 30,400 Total liabilities $ — $ - $ 42,222 $ 42,222 (a) During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or 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, 2016 $ 30,400 $ 11,822 $ 42,222 Change in fair value of financial instruments 500 660 1,160 Purchases — — — Principal Repayments — — — Balance, as of March 31, 2017 $ 30,900 $ 12,482 $ 43,382
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	Fair Value of Financial Instruments The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities, commercial mortgage facilities and other indebtedness approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of March 31, 2017 Estimated Fair Value as of March 31, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,302,008 $ 1,250,954 Discounted Three 7.0% convertible senior notes 831 700 Trading price Two 4.0% convertible senior notes 120,669 120,688 Trading price Two 7.625% senior notes 55,628 55,454 Trading price Two 7.125% senior notes 69,332 71,127 Trading price Two Senior secured notes 27,592 30,822 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,919 Discounted cash flows Three CDO notes payable, at amortized cost 421,397 372,804 Discounted cash flows Three CMBS securitizations 586,501 589,271 Discounted cash flows Three Loans payable on real estate 134,917 137,712 Discounted cash flows Three Carrying Amount as of December 31, 2016 Estimated Fair Value as of December 31, 2016 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,280,285 $ 1,256,342 Discounted Three 7.0% convertible senior notes 831 890 Trading price One 4.0% convertible senior notes 120,271 116,861 Trading price One 7.625% senior notes 55,568 53,231 Trading price One 7.125% senior notes 69,188 69,118 Trading price One Senior secured notes 58,233 62,620 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,099 Discounted cash flows Three CDO notes payable, at amortized cost 534,501 477,032 Discounted cash flows Three CMBS securitization 641,077 646,642 Discounted cash flows Three Loans payable on real estate 185,668 188,525 Discounted cash flows Three Other indebtedness 23,915 24,321 Discounted cash flows Three
Summary of Realized and Unrealized Gains and Losses on Assets and Liabilities	The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Three Months Ended March 31, Description 2017 2016 Change in fair value of junior subordinated notes $ (660 ) $ 719 Change in fair value of derivatives 7 (1,907 ) Change in fair value of warrants and investors SARs (500 ) (2,900 ) Change in fair value of financial instruments $ (1,153 ) $ (4,088 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities of Consolidated Variable Interest Entities	The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of March 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIEs Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,018,535 $ — $ 551,719 $ 1,570,254 Allowance for losses — — — 0 Total investments in mortgages and loans 1,018,535 — 551,719 1,570,254 Investments in real estate Investments in real estate — 172,722 — 172,722 Accumulated depreciation — (31,543 ) — (31,543 ) Total investments in real estate — 141,179 — 141,179 Cash and cash equivalents — 1,046 92 1,138 Restricted cash 6,187 1,451 31 7,669 Accrued interest receivable 53,661 — 3,575 57,236 Other assets 122 9,174 — 9,296 Intangible assets Intangible assets — 2,095 — 2,095 Accumulated amortization — (1,498 ) — (1,498 ) Total intangible assets — 597 — 597 Total assets $ 1,078,505 $ 153,447 $ 555,417 $ 1,787,369 Liabilities and Equity Indebtedness, net $ 851,729 $ 203,036 $ 546,858 $ 1,601,623 Accrued interest payable 896 15,689 1,581 18,166 Accounts payable and accrued expenses 29 5,172 — 5,201 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 951 1,210 2,161 Total liabilities 852,654 224,848 549,649 1,627,151 Equity: Shareholders’ equity: Preferred shares — — — — Additional paid in capital — — 55 55 RAIT investment 26,234 40,494 7,791 74,519 Retained earnings (deficit) 199,617 (113,754 ) (2,078 ) 83,785 Total shareholders’ equity 225,851 (73,260 ) 5,768 158,359 Noncontrolling Interests — 1,859 — 1,859 Total liabilities and equity $ 1,078,505 $ 153,447 $ 555,417 $ 1,787,369 As of December 31, 2016 RAIT Securitizations RAIT VIE Properties RAIT Venture VIE Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,409,758 $ — $ 324,709 $ 1,734,467 Allowance for losses — — — — Total investments in mortgages and loans 1,409,758 — 324,709 1,734,467 Investments in real estate Investments in real estate — 223,722 — 223,722 Accumulated depreciation — (31,652 ) — (31,652 ) Total investments in real estate — 192,070 — 192,070 Cash and cash equivalents — 2,145 1 2,146 Restricted cash 6,986 1,167 723 8,876 Accrued interest receivable 56,974 — 1,513 58,487 Other assets 480 9,591 — 10,071 Intangible assets Intangible assets — 5,616 — 5,616 Accumulated amortization — (3,740 ) — (3,740 ) Total intangible assets — 1,876 — 1,876 Total assets $ 1,474,198 $ 206,849 $ 326,946 $ 2,007,993 Liabilities and Equity Indebtedness, net $ 1,244,507 $ 230,510 $ 323,485 $ 1,798,502 Accrued interest payable 1,903 14,306 854 17,063 Accounts payable and accrued expenses 19 5,443 1 5,463 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 2,051 920 2,971 Total liabilities 1,246,429 252,310 325,260 1,823,999 Equity: Shareholders’ equity: Accumulated other comprehensive income (loss) — — — — RAIT investment 41,790 40,962 2,885 85,637 Retained earnings (deficit) 185,979 (88,282 ) (1,199 ) 96,498 Total shareholders’ equity 227,769 (47,320 ) 1,686 182,135 Noncontrolling Interests — 1,859 — 1,859 Total liabilities and equity $ 1,474,198 $ 206,849 $ 326,946 $ 2,007,993

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017: Aggregate purchase price $ 100,000 Repurchase $ (11,600 ) Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 23,744 Carrying amount of Series D Preferred Shares $ 83,505

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Dividends Declared and Paid on Preferred Shares	The following table summarizes the dividends we declared and paid on the preferred shares for the three months ended March 31, 2017: March 31, 2017 Series A Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 2,589 Series B Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 1,225 Series C Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 910 Series D Preferred Shares Date declared 2/15/2017 Record date 3/1/2017 Date paid 3/31/2017 Total dividend amount $ 1,878

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Income (loss) from continuing operations $ (21,539 ) $ (11,988 ) (Income) loss allocated to preferred shares (8,526 ) (8,520 ) (Income) loss allocated to noncontrolling interests (20 ) 1,145 Income (loss) from continuing operations allocable to common shares (30,085 ) (19,363 ) Total Income (loss) from discontinued operations — 1,485 (Income) loss from discontinued operations allocated to noncontrolling interests — 34 Income (loss) from discontinued operations allocable to common shares — 1,519 Net income (loss) allocable to common shares $ (30,085 ) $ (17,844 ) Weighted-average shares outstanding—Basic 91,300,812 91,018,160 Dilutive securities — — Weighted-average shares outstanding—Diluted 91,300,812 91,018,160 Earnings (loss) per share—Basic: Continuing operations $ (0.33 ) $ (0.22 ) Discontinued operations - 0.02 Earnings (loss) per share—Basic $ (0.33 ) $ (0.20 ) Earnings (loss) per share—Diluted: Continuing operations $ (0.33 ) $ (0.22 ) Discontinued operations - 0.02 Earnings (loss) per share—Diluted $ (0.33 ) $ (0.20 )

SUPPLEMENTAL DISCLOSURE TO CONS

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	3 Months Ended
	Mar. 31, 2017
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 three months ended March 31, 2017 and 2016: For the March 31, 2017 2016 Cash paid for interest $ 16,247 $ 22,766 Cash paid for taxes 24 120 Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans 1,590 1,499 Non-cash (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties (43,025 ) — Non-cash increase (decrease) in indebtedness from debt extinguishments (3,813 ) — Non-cash increase (decrease) in indebtedness from deconsolidation of properties (27,467 ) —

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Disposition and Each Property's Contribution	The below table summarizes the current year 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: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended March 31, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ 7 Emerald Bay Multifamily 3/8/2017 23,750 772 181 Tiffany Square Office 3/9/2017 12,175 113 67 Oyster Point Multifamily 3/28/2017 11,500 (82 ) 2 Executive Center Office 3/31/2017 10,600 437 137 MGS Land 3/31/2017 300 - - Total $ 94,975 $ 8,897 $ 394
Discontinued Operations of IRT
Summary of Disposition and Each Property's Contribution	The table below presents the statements of operations of these entities or distinguishable components of RAIT that are discontinued operations for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Revenue: Property income $ — $ 38,667 Fee and other income — 738 Total revenue — 39,405 Expenses: Interest expense — 9,712 Real estate operating expense — 15,858 Compensation expense — 1,874 General and administrative expense — 1,257 Acquisition expense — 160 Depreciation and amortization expense — 11,603 Total expenses — 40,464 Operating (Loss) Income — (1,059 ) Interest and other income (expense), net — — Gains (losses) on assets — 2,453 Gain (loss) on IRT merger with TSRE — 91 TSRE financing extinguishment and employee separation expenses — — Gains (losses) on extinguishments of debt — — Net income (loss) from discontinued operations $ — $ 1,485 The table below summarizes the cash flows provided by operating, financing and investing activities of these entities or distinguishable components of RAIT that are discontinued operations for the three months ended March 31, 2017 and 2016: For the Three Months Ended March 31, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 7,673 Cash flow from investing activities from discontinued operations — 5,900 Cash flow from financing activities from discontinued operations — (29,734 ) Net change in cash and cash equivalents from discontinued operations — (16,161 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 22,144

The Company - Additional Inform

The Company - Additional Information (Detail) - IRT - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016
Nature Of Operations [Line Items]
Purchase price to be paid by IRT		$ 43,000
Common Shares
Nature Of Operations [Line Items]
Number of shares sold to IRT	7,269,719

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Significant Accounting Policies [Line Items]
Investment interest expense	$ 9,773,000	$ 9,320,000
Federal deposit insurance corporation, insurance limit per institution	250,000
Restricted cash	141,610,000		$ 190,179,000
Accrued interest receivable	36,176,000		36,271,000
Earned asset management fees	273,000	402,000
Intangible assets, accumulated amortization	19,589,000		22,230,000
Intangible assets, amortization expenses	2,647,000	2,322,000
Expected amortization expense of intangible assets, remainder of 2017	3,273,000
Expected amortization expense of intangible assets in 2018	3,220,000
Expected amortization expense of intangible assets in 2019	2,685,000
Expected amortization expense of intangible assets in 2020	2,133,000
Expected amortization expense of intangible assets in 2021	1,840,000
Expected amortization expense of intangible assets thereafter	4,106,000
Notional amount	44,135,000		44,135,000
Goodwill	8,342,000		8,342,000
Income tax benefit (provision)	249,000	993,000
Shareholder activism expenses	694,000
Chicago Mercantile Exchange
Significant Accounting Policies [Line Items]
Notional amount	2,525,000
London Clearing House
Significant Accounting Policies [Line Items]
Notional amount	12,650,000
Customer relationships
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	11,514,000		12,276,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	23,833,000		26,122,000
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	1,500,000		1,500,000
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable	30,352,000		29,845,000
Impairment of loans	$ 12,869,000		12,869,000
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	$ 109,941,000		121,395,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash	$ 31,669,000		$ 68,784,000
Impact on Investment Interest Expense by Increasing Investment Interest Expense and Decreasing Interest Expense
Significant Accounting Policies [Line Items]
Investment interest expense		$ 1,424,000

Investments in Loans (Detail)

Investments in Loans (Detail) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,318,045		$ 1,294,874
Total investment in loans, Unamortized (Discounts) Premiums		(757)		(808)
Carrying Amount		$ 1,317,288		$ 1,294,066
Number of Loans | Loan		130		134
Weighted-Average Coupon	[1]	6.30%		6.10%
Deferred fees and costs, net		$ (1,749)	[2]	$ (1,427)	[3]
Total investments in loans, Unpaid Principal Balance		1,316,296		1,293,447
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		$ 1,315,539		1,292,639
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Commercial mortgage loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,189,646	[4]	1,162,233	[5]
Total investment in loans, Unamortized (Discounts) Premiums		(801)	[4]	(852)	[5]
Carrying Amount		$ 1,188,845	[4]	$ 1,161,381	[5]
Number of Loans | Loan		93	[4]	94	[5]
Weighted-Average Coupon	[1]	5.90%	[4]	5.80%	[5]
Range of Maturity Dates, Minimum		Apr. 30, 2017	[4]	Jan. 31, 2017	[5]
Range of Maturity Dates, Maximum		Dec. 31, 2025	[4]	Dec. 31, 2025	[5]
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 88,070		$ 89,811
Total investment in loans, Unamortized (Discounts) Premiums		45		45
Carrying Amount		$ 88,115		$ 89,856
Number of Loans | Loan		21		23
Weighted-Average Coupon	[1]	9.90%		9.90%
Range of Maturity Dates, Minimum		Apr. 30, 2017		Feb. 28, 2017
Range of Maturity Dates, Maximum		May 31, 2025		Jun. 30, 2027
Preferred Equity Interests | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 40,329		$ 42,830
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 40,328		$ 42,829
Number of Loans | Loan		16		17
Weighted-Average Coupon	[1]	8.70%		8.20%
Range of Maturity Dates, Minimum		Nov. 30, 2018		Jan. 31, 2017
Range of Maturity Dates, Maximum		Jan. 31, 2029		Jan. 31, 2029
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[2]	Includes $6,600 of deferred fees, net of $4,851 of deferred costs.
[3]	Includes $5,978 of deferred fees, net of $4,551 of deferred costs.
[4]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.
[5]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan		Dec. 31, 2015USD ($)Loan	Jun. 30, 2016USD ($)
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		130		134
Unpaid Principal Balance		$ 1,318,045		$ 1,294,874
Weighted-Average Coupon	[1]	6.30%		6.10%
Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		93	[2]	94	[3]
Unpaid Principal Balance		$ 1,189,646	[2]	$ 1,162,233	[3]
Weighted-Average Coupon	[1]	5.90%	[2]	5.80%	[3]
Conduit Loans | Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		2				2
Unpaid Principal Balance						$ 20,181	$ 20,088
Weighted-Average Coupon		4.80%				4.80%
Deferred fees		$ 6,600				$ 5,978
Deferred costs		$ 4,851				$ 4,551
[1]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[2]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.
[3]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan (Detail) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 1,318,045		$ 1,294,874
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,189,646		1,162,233
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	88,070		89,811
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,329		42,830
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,270,939		1,243,160
Current | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,143,919		1,111,898
Current | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	86,691		88,432
Current | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,329		42,830
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	45,727		50,335
30 to 59 days | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	45,727		50,335
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,379		1,379
90 days or more | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,379		1,379
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	115,766	[1]	121,038	[2]
Non-accrual | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	106,737	[1]	113,509	[2]
Non-accrual | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	5,379	[1]	1,379	[2]
Non-accrual | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 3,650	[1]	$ 6,150	[2]
[1]	Includes four loans that were current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest.
[2]	Includes five loans that are current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest

Investments in Commercial Mor42

Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests - Additional Information (Detail) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2017USD ($)Loan		Mar. 31, 2016USD ($)Loan	Dec. 31, 2016USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Average impaired loans unpaid balance	$ 149,771		$ 132,113
Interest income from impaired loans	$ 311		$ 1,262
Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	1
Carrying Value, Transfer of commercial mortgage loan to real estate owned	$ 1,590
Charge off upon the conversion	$ 360
Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	130			134
Commercial real estate loans on non-accrual status	$ 1,318,045			$ 1,294,874
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan	0
Modification troubled debt restructuring, number of loans | Loan	0
Commercial Portfolio Segment | Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	93	[1]		94	[2]
Commercial real estate loans on non-accrual status	$ 1,189,646	[1]		$ 1,162,233	[2]
Commercial Portfolio Segment | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan			1
Unpaid principal balance constituted a TDR			$ 15,645
Minimum | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Loan maturity	90 days			90 days
90 days or more | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status	$ 115,766			$ 121,038
Weighted-average interest rate	6.20%			5.80%
Recognizing interest on the cash basis | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Weighted-average interest rate	12.60%			12.60%
Number of Loans | Loan	4			4
Commercial real estate loans on non-accrual status	$ 28,930			$ 28,930
Troubled Debt Restructured Loans | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	1			1
Commercial real estate loans on non-accrual status	$ 18,500			$ 18,500
[1]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.
[2]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.

Investment in Loans by Credit R

Investment in Loans by Credit Risk Category (Detail) - Commercial Portfolio Segment - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,318,045		$ 1,294,874
Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,189,646	[1]	1,162,233	[2]
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	88,070		89,811
Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	40,329		42,830
Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,156,410		1,142,467
Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,068,409		1,048,724
Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	51,322		57,063
Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	36,679		36,680
Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	161,635	[3]	152,407	[4]
Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	121,237	[3]	113,509	[4]
Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	36,748	[3]	32,748	[4]
Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 3,650	[3]	$ 6,150	[4]
[1]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,088, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.
[2]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale.
[3]	Includes $147,135 of loans that are considered to be impaired and $14,500 of loans that are not impaired.
[4]	Includes $152,407 of loans that are considered to be impaired.

Investment in Loans by Credit44

Investment in Loans by Credit Risk Category (Parenthetical) (Detail) - Watchlist - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 147,135	$ 152,407
Loans not impaired	$ 14,500

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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 12,354	$ 17,097
Provision (benefit) for loan losses	1,535	1,325
Charge-offs, net of recoveries	(358)	(257)
Ending balance	13,531	18,165
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	10,640	3,154
Provision (benefit) for loan losses	699	174
Charge-offs, net of recoveries	(360)
Ending balance	10,979	3,328
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance		12,139
Provision (benefit) for loan losses	850	158
Charge-offs, net of recoveries	2	(257)
Ending balance	852	12,040
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	1,714	1,804
Provision (benefit) for loan losses	(14)	993
Ending balance	$ 1,700	$ 2,797

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016		Mar. 31, 2016	Dec. 31, 2015
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	$ 78,475		$ 32,748
Impaired loans with reserves	68,660		119,659
Total Impaired Loans	147,135	[1]	152,407	[2]
Allowance for loan losses	13,531		12,354		$ 18,165	$ 17,097
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	45,727
Impaired loans with reserves	61,010		113,509
Total Impaired Loans	106,737	[1]	113,509	[2]
Allowance for loan losses	10,979		10,640		3,328	3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	32,748		32,748
Impaired loans with reserves	4,000
Total Impaired Loans	36,748	[1]	32,748	[2]
Allowance for loan losses	852				12,040	12,139
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans with reserves	3,650		6,150
Total Impaired Loans	3,650	[1]	6,150	[2]
Allowance for loan losses	$ 1,700		$ 1,714		$ 2,797	$ 1,804
[1]	As of March 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status.
[2]	As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

Loans Considered to be Impair47

Loans Considered to be Impaired (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 0	$ 0

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 694,230	$ 854,646
Less: Accumulated depreciation and amortization		(114,179)	(138,214)
Investments in real estate, net, Book Value	[1]	580,051	716,432
Multi-family real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		63,158	147,201
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		365,206	397,769
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		48,377	93,423
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		165,327	164,019
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 52,162	$ 52,234
[1]	As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.

Summary of Investments in Rea49

Summary of Investments in Real Estate (Parenthetical) (Detail) $ in Thousands	Mar. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)Property
Office
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $	$ 4,627
Number of real estate properties held for sale | Property	1
Parcels of land
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $	$ 14,586	$ 14,233
Number of real estate properties held for sale | Property	2	2
Multifamily properties
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $		$ 62,428
Number of real estate properties held for sale | Property		3

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
		Apr. 30, 2017USD ($)	Mar. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	[1]		$ 580,051	$ 716,432
Investments in real estate			694,230	854,646
Mortgages loans or other debt held by third parties			135,388	186,237
Mortgages loans held by consolidated securitizations			$ 564,191	642,824
Number of parcel land disposed | Property			1
Gains (losses) on deconsolidation of properties			$ (15,947)
Impairment of real estate assets			7,424
Prior Year Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on sale				(13)
Multifamily properties
Real Estate Properties [Line Items]
Investments in real estate			$ 63,158	147,201
Number of real estate properties disposed | Property			3
Multifamily properties | Sale of property occurred during second quarter of 2015
Real Estate Properties [Line Items]
Gain (loss) on sale			$ 3,122
Office
Real Estate Properties [Line Items]
Investments in real estate			$ 365,206	397,769
Number of real estate properties disposed | Property			2
Office | Subsequent Event
Real Estate Properties [Line Items]
Disposal of office property		$ 4,575
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate			$ 48,377	93,423
Gains (losses) on deconsolidation of properties			$ (15,947)
Number of industrial real estate properties deconsolidated | Property			10
Deconsolidation of properties, carrying value			$ 38,833	82,501
Cross-collateralized non-recourse debt related to deconsolidation of property			$ 54,475	81,941
Number of mortgage liens properties | Property			5
Mortgage liens properties aggregate carrying value			$ 43,414
Extinguishment of debt			$ 27,467
Remaining number of industrial real estate properties | Property			5
Commercial Loan
Real Estate Properties [Line Items]
Carrying Value, Transfer of commercial mortgage loan to real estate owned			$ 1,590
Land
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value			141,597	169,133
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value			$ 552,633	$ 685,513
[1]	As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.

Aggregate Estimated Fair Value

Aggregate Estimated Fair Value of Assets and Liabilities Acquired (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	Mar. 31, 2017USD ($)
Assets acquired:
Investments in real estate	$ 1,118
Cash and cash equivalents	84
Accounts receivable and other assets	14
Intangible assets	1,231
Total assets acquired	2,447
Liabilities assumed:
Accounts payable and accrued expenses	139
Other liabilities	718
Total liabilities assumed	857
Estimated fair value of net assets acquired	$ 1,590

Consideration Transferred to Ac

Consideration Transferred to Acquire Real Estate Properties (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets	$ 1,590
Total	$ 1,590

Schedule of Revenue and Net Inc

Schedule of Revenue and Net Income (Loss) for the Properties Acquired (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Total Revenue	$ 20,065	$ 30,055
Net income (loss) allocable to common shares	(30,085)	$ (17,844)
Properties Acquired
Real Estate Properties [Line Items]
Total Revenue	26
Net income (loss) allocable to common shares	(39)
Properties Acquired | Erieview Galleria
Real Estate Properties [Line Items]
Total Revenue	26
Net income (loss) allocable to common shares	$ (39)

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Business Combinations [Abstract]
Pro forma total revenue (unaudited)	$ 29,855	$ 48,963
Pro forma net income (loss) allocable to common shares (unaudited)	$ (30,356)	$ (16,800)
Basic-as pro forma (unaudited)	$ (0.33)	$ (0.18)
Diluted-as pro forma (unaudited)	$ (0.33)	$ (0.18)

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Real Estate Properties [Line Items]
Net income (loss) allocable to common shares	$ (30,085)	$ (17,844)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price	94,975
Gain (loss) on sale	8,897
Net income (loss) allocable to common shares	$ 394
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Tuscany Bay
Real Estate Properties [Line Items]
Date of Sale	Jan. 6, 2017
Sale Price	$ 36,650
Gain (loss) on sale	7,657
Net income (loss) allocable to common shares	$ 7
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Emerald Bay
Real Estate Properties [Line Items]
Date of Sale	Mar. 8, 2017
Sale Price	$ 23,750
Gain (loss) on sale	772
Net income (loss) allocable to common shares	$ 181
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Oyster Point
Real Estate Properties [Line Items]
Date of Sale	Mar. 28, 2017
Sale Price	$ 11,500
Gain (loss) on sale	(82)
Net income (loss) allocable to common shares	$ 2
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Tiffany Square
Real Estate Properties [Line Items]
Date of Sale	Mar. 9, 2017
Sale Price	$ 12,175
Gain (loss) on sale	113
Net income (loss) allocable to common shares	$ 67
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Executive Center
Real Estate Properties [Line Items]
Date of Sale	Mar. 31, 2017
Sale Price	$ 10,600
Gain (loss) on sale	437
Net income (loss) allocable to common shares	$ 137
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Land | MGS
Real Estate Properties [Line Items]
Date of Sale	Mar. 31, 2017
Sale Price	$ 300

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,654,406		$ 1,787,974
Unamortized Discount/Premium and Deferred Financing Costs		(31,273)		(36,892)
Indebtedness		$ 1,623,133		$ 1,751,082
Weighted-Average Interest Rate		3.50%		3.50%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 458,075		$ 387,179
Unamortized Discount/Premium and Deferred Financing Costs		(18,342)		(21,258)
Indebtedness		$ 439,733		$ 365,921
Weighted-Average Interest Rate		4.90%		5.50%
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,155,501		$ 1,376,474
Unamortized Discount/Premium and Deferred Financing Costs		(12,686)		(15,228)
Indebtedness		$ 1,142,815		$ 1,361,246
Weighted-Average Interest Rate		3.00%		2.90%
Contractual Maturity, month and year		2016-06
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 871	[1]	$ 871	[2]
Unamortized Discount/Premium and Deferred Financing Costs		(40)	[1]	(40)	[2]
Indebtedness		$ 831	[1]	$ 831	[2]
Weighted-Average Interest Rate		7.00%	[1]	7.00%	[2]
Contractual Maturity, month and year		2031-04	[1]	2031-04	[2]
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[3]	$ 126,098		$ 126,098
Unamortized Discount/Premium and Deferred Financing Costs	[3]	(5,429)		(5,827)
Indebtedness	[3]	$ 120,669		$ 120,271
Weighted-Average Interest Rate	[3]	4.00%		4.00%
Contractual Maturity, month and year	[3]	2033-10		2033-10
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 57,287		$ 57,287
Unamortized Discount/Premium and Deferred Financing Costs		(1,659)		(1,719)
Indebtedness		$ 55,628		$ 55,568
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		$ 70,731		$ 70,731
Unamortized Discount/Premium and Deferred Financing Costs		(1,399)		(1,543)
Indebtedness		$ 69,332		$ 69,188
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		$ 30,000		$ 62,000
Unamortized Discount/Premium and Deferred Financing Costs		(2,408)		(3,767)
Indebtedness		$ 27,592		$ 58,233
Weighted-Average Interest Rate		7.20%		7.00%
Senior Secured Notes | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2018-10		2017-04
Senior Secured Notes | Recourse Indebtedness | Maximum
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	[4]	$ 18,671		$ 18,671
Unamortized Discount/Premium and Deferred Financing Costs	[4]	(6,189)		(6,849)
Indebtedness	[4]	$ 12,482		$ 11,822
Weighted-Average Interest Rate	[4]	5.00%		4.80%
Contractual Maturity, month and year	[4]	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		3.50%		3.40%
Contractual Maturity, month and year		2037-04		2037-04
Secured warehouse facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 129,317		$ 26,421
Unamortized Discount/Premium and Deferred Financing Costs		(1,218)		(1,513)
Indebtedness		$ 128,099		$ 24,908
Weighted-Average Interest Rate		3.10%		3.10%
Secured warehouse facilities | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2017-11		2017-11
Secured warehouse facilities | Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2018-07		2018-07
CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[6]	$ 428,258	[5]	$ 542,316	[7]
Unamortized Discount/Premium and Deferred Financing Costs	[6]	(6,861)	[5]	(7,815)	[7]
Indebtedness	[6]	$ 421,397	[5]	$ 534,501	[7]
Weighted-Average Interest Rate	[6]	1.60%	[5]	1.70%	[7]
CDO notes payable, at amortized cost | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]	2045-06	[5]	2045-06	[7]
CDO notes payable, at amortized cost | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]	2046-11	[5]	2046-11	[7]
Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 135,384	[8]	$ 186,237	[9]
Unamortized Discount/Premium and Deferred Financing Costs		(467)	[8]	(569)	[9]
Indebtedness		$ 134,917	[8]	$ 185,668	[9]
Weighted-Average Interest Rate		5.60%	[8]	5.70%	[9]
Loans payable on real estate | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-06	[8]	2016-06	[9]
Loans payable on real estate | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-12	[8]	2021-12	[9]
Other indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 40,830	[10]	$ 24,321	[11]
Unamortized Discount/Premium and Deferred Financing Costs		(245)	[10]	(406)	[11]
Indebtedness		40,585	[10]	23,915	[11]
CMBS securitizations | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		591,859	[12]	647,921	[13]
Unamortized Discount/Premium and Deferred Financing Costs		(5,358)	[12]	(6,844)	[13]
Indebtedness		$ 586,501	[12]	$ 641,077	[13]
Weighted-Average Interest Rate		3.40%	[12]	3.10%	[13]
CMBS securitizations | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2031-01	[12]	2031-01	[13]
CMBS securitizations | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2031-12	[12]	2031-12	[13]
[1]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[2]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[3]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[4]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[5]	Collateralized by $824,059 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $456,441 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.
[6]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[7]	Collateralized by $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 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]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure
[9]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure.
[10]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[11]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.
[12]	Collateralized by $739,709 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.
[13]	Collateralized by $789,421 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 and57

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017USD ($)Venture		Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,654,406		$ 1,787,974
Number of joint venture | Venture		2
Other indebtedness
Debt Instrument [Line Items]
Percentage of interest issued to unaffiliated third party		40.00%		40.00%
Interest owned in joint venture		60.00%		60.00%
Proceeds from issuance of joint venture interests accounted for as indebtedness		$ 41,689		$ 24,796
Unpaid Principal Balance		40,830	[1]	24,321	[2]
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 458,075		$ 387,179
Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%
Unpaid Principal Balance		$ 871	[3]	$ 871	[4]
Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		4.00%		4.00%
Unpaid Principal Balance	[5]	$ 126,098		$ 126,098
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		1,155,501		1,376,474
Non-recourse indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral		739,709		789,421
Unpaid Principal Balance		591,859	[6]	647,921	[7]
Non-recourse indebtedness | Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral		456,441		535,041
Non-recourse indebtedness | CDO notes payable, at amortized cost
Debt Instrument [Line Items]
Underlying collateral		824,059		950,554
Unpaid Principal Balance	[9]	$ 428,258	[8]	$ 542,316	[10]
[1]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[2]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.
[3]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[4]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[5]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[6]	Collateralized by $739,709 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]	Collateralized by $789,421 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.
[8]	Collateralized by $824,059 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $456,441 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.
[9]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[10]	Collateralized by $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 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.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)		3 Months Ended
		Mar. 31, 2017USD ($)Property$ / shares		Mar. 31, 2016USD ($)	Apr. 30, 2017USD ($)	Jan. 01, 2017USD ($)	Dec. 31, 2016USD ($)		Jul. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,654,406,000					$ 1,787,974,000
Gains (losses) on extinguishments of debt		3,186,000		$ 344,000
Non-cash loss on deconsolidation of properties		(15,947,000)
Industrial real estate properties
Debt Instrument [Line Items]
Non-cash loss on deconsolidation of properties		$ (15,947,000)
Number of industrial real estate properties deconsolidated | Property		10
Deconsolidation of properties, carrying value		$ 38,833,000					82,501,000
Number of mortgage liens properties | Property		5
Mortgage liens properties aggregate carrying value		$ 43,414,000
Extinguishment of debt		$ 27,467,000
Remaining number of industrial real estate properties | Property		5
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 458,075,000					$ 387,179,000
Recourse Indebtedness | Seventy Five Thousand CMF [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		10,800,000
Line of credit facility, borrowing capacity		$ 75,000,000
Debt instrument, financial covenant compliance		As of March 31, 2017, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility.
Recourse Indebtedness | One Hundred Fifty Thousand CMF Two [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 65,565,000
Line of credit facility, borrowing capacity		$ 150,000,000
Debt instrument, financial covenant compliance		As of March 31, 2017, we were in compliance with all financial covenants contained in the $150,000 commercial mortgage facility.
Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%					7.00%
Convertible note conversion rate		195.0060
Principal amount of convertible note, conversion rate		$ 1,000
Initial conversion price | $ / shares		$ 5.13
Unpaid Principal Balance		$ 871,000	[1]				$ 871,000	[2]
Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		4.00%					4.00%
Convertible note conversion rate		108.5803
Principal amount of convertible note, conversion rate		$ 1,000
Initial conversion price | $ / shares		$ 9.21
Unpaid Principal Balance	[3]	$ 126,098,000					$ 126,098,000
Recourse Indebtedness | 7.625% senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate		7.625%
Unpaid Principal Balance		$ 57,287,000					57,287,000
Recourse Indebtedness | 7.125% Senior Notes due 2019
Debt Instrument [Line Items]
Stated interest rate		7.125%
Unpaid Principal Balance		$ 70,731,000					70,731,000
Recourse Indebtedness | Senior Secured Notes
Debt Instrument [Line Items]
Unpaid Principal Balance		30,000,000					62,000,000
Payment of notes		1,500,000
Recourse Indebtedness | 6.75% Senior Notes
Debt Instrument [Line Items]
Debt instrument redemption amount		15,500,000
Recourse Indebtedness | 6.85% Senior Notes
Debt Instrument [Line Items]
Debt instrument redemption amount		15,000,000
Recourse Indebtedness | 7.15% Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument redemption amount					$ 10,000,000
Recourse Indebtedness | Junior subordinated notes, at fair value
Debt Instrument [Line Items]
Aggregate principal amount of notes issued		18,671,000
Fair value of indebtedness		12,482,000
Recourse Indebtedness | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		129,317,000					26,421,000
Recourse Indebtedness | Secured warehouse facilities | CMBS Borrowings
Debt Instrument [Line Items]
Unpaid Principal Balance		0
Recourse Indebtedness | Secured warehouse facilities | Commercial mortgage loans
Debt Instrument [Line Items]
Unpaid Principal Balance		52,952,000
Line of credit facility, borrowing capacity		$ 200,000,000							$ 150,000,000
Extended maturity term		2018-07
Recourse Indebtedness | Secured warehouse facilities | Floating Rate Loans
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		$ 100,000,000
Recourse Indebtedness | One Year Secured Warehouse Facilities | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		0
Line of credit facility, borrowing capacity		$ 150,000,000
Debt instrument, financial covenant compliance		As of March 31, 2017, we were in compliance with all financial covenants contained in the $150,000 secured warehouse facility.
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,155,501,000					1,376,474,000
Number of mortgage liens properties | Property		5
Non-recourse indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 591,859,000	[4]				647,921,000	[5]
Underlying collateral		739,709,000					789,421,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Three
Debt Instrument [Line Items]
Unpaid Principal Balance		48,268,000
Underlying collateral		85,655,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Three | Equity Securities
Debt Instrument [Line Items]
Owned unrated classes of junior notes		37,387,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Four
Debt Instrument [Line Items]
Unpaid Principal Balance		93,444,000
Underlying collateral		134,834,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Four | Junior Notes
Debt Instrument [Line Items]
Owned unrated classes of junior notes		41,390,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Five
Debt Instrument [Line Items]
Unpaid Principal Balance		238,617,000
Underlying collateral		299,420,000
Owned unrated classes of junior notes		$ 60,803,000
Interest in joint venture		60.00%
Non-recourse indebtedness | CMBS securitizations | R A I T F L Six
Debt Instrument [Line Items]
Underlying collateral		$ 252,799,000
Interest in joint venture						60.00%
Proceeds from contribution of junior notes						$ 16,893,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Six | Junior Notes
Debt Instrument [Line Items]
Owned unrated classes of junior notes		41,272,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Six | Investment Grade Senior Notes
Debt Instrument [Line Items]
Unpaid Principal Balance		211,527,000
Non-recourse indebtedness | Loans payable on real estate
Debt Instrument [Line Items]
Unpaid Principal Balance		135,384,000	[6]				186,237,000	[7]
Line of credit facility, repayments		$ 22,981,000
Number of real estate properties disposed | Property		3
Gains (losses) on extinguishments of debt		$ 3,813,000
Number of real estate properties disposed less than indebtedness | Property		2
Non-recourse indebtedness | Loans payable on real estate | Industrial real estate properties
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 54,475,000					81,941,000
Non-cash loss on deconsolidation of properties		$ 15,947,000
Number of industrial real estate properties deconsolidated | Property		10
Deconsolidation of properties, carrying value		$ 38,833,000					$ 82,501,000
Number of mortgage liens properties | Property		5
Mortgage liens properties aggregate carrying value		$ 43,414,000
Extinguishment of debt		$ 27,467,000
Remaining number of industrial real estate properties | Property		5
[1]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[2]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[3]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[4]	Collateralized by $739,709 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]	Collateralized by $789,421 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.
[6]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure
[7]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure.

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness by Year (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Extinguishment Of Debt [Line Items]
Total	$ 1,654,406	$ 1,787,974
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,017	65,565
2,018	78,752
2,019	85,731
Thereafter	228,027
Total	458,075	387,179
Non-recourse indebtedness
Extinguishment Of Debt [Line Items]
2,017	73,088
2,018	1,315
2,019	1,387
2,020	1,455
2,021	25,980
Thereafter	1,052,276
Total	$ 1,155,501	$ 1,376,474

Aggregate Contractual Maturit60

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) $ in Thousands		3 Months Ended		12 Months Ended
		Mar. 31, 2017USD ($)Property		Dec. 31, 2016USD ($)		Jun. 30, 2016USD ($)
Extinguishment Of Debt [Line Items]
Indebtedness		$ 1,623,133		$ 1,751,082
Unpaid Principal Balance		1,654,406		1,787,974
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Indebtedness		439,733		365,921
Unpaid Principal Balance		458,075		387,179
Recourse Indebtedness | 7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Indebtedness		$ 831	[1]	$ 831	[2]
Maturity date		2031-04	[1]	2031-04	[2]
Unpaid Principal Balance		$ 871	[1]	$ 871	[2]
Convertible senior notes interest rate		7.00%		7.00%
Recourse Indebtedness | 4.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Indebtedness	[3]	$ 120,669		$ 120,271
Maturity date	[3]	2033-10		2033-10
Unpaid Principal Balance	[3]	$ 126,098		$ 126,098
Convertible senior notes interest rate		4.00%		4.00%
Non-recourse indebtedness
Extinguishment Of Debt [Line Items]
Indebtedness		$ 1,142,815		$ 1,361,246
Unpaid principal balance of mortgage loan						$ 54,474
Maturity date		2016-06
Number of industrial properties collateralized | Property		10
Number of mortgage liens properties | Property		5
Unpaid Principal Balance		$ 1,155,501		$ 1,376,474
Secured warehouse facilities | Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Indebtedness		$ 65,565
Maturity year		2,017
[1]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[2]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[3]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional amount	$ 44,135,000	$ 44,135,000
Fair Value of Assets	257,000	206,000
Interest rate cap
Derivative [Line Items]
Notional amount	28,960,000	28,960,000
Fair Value of Assets	133,000	135,000
Other interest rate swaps
Derivative [Line Items]
Notional amount	15,175,000	15,175,000
Fair Value of Assets	$ 124,000	$ 71,000

Derivative Financial Instrume62

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Realized losses	$ 0	$ 2,403

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets
Derivative assets	$ 257	$ 206
Liabilities
Junior subordinated notes	12,482	11,822
Warrants and investor SARs	30,900	30,400
Carrying Amount
Assets
Total investment in mortgages and loans, net	1,302,008	1,280,285
Cash and cash equivalents	96,432	110,531
Restricted cash	141,610	190,179
Derivative assets	257	206
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs	30,900	30,400
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	831	831
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	120,669	120,271
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,628	55,568
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	69,332	69,188
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	27,592	58,233
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	25,100	25,100
Carrying Amount | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	128,099	24,908
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	421,397	534,501
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate	134,917	185,668
Carrying Amount | Other indebtedness
Liabilities
Indebtedness	40,585	23,915
Carrying Amount | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable	586,501	641,077
Carrying Amount | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	12,482	11,822
Estimated Fair Value
Assets
Total investment in mortgages and loans, net	1,250,954	1,256,342
Cash and cash equivalents	96,432	110,531
Restricted cash	141,610	190,179
Derivative assets	257	206
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs	30,900	30,400
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	700	890
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	120,688	116,861
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,454	53,231
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	71,127	69,118
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	30,822	62,620
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	13,919	13,099
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	129,317	26,421
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	372,804	477,032
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate	137,712	188,525
Estimated Fair Value | Other indebtedness
Liabilities
Indebtedness	40,830	24,321
Estimated Fair Value | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable	592,117	646,642
Estimated Fair Value | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	$ 12,482	$ 11,822

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017		Dec. 31, 2016
Assets:
Derivative assets	$ 257		$ 206
Total assets	257		206
Liabilities:
Junior subordinated notes, at fair value	12,482		11,822
Warrants and investor SARs	30,900		30,400
Total liabilities	43,382		42,222
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	257	[1]	206	[2]
Total assets	257	[1]	206	[2]
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value	12,482	[1]	11,822	[2]
Warrants and investor SARs	30,900	[1]	30,400	[2]
Total liabilities	$ 43,382	[1]	$ 42,222	[2]
[1]	During the three months ended March 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.

Information of Assets and Lia65

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
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 Instr66

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)Property		Dec. 31, 2016USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 257		$ 206
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Volatility rate	51.00%		51.00%
Credit adjusted discount rate	9.00%		10.00%
Dividend rate	10.40%		10.00%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number real estate asset | Property	1
Terminal capitalization rate	7.80%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Income Approach Valuation Technique
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 55,000
Significant Unobservable Inputs (Level 3) | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	10.90%		11.50%
Significant Unobservable Inputs (Level 3) | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	11.30%		11.80%
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 257	[1]	$ 206	[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 real estate asset | Property	2
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements | Purchase and Sale Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 10,525
[1]	During the three months ended March 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 42,222
Change in fair value of financial instruments	1,160
Ending Balance	43,382
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	30,400
Change in fair value of financial instruments	500
Ending Balance	30,900
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	11,822
Change in fair value of financial instruments	660
Ending Balance	$ 12,482

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	3 Months Ended		12 Months Ended
	Mar. 31, 2017		Dec. 31, 2016
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,302,008		$ 1,280,285
Indebtedness	1,623,133		1,751,082
Junior subordinated notes	$ 12,482		$ 11,822
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Junior subordinated notes	$ 12,482	[1]	$ 11,822	[2]
CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
7.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Trading price		Trading price
4.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Trading price		Trading price
7.625% senior notes due 2024 | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Trading price		Trading price
7.125% Senior Notes due 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Trading price		Trading price
Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Junior subordinated notes, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
CDO notes payable, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Loans payable on real estate | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 40,585	[3]	$ 23,915	[4]
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	1,302,008		1,280,285
Total investment in mortgages and loans, net fair value	1,302,008		1,280,285
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	586,501		641,077
Carrying Amount | 7.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	831		831
Carrying Amount | 4.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	120,669		120,271
Carrying Amount | 7.625% senior notes due 2024
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	55,628		55,568
Carrying Amount | 7.125% Senior Notes due 2019
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	69,332		69,188
Carrying Amount | Senior Secured Notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	27,592		58,233
Carrying Amount | Junior subordinated notes, at amortized cost
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	25,100		25,100
Carrying Amount | CDO notes payable, at amortized cost
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	421,397		534,501
Carrying Amount | Loans payable on real estate
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	134,917		185,668
Carrying Amount | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness			23,915
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net fair value	1,250,954		1,256,342
Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net fair value	1,250,954		1,256,342
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	589,271		646,642
Estimated Fair Value | 7.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	700		890
Estimated Fair Value | 4.0% convertible senior notes | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	120,688		116,861
Estimated Fair Value | 7.625% senior notes due 2024 | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	55,454		53,231
Estimated Fair Value | 7.125% Senior Notes due 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	71,127		69,118
Estimated Fair Value | Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	30,822		62,620
Estimated Fair Value | Junior subordinated notes, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	13,919		13,099
Estimated Fair Value | CDO notes payable, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	372,804		477,032
Estimated Fair Value | Loans payable on real estate | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate	$ 137,712		188,525
Estimated Fair Value | Other indebtedness | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value			$ 24,321
[1]	During the three months ended March 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[3]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[4]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture.

Realized and Unrealized Gains a

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ 1,160
Change in fair value of financial instruments	(1,153)	$ (4,088)
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(660)	719
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	7	(1,907)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	500
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	$ (500)	$ (2,900)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)PropertyVenture	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Number of industrial properties | Property	5
Number of joint venture | Venture	2
Total investment in mortgages and loans, net	$ 1,302,008	$ 1,280,285
Indebtedness	1,623,133	1,751,082
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	1,097,905	1,184,588
Indebtedness	1,109,403	1,288,258
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	472,349	549,879
Indebtedness	$ 492,220	$ 510,244

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands		Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$ 1,315,539	$ 1,292,639
Allowance for loan losses		(13,531)	(12,354)	$ (18,165)	$ (17,097)
Investments in real estate
Investments in real estate		694,230	854,646
Less: Accumulated depreciation and amortization		(114,179)	(138,214)
Total investments in real estate	[1]	580,051	716,432
Cash and cash equivalents		96,432	110,531	$ 72,425	$ 87,581
Restricted cash		141,610	190,179
Accrued interest receivable		36,176	36,271
Other assets		49,080	53,878
Intangible assets
Accumulated amortization		(19,589)	(22,230)
Total intangible assets		17,258	19,267
Total assets		2,222,615	2,406,843
Liabilities and Equity
Accrued interest payable		9,591	8,347
Accounts payable and accrued expenses		14,033	20,016
Deferred taxes, borrowers’ escrows and other liabilities		145,377	168,047
Total liabilities		1,792,134	1,947,492
Shareholders’ equity:
Retained earnings (deficit)		(1,754,099)	(1,723,735)
Total shareholders’ equity		341,470	372,384
Noncontrolling Interests		5,506	5,386
Total liabilities and equity		2,222,615	2,406,843
VIE
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,570,254	1,734,467
Allowance for loan losses		0
Total investments in mortgages and loans		1,570,254	1,734,467
Investments in real estate
Investments in real estate		172,722	223,722
Less: Accumulated depreciation and amortization		(31,543)	(31,652)
Total investments in real estate		141,179	192,070
Cash and cash equivalents		1,138	2,146
Restricted cash		7,669	8,876
Accrued interest receivable		57,236	58,487
Other assets		9,296	10,071
Intangible assets
Intangible assets		2,095	5,616
Accumulated amortization		(1,498)	(3,740)
Total intangible assets		597	1,876
Total assets		1,787,369	2,007,993
Liabilities and Equity
Indebtedness, net		1,601,623	1,798,502
Accrued interest payable		18,166	17,063
Accounts payable and accrued expenses		5,201	5,463
Deferred taxes, borrowers’ escrows and other liabilities		2,161	2,971
Total liabilities		1,627,151	1,823,999
Shareholders’ equity:
Preferred shares
Additional paid in capital		55
RAIT investment		74,519	85,637
Retained earnings (deficit)		83,785	96,498
Total shareholders’ equity		158,359	182,135
Noncontrolling Interests		1,859	1,859
Total liabilities and equity		1,787,369	2,007,993
VIE | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,018,535	1,409,758
Total investments in mortgages and loans		1,018,535	1,409,758
Investments in real estate
Restricted cash		6,187	6,986
Accrued interest receivable		53,661	56,974
Other assets		122	480
Intangible assets
Total assets		1,078,505	1,474,198
Liabilities and Equity
Indebtedness, net		851,729	1,244,507
Accrued interest payable		896	1,903
Accounts payable and accrued expenses		29	19
Total liabilities		852,654	1,246,429
Shareholders’ equity:
Preferred shares
RAIT investment		26,234	41,790
Retained earnings (deficit)		199,617	185,979
Total shareholders’ equity		225,851	227,769
Total liabilities and equity		1,078,505	1,474,198
VIE | RAIT VIE Properties
Investments in real estate
Investments in real estate		172,722	223,722
Less: Accumulated depreciation and amortization		(31,543)	(31,652)
Total investments in real estate		141,179	192,070
Cash and cash equivalents		1,046	2,145
Restricted cash		1,451	1,167
Other assets		9,174	9,591
Intangible assets
Intangible assets		2,095	5,616
Accumulated amortization		(1,498)	(3,740)
Total intangible assets		597	1,876
Total assets		153,447	206,849
Liabilities and Equity
Indebtedness, net		203,036	230,510
Accrued interest payable		15,689	14,306
Accounts payable and accrued expenses		5,172	5,443
Deferred taxes, borrowers’ escrows and other liabilities		951	2,051
Total liabilities		224,848	252,310
Shareholders’ equity:
Preferred shares
RAIT investment		40,494	40,962
Retained earnings (deficit)		(113,754)	(88,282)
Total shareholders’ equity		(73,260)	(47,320)
Noncontrolling Interests		1,859	1,859
Total liabilities and equity		153,447	206,849
VIE | RAIT Joint Venture VIE
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		551,719	324,709
Total investments in mortgages and loans		551,719	324,709
Investments in real estate
Cash and cash equivalents		92	1
Restricted cash		31	723
Accrued interest receivable		3,575	1,513
Intangible assets
Total assets		555,417	326,946
Liabilities and Equity
Indebtedness, net		546,858	323,485
Accrued interest payable		1,581	854
Accounts payable and accrued expenses			1
Deferred taxes, borrowers’ escrows and other liabilities		1,210	920
Total liabilities		549,649	325,260
Shareholders’ equity:
Preferred shares
Additional paid in capital		55
RAIT investment		7,791	2,885
Retained earnings (deficit)		(2,078)	(1,199)
Total shareholders’ equity		5,768	1,686
Total liabilities and equity		$ 555,417	$ 326,946
[1]	As of March 31, 2017, one of our office properties, with a carrying amount of $4,627, and two of our parcels of land, with a carrying amount of $14,586, were considered held-for-sale. As of December 31, 2016, three of our multifamily properties, with a carrying amount of $62,428, and two of our parcels of land, with a carrying amount of $14,233, were considered held-for-sale.

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands	Dec. 07, 2016USD ($)shares	Mar. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)	Sep. 30, 2015USD ($)Covenant	Oct. 01, 2012USD ($)$ / sharesshares
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement | $		$ 100,000
Stock Appreciation Rights					6,735,667
Repurchase shares price | $		11,600
Warrants and investor SARs | $		$ 30,900	$ 30,400
Adjusted
Temporary Equity [Line Items]
Warrants exercisable for common shares		11,035,875
Stock Appreciation Rights		7,485,045
ARS VI
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement | $					$ 100,000
Preferred Series D
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued	3,536,000
Preferred shares with warrants					9,931,000
Shares repurchase and cancel, shares	464,000
Repurchase shares price | $	$ 11,600
Cumulative redeemable preferred shares, shares outstanding	3,536,000
Warrants Exercise Price | $ / shares					$ 6
Preferred Series D | Adjusted
Temporary Equity [Line Items]
Warrants Exercise Price | $ / shares		$ 5.40
Preferred Series D | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued					4,000,000
Cumulative Redeemable Preferred Shares, par value | $ / shares					$ 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	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Aggregate purchase price	$ 100,000
Repurchase	(11,600)
Initial value of warrants and investor SARs issued to-date	(21,805)
Costs incurred	(6,834)
Total discount	(28,639)
Discount amortization to-date	23,744
Carrying amount of Series D Preferred Shares	$ 83,505	$ 81,581

Dividends Declared and Paid on

Dividends Declared and Paid on Preferred Shares (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Dividends [Line Items]
Total dividend amount	$ 6,602
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared	Feb. 15, 2017
Record date	Mar. 1, 2017
Date paid	Mar. 31, 2017
Total dividend amount	$ 2,589
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared	Feb. 15, 2017
Record date	Mar. 1, 2017
Date paid	Mar. 31, 2017
Total dividend amount	$ 1,225
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared	Feb. 15, 2017
Record date	Mar. 1, 2017
Date paid	Mar. 31, 2017
Total dividend amount	$ 910
Preferred Stock | Series D cumulative redeemable preferred shares
Dividends [Line Items]
Date declared	Feb. 15, 2017
Record date	Mar. 1, 2017
Date paid	Mar. 31, 2017
Total dividend amount	$ 1,878

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	May 02, 2017$ / shares	Apr. 26, 2017	Feb. 14, 2017USD ($)$ / sharesshares	Jan. 09, 2017USD ($)Executiveshares	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Dec. 20, 2016shares	Jun. 13, 2014USD ($)shares	Nov. 21, 2012shares
Class of Stock [Line Items]
Common stock, dividend paid | $					$ 279,000
Annual incentive compensation plan description					On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, setting forth the basis on which target cash bonus awards are earned. In addition, on March 31, 2015, the compensation committee adopted a 2015 Long Term Incentive Plan, or the 2015 LTIP, setting forth the basis on which the eligible officers could earn equity compensation that was directly linked to long-term performance. Pursuant to the 2015 LTIP, equity awards to eligible officers will consist of performance share unit (PSU) awards issued at the conclusion of a three year performance period based on RAIT’s performance relative to three long-term performance metrics established by the compensation committee. See Note 13: Shared-Based Compensation and Employee Benefits in the 2016 Annual Report on Form 10-K for further details regarding these awards. For the three months ended March 31, 2017, we recorded $344 of stock compensation expense.
Compensation expense | $					$ 3,487,000	$ 3,625,000
Net proceeds received | $					$ 8,000
Common shares remaining available under the DRSPP					7,750,340
Jones Trading Institutional Services LLC
Class of Stock [Line Items]
Common shares issued, net (in shares)					0
Common shares, shares issued					0
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
Long Term Incentive Compensation Plan LTIP
Class of Stock [Line Items]
Compensation expense | $					$ 344,000
Subsequent Event
Class of Stock [Line Items]
Common stock, dividend declared | $ / shares	$ 0.09
Restricted Stock
Class of Stock [Line Items]
Common stock, dividend paid | $					$ 279,000
Share based compensation granted to number of executives | Executive				1
Restricted Stock | One Executive
Class of Stock [Line Items]
Number of shares awarded, share				344,042
Maximum number of shares to be issued							600,000
Share based compensation expense | $				$ 2,068,000
Restricted Stock | Non Executive Officer
Class of Stock [Line Items]
Number of shares awarded, share			332,500
Vesting period			3 years
Closing stock price | $ / shares			$ 3.78
Number of shares awarded, value | $			$ 1,257,000
Restricted Stock | Subsequent Event
Class of Stock [Line Items]
Vesting period		4 years
Stock Appreciation Rights (SARs) | Non Executive Officer
Class of Stock [Line Items]
Vesting period			3 years
Number of shares awarded, value | $			$ 574,000
Number of shares awarded, share			832,500
Expiration date			Feb. 14, 2022
Performance Shares | Subsequent Event
Class of Stock [Line Items]
Performance period		3 years
Performance period earliest date		Jan. 1, 2017
Performance period latest date		Dec. 31, 2019
Dividend Reinvestment And Share Purchase Plan
Class of Stock [Line Items]
Registered and reserved common shares					10,500,000
Common shares issued, net (in shares)					2,139
Weighted-average price per shares | $ / shares					$ 3.51
Common shares, shares issued					2,139
Preferred Stock
Class of Stock [Line Items]
Preferred shares aggregate amount to be issued and sold | $								$ 150,000,000
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized to be issued under agreement								4,000,000
Dividend payment date					Mar. 31, 2017
Dividend record date					Mar. 1, 2017
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized to be issued under agreement								1,000,000
Dividend payment date					Mar. 31, 2017
Dividend record date					Mar. 1, 2017
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Preferred shares authorized to be issued under agreement								1,000,000
Dividend payment date					Mar. 31, 2017
Dividend record date					Mar. 1, 2017
Preferred Stock | 7.75% Series A cumulative redeemable preferred shares
Class of Stock [Line Items]
Aggregate of Series A,B,C Preferred Shares available for issuance					2,724,935
Preferred shares issued, net (shares)					125
Weighted-average price per share | $ / shares					$ 1,000
Preferred share issuance, net of costs incurred | $					$ 66,000
Preferred Stock | 8.375% Series B cumulative redeemable preferred shares
Class of Stock [Line Items]
Aggregate of Series A,B,C Preferred Shares available for issuance					947,496
Preferred Stock | 8.875% Series C cumulative redeemable preferred shares
Class of Stock [Line Items]
Aggregate of Series A,B,C Preferred Shares available for issuance					999,675
Common Shares
Class of Stock [Line Items]
Common shares issued, net (in shares)					2,139
Common shares, shares issued					2,139
Common Shares | Subsequent Event
Class of Stock [Line Items]
Dividend payment date	Jun. 15, 2017
Dividend record date	May 26, 2017

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (21,539)	$ (11,988)
(Income) loss allocated to preferred shares	(8,526)	(8,520)
(Income) loss allocated to noncontrolling interests	(20)	1,145
Income (loss) from continuing operations allocable to common shares	(30,085)	(19,363)
Income (loss) from discontinued operations	0	1,485
(Income) loss from discontinued operations allocated to noncontrolling interests		34
Income (loss) from discontinued operations allocable to common shares		1,519
Net income (loss) allocable to common shares	$ (30,085)	$ (17,844)
Weighted-average shares outstanding-Basic	91,300,812	91,018,160
Weighted-average shares outstanding—Diluted	91,300,812	91,018,160
Earnings (loss) per share-Basic:
Continuing operations	$ (0.33)	$ (0.22)
Discontinued operations		0.02
Earnings (loss) per share-Basic	(0.33)	(0.20)
Earnings (loss) per share-Diluted:
Continuing operations	(0.33)	(0.22)
Discontinued operations		0.02
Earnings (loss) per share-Diluted	$ (0.33)	$ (0.20)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	26,935,378	32,325,109

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Dec. 23, 2016	Dec. 20, 2016	Oct. 05, 2016	Jan. 31, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Earned asset management fees					$ 273,000	$ 402,000
Reimbursed for general and administrative expense paid on IRT					$ 3,487,000	3,625,000
IRT
Related Party Transaction [Line Items]
Extended term of advisory agreement					Oct. 1, 2020
Management fee percentage					0.375%
Advisor incentive fee					20.00%
Internal return per share					$ 0.20
Earned asset management fees						1,631,000
Incentive fees						65,000
Due from IRT					$ 0		$ 0
Interest received						265,000
Line of credit facility, repayments						38,075,000
Reimbursed for general and administrative services					387,000
Reimbursed for general and administrative expense paid on IRT					155,000
Payments for property management fees					137,000
Earned and paid on consulting agreement					94,000
IRT | Chief Executive Officer
Related Party Transaction [Line Items]
Compensation receive		$ 375,000
Number of shares awarded, share	150,000
Cash payments				$ 500,000
IRT | Chief Executive Officer | Six Month Anniversary
Related Party Transaction [Line Items]
Vesting percentage	50.00%
IRT | Chief Executive Officer | One Year Anniversary
Related Party Transaction [Line Items]
Vesting percentage	50.00%
IRT | James J. Sebra’s
Related Party Transaction [Line Items]
Percentage of cash bonus							25.00%
Cash bonus					110,000
IRT | Common Shares
Related Party Transaction [Line Items]
Due from IRT					$ 0		$ 0
Number of shares sold to IRT			7,269,719
IRT | Consolidation Eliminations
Related Party Transaction [Line Items]
Earned property and construction management fees						1,262,000
Dividends received						$ 1,309,000
IRT | Maximum
Related Party Transaction [Line Items]
Management fee percentage					4.00%

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 16,247	$ 22,766
Cash paid for taxes	24	120
Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans	1,590	$ 1,499
Non-cash (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties	(43,025)
Non-cash increase (decrease) in indebtedness from debt extinguishments	(3,813)
Non-cash increase (decrease) in indebtedness from deconsolidation of properties	$ (27,467)

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017Segment
Segment Reporting [Abstract]
Number of reportable segment	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Former Employee
Commitment And Contingencies [Line Items]
Principle to settle former employee	$ 175

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - IRT - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price to be paid by IRT		$ 43,000
Common Shares
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Number of shares sold to IRT	7,269,719

Statements of Operations of Dis

Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenue:
Property income	$ 0	$ 38,667
Fee and other income	0	738
Total revenue	0	39,405
Expenses:
Interest expense	0	9,712
Real estate operating expense	0	15,858
Compensation expense	0	1,874
General and administrative expense	0	1,257
Acquisition expense	0	160
Depreciation and amortization expense	0	11,603
Total expenses	0	40,464
Operating (Loss) Income	0	(1,059)
Interest and other income (expense), net	0	0
Gains (losses) on assets	0	2,453
Gain (loss) on IRT merger with TSRE	0	91
TSRE financing extinguishment and employee separation expenses	0	0
Gains (losses) on extinguishments of debt	0	0
Net income (loss) from discontinued operations	$ 0	$ 1,485

Summary of Cash Flows of Discon

Summary of Cash Flows of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Discontinued Operations And Disposal Groups [Abstract]
Cash flow from operating activities from discontinued operations	$ 0	$ 7,673
Cash flow from investing activities from discontinued operations	0	5,900
Cash flow from financing activities from discontinued operations	0	(29,734)
Net change in cash and cash equivalents from discontinued operations	0	(16,161)
Cash and cash equivalents at beginning of period - discontinued operations	0	38,305
Cash and cash equivalents at end of period - discontinued operations	$ 0	$ 22,144