Rait Financial Trust (RAS) 10-Q 9 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 04, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		93,105,742

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Investment in mortgages and loans:
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,267,705	$ 1,292,639
Allowance for loan losses		(23,514)	(12,354)
Total investment in mortgages and loans, net (including $1,199,111 and $1,184,588 held by consolidated VIEs, respectively)		1,244,191	1,280,285
Investments in real estate, net of accumulated depreciation of $35,359 and $138,214, respectively (including $106,005 and $192,070 held by consolidated VIEs, respectively)	[1]	434,890	716,432
Cash and cash equivalents		89,317	110,531
Restricted cash		193,580	190,179
Accrued interest receivable		32,141	36,271
Other assets		36,753	53,878
Intangible assets, net of accumulated amortization of $8,776 and $22,230, respectively		10,901	19,267
Total assets		2,041,773	2,406,843
Liabilities and Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $30,637 and $36,892, respectively (including $1,185,657 and $1,288,258 held by consolidated VIEs, respectively)		1,588,067	1,751,082
Accrued interest payable		9,229	8,347
Accounts payable and accrued expenses		15,157	20,016
Borrowers' escrows		104,197	107,183
Deferred taxes and other liabilities		37,535	60,864
Total liabilities		1,754,185	1,947,492
Series D cumulative redeemable preferred shares, $0.01 par value per share, 4,000,000 shares authorized, 3,133,720 and 3,536,000 shares issued and outstanding, respectively		75,654	81,581
Shareholders’ equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized 93,105,742 and 92,295,478 issued and outstanding, respectively, including 1,576,040 and 1,079,193 unvested restricted common share awards, respectively		2,793	2,769
Additional paid in capital		2,093,270	2,093,257
Retained earnings (deficit)		(1,888,102)	(1,723,735)
Total shareholders’ equity		208,054	372,384
Noncontrolling interests		3,880	5,386
Total equity		211,934	377,770
Total liabilities and equity		2,041,773	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 June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Investment in mortgages and loans, net		$ 1,244,191	$ 1,280,285
Real estate, accumulated depreciation		35,359	138,214
Investments in real estate, net of accumulated depreciation	[1]	434,890	716,432
Intangible assets, accumulated amortization		8,776	22,230
Indebtedness, unamortized discounts, premiums and deferred financing costs		30,637	36,892
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 1,588,067	$ 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		93,105,742	92,295,478
Common shares, shares outstanding		93,105,742	92,295,478
Unvested restricted common share awards		1,576,040	1,079,193
VIE
Investment in mortgages and loans, net		$ 1,199,111	$ 1,184,588
Real estate, accumulated depreciation		8,604	31,652
Investments in real estate, net of accumulated depreciation		106,005	192,070
Intangible assets, accumulated amortization		341	3,740
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 1,185,657	$ 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		3,133,720	3,536,000
Series D cumulative redeemable preferred shares, shares outstanding		3,133,720	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 June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Investment interest income	$ 14,882	$ 23,519	$ 32,532	$ 49,321
Investment interest expense	(10,546)	(9,125)	(20,319)	(18,445)
Net interest margin	4,336	14,394	12,213	30,876
Property income	16,946	29,666	37,011	59,721
Fee and other income	1,531	1,914	3,192	4,028
Total revenue	22,813	45,974	52,416	94,625
Expenses:
Interest expense	8,883	13,967	19,026	29,837
Real estate operating expense	9,509	14,327	20,143	29,175
Property management expenses	2,651	2,846	4,864	5,013
General and administrative expenses:
Compensation expense	3,529	3,862	7,016	7,487
Other general and administrative expense	2,689	3,706	5,394	6,921
Total general and administrative expenses	6,218	7,568	12,410	14,408
Acquisition and integration expenses	67	70	239	179
Provision for loan losses	20,863	1,344	22,398	2,669
Depreciation and amortization expense	7,819	15,134	17,573	27,807
IRT internalization and management transition expenses			736
Shareholder activism expenses	1,615		2,309
Total expenses	57,625	55,256	99,698	109,088
Operating (Loss) Income	(34,812)	(9,282)	(47,282)	(14,463)
Interest and other income (expense), net	(153)	39	(139)	100
Gains (losses) on assets	10,759	5,812	22,765	5,617
Gains (losses) on deconsolidation of properties			(15,947)
Gains (losses) on extinguishments of debt	(1,598)	660	1,588	1,004
Asset impairment	(85,809)	(3,864)	(93,233)	(7,786)
Goodwill impairment	(8,342)		(8,342)
Change in fair value of financial instruments	3,093	(1,592)	1,940	(5,680)
Income (loss) before taxes	(116,862)	(8,227)	(138,650)	(21,208)
Income tax benefit (provision)	(22)	1,756	227	2,749
Income (loss) from continuing operations	(116,884)	(6,471)	(138,423)	(18,459)
Discontinued operations:
Income (loss) from discontinued operations	0	32,876	0	34,361
Net income (loss)	(116,884)	26,405	(138,423)	15,902
(Income) loss allocated to preferred shares	(8,817)	(8,615)	(17,343)	(17,135)
(Income) loss allocated to noncontrolling interests	(56)	(25,370)	(76)	(24,191)
Net income (loss) allocable to common shares	(125,757)	(7,580)	(155,842)	(25,424)
Amount attributable to common shares
Net income (loss) available to common shares from continuing operations	(125,757)	(14,115)	(155,842)	(33,478)
Net income (loss) available to common shares from discontinued operations		6,535		8,054
Net income (loss)	$ (125,757)	$ (7,580)	$ (155,842)	$ (25,424)
Earnings (loss) per share-Basic:
Earnings (loss) per share from continuing operations	$ (1.38)	$ (0.15)	$ (1.71)	$ (0.37)
Earnings (loss) per share from discontinued operations		0.07		0.09
Earnings (loss) per share-Basic	$ (1.38)	$ (0.08)	$ (1.71)	$ (0.28)
Weighted-average shares outstanding-Basic	91,453,415	91,190,583	91,377,508	91,104,314
Earnings (loss) per share-Diluted:
Earnings (loss) per share from continuing operations	$ (1.38)	$ (0.15)	$ (1.71)	$ (0.37)
Earnings (loss) per share from discontinued operations		0.07		0.09
Earnings (loss) per share-Diluted	$ (1.38)	$ (0.08)	$ (1.71)	$ (0.28)
Weighted average shares outstanding-Diluted	91,453,415	91,190,583	91,377,508	91,104,314

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (116,884)	$ 26,405	$ (138,423)	$ 15,902
Other comprehensive income (loss):
Change in fair value of interest rate hedges		(36)		(156)
Realized (gains) losses on interest rate hedges reclassified to earnings		1,656		4,059
Total other comprehensive income (loss) from continuing operations		1,620		3,903
Discontinued operations:
Other comprehensive income (loss) from discontinued operations		(1,169)		(1,187)
Total other comprehensive income (loss)		451		2,716
Comprehensive income (loss) before allocation to noncontrolling interests	(116,884)	26,856	(138,423)	18,618
(Income) loss allocated to noncontrolling interests	(56)	(25,370)	(76)	(24,191)
Allocation to noncontrolling interests - other comprehensive (income) loss		1,011		1,011
Comprehensive income (loss) allocable to common shares	$ (116,940)	$ 2,497	$ (138,499)	$ (4,562)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 6 months ended Jun. 30, 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)	(138,423)						(138,499)	(138,499)		76
Preferred shares issued, net (shares)					5,742
Preferred dividends	(13,213)						(13,213)	(13,213)
Preferred Series D discount amortization	(4,130)						(4,130)		$ (4,130)
Common dividends declared	(8,525)						(8,525)	(8,525)
Share-based compensation	1,084				$ 30	1,054		1,084
Share-based compensation (in shares)					995,277
Issuance of noncontrolling interests	66									66
Distribution to noncontrolling interests	(1,702)									(1,702)
Derecognition of noncontrolling interests	54									54
Common shares activity related to equity compensation	(1,047)				$ (6)	(1,041)		(1,047)
Common shares activity related to equity compensation (in shares)					(190,755)
Ending Balance at Jun. 30, 2017	$ 211,934	$ 53	$ 23	$ 17	$ 2,793	$ 2,093,270	$ (1,888,102)	$ 208,054		$ 3,880
Ending Balance (in shares) at Jun. 30, 2017		5,344,353	2,340,969	1,640,425	93,105,742

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net income (loss)	$ (138,423)	$ 15,902
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	22,398	2,669
Share-based compensation expense	1,054	2,607
Depreciation and amortization expense	17,573	47,082
Amortization of deferred financing costs and debt discounts	7,399	11,070
Deferral of loan origination fees and costs, net	1,233	(2,059)
Amortization of above/below market leases	(573)	(803)
(Gains) losses on assets	(22,765)	(37,881)
(Gains) losses on extinguishments of debt	(1,588)	(446)
Losses on deconsolidation of properties	15,947
(Gains) on IRT merger with TSRE	0	(91)
Asset impairment	93,233	7,786
Goodwill impairment	8,342
Change in fair value of financial instruments	(1,940)	5,680
Provision (benefit) for deferred taxes	22	(2,841)
Changes in assets and liabilities:
Decrease in accrued interest receivable	4,132	5,195
Decrease (increase) in other assets	3,749	(902)
Increase in accrued interest payable	1,840	2,561
(Decrease) in accounts payable and accrued expenses	(3,456)	(7,164)
(Decrease) increase in other liabilities	(1,433)	1,807
Origination of conduit loans		(13,800)
Sales of conduit loans		21,377
Net conduit loans (originated) sold		7,577
Cash flows provided by operating activities	6,744	57,749
Investing activities:
Origination of loans for investment	(263,464)	(55,584)
Principal repayments on loans	274,615	175,016
Investments in real estate	(3,630)	(15,250)
IRT's acquisition of TSRE, net of cash acquired		91
Proceeds from the disposition of real estate	143,409	127,405
(Increase) decrease in restricted cash	(8,789)	30,650
Cash flows provided by investing activities	142,141	262,328
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(667)	(242,755)
Proceeds from secured credit facilities, term loans and loans payable on real estate		199,480
Repayments and repurchase of CDO notes payable and floating rate securitizations	(369,346)	(322,887)
Net proceeds from issuance of CDO notes and floating rate securitizations	276,894	22,559
Repayments of senior secured notes	(46,500)	(4,000)
Net proceeds (repayments) related to conduit loan repurchase agreements		(10,495)
Net proceeds related to floating rate loan repurchase agreements	4,287	52,405
Proceeds from issuance of other indebtedness	17,022	24,796
Distribution to noncontrolling interests	(1,702)	(15,507)
Issuance of noncontrolling interests	66	448
Payments for deferred costs	(4,415)	(2,040)
Common share issuance, net of costs incurred	(1,017)	(945)
Repurchase of Series D preferred shares	(10,057)
Distributions paid to preferred shareholders	(17,937)	(15,795)
Distributions paid to common shareholders	(16,727)	(16,728)
Cash flows (used in) financing activities	(170,099)	(379,078)
Repurchase of convertible notes and senior notes		(47,614)
Net change in cash and cash equivalents	(21,214)	(59,001)
Net change in cash and cash equivalents from discontinued operations	0	(10,146)
Net change in cash and cash equivalents from continuing operations	(21,214)	(48,855)
Cash and cash equivalents at the beginning of the period	110,531	87,581
Cash and cash equivalents at the end of the period	$ 89,317	$ 38,726

THE COMPANY

THE COMPANY	6 Months Ended
	Jun. 30, 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 sale to IRT of Independence Realty Advisors, LLC, or the IRT advisor, which was our subsidiary and IRT’s external advisor, and (ii) the sale to IRT of certain assets and IRT’s 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	6 Months Ended
	Jun. 30, 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 rules and regulations of the U.S. Securities and Exchange Commission. 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. As of June 30, 2017, we began presenting our borrowers’ escrows liability as a separate line item on our consolidated balance sheets. This liability was previously presented within the deferred taxes, borrowers’ escrows and other liabilities line item on our consolidated balance sheets. We have conformed prior periods to reflect this change. The Consolidated Statement of Operations for the six-month period ended June 30, 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 on 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 and six months ended June 30, 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 attempt to 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 June 30, 2017 and December 31, 2016, we had $112,311 and $121,395 of restricted cash, respectively, which primarily relates to 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 June 30, 2017 and December 31, 2016, we had $81,269 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 that 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. During the three and six months ended June 30, 2017, we recognized $81,444 and $88,868, respectively, of non-cash impairment charges on our real estate assets. Refer to Note 4: Investments in Real Estate for further discussion of the non-cash impairment charges. 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 that 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. The accrued interest receivable associated with these loans as of June 30, 2017 and December 31, 2016 was $26,305 and $29,845, respectively. During the three months ended June 30, 2017, the accrued interest receivable of $3,636 related to one of these loans was determined to be uncollectible and was written off as a reduction to investment interest income. These loans are considered to be impaired when the total contractual amount owed exceeds the estimated value of the underlying collateral. Three of these loans, with an unpaid principal balance of $24,228 were considered to be impaired as of June 30, 2017. One of these loans, with an unpaid principal balance of $12,869 was considered to be impaired as of December 31, 2016. 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 350, “Intangibles-Goodwill and Other.” The gross carrying amount for our customer relationships was $3,134 and $12,276 as of June 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $16,543 and $26,122 as of June 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our retail property manager’s trade name was $0 and $1,500 as of June 30, 2017 and December 31, 2016, respectively. The accumulated amortization for our intangible assets was $8,776 and $22,230 as of June 30, 2017 and December 31, 2016, respectively. We recorded amortization expense of $1,913 and $5,451 for the three months ended June 30, 2017 and 2016, respectively, and $4,560 and $7,773 for the six months ended June 30, 2017 and 2016, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,604 for the remainder of 2017, $2,449 for 2018, $1,904 for 2019, $1,349 for 2020, $1,060 for 2021 and $2,535 thereafter. As a result of the declining profitability of our retail property manager subsidiary, which has been a product of the current challenges facing the retail property sector, we recognized non-cash impairment charges of $3,402 on our customer relationships and $963 on our retail property manager’s trade name during the three and six months ended June 30, 2017. These non-cash impairment charges are presented in asset impairment on our consolidated statements of operations. 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 June 30, 2017, $12,650 of notional amount of our derivative contracts were cleared on the LCH. During the second quarter of 2017, our LCH clearing member institution adopted the new rule change. As of June 30, 2017, $38 of variation margin payments related to these derivatives have been accounted for as settlements of the derivatives. 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 June 30, 2017 and December 31, 2016, we had $0 and $8,342, respectively, of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As a result of the declining profitability of our retail property manager subsidiary, which has been a product of the current challenges facing the retail property sector, we concluded that a triggering event had occurred leading to a $8,342 non-cash impairment charge on our goodwill, which was recognized during the three and six months ended June 30, 2017. This non-cash impairment charge is presented in goodwill impairment on our consolidated statements of operations. 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 of IRT. 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 estimates 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 and six months ended June 30, 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. On May 26, 2017, we entered into a cooperation agreement with this investor pursuant to which, among other things, the investor ag

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	6 Months Ended
	Jun. 30, 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 June 30, 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) $ 1,158,504 $ (829 ) $ 1,157,675 94 6.0 % Jun. 2017 to Dec. 2025 Mezzanine loans 72,420 45 72,465 18 10.0 % Apr. 2017 to May 2025 Preferred equity interests 40,329 (1 ) 40,328 17 8.7 % Nov. 2018 to Jan. 2029 Total CRE (3) 1,271,253 (785 ) 1,270,468 129 6.4 % Deferred fees and costs, net (4) (2,763 ) - (2,763 ) Total $ 1,268,490 $ (785 ) $ 1,267,705 (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 one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan held for sale. (3) Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans. (4) Includes $7,685 of deferred fees, net of $4,922 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 (3) 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (4) (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 $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans. (4) 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 June 30, 2017 and December 31, 2016: As of June 30, 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 $ 1,107,427 $ — $ — $ 51,077 $ — $ 1,158,504 $ 104,723 Mezzanine loans 67,041 — — 5,379 — 72,420 13,681 Preferred equity interests 40,329 — — — — 40,329 3,650 Total $ 1,214,797 $ — $ — $ 56,456 $ — $ 1,271,253 $ 122,054 (1) Includes five loans that were current and one loan that is 60 to 89 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 June 30, 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 June 30, 2017 and December 31, 2016, $122,054 and $121,038, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 6.6% and 5.8%, respectively. Also, as of June 30, 2017 and December 31, 2016, three loans with an unpaid principal balance of $20,625 and a weighted average interest rate of 12.9% were recognizing interest on the cash basis. Additionally, as of June 30, 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 During the three and six months ended June 30, 2017, we recognized provision for loan losses of $20,863 and $22,398, which was related to loans originated prior to 2010. Our provision for loan losses during the three and six months ended June 30, 2017 was primarily driven by five loans where the borrower and/or property experienced an unfavorable event or events during the period, which resulted in probable, incurred losses. We closely monitor our loans, which require evaluation for loan loss in two categories: satisfactory and watchlist. Loans classified as satisfactory are loans that are performing consistent with our expectations. Loans classified as watchlist are generally loans that 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 investments in loans by credit risk category as of June 30, 2017 and December 31, 2016 as follows: As of June 30, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,039,281 $ 27,370 $ 33,622 $ 1,100,273 Watchlist (1) $ 119,223 $ 45,050 $ 6,707 170,980 Total $ 1,158,504 $ 72,420 $ 40,329 $ 1,271,253 (1) Includes $156,480 of loans that are considered to be impaired and $14,500 of loans that are not considered to be 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 June 30, 2017 and 2016: For the Three Months Ended June 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,979 $ 852 $ 1,700 $ 13,531 Provision (benefit) for loan losses 12,623 8,240 — 20,863 Charge-offs, net of recoveries (10,880 ) — — (10,880 ) Ending balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 For the Three Months Ended June 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,328 $ 12,040 $ 2,797 $ 18,165 Provision (benefit) for loan losses 1,069 93 182 1,344 Charge-offs, net of recoveries — (1,272 ) — (1,272 ) Ending balance $ 4,397 $ 10,861 $ 2,979 $ 18,237 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 — $ 1,714 $ 12,354 Provision (benefit) for loan losses 13,322 9,090 (14 ) 22,398 Charge-offs, net of recoveries (11,240 ) 2 — (11,238 ) Ending balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 For the Six Months Ended June 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision (benefit) for loan losses 1,243 251 1,175 2,669 Charge-offs, net of recoveries — (1,529 ) — (1,529 ) Ending balance $ 4,397 $ 10,861 $ 2,979 $ 18,237 Information on those loans considered to be impaired as of June 30, 2017 and December 31, 2016 was as follows: As of June 30, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 5,420 $ 32,748 $ 3,057 $ 41,225 Impaired loans with reserves 99,303 12,302 3,650 115,255 Total Impaired Loans (1) $ 104,723 $ 45,050 $ 6,707 $ 156,480 Allowance for loan losses $ 12,722 $ 9,092 $ 1,700 $ 23,514 (1) As of June 30, 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 $151,807 and $130,496 during the three months ended June 30, 2017 and 2016, respectively and $152,007 and $131,076 for the six months ended June 30, 2017 and 2016, respectively. We recorded interest income from impaired loans of $124 and $1,134 for the three months ended June 30, 2017 and 2016, respectively. We recorded interest income from impaired loans of $344 and $2,522 for the six months ended June 30, 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 and six months ended June 30, 2017, we determined that a restructuring of one commercial real estate loan with an unpaid principal balance of $6,009 constituted a TDR as the maturity date of the loan was extended and the borrower was determined to be experiencing financial difficulty. D uring the six months ended June 30, 2016, we 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 As of December 31, 2016 Multifamily real estate properties $ 24,925 $ 147,201 Office real estate properties 232,858 397,769 Industrial real estate properties 48,374 93,423 Retail real estate properties 128,939 164,019 Parcels of land 35,153 52,234 Subtotal 470,249 854,646 Less: Accumulated depreciation and amortization (35,359 ) (138,214 ) Investments in real estate (1) $ 434,890 $ 716,432 (1) As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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 June 30, 2017 and December 31, 2016, our investments in real estate were comprised of land of $113,060 and $169,133, respectively, and buildings and improvements of $357,189 and $685,513, respectively. As of June 30, 2017, our investments in real estate of $470,249 were financed through $135,123 of mortgage loans or other debt held by third parties and $497,244 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 six months ended June 30, 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 six months ended June 30, 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 Six Months Ended June 30, 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) allocable to common shares for the properties acquired during the six months ended June 30, 2017 as reported in our consolidated financial statements: For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2017 Property Total Revenue Net income (loss) allocable to common shares Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 426 $ (85 ) $ 453 $ (124 ) Total $ 426 $ (85 ) $ 453 $ (124 ) The table below presents the revenue, net income (loss) allocable to common shares and earnings (loss) 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 that 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 For the Six Months Ended June 30 June 30 Description 2017 2016 2017 2016 Pro forma total revenue (unaudited) $ 22,813 $ 46,313 $ 52,736 $ 95,276 Pro forma net income (loss) allocable to common shares (unaudited) (125,757 ) (7,637 ) (155,904 ) (25,649 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (1.38 ) (0.08 ) (1.71 ) (0.28 ) Diluted-as pro forma (unaudited) (1.38 ) (0.08 ) (1.71 ) (0.28 ) Property Sales: During the six months ended June 30, 2017, we disposed of four multifamily properties, four office properties, one retail property and one parcel of land. We also recognized $62 of gains 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 June 30, 2017 For the Six Months Ended June 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ (5 ) $ 2 Emerald Bay Multifamily 3/8/2017 23,750 772 (46 ) 135 Tiffany Square Office 3/9/2017 12,175 113 (3 ) 64 Oyster Point Multifamily 3/28/2017 11,500 (82 ) (16 ) (14 ) Executive Center Office 3/31/2017 10,600 437 (16 ) 121 MGS Land 3/31/2017 300 - - - 100 E. Lancaster Office 4/13/2017 4,575 14 17 76 UBS Tower Office 5/9/2017 14,150 - (9 ) (39 ) South Plaza (Parcel Sale) Retail 5/24/2017 11,478 1,481 213 443 South Terrace Multifamily 6/30/2017 42,950 9,189 154 319 Total $ 168,128 $ 19,581 $ 289 $ 1,107 During the six months ended June 30, 2017, we also recognized a gain of $3,122 related to a sale of a multifamily property that occurred during the 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 six months ended June 30, 2017, we recognized the deferred gain. In July 2017, we disposed of one multifamily property for $6,450. We do not expect to recognize a significant gain or loss on the sale of this asset. Other Dispositions: During the six months ended June 30, 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 six months ended June 30, 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 $38,516 of investments in real estate and $54,475 of related cross-collateralized non-recourse debt as of June 30, 2017. In August of 2017, the senior lender foreclosed on the mortgage lien encumbering one of our industrial properties that had an aggregate carrying value of $5,091. As a result, the senior lender or its assignee/designee now owns this property, subject to any redemption rights that we have under applicable state law, if any. This property along with four of our other industrial properties serve as collateral for a mortgage loan with an unpaid principal balance of $54,475. Impairment: During the three and six months ended June 30, 2017, we recognized non-cash impairment charges on real estate assets of $81,444 and $88,868, respectively, as it was more likely than not that 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. During the three months ended June 30, 2017, we changed our investment approach on six of our real estate properties. These decisions to change our investment approach led to an expectation that the properties would be disposed of prior to the end of their useful life, which was concluded to be a triggering event requiring further analysis of the recoverability of these properties. As a result of the analysis performed, the aggregate carrying value of these properties of $172,236 was determined not to be fully recoverable, resulting in non-cash impairment charges totaling $74,514 as further described below. Subsequent to these non-cash impairment charges, these properties had an aggregate carrying value of $97,722. Four of the properties noted above, consisting of an office property and a retail property in the Central region, and a retail property and a land parcel in the Southeast region, were previously in various stages of redevelopment with an aggregate carrying value of $102,155. During the quarter ended June 30, 2017, a decision was made to cease redevelopment efforts and market the properties for sale in their existing condition. The analysis performed, which included obtaining a broker opinion of value for each of the Central region properties and performing a discounted cash flow analysis for each of the Southeast region properties using market-based assumptions, resulted in non-cash impairment charges of $50,274. For one office property in the Central region, which was previously planned to be held for use and currently not stabilized, a sales process was pursued for the property in its current condition. Based upon various offers that have been received to purchase the property, the carrying value of $39,218 was determined to not be fully recoverable, resulting in a non-cash impairment charge of $17,447. Additionally, it was determined it was more likely than not that we would dispose of one retail property in the Mid-Atlantic region with a carrying value of $30,863, which was being held for investment, in the foreseeable future. The analysis performed, which included performing a discounted cash flow analysis using market-based assumptions, resulted in a non-cash impairment charge of $6,793. During the three months ended June 30, 2017, we also continued execution on plans to market certain assets that had been identified for disposal in previous periods. The remaining $6,930 of non-cash impairment charges during the three months ended June 30, 2017 related to six of these other real estate assets, including one multifamily property, four office properties, and one land parcel and was recognized as a result of updated information obtained based upon purchase and sale agreements, letters of intent and broker opinions of value as these assets have progressed through different stages of the marketing and sales negotiation process. During the six months ended June 30, 2017, we recognized an additional $7,424 of non-cash impairment charges related to four assets that had been identified for disposal in previous periods, including three office properties and one land parcel, and was recognized as a result of updated information obtained based upon purchase and sale agreements and letters of intent as these assets progressed through different stages of the marketing and sales negotiation process. See Note 7: Fair Value of Financial Instruments for further information regarding our non-recurring fair value measurements.

INDEBTEDNESS

INDEBTEDNESS	6 Months Ended
	Jun. 30, 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 June 30, 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 $ (39 ) $ 832 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 126,098 (5,033 ) 121,065 4.0 % Oct. 2033 (2) 7.625% senior notes 57,287 (1,600 ) 55,687 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,254 ) 69,477 7.1 % Aug. 2019 Senior secured notes 15,500 (1,145 ) 14,355 7.2 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,147 ) 12,524 5.2 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.7 % Apr. 2037 Secured warehouse facilities 30,708 (890 ) 29,818 3.5 % Nov. Total recourse indebtedness 344,966 (16,108 ) 328,858 5.4 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 376,344 (5,965 ) 370,379 1.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 721,441 (8,178 ) 713,263 3.3 % Jan. 2031 to June 2037 Loans payable on real estate (7) 135,123 (436 ) 134,687 5.6 % June 2016 to Dec. 2021 Total non-recourse indebtedness 1,232,908 (14,579 ) 1,218,329 3.1 % Other indebtedness (8) 40,830 50 40,880 — — Total indebtedness $ 1,618,704 $ (30,637 ) $ 1,588,067 3.6 % (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 $769,303 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $418,486 of which is eliminated 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 $870,085 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. One loan payable on real estate had a maturity date of April 2017. 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 (1) 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 (2) 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 Jan. 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 % May 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 is eliminated 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 six months ended June 30, 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 June 30, 2017, $871 of the 7.0% convertible notes remain outstanding. The 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026. During the six months ended June 30, 2017, there was no activity other than recurring interest during the current period. These notes do not contain financial covenants. 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 June 30, 2017, $126,098 of the 4.0% convertible senior notes remain outstanding. The 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028. During the six months ended June 30, 2017, there was no activity other than recurring interest during the current period. These notes do not contain financial covenants. 7.625% senior notes. As of June 30, 2017, $57,287 of the 7.625% senior notes remain outstanding. During the six months ended June 30, 2017, there was no activity other than recurring interest during the current period. These notes contain financial covenants including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of June 30, 2017, the leverage ratio, calculated in accordance with the indenture, was 77.6% as compared to a maximum leverage ratio not to exceed 80%, and for the preceding four quarters, the fixed charge coverage ratio, calculated in accordance with the indenture, was 2.74x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. 7.125% senior notes. As of June 30, 2017, $70,731 of the 7.125% senior notes remain outstanding. During the six months ended June 30, 2017, there was no activity other than recurring interest during the current period. These notes contain financial covenants including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of June 30, 2017, the leverage ratio, calculated in accordance with the indenture, was 77.6% as compared to a maximum leverage ratio not to exceed 80%, and for the preceding four quarters, the fixed charge coverage ratio, calculated in accordance with the indenture, was 2.74x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. Senior secured notes. During the six months ended June 30, 2017, we repaid $3,500 of the senior secured notes. These notes do not contain financial covenants. In January 2017, we redeemed $15,500 in principal amount of the 6.75% senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. In March 2017, we redeemed $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. In June 2017, we redeemed $2,500 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 June 30, 2017, the fair value, or carrying amount, of this indebtedness was $12,524. These notes do not contain financial covenants. Junior subordinated notes, at amortized cost . During the six months ended June 30, 2017, there was no activity other than recurring interest during the current period. These notes do not contain financial covenants. Secured warehouse facilities. As of June 30, 2017, we had $0 of outstanding secured warehouse borrowings and $17,640 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 2016, this facility was amended decreasing the capacity to $150,000 and extending the maturity date to July 28, 2018. In June 2017, the financial covenants with respect to this facility were amended. As of June 30, 2017, we were in compliance with all financial covenants contained in the Amended MRA. As of June 30, 2017, we had $0 of outstanding borrowings under the $150,000 secured warehouse facility. In June 2017, this facility was amended decreasing the capacity to $25,000. In June 2017, the financial covenants with respect to this facility were amended. As of June 30, 2017, we were in compliance with all financial covenants contained in the $25,000 secured warehouse facility. As of June 30, 2017, we had $13,068 of outstanding borrowings under the $75,000 commercial mortgage facility. In July 2017, the financial covenants with respect to this facility were amended. As of June 30, 2017, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. As of June 30, 2017, we had $0 of outstanding borrowings under the $150,000 commercial mortgage facility. In June 2017, this facility was amended increasing the capacity to $250,000. In June 2017, the financial covenants with respect to this facility were amended. As of June 30, 2017, we were in compliance with all financial covenants contained in the $250,000 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 that 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 June 30, 2017. CMBS securitizations. During the second quarter of 2017, RAIT exercised its right to unwind RAIT 2014-FL3 Trust, or RAIT FL3, thereby repaying all of the outstanding notes. As a result, as of June 30, 2017, RAIT FL3 had $0 of total collateral at par value. As of June 30, 2017, our subsidiary, RAIT 2015-FL4 Trust, or RAIT FL4, had $104,284 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 $62,894 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $41,390, and the equity, or the retained interests, of RAIT FL4. RAIT FL4 does not have OC triggers or IC triggers. As of June 30, 2017, our subsidiary, RAIT 2015-FL5 Trust, or RAIT FL5, had $247,905 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 $187,102 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 June 30, 2017, our subsidiary, RAIT 2016-FL6 Trust, or RAIT FL6, had $235,823 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 $194,551 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 On June 23, 2017, we closed a CMBS securitization transaction we refer to as RAIT FL7 collateralized by $342,373 of floating rate commercial mortgage loans and participation interests that we originated and that is non-recourse to us, except for certain repurchase and other obligations related to customary representations, warranties and covenants concerning the collateral that we had made. In this CMBS securitization transaction, our subsidiary, RAIT 2017-FL7 Trust, or the FL7 issuer, issued classes of investment grade senior notes, or the FL7 senior notes, with an aggregate principal balance of approximately $276,894 to investors, representing an advance rate of approximately 80.9%. The FL7 senior notes bear interest at a weighted average rate equal to LIBOR plus 1.44%. The stated maturity of the FL7 notes is June 2037, unless redeemed or repaid prior thereto. At the closing of RAIT FL7, we retained the unrated classes of junior notes, or the FL7 junior notes, aggregating to a principal balance of $65,479 and the equity, or the retained interests, of the FL7 issuer. As of June 30, 2017, RAIT FL7 had $342,373 of total collateral at par value, none of which is defaulted and had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $276,894 to investors. Subject to certain conditions, beginning in June 2019 or upon defined tax events, the FL7 issuer may redeem the FL7 senior notes, in whole but not in part, at the direction of holders of FL7 junior notes, which we held as of June 30, 2017. The junior notes that we have retained in our CMBS securitizations include the class of junior notes that is subject to the first dollar of loss. Loans payable on real estate. As of June 30, 2017 and December 31, 2016, we had $135,123 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 six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 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 $38,516 and $54,475 of related cross-collateralized non-recourse debt as of June 30, 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) $ - $ 72,825 2018 32,208 1,315 2019 84,731 1,387 2020 - 1,455 2021 - 25,980 Thereafter (2) 228,027 1,129,946 Total $ 344,966 $ 1,232,908 (1) Non-recourse indebtedness includes $54,475 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. In August of 2017, the senior lender foreclosed on the mortgage lien encumbering one more of these industrial properties lso includes one loan payable on real estate that had a maturity date of April 2017, collateralized by two industrial properties and two office properties. This loan is currently in default and is in the process of foreclosure. (2) Includes $871 of our 7.0% convertible senior notes that 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 that are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 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, but there can be no assurance that they will meet such 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 June 30, 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 December 31, 2016, all of our cash flow hedge interest rate swaps had reached maturity. As of June 30, 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 June 30, 2017 and December 31, 2016: As of June 30, 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 $ 85 $ - $ 28,960 $ 135 $ - Interest rate swaps 12,650 - 17 15,175 71 - Net fair value $ 41,610 $ 85 $ 17 $ 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 $1,656 to earnings, within investment interest expense, for the three months ended June 30, 2017, and 2016, respectively and $0 and $4,059 for the six months ended June 30, 2017 and 2016. 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	6 Months Ended
	Jun. 30, 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 appreciation 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 June 30, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,244,191 $ 1,192,723 Cash and cash equivalents 89,317 89,317 Restricted cash 193,580 193,580 Derivative assets 85 85 Liabilities Recourse indebtedness: 7.0% convertible senior notes 832 590 4.0% convertible senior notes 121,065 119,680 7.625% senior notes 55,687 55,018 7.125% senior notes 69,477 70,420 Senior secured notes 14,355 15,783 Junior subordinated notes, at fair value 12,524 12,524 Junior subordinated notes, at amortized cost 25,100 13,995 CMBS facilities 29,818 30,708 Non-recourse indebtedness: CDO notes payable, at amortized cost 370,379 329,004 CMBS securitizations 713,263 721,456 Loans payable on real estate 134,687 137,583 Other indebtedness 40,880 40,830 Derivative liabilities 17 17 Warrants and investor SARs 27,500 27,500 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 June 30, 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of June 30, 2017 Derivative assets $ — $ 85 $ — $ 85 Total assets $ — $ 85 $ — $ 85 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of June 30, 2017 Junior subordinated notes, at fair value $ — $ — $ 12,524 $ 12,524 Derivative liabilities 17 17 Warrants and investor SARs — — 27,500 27,500 Total liabilities $ — $ 17 $ 40,024 $ 40,041 (1) During the six months ended June 30, 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) 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 (1) 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 June 30, 2017 include discount rates ranging from 10.9% to 11.2% 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 June 30, 2017 and December 31, 2016 include 49.0% and 51.0%, respectively, for the annual volatility of our common shares of beneficial interest over the term of the warrants and investor SARs, 9.5% and 10.0%, respectively, for the credit adjusted discount rate on our unsecured debt that may be issued in satisfaction of the warrants and investor SARs, and 13.2% 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 six months ended June 30, 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 (2,900 ) 702 (2,198 ) Purchases — — — Principal Repayments — — — Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024 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 June 30, 2017: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of March 31, 2017 $ 30,900 $ 12,482 $ 43,382 Change in fair value of financial instruments (3,400 ) 42 (3,358 ) Purchases — — — Principal Repayments — — — Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024 Non-Recurring Fair Value Measurements As of June 30, 2017, we measured three real estate assets at a fair value of $65,900 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 June 30, 2017, we measured one real estate asset at a fair value of $27,500 in our consolidated balance sheets as it was impaired. The fair value was based on an executed letter of intent for the real estate asset and was classified within Level 2 of the fair value hierarchy. The significant input was the purchase price agreed to with the potential buyer. As of June 30, 2017, we measured one real estate asset at a fair value of $23,218 as it was impaired. The fair value was based on various offers received to purchase the property and was classified within Level 2 of the fair value hierarchy. The significant inputs were the purchase prices offered by the potential buyers. As of June 30, 2017, we measured two real estate assets at a fair value of $40,300 in our consolidated balance sheets as they were impaired. The fair values were based on our broker’s opinion of value for the real estate assets and were classified within Level 3 of the fair value hierarchy. The significant inputs were the estimated fair value per linear foot of frontage of $11 for the land parcel and a terminal capitalization rate of 7.25% and a discount rate of 11.6% for the office property. As of June 30, 2017, we measured three real estate assets at a fair value of $44,200 in our consolidated balance sheets as they were impaired. The fair values were based on a discounted cash flow valuation for the real estate assets and were classified within Level 3 of the fair value hierarchy. The significant inputs were the terminal capitalization rates of 7.4%, 6.7%, and 7.7% and discount rates of 10.5%, 8.6%, and 8.8%. As of June 30, 2017, we measured our retail property manager reporting unit at a fair value of $1,975 in our consolidated balance sheets as it was impaired. The fair value was based on a discounted cash flow valuation for the reporting unit and was classified within Level 3 of the fair value hierarchy. The significant input was the discount rate of 18.0%. 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 June 30, 2017 Estimated Fair Value as of June 30, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,244,191 $ 1,192,723 Discounted Three 7.0% convertible senior notes 832 590 Trading price Two 4.0% convertible senior notes 121,065 119,680 Trading price Two 7.625% senior notes 55,687 55,018 Trading price Two 7.125% senior notes 69,477 70,420 Trading price Two Senior secured notes 14,355 15,783 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,995 Discounted cash flows Three CDO notes payable, at amortized cost 370,379 329,004 Discounted cash flows Three CMBS securitizations 713,263 721,456 Discounted cash flows Three Loans payable on real estate 134,687 137,583 Discounted cash flows Three Other indebtedness 40,880 40,830 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 June 30, For the Six Months Ended June 30, Description 2017 2016 2017 2016 Change in fair value of junior subordinated notes $ (42 ) $ (1,004 ) $ (702 ) $ (285 ) Change in fair value of derivatives (265 ) (388 ) (258 ) (2,295 ) Change in fair value of warrants and investors SARs 3,400 (200 ) 2,900 (3,100 ) Change in fair value of financial instruments $ 3,093 $ (1,592 ) $ 1,940 $ (5,680 ) The changes in the fair value for the junior subordinated notes for which the fair value option was elected for the three and six months ended June 30, 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 six months ended June 30, 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 and six months ended June 30, 2017 and 2016 was primarily attributable to changes in the reference stock price and volatility.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016, our consolidated VIEs were: RAIT I, RAIT II, our floating rate securitizations, RAIT VIE Properties (Willow Grove, Cherry Hill, 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 June 30, 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 June 30, 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 June 30, 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 $ 1,177,966 $ — $ 427,735 $ 1,605,701 Allowance for losses (23,514 ) — — (23,514 ) Total investments in mortgages and loans 1,154,452 — 427,735 1,582,187 Investments in real estate Investments in real estate — 114,609 — 114,609 Accumulated depreciation — (8,604 ) — (8,604 ) Total investments in real estate — 106,005 — 106,005 Cash and cash equivalents — 1,219 92 1,311 Restricted cash 10,448 1,114 55,617 67,179 Accrued interest receivable 48,764 — 2,818 51,582 Other assets 73 8,897 — 8,970 Intangible assets Intangible assets — 886 — 886 Accumulated amortization — (341 ) — (341 ) Total intangible assets — 545 — 545 Total assets $ 1,213,737 $ 117,780 $ 486,262 $ 1,817,779 Liabilities and Equity Indebtedness, net $ 1,019,996 $ 169,778 $ 479,948 $ 1,669,722 Accrued interest payable 951 15,819 1,364 18,134 Accounts payable and accrued expenses — 5,235 — 5,235 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 818 966 1,784 Total liabilities 1,020,947 191,650 482,278 1,694,875 Equity: Shareholders’ equity: Preferred shares — — — — Additional paid in capital — — — — RAIT investment 20,909 33,498 7,252 61,659 Retained earnings (deficit) 171,881 (107,608 ) (3,315 ) 60,958 Total shareholders’ equity 192,790 (74,110 ) 3,937 122,617 Noncontrolling Interests — 240 47 287 Total liabilities and equity $ 1,213,737 $ 117,780 $ 486,262 $ 1,817,779 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 $406,590 of total investments in mortgage loans and $484,065 of indebtedness as of June 30, 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	6 Months Ended
	Jun. 30, 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). 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. 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 and outstanding to 3,536,000 Series D preferred shares issued and outstanding. On June 22, 2017, we entered into a securities repurchase agreement with Almanac whereby we agreed to repurchase and cancel 402,280 Series D preferred shares at par for a purchase price of $10,057 which resulted in a decrease from 3,536,000 Series D preferred shares issued and outstanding to 3,133,720 Series D preferred shares issued and outstanding. The warrants and investor SARs had an initial strike price of $6.00 per common share, subject to adjustment. As of the date 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 $27,500 as of June 30, 2017. The fair value of the warrants and investor SARs are recorded as a liability and re-measured at each reporting period until the warrants and investor SARs are settled. Changes in fair value will be recorded in earnings as a component of the change in fair value of financial instruments in the consolidated statement of operations. The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through June 30, 2017: Aggregate purchase price $ 100,000 Repurchase $ (21,657 ) Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 25,950 Carrying amount of Series D preferred shares $ 75,654

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017: March 31, 2017 June 30, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 2,589 $ 2,589 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 1,225 $ 1,225 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 910 $ 910 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 1,879 $ 1,879 On June 22, 2017, we entered into a securities repurchase agreement whereby we agreed to repurchase and cancel 402,280 Series D preferred shares. The Series D Preferred Shares had a $1,879 total dividend declared on May 18, 2017 with a record date of June 1, 2017 which included a $214 payment on June 23, 2017 and a $1,665 payment on June 30, 2017. On August 2, 2017, the board of trustees declared a third quarter 2017 cash dividend of $0.484375 per share on RAIT’s 7.75% Series A Cumulative Redeemable Preferred Shares, $0.5234375 per share on RAIT’s 8.375% Series B Cumulative Redeemable Preferred Shares and $0.5546875 per share on RAIT’s 8.875% Series C Cumulative Redeemable Preferred Shares to holders of record as of September 1, 2017. The dividends are payable on October 2, 2017 . 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 June 30, 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 and six months ended June 30, 2017, we paid $26 and $305, respectively, of dividends on restricted common share awards that vested in each respective 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 was paid on June 15, 2017 and totaled $8,220. On August 2, 2017, the board of trustees declared a $0.05 dividend on our common shares to holders of record as of August 25, 2017. The dividend is payable on September 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: Share-Based Compensation and Employee Benefits in the 2016 Annual Report on Form 10-K for further details regarding these awards. 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 grant date for three of the eligible executives was April 26, 2017 and the grant date for the other eligible executive was June 22, 2017 for the 2017 awards. 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. Two components of the performance share unit award have market conditions and had April 26, 2017 grant date fair values of $1.18 and $0.90 per share and had June 22, 2017 grant date fair values of $0.23 and $0.15 per share. On June 28, 2017, the compensation committee awarded 186,912 unvested common share awards, valued at $400 using our closing stock price of $2.14, to the board’s non-management trustees. These awards vest on December 31, 2017. On June 28, 2017, the compensation committee awarded 70,093 common share awards, valued at $150 using our closing stock price of $2.14, to the board’s chairman. One-half of these awards vest immediately and one- half vest on December 31, 2017. During the three and six months ended June 30, 2017, we recorded $710 and $1,054 of stock compensation expense. Dividend Reinvestment and Share Purchase Plan (DRSPP): We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the six months ended June 30, 2017, we issued a total of 5,742 common shares pursuant to the DRSPP at a weighted-average price of $2.77 per share and we received $16 of net proceeds. As of June 30, 2017, 7,746,737 common shares, in the aggregate, remain available for issuance under the DRSPP. Capital on Demand™ Sales Agreement (COD): On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the six months ended June 30, 2017, we did not issue any common shares pursuant to this agreement. As of June 30, 2017, 7,918,919 common shares, in the aggregate, remain available for issuance under the COD sales agreement. Shareholders’ Equity Attributable to Common Shares: As of June 30, 2017, $(25,090) of total shareholders’ equity was attributable to common shares. Non-Controlling Interests RAIT Venture VIE: During the six months ended June 30, 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. During the three and six months ended June 30, 2017, we paid $8 of dividends on preferred shares. Refer to Note 2: Summary of Significant Accounting Policies, (p) Income Taxes, and Note 5: Indebtedness for further discussion about this entity. Deconsolidation of South Terrace: On June 30, 2017, we sold our membership interest in South Terrace, a multifamily real estate property, to a subsidiary of IRT for $42,950 of cash and limited partnership units. The limited partnership units, which had a value of $1,654, were issued to our previous non-controlling interest holders in South Terrace. This transaction resulted in the distribution of $1,618 of our non-controlling interests. Refer to Note 12: Related Party Transactions for further discussion.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (116,884 ) $ (6,471 ) $ (138,423 ) $ (18,459 ) (Income) loss allocated to preferred shares (8,817 ) (8,615 ) (17,343 ) (17,135 ) (Income) loss allocated to noncontrolling interests (56 ) 971 (76 ) 2,116 Income (loss) from continuing operations allocable to common shares (125,757 ) (14,115 ) (155,842 ) (33,478 ) Total Income (loss) from discontinued operations — 32,876 — 34,361 (Income) loss from discontinued operations allocated to noncontrolling interests — (26,341 ) — (26,307 ) Income (loss) from discontinued operations allocable to common shares — 6,535 — 8,054 Net income (loss) allocable to common shares $ (125,757 ) $ (7,580 ) $ (155,842 ) $ (25,424 ) Weighted-average shares outstanding—Basic 91,453,415 91,190,583 91,377,508 91,104,314 Dilutive securities — — — — Weighted-average shares outstanding—Diluted 91,453,415 91,190,583 91,377,508 91,104,314 Earnings (loss) per share—Basic: Continuing operations $ (1.38 ) $ (0.15 ) $ (1.71 ) $ (0.37 ) Discontinued operations - 0.07 - 0.09 Earnings (loss) per share—Basic $ (1.38 ) $ (0.08 ) $ (1.71 ) $ (0.28 ) Earnings (loss) per share—Diluted: Continuing operations $ (1.38 ) $ (0.15 ) $ (1.71 ) $ (0.37 ) Discontinued operations - 0.07 - 0.09 Earnings (loss) per share—Diluted $ (1.38 ) $ (0.08 ) $ (1.71 ) $ (0.28 ) For the three and six months ended June 30, 2017, securities convertible into 27,290,962 and 27,349,674 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive. For the three and six months ended June 30, 2016, securities convertible into 27,107,825 and 26,876,003 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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. Ballard Spahr LLP As of June 27, 2017, Justin P. Klein has been appointed as a trustee on our board of trustees. Mr. Klein is a partner at Ballard Spahr LLP. RAIT has paid Ballard Spahr LLP $119 during the six months ended June 30, 2017 and $17 during the six months ended June 30, 2016. The approximate dollar value of Mr. Klein’s interest in these fees was $1 for 2017 and $1 for 2016, based on Mr. Klein’s Ballard Spahr LLP partnership interest. Highland Capital Management, L.P. On May 26, 2017, RAIT entered into a cooperation agreement with Highland Capital Management, L.P. and its affiliates (Highland). P IRT As described in Note 16: Discontinued Operations, we deconsolidated IRT as of October 5, 2016. 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 and six months ended June 30, 2016, we earned $1,784 and $3,415 of asset management fees and $64 and $144 of incentive fees, which were eliminated in consolidation. As of June 30, 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 and six months ended June 30, 2016, we earned $1,229 and $2,491 of property management and construction management fees, which were eliminated in consolidation. As of June 30, 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 and six months ended June 30, 2016, we earned and subsequently received dividends of $1,308, and $2,617, respectively, which were eliminated in consolidation. As of June 30, 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 and six months ended June 30, 2016, we earned $486 of interest from IRT related to $38,075 of mortgage indebtedness held by us. As of June 30, 2017 and December 31, 2016, we had no amounts due from IRT related to this mortgage indebtedness. Other Transactions with IRT On June 30, 2017, we sold South Terrace, a multifamily property, to IRT for $42,950. The sales price was supported by a recent appraisal provided by a third party commercial real estate information services firm. RAIT recognized a gain of $9,189 on the sale. During the three months ended June 30, 2017, the joint shared services agreement between RAIT and IRT has ended. Pursuant to that shared services agreement, IRT reimbursed RAIT $340 and $727 for general and administrative services for the three and six months ended June 30, 2017, respectively. In addition, during the six months ended June 30, 2017, IRT reimbursed RAIT for $155 of general and administrative expenses that were paid on IRT’s behalf. Pursuant to property management agreements with IRT with respect to RAIT’s multifamily properties, RAIT paid IRT $75 and $212 of property management fees for the three and six months ended June 30, 2017, respectively. 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 and six months ended June 30, 2017, $94 and $188, respectively, 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. During the three months ended June 30, 2017, this bonus of $110 was paid.

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 2016 Cash paid for interest $ 31,498 $ 50,639 Cash paid for taxes 203 199 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) to noncontrolling interests from distribution of limited partnership units on South Terrace (1,618 ) — 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 six months ended June 30, 2017, see Note 4: Investments in Real Estate and Note 5: Indebtedness.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 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, but there is no assurance that such material adverse effect will not occur. During the six months ended June 30, 2017, we settled a matter with a former employee for $175.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2017
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 16: DISCONTINUED OPERATIONS As discussed in Note 1: The Company; on December 20, 2016, we completed the management internalization of one of our previously consolidated variable interest entities, IRT, pursuant to the IRT internalization agreement. The IRT management internalization consisted of two parts: (i) the sale of 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 us, 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 and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenue: Property income $ — $ 38,233 $ — $ 76,900 Fee and other income — 861 — 1,599 Total revenue — 39,094 — 78,499 Expenses: Interest expense — 8,923 — 18,635 Real estate operating expense — 15,623 — 31,481 Compensation expense — 2,002 — 3,875 General and administrative expense — 1,092 — 2,350 Acquisition expense — 159 — 319 Depreciation and amortization expense — 7,672 — 19,275 Total expenses — 35,471 — 75,935 Operating (Loss) Income — 3,623 — 2,564 Interest and other income (expense), net — — — — Gains (losses) on assets — 29,811 — 32,264 Gain (loss) on IRT merger with TSRE — — — 91 TSRE financing extinguishment and employee separation expenses — — — — Gains (losses) on extinguishments of debt — (558 ) — (558 ) Net income (loss) from discontinued operations $ — $ 32,876 $ — $ 34,361 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 18,951 Cash flow from investing activities from discontinued operations — 32,987 Cash flow from financing activities from discontinued operations — (62,084 ) Net change in cash and cash equivalents from discontinued operations — (10,146 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 28,159

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 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 June 30, 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 Quarterly Report on Form 10-Q.

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 rules and regulations of the U.S. Securities and Exchange Commission. 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. As of June 30, 2017, we began presenting our borrowers’ escrows liability as a separate line item on our consolidated balance sheets. This liability was previously presented within the deferred taxes, borrowers’ escrows and other liabilities line item on our consolidated balance sheets. We have conformed prior periods to reflect this change. The Consolidated Statement of Operations for the six-month period ended June 30, 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 on 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 and six months ended June 30, 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 attempt to 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 June 30, 2017 and December 31, 2016, we had $112,311 and $121,395 of restricted cash, respectively, which primarily relates to 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 June 30, 2017 and December 31, 2016, we had $81,269 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 that 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. During the three and six months ended June 30, 2017, we recognized $81,444 and $88,868, respectively, of non-cash impairment charges on our real estate assets. Refer to Note 4: Investments in Real Estate for further discussion of the non-cash impairment charges.
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 that 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. The accrued interest receivable associated with these loans as of June 30, 2017 and December 31, 2016 was $26,305 and $29,845, respectively. During the three months ended June 30, 2017, the accrued interest receivable of $3,636 related to one of these loans was determined to be uncollectible and was written off as a reduction to investment interest income. These loans are considered to be impaired when the total contractual amount owed exceeds the estimated value of the underlying collateral. Three of these loans, with an unpaid principal balance of $24,228 were considered to be impaired as of June 30, 2017. One of these loans, with an unpaid principal balance of $12,869 was considered to be impaired as of December 31, 2016. 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 350, “Intangibles-Goodwill and Other.” The gross carrying amount for our customer relationships was $3,134 and $12,276 as of June 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $16,543 and $26,122 as of June 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our retail property manager’s trade name was $0 and $1,500 as of June 30, 2017 and December 31, 2016, respectively. The accumulated amortization for our intangible assets was $8,776 and $22,230 as of June 30, 2017 and December 31, 2016, respectively. We recorded amortization expense of $1,913 and $5,451 for the three months ended June 30, 2017 and 2016, respectively, and $4,560 and $7,773 for the six months ended June 30, 2017 and 2016, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,604 for the remainder of 2017, $2,449 for 2018, $1,904 for 2019, $1,349 for 2020, $1,060 for 2021 and $2,535 thereafter. As a result of the declining profitability of our retail property manager subsidiary, which has been a product of the current challenges facing the retail property sector, we recognized non-cash impairment charges of $3,402 on our customer relationships and $963 on our retail property manager’s trade name during the three and six months ended June 30, 2017. These non-cash impairment charges are presented in asset impairment on our consolidated statements of operations.
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 June 30, 2017, $12,650 of notional amount of our derivative contracts were cleared on the LCH. During the second quarter of 2017, our LCH clearing member institution adopted the new rule change. As of June 30, 2017, $38 of variation margin payments related to these derivatives have been accounted for as settlements of the derivatives.
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 June 30, 2017 and December 31, 2016, we had $0 and $8,342, respectively, of goodwill that is included in Other Assets in the accompanying consolidated balance sheets. As a result of the declining profitability of our retail property manager subsidiary, which has been a product of the current challenges facing the retail property sector, we concluded that a triggering event had occurred leading to a $8,342 non-cash impairment charge on our goodwill, which was recognized during the three and six months ended June 30, 2017. This non-cash impairment charge is presented in goodwill impairment on our consolidated statements of operations.
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 of IRT. 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 estimates 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 and six months ended June 30, 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. On May 26, 2017, we entered into a cooperation agreement with this investor pursuant to which, among other things, the investor agreed to terminate its proxy contest against us and withdraw the notice of proposed trustee candidates it submitted to us and we agreed to reimburse the investor $250 for the out-of-pocket expenses incurred by the investor in connection with its unsolicited and nonbinding externalization of management proposal and its activist campaign against us. Refer to Note 12: Related Party Transactions for further discussion. Our expenses 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 totaled $1,615 and $2,309 for the three and six months ended June 30, 2017, respectively, and are presented as shareholder activism expenses in our consolidated statements of operations.
Recent Accounting Pronouncements	r. Recent Accounting Pronouncements We consider the applicability and impact of all accounting standards updates (ASUs) issued by the FASB. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations. 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 periods 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. 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. This standard did not have an impact on our consolidated financial statements, however, we applied the guidance contained in this accountings standard in measuring the goodwill impairment referred to above in section O. Goodwill. 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 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance, including industry-specific guidance. 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 states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a "right-of-use" asset. The accounting applied by the lessor is relatively unchanged. The recognition of operating leases on the consolidated balance sheets is expected to be the most significant impact of the adoption of this accounting standard. 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 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 clarify 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. In May 2017, the FASB issued an accounting standard classified under FASB ASC Subtopic 718, “Compensation – Stock Compensation”. The amendments in this accounting standard are to provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. In July 2017, the FASB issued an accounting standard classified under FASB ASC Subtopic 260, “Earnings per Share”, Subtopic 480, “Distinguishing Liabilities from Equity”, and Subtopic 815, “Derivatives and Hedging”. The amendments in this accounting standard change the classification analysis of certain equity-linked financial instruments (or embedded features) with down round features and recharacterize the indefinite deferral of certain provisions of Topic 480 to a scope exception. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption of the amendments in this standard is permitted. Management is currently evaluating the impact that this standard may have on our consolidated financial statements.

INVESTMENTS IN COMMERCIAL MOR26

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Investments in Loans	The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of June 30, 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) $ 1,158,504 $ (829 ) $ 1,157,675 94 6.0 % Jun. 2017 to Dec. 2025 Mezzanine loans 72,420 45 72,465 18 10.0 % Apr. 2017 to May 2025 Preferred equity interests 40,329 (1 ) 40,328 17 8.7 % Nov. 2018 to Jan. 2029 Total CRE (3) 1,271,253 (785 ) 1,270,468 129 6.4 % Deferred fees and costs, net (4) (2,763 ) - (2,763 ) Total $ 1,268,490 $ (785 ) $ 1,267,705 (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 one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan held for sale. (3) Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans. (4) Includes $7,685 of deferred fees, net of $4,922 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 (3) 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (4) (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 $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans. (4) 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 June 30, 2017 and December 31, 2016: As of June 30, 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 $ 1,107,427 $ — $ — $ 51,077 $ — $ 1,158,504 $ 104,723 Mezzanine loans 67,041 — — 5,379 — 72,420 13,681 Preferred equity interests 40,329 — — — — 40,329 3,650 Total $ 1,214,797 $ — $ — $ 56,456 $ — $ 1,271,253 $ 122,054 (1) Includes five loans that were current and one loan that is 60 to 89 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 investments in loans by credit risk category as of June 30, 2017 and December 31, 2016 as follows: As of June 30, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,039,281 $ 27,370 $ 33,622 $ 1,100,273 Watchlist (1) $ 119,223 $ 45,050 $ 6,707 170,980 Total $ 1,158,504 $ 72,420 $ 40,329 $ 1,271,253 (1) Includes $156,480 of loans that are considered to be impaired and $14,500 of loans that are not considered to be 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 June 30, 2017 and 2016: For the Three Months Ended June 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,979 $ 852 $ 1,700 $ 13,531 Provision (benefit) for loan losses 12,623 8,240 — 20,863 Charge-offs, net of recoveries (10,880 ) — — (10,880 ) Ending balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 For the Three Months Ended June 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,328 $ 12,040 $ 2,797 $ 18,165 Provision (benefit) for loan losses 1,069 93 182 1,344 Charge-offs, net of recoveries — (1,272 ) — (1,272 ) Ending balance $ 4,397 $ 10,861 $ 2,979 $ 18,237 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 — $ 1,714 $ 12,354 Provision (benefit) for loan losses 13,322 9,090 (14 ) 22,398 Charge-offs, net of recoveries (11,240 ) 2 — (11,238 ) Ending balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 For the Six Months Ended June 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision (benefit) for loan losses 1,243 251 1,175 2,669 Charge-offs, net of recoveries — (1,529 ) — (1,529 ) Ending balance $ 4,397 $ 10,861 $ 2,979 $ 18,237
Loans Considered to be Impaired	Information on those loans considered to be impaired as of June 30, 2017 and December 31, 2016 was as follows: As of June 30, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 5,420 $ 32,748 $ 3,057 $ 41,225 Impaired loans with reserves 99,303 12,302 3,650 115,255 Total Impaired Loans (1) $ 104,723 $ 45,050 $ 6,707 $ 156,480 Allowance for loan losses $ 12,722 $ 9,092 $ 1,700 $ 23,514 (1) As of June 30, 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)	6 Months Ended
	Jun. 30, 2017
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of June 30, 2017 As of December 31, 2016 Multifamily real estate properties $ 24,925 $ 147,201 Office real estate properties 232,858 397,769 Industrial real estate properties 48,374 93,423 Retail real estate properties 128,939 164,019 Parcels of land 35,153 52,234 Subtotal 470,249 854,646 Less: Accumulated depreciation and amortization (35,359 ) (138,214 ) Investments in real estate (1) $ 434,890 $ 716,432 (1) As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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 six months ended June 30, 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 Six Months Ended June 30, 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) Allocable to Common Shares for the Properties Acquired	The table below presents the revenue and net income (loss) allocable to common shares for the properties acquired during the six months ended June 30, 2017 as reported in our consolidated financial statements: For the Three Months Ended For the Six Months Ended June 30, 2017 June 30, 2017 Property Total Revenue Net income (loss) allocable to common shares Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 426 $ (85 ) $ 453 $ (124 ) Total $ 426 $ (85 ) $ 453 $ (124 )
Consolidated Unaudited Pro Forma Information	The table below presents the revenue, net income (loss) allocable to common shares and earnings (loss) 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 that 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 For the Six Months Ended June 30 June 30 Description 2017 2016 2017 2016 Pro forma total revenue (unaudited) $ 22,813 $ 46,313 $ 52,736 $ 95,276 Pro forma net income (loss) allocable to common shares (unaudited) (125,757 ) (7,637 ) (155,904 ) (25,649 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (1.38 ) (0.08 ) (1.71 ) (0.28 ) Diluted-as pro forma (unaudited) (1.38 ) (0.08 ) (1.71 ) (0.28 )
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 June 30, 2017 For the Six Months Ended June 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ (5 ) $ 2 Emerald Bay Multifamily 3/8/2017 23,750 772 (46 ) 135 Tiffany Square Office 3/9/2017 12,175 113 (3 ) 64 Oyster Point Multifamily 3/28/2017 11,500 (82 ) (16 ) (14 ) Executive Center Office 3/31/2017 10,600 437 (16 ) 121 MGS Land 3/31/2017 300 - - - 100 E. Lancaster Office 4/13/2017 4,575 14 17 76 UBS Tower Office 5/9/2017 14,150 - (9 ) (39 ) South Plaza (Parcel Sale) Retail 5/24/2017 11,478 1,481 213 443 South Terrace Multifamily 6/30/2017 42,950 9,189 154 319 Total $ 168,128 $ 19,581 $ 289 $ 1,107

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ (39 ) $ 832 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 126,098 (5,033 ) 121,065 4.0 % Oct. 2033 (2) 7.625% senior notes 57,287 (1,600 ) 55,687 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,254 ) 69,477 7.1 % Aug. 2019 Senior secured notes 15,500 (1,145 ) 14,355 7.2 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,147 ) 12,524 5.2 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.7 % Apr. 2037 Secured warehouse facilities 30,708 (890 ) 29,818 3.5 % Nov. Total recourse indebtedness 344,966 (16,108 ) 328,858 5.4 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 376,344 (5,965 ) 370,379 1.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6) 721,441 (8,178 ) 713,263 3.3 % Jan. 2031 to June 2037 Loans payable on real estate (7) 135,123 (436 ) 134,687 5.6 % June 2016 to Dec. 2021 Total non-recourse indebtedness 1,232,908 (14,579 ) 1,218,329 3.1 % Other indebtedness (8) 40,830 50 40,880 — — Total indebtedness $ 1,618,704 $ (30,637 ) $ 1,588,067 3.6 % (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 $769,303 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $418,486 of which is eliminated 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 $870,085 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. One loan payable on real estate had a maturity date of April 2017. 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 (1) 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 (2) 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 Jan. 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 % May 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 is eliminated 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) $ - $ 72,825 2018 32,208 1,315 2019 84,731 1,387 2020 - 1,455 2021 - 25,980 Thereafter (2) 228,027 1,129,946 Total $ 344,966 $ 1,232,908 (1) Non-recourse indebtedness includes $54,475 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. In August of 2017, the senior lender foreclosed on the mortgage lien encumbering one more of these industrial properties lso includes one loan payable on real estate that had a maturity date of April 2017, collateralized by two industrial properties and two office properties. This loan is currently in default and is in the process of foreclosure. (2) Includes $871 of our 7.0% convertible senior notes that 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 that 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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016: As of June 30, 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 $ 85 $ - $ 28,960 $ 135 $ - Interest rate swaps 12,650 - 17 15,175 71 - Net fair value $ 41,610 $ 85 $ 17 $ 44,135 $ 206 $ -

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
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 June 30, 2017 Estimated Fair Value as of June 30, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,244,191 $ 1,192,723 Discounted Three 7.0% convertible senior notes 832 590 Trading price Two 4.0% convertible senior notes 121,065 119,680 Trading price Two 7.625% senior notes 55,687 55,018 Trading price Two 7.125% senior notes 69,477 70,420 Trading price Two Senior secured notes 14,355 15,783 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 13,995 Discounted cash flows Three CDO notes payable, at amortized cost 370,379 329,004 Discounted cash flows Three CMBS securitizations 713,263 721,456 Discounted cash flows Three Loans payable on real estate 134,687 137,583 Discounted cash flows Three Other indebtedness 40,880 40,830 Discounted cash flows Three
Carrying Amount and Fair Value of Financial Instruments	The following table summarizes the carrying amount and the fair value of our financial instruments as of June 30, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,244,191 $ 1,192,723 Cash and cash equivalents 89,317 89,317 Restricted cash 193,580 193,580 Derivative assets 85 85 Liabilities Recourse indebtedness: 7.0% convertible senior notes 832 590 4.0% convertible senior notes 121,065 119,680 7.625% senior notes 55,687 55,018 7.125% senior notes 69,477 70,420 Senior secured notes 14,355 15,783 Junior subordinated notes, at fair value 12,524 12,524 Junior subordinated notes, at amortized cost 25,100 13,995 CMBS facilities 29,818 30,708 Non-recourse indebtedness: CDO notes payable, at amortized cost 370,379 329,004 CMBS securitizations 713,263 721,456 Loans payable on real estate 134,687 137,583 Other indebtedness 40,880 40,830 Derivative liabilities 17 17 Warrants and investor SARs 27,500 27,500 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 June 30, 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of June 30, 2017 Derivative assets $ — $ 85 $ — $ 85 Total assets $ — $ 85 $ — $ 85 Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of June 30, 2017 Junior subordinated notes, at fair value $ — $ — $ 12,524 $ 12,524 Derivative liabilities 17 17 Warrants and investor SARs — — 27,500 27,500 Total liabilities $ — $ 17 $ 40,024 $ 40,041 (1) During the six months ended June 30, 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) 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) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) 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 (1) 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 (2,900 ) 702 (2,198 ) Purchases — — — Principal Repayments — — — Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024 Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of March 31, 2017 $ 30,900 $ 12,482 $ 43,382 Change in fair value of financial instruments (3,400 ) 42 (3,358 ) Purchases — — — Principal Repayments — — — Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024
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 June 30, For the Six Months Ended June 30, Description 2017 2016 2017 2016 Change in fair value of junior subordinated notes $ (42 ) $ (1,004 ) $ (702 ) $ (285 ) Change in fair value of derivatives (265 ) (388 ) (258 ) (2,295 ) Change in fair value of warrants and investors SARs 3,400 (200 ) 2,900 (3,100 ) Change in fair value of financial instruments $ 3,093 $ (1,592 ) $ 1,940 $ (5,680 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 1,177,966 $ — $ 427,735 $ 1,605,701 Allowance for losses (23,514 ) — — (23,514 ) Total investments in mortgages and loans 1,154,452 — 427,735 1,582,187 Investments in real estate Investments in real estate — 114,609 — 114,609 Accumulated depreciation — (8,604 ) — (8,604 ) Total investments in real estate — 106,005 — 106,005 Cash and cash equivalents — 1,219 92 1,311 Restricted cash 10,448 1,114 55,617 67,179 Accrued interest receivable 48,764 — 2,818 51,582 Other assets 73 8,897 — 8,970 Intangible assets Intangible assets — 886 — 886 Accumulated amortization — (341 ) — (341 ) Total intangible assets — 545 — 545 Total assets $ 1,213,737 $ 117,780 $ 486,262 $ 1,817,779 Liabilities and Equity Indebtedness, net $ 1,019,996 $ 169,778 $ 479,948 $ 1,669,722 Accrued interest payable 951 15,819 1,364 18,134 Accounts payable and accrued expenses — 5,235 — 5,235 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 818 966 1,784 Total liabilities 1,020,947 191,650 482,278 1,694,875 Equity: Shareholders’ equity: Preferred shares — — — — Additional paid in capital — — — — RAIT investment 20,909 33,498 7,252 61,659 Retained earnings (deficit) 171,881 (107,608 ) (3,315 ) 60,958 Total shareholders’ equity 192,790 (74,110 ) 3,937 122,617 Noncontrolling Interests — 240 47 287 Total liabilities and equity $ 1,213,737 $ 117,780 $ 486,262 $ 1,817,779 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)	6 Months Ended
	Jun. 30, 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 June 30, 2017: Aggregate purchase price $ 100,000 Repurchase $ (21,657 ) Initial value of warrants and investor SARs issued to-date (21,805 ) Costs incurred (6,834 ) Total discount (28,639 ) Discount amortization to-date 25,950 Carrying amount of Series D preferred shares $ 75,654

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017: March 31, 2017 June 30, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 2,589 $ 2,589 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 1,225 $ 1,225 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 910 $ 910 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 Record date 3/1/2017 6/1/2017 Date paid 3/31/2017 6/30/2017 Total dividend amount $ 1,879 $ 1,879

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (116,884 ) $ (6,471 ) $ (138,423 ) $ (18,459 ) (Income) loss allocated to preferred shares (8,817 ) (8,615 ) (17,343 ) (17,135 ) (Income) loss allocated to noncontrolling interests (56 ) 971 (76 ) 2,116 Income (loss) from continuing operations allocable to common shares (125,757 ) (14,115 ) (155,842 ) (33,478 ) Total Income (loss) from discontinued operations — 32,876 — 34,361 (Income) loss from discontinued operations allocated to noncontrolling interests — (26,341 ) — (26,307 ) Income (loss) from discontinued operations allocable to common shares — 6,535 — 8,054 Net income (loss) allocable to common shares $ (125,757 ) $ (7,580 ) $ (155,842 ) $ (25,424 ) Weighted-average shares outstanding—Basic 91,453,415 91,190,583 91,377,508 91,104,314 Dilutive securities — — — — Weighted-average shares outstanding—Diluted 91,453,415 91,190,583 91,377,508 91,104,314 Earnings (loss) per share—Basic: Continuing operations $ (1.38 ) $ (0.15 ) $ (1.71 ) $ (0.37 ) Discontinued operations - 0.07 - 0.09 Earnings (loss) per share—Basic $ (1.38 ) $ (0.08 ) $ (1.71 ) $ (0.28 ) Earnings (loss) per share—Diluted: Continuing operations $ (1.38 ) $ (0.15 ) $ (1.71 ) $ (0.37 ) Discontinued operations - 0.07 - 0.09 Earnings (loss) per share—Diluted $ (1.38 ) $ (0.08 ) $ (1.71 ) $ (0.28 )

SUPPLEMENTAL DISCLOSURE TO CONS

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 2016 Cash paid for interest $ 31,498 $ 50,639 Cash paid for taxes 203 199 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) to noncontrolling interests from distribution of limited partnership units on South Terrace (1,618 ) — Non-cash increase (decrease) in indebtedness from deconsolidation of properties (27,467 ) —

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 For the Six Months Ended June 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ (5 ) $ 2 Emerald Bay Multifamily 3/8/2017 23,750 772 (46 ) 135 Tiffany Square Office 3/9/2017 12,175 113 (3 ) 64 Oyster Point Multifamily 3/28/2017 11,500 (82 ) (16 ) (14 ) Executive Center Office 3/31/2017 10,600 437 (16 ) 121 MGS Land 3/31/2017 300 - - - 100 E. Lancaster Office 4/13/2017 4,575 14 17 76 UBS Tower Office 5/9/2017 14,150 - (9 ) (39 ) South Plaza (Parcel Sale) Retail 5/24/2017 11,478 1,481 213 443 South Terrace Multifamily 6/30/2017 42,950 9,189 154 319 Total $ 168,128 $ 19,581 $ 289 $ 1,107
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 and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Revenue: Property income $ — $ 38,233 $ — $ 76,900 Fee and other income — 861 — 1,599 Total revenue — 39,094 — 78,499 Expenses: Interest expense — 8,923 — 18,635 Real estate operating expense — 15,623 — 31,481 Compensation expense — 2,002 — 3,875 General and administrative expense — 1,092 — 2,350 Acquisition expense — 159 — 319 Depreciation and amortization expense — 7,672 — 19,275 Total expenses — 35,471 — 75,935 Operating (Loss) Income — 3,623 — 2,564 Interest and other income (expense), net — — — — Gains (losses) on assets — 29,811 — 32,264 Gain (loss) on IRT merger with TSRE — — — 91 TSRE financing extinguishment and employee separation expenses — — — — Gains (losses) on extinguishments of debt — (558 ) — (558 ) Net income (loss) from discontinued operations $ — $ 32,876 $ — $ 34,361 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 six months ended June 30, 2017 and 2016: For the Six Months Ended June 30, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 18,951 Cash flow from investing activities from discontinued operations — 32,987 Cash flow from financing activities from discontinued operations — (62,084 ) Net change in cash and cash equivalents from discontinued operations — (10,146 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 28,159

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)	May 26, 2017USD ($)	Jun. 30, 2017USD ($)Loan	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2017USD ($)Loan	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)Loan
Significant Accounting Policies [Line Items]
Investment interest expense		$ 10,546,000	$ 9,125,000		$ 20,319,000	$ 18,445,000
Federal deposit insurance corporation, insurance limit per institution		250,000			250,000
Restricted cash		193,580,000			193,580,000		$ 190,179,000
Non-cash impairment charges on real estate assets		81,444,000			88,868,000
Accrued interest receivable		32,141,000			32,141,000		36,271,000
Earned asset management fees		215,000	376,000		488,000	778,000
Intangible assets, accumulated amortization		8,776,000			8,776,000		22,230,000
Intangible assets, amortization expenses		1,913,000	$ 5,451,000		4,560,000	7,773,000
Expected amortization expense of intangible assets, remainder of 2017		1,604,000			1,604,000
Expected amortization expense of intangible assets in 2018		2,449,000			2,449,000
Expected amortization expense of intangible assets in 2019		1,904,000			1,904,000
Expected amortization expense of intangible assets in 2020		1,349,000			1,349,000
Expected amortization expense of intangible assets in 2021		1,060,000			1,060,000
Expected amortization expense of intangible assets thereafter		2,535,000			2,535,000
Notional amount		41,610,000			41,610,000		44,135,000
Variation margin payment settlement of derivative		38,000			38,000
Goodwill		0			0		8,342,000
Non-cash impairment charge on goodwill		8,342,000			8,342,000
Income tax benefit					249,000
Deferred income tax expense		22,000			22,000	$ (2,841,000)
Shareholder activism expenses		1,615,000			2,309,000
Highland Capital Management, L. P.
Significant Accounting Policies [Line Items]
Reimbursement of certain costs incurred by related party	$ 250,000
London Clearing House
Significant Accounting Policies [Line Items]
Notional amount		12,650,000			12,650,000
Customer relationships
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount		3,134,000			3,134,000		12,276,000
Intangible assets, non-cash impairment charges		3,402,000			3,402,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount		16,543,000			16,543,000		26,122,000
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount		0			0		1,500,000
Intangible assets, non-cash impairment charges		963,000			963,000
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable		$ 26,305,000			26,305,000		29,845,000
Impairment of loans					$ 24,228,000		$ 12,869,000
Number of impaired loans | Loan		3			3		1
Loans and Finance Receivables | Uncollectible and Written Off
Significant Accounting Policies [Line Items]
Accrued interest receivable written off as reduction to investment interest income		$ 3,636,000
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		112,311,000			$ 112,311,000		$ 121,395,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash		$ 81,269,000			$ 81,269,000		$ 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		6 Months Ended		12 Months Ended
		Jun. 30, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,271,253	[1]	$ 1,294,874	[2]
Total investment in loans, Unamortized (Discounts) Premiums		(785)	[1]	(808)	[2]
Carrying Amount		$ 1,270,468	[1]	$ 1,294,066	[2]
Number of Loans | Loan		129	[1]	134	[2]
Weighted-Average Coupon	[3]	6.40%	[1]	6.10%	[2]
Deferred fees and costs, net		$ (2,763)	[4]	$ (1,427)	[5]
Total investments in loans, Unpaid Principal Balance		1,268,490		1,293,447
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		$ 1,267,705		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		$ 1,158,504	[6]	1,162,233	[7]
Total investment in loans, Unamortized (Discounts) Premiums		(829)	[6]	(852)	[7]
Carrying Amount		$ 1,157,675	[6]	$ 1,161,381	[7]
Number of Loans | Loan		94	[6]	94	[7]
Weighted-Average Coupon	[3]	6.00%	[6]	5.80%	[7]
Range of Maturity Dates, Minimum		Jun. 30, 2017	[6]	Jan. 31, 2017	[7]
Range of Maturity Dates, Maximum		Dec. 31, 2025	[6]	Dec. 31, 2025	[7]
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 72,420		$ 89,811
Total investment in loans, Unamortized (Discounts) Premiums		45		45
Carrying Amount		$ 72,465		$ 89,856
Number of Loans | Loan		18		23
Weighted-Average Coupon	[3]	10.00%		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		17		17
Weighted-Average Coupon	[3]	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]	Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[4]	Includes $7,685 of deferred fees, net of $4,922 of deferred costs.
[5]	Includes $5,978 of deferred fees, net of $4,551 of deferred costs.
[6]	Commercial mortgage loans include one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan held for sale.
[7]	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		6 Months Ended		12 Months Ended
		Jun. 30, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
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		129	[1]	134	[2]
Unpaid Principal Balance		$ 1,271,253	[1]	$ 1,294,874	[2]
Weighted-Average Coupon	[3]	6.40%	[1]	6.10%	[2]
Carrying Amount		$ 1,270,468	[1]	$ 1,294,066	[2]
Commercial Portfolio Segment | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 151,952		$ 155,750
Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		94	[4]	94	[5]
Unpaid Principal Balance		$ 1,158,504	[4]	$ 1,162,233	[5]
Weighted-Average Coupon	[3]	6.00%	[4]	5.80%	[5]
Carrying Amount		$ 1,157,675	[4]	$ 1,161,381	[5]
Commercial Portfolio Segment | Commercial mortgage loans | Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1		2
Unpaid Principal Balance		$ 16,801		$ 20,181
Weighted-Average Coupon		4.80%		4.80%
Deferred fees		$ 7,685		$ 5,978
Deferred costs		4,922		4,551
Commercial Portfolio Segment | Commercial mortgage loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 94,986		$ 98,784
Commercial Portfolio Segment | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		18		23
Unpaid Principal Balance		$ 72,420		$ 89,811
Weighted-Average Coupon	[3]	10.00%		9.90%
Carrying Amount		$ 72,465		$ 89,856
Commercial Portfolio Segment | Mezzanine Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 21,171		$ 21,171
Commercial Portfolio Segment | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		17		17
Unpaid Principal Balance		$ 40,329		$ 42,830
Weighted-Average Coupon	[3]	8.70%		8.20%
Carrying Amount		$ 40,328		$ 42,829
Commercial Portfolio Segment | Preferred Equity Interests | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 35,795		$ 35,795
[1]	Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[4]	Commercial mortgage loans include one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan 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.

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan (Detail) - USD ($) $ in Thousands	Jun. 30, 2017		Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 1,271,253		$ 1,294,874
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,214,797		1,243,160
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			50,335
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	56,456		1,379
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	122,054	[1]	121,038	[2]
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,158,504		1,162,233
Commercial Mortgage Loans | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,107,427		1,111,898
Commercial Mortgage Loans | 30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			50,335
Commercial Mortgage Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	51,077
Commercial Mortgage Loans | Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	104,723	[1]	113,509	[2]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	72,420		89,811
Mezzanine Loans | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	67,041		88,432
Mezzanine Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	5,379		1,379
Mezzanine Loans | Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	13,681	[1]	1,379	[2]
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,329		42,830
Preferred Equity Interests | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,329		42,830
Preferred Equity Interests | Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 3,650	[1]	$ 6,150	[2]
[1]	Includes five loans that were current and one loan that is 60 to 89 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			6 Months Ended			12 Months Ended
	Jun. 30, 2017USD ($)Loan		Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Loan		Jun. 30, 2016USD ($)Loan	Dec. 31, 2016USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Provision for loan losses	$ 20,863		$ 1,344	$ 22,398		$ 2,669
Average impaired loans unpaid balance	151,807		130,496	152,007		131,076
Interest income from impaired loans	124		1,134	$ 344		2,522
Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan				1
Provision for loan losses	12,623		1,069	$ 13,322		$ 1,243
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				129	[1]		134	[2]
Commercial real estate loans on non-accrual status	1,271,253	[1]		$ 1,271,253	[1]		$ 1,294,874	[2]
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan				0
Commercial Portfolio Segment | Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan				94	[3]		94	[4]
Commercial real estate loans on non-accrual status	$ 1,158,504	[3]		$ 1,158,504	[3]		$ 1,162,233	[4]
Commercial Portfolio Segment | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan	1			1		1
Unpaid principal balance constituted a TDR	$ 6,009		$ 15,645	$ 6,009		$ 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	$ 122,054			$ 122,054			$ 121,038
Weighted-average interest rate	6.60%			6.60%			5.80%
Recognizing interest on the cash basis | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Weighted-average interest rate	12.90%			12.90%			12.90%
Number of Loans | Loan				3			3
Commercial real estate loans on non-accrual status	$ 20,625			$ 20,625			$ 20,625
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			$ 18,500
Loans Originated Prior to 2010
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	5
Provision for loan losses	$ 20,863			$ 22,398
[1]	Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Commercial mortgage loans include one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan held for sale.
[4]	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	Jun. 30, 2017		Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,271,253	[1]	$ 1,294,874	[2]
Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,158,504	[3]	1,162,233	[4]
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	72,420		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	1,100,273		1,142,467
Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,039,281		1,048,724
Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	27,370		57,063
Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,622		36,680
Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	170,980	[5]	152,407	[6]
Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	119,223	[5]	113,509	[6]
Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	45,050	[5]	32,748	[6]
Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 6,707	[5]	$ 6,150	[6]
[1]	Includes $151,952 of cash flow loans, of which $94,986 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (i) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Commercial mortgage loans include one conduit loan with an unpaid principal balance and carrying amount of $16,801, a weighted-average coupon of 4.8%, and a maturity date of December 2025. This commercial mortgage loan is accounted for as a loan held for sale.
[4]	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.
[5]	Includes $156,480 of loans that are considered to be impaired and $14,500 of loans that are not considered to be impaired.
[6]	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	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 156,480	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 13,531	$ 18,165	$ 12,354	$ 17,097
Provision (benefit) for loan losses	20,863	1,344	22,398	2,669
Charge-offs, net of recoveries	(10,880)	(1,272)	(11,238)	(1,529)
Ending balance	23,514	18,237	23,514	18,237
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	10,979	3,328	10,640	3,154
Provision (benefit) for loan losses	12,623	1,069	13,322	1,243
Charge-offs, net of recoveries	(10,880)		(11,240)
Ending balance	12,722	4,397	12,722	4,397
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	852	12,040		12,139
Provision (benefit) for loan losses	8,240	93	9,090	251
Charge-offs, net of recoveries		(1,272)	2	(1,529)
Ending balance	9,092	10,861	9,092	10,861
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	1,700	2,797	1,714	1,804
Provision (benefit) for loan losses		182	(14)	1,175
Ending balance	$ 1,700	$ 2,979	$ 1,700	$ 2,979

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Jun. 30, 2017		Mar. 31, 2017	Dec. 31, 2016		Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	$ 41,225			$ 32,748
Impaired loans with reserves	115,255			119,659
Total Impaired Loans	156,480	[1]		152,407	[2]
Allowance for loan losses	23,514		$ 13,531	12,354		$ 18,237	$ 18,165	$ 17,097
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	5,420
Impaired loans with reserves	99,303			113,509
Total Impaired Loans	104,723	[1]		113,509	[2]
Allowance for loan losses	12,722		10,979	10,640		4,397	3,328	3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	32,748			32,748
Impaired loans with reserves	12,302
Total Impaired Loans	45,050	[1]		32,748	[2]
Allowance for loan losses	9,092		852			10,861	12,040	12,139
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	3,057
Impaired loans with reserves	3,650			6,150
Total Impaired Loans	6,707	[1]		6,150	[2]
Allowance for loan losses	$ 1,700		$ 1,700	$ 1,714		$ 2,979	$ 2,797	$ 1,804
[1]	As of June 30, 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	Jun. 30, 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		Jun. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 470,249	$ 854,646
Less: Accumulated depreciation and amortization		(35,359)	(138,214)
Investments in real estate, net, Book Value	[1]	434,890	716,432
Multifamily real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		24,925	147,201
Office
Real Estate Properties [Line Items]
Investments in real estate, Book Value		232,858	397,769
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		48,374	93,423
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		128,939	164,019
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 35,153	$ 52,234
[1]	As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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	Jun. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)Property
Multifamily properties
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $	$ 5,932	$ 62,428
Number of real estate properties held for sale | Property	1	3
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

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands		1 Months Ended		3 Months Ended	6 Months Ended	12 Months Ended
		Aug. 31, 2017USD ($)Property	Jul. 31, 2017USD ($)Property	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	[1]			$ 434,890	$ 434,890	$ 716,432
Investments in real estate				470,249	470,249	854,646
Mortgages loans or other debt held by third parties				135,123	135,123	186,237
Mortgages loans held by consolidated securitizations				497,244	$ 497,244	642,824
Number of retail property disposed | Property					1
Number of parcel land disposed | Property					1
Gains (losses) on deconsolidation of properties					$ (15,947)
Non-cash impairment charges on real estate assets				81,444	88,868
New Investment Approach
Real Estate Properties [Line Items]
Investments in real estate				97,722	97,722
Non-cash impairment charges on real estate assets				74,514
Investments in real estate, gross				172,236	172,236
Subsequent Event
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property			1
Disposal of real estate properties			$ 6,450
Prior Year Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on sale						62
Multifamily properties
Real Estate Properties [Line Items]
Investments in real estate				24,925	$ 24,925	147,201
Number of real estate properties disposed | Property					4
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				232,858	$ 232,858	397,769
Number of real estate properties disposed | Property					4
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate				48,374	$ 48,374	93,423
Gains (losses) on deconsolidation of properties					$ (15,947)
Number of industrial real estate properties deconsolidated | Property					10
Deconsolidation of properties, carrying value				38,516	$ 38,516	82,501
Cross-collateralized non-recourse debt related to deconsolidation of property				54,475	$ 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
Industrial real estate properties | Scenario Forecast
Real Estate Properties [Line Items]
Number of mortgage liens properties | Property		1
Mortgage liens properties aggregate carrying value		$ 5,091
Additional number of properties serve as collateral | Property		4
Unpaid principal balance of mortgage loan		$ 54,475
Four Real Estate Properties
Real Estate Properties [Line Items]
Investments in real estate				102,155	$ 102,155
Non-cash impairment charges on real estate assets				50,274
Additional non-cash impairment charges					7,424
One Office Property
Real Estate Properties [Line Items]
Investments in real estate				39,218	39,218
Non-cash impairment charges on real estate assets				17,447
One Retail Property
Real Estate Properties [Line Items]
Investments in real estate				30,863	30,863
Non-cash impairment charges on real estate assets				6,793
Six Other Real Estate Properties
Real Estate Properties [Line Items]
Non-cash impairment charges on real estate assets				6,930
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				113,060	113,060	169,133
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value				$ 357,189	$ 357,189	$ 685,513
[1]	As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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	Jun. 30, 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	6 Months Ended
	Jun. 30, 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) Allocable to Common Shares for the Properties Acquired (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate Properties [Line Items]
Total Revenue	$ 16,946	$ 29,666	$ 37,011	$ 59,721
Net income (loss) allocable to common shares	(125,757)	$ (7,580)	(155,842)	$ (25,424)
Properties Acquired
Real Estate Properties [Line Items]
Total Revenue	426		453
Net income (loss) allocable to common shares	(85)		(124)
Properties Acquired | Erieview Galleria
Real Estate Properties [Line Items]
Total Revenue	426		453
Net income (loss) allocable to common shares	$ (85)		$ (124)

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Combinations [Abstract]
Pro forma total revenue (unaudited)	$ 22,813	$ 46,313	$ 52,736	$ 95,276
Pro forma net income (loss) allocable to common shares (unaudited)	$ (125,757)	$ (7,637)	$ (155,904)	$ (25,649)
Basic-as pro forma (unaudited)	$ (1.38)	$ (0.08)	$ (1.71)	$ (0.28)
Diluted-as pro forma (unaudited)	$ (1.38)	$ (0.08)	$ (1.71)	$ (0.28)

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate Properties [Line Items]
Net income (loss) allocable to common shares	$ (125,757)	$ (7,580)	$ (155,842)	$ (25,424)
Multifamily properties | South Terrace
Real Estate Properties [Line Items]
Gain (loss) on sale			9,189
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price			168,128
Gain (loss) on sale			19,581
Net income (loss) allocable to common shares	289		$ 1,107
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	(5)		$ 2
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	(46)		$ 135
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	(16)		$ (14)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | South Terrace
Real Estate Properties [Line Items]
Date of Sale			Jun. 30, 2017
Sale Price			$ 42,950
Gain (loss) on sale			9,189
Net income (loss) allocable to common shares	154		$ 319
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	(3)		$ 64
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	(16)		$ 121
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | 100 E. Lancaster
Real Estate Properties [Line Items]
Date of Sale			Apr. 13, 2017
Sale Price			$ 4,575
Gain (loss) on sale			14
Net income (loss) allocable to common shares	17		$ 76
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | UBS Tower
Real Estate Properties [Line Items]
Date of Sale			May 9, 2017
Sale Price			$ 14,150
Net income (loss) allocable to common shares	(9)		$ (39)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Retail real estate properties | South Plaza (Parcel Sale)
Real Estate Properties [Line Items]
Date of Sale			May 24, 2017
Sale Price			$ 11,478
Gain (loss) on sale			1,481
Net income (loss) allocable to common shares	$ 213		$ 443
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		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,618,704		$ 1,787,974
Unamortized Discount/Premium and Deferred Financing Costs		(30,637)		(36,892)
Indebtedness		$ 1,588,067		$ 1,751,082
Weighted-Average Interest Rate		3.60%		3.50%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 344,966		$ 387,179
Unamortized Discount/Premium and Deferred Financing Costs		(16,108)		(21,258)
Indebtedness		$ 328,858		$ 365,921
Weighted-Average Interest Rate		5.40%		5.50%
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,232,908		$ 1,376,474
Unamortized Discount/Premium and Deferred Financing Costs		(14,579)		(15,228)
Indebtedness		$ 1,218,329		$ 1,361,246
Weighted-Average Interest Rate		3.10%		2.90%
Contractual Maturity, month and year		2016-06
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[1]	$ 871		$ 871
Unamortized Discount/Premium and Deferred Financing Costs	[1]	(39)		(40)
Indebtedness	[1]	$ 832		$ 831
Weighted-Average Interest Rate	[1]	7.00%		7.00%
Contractual Maturity, month and year	[1]	2031-04		2031-04
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[2]	$ 126,098		$ 126,098
Unamortized Discount/Premium and Deferred Financing Costs	[2]	(5,033)		(5,827)
Indebtedness	[2]	$ 121,065		$ 120,271
Weighted-Average Interest Rate	[2]	4.00%		4.00%
Contractual Maturity, month and year	[2]	2033-10		2033-10
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 57,287		$ 57,287
Unamortized Discount/Premium and Deferred Financing Costs		(1,600)		(1,719)
Indebtedness		$ 55,687		$ 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		(1,254)		(1,543)
Indebtedness		$ 69,477		$ 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		$ 15,500		$ 62,000
Unamortized Discount/Premium and Deferred Financing Costs		(1,145)		(3,767)
Indebtedness		$ 14,355		$ 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	[3]	$ 18,671		$ 18,671
Unamortized Discount/Premium and Deferred Financing Costs	[3]	(6,147)		(6,849)
Indebtedness	[3]	$ 12,524		$ 11,822
Weighted-Average Interest Rate	[3]	5.20%		4.80%
Contractual Maturity, month and year	[3]	2035-03		2035-03
Junior subordinated notes, at amortized cost | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 25,100		$ 25,100
Indebtedness		$ 25,100		$ 25,100
Weighted-Average Interest Rate		3.70%		3.40%
Contractual Maturity, month and year		2037-04		2037-04
Secured warehouse facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 30,708		$ 26,421
Unamortized Discount/Premium and Deferred Financing Costs		(890)		(1,513)
Indebtedness		$ 29,818		$ 24,908
Weighted-Average Interest Rate		3.50%		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		2018-01
CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[5]	$ 376,344	[4]	$ 542,316	[6]
Unamortized Discount/Premium and Deferred Financing Costs	[5]	(5,965)	[4]	(7,815)	[6]
Indebtedness	[5]	$ 370,379	[4]	$ 534,501	[6]
Weighted-Average Interest Rate	[5]	1.90%	[4]	1.70%	[6]
CDO notes payable, at amortized cost | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[5]	2045-06	[4]	2045-06	[6]
CDO notes payable, at amortized cost | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[5]	2046-11	[4]	2046-11	[6]
Loans payable on real estate | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 135,123	[7]	$ 186,237	[8]
Unamortized Discount/Premium and Deferred Financing Costs		(436)	[7]	(569)	[8]
Indebtedness		$ 134,687	[7]	$ 185,668	[8]
Weighted-Average Interest Rate		5.60%	[7]	5.70%	[8]
Contractual Maturity, month and year		2017-04
Loans payable on real estate | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2016-06	[7]	2016-06	[8]
Loans payable on real estate | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-12	[7]	2021-12	[8]
Other indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 40,830	[9]	$ 24,321	[10]
Unamortized Discount/Premium and Deferred Financing Costs		50	[9]	(406)	[10]
Indebtedness		40,880	[9]	23,915	[10]
CMBS securitizations | Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		721,441	[11]	647,921	[12]
Unamortized Discount/Premium and Deferred Financing Costs		(8,178)	[11]	(6,844)	[12]
Indebtedness		$ 713,263	[11]	$ 641,077	[12]
Weighted-Average Interest Rate		3.30%	[11]	3.10%	[12]
CMBS securitizations | Non-recourse indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2031-01	[11]	2031-05	[12]
CMBS securitizations | Non-recourse indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2037-06	[11]	2031-12	[12]
[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]	Collateralized by $769,303 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $418,486 of which is eliminated 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.
[5]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[6]	Collateralized by $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[7]	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. One loan payable on real estate had a maturity date of April 2017. This loan is currently in default and is in the process of foreclosure.
[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]	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.
[10]	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.
[11]	Collateralized by $870,085 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[12]	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		6 Months Ended		12 Months Ended
		Jun. 30, 2017USD ($)Venture		Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,618,704		$ 1,787,974
Number of joint venture | Venture		2
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 344,966		387,179
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		1,232,908		1,376,474
Non-recourse indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral		870,085		789,421
Unpaid Principal Balance		721,441	[1]	647,921	[2]
Non-recourse indebtedness | Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral		$ 418,486		$ 535,041
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%
Unpaid Principal Balance	[3]	$ 871		$ 871
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		4.00%		4.00%
Unpaid Principal Balance	[4]	$ 126,098		$ 126,098
CDO notes payable, at amortized cost | Non-recourse indebtedness
Debt Instrument [Line Items]
Underlying collateral		769,303		950,554
Unpaid Principal Balance	[6]	$ 376,344	[5]	$ 542,316	[7]
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	[8]	$ 24,321	[9]
[1]	Collateralized by $870,085 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[2]	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.
[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 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[5]	Collateralized by $769,303 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $418,486 of which is eliminated 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 is eliminated 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]	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.
[9]	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.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)		Jun. 30, 2017USD ($)$ / shares		Jun. 23, 2017USD ($)	Jun. 30, 2017USD ($)$ / shares		Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Property$ / shares		Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)		May 31, 2017USD ($)	Apr. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Jan. 01, 2017USD ($)	Jul. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,618,704,000			$ 1,618,704,000			$ 1,618,704,000			$ 1,787,974,000
Gains (losses) on extinguishments of debt					(1,598,000)		$ 660,000	1,588,000		$ 1,004,000
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		$ 38,516,000			38,516,000			$ 38,516,000			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
R A I T F L Seven
Debt Instrument [Line Items]
Contractual Maturity, month and year		2037-06
R A I T F L Seven | London Interest Bank Offer Rate
Debt Instrument [Line Items]
Interest rate at LIBOR plus basis rate				1.44%
R A I T F L Seven | Junior Notes
Debt Instrument [Line Items]
Owned unrated classes of junior notes				$ 65,479,000
CMBS securitizations | R A I T F L Seven
Debt Instrument [Line Items]
Real estate investment		$ 342,373,000		342,373,000	342,373,000			$ 342,373,000
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		344,966,000			344,966,000			344,966,000			$ 387,179,000
Recourse Indebtedness | Seventy Five Thousand CMF [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		13,068,000			13,068,000			13,068,000
Line of credit facility, borrowing capacity		75,000,000			75,000,000			$ 75,000,000
Debt instrument, financial covenant compliance								As of June 30, 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		0			0			$ 0
Line of credit facility, borrowing capacity		$ 250,000,000			$ 250,000,000			$ 250,000,000					$ 150,000,000
Debt instrument, financial covenant compliance								As of June 30, 2017, we were in compliance with all financial covenants contained in the $250,000 commercial mortgage facility.
Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%			7.00%			7.00%			7.00%
Convertible note conversion rate								195.0060
Principal amount of convertible note, conversion rate		$ 1,000			$ 1,000			$ 1,000
Initial conversion price | $ / shares		$ 5.13			$ 5.13			$ 5.13
Unpaid Principal Balance	[1]	$ 871,000			$ 871,000			$ 871,000			$ 871,000
Contractual Maturity, month and year	[1]							2031-04			2031-04
Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		4.00%			4.00%			4.00%			4.00%
Convertible note conversion rate								108.5803
Principal amount of convertible note, conversion rate		$ 1,000			$ 1,000			$ 1,000
Initial conversion price | $ / shares		$ 9.21			$ 9.21			$ 9.21
Unpaid Principal Balance	[2]	$ 126,098,000			$ 126,098,000			$ 126,098,000			$ 126,098,000
Contractual Maturity, month and year	[2]							2033-10			2033-10
Recourse Indebtedness | 7.625% senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate		7.625%			7.625%			7.625%
Unpaid Principal Balance		$ 57,287,000			$ 57,287,000			$ 57,287,000			$ 57,287,000
Convenant leverage ratio		77.60%			77.60%			77.60%
Convenant fixed charge coverage ratio		274.00%			274.00%			274.00%
Contractual Maturity, month and year								2024-04			2024-04
Recourse Indebtedness | 7.625% senior notes due 2024 | Maximum
Debt Instrument [Line Items]
Convenant leverage ratio		80.00%			80.00%			80.00%
Recourse Indebtedness | 7.625% senior notes due 2024 | Minimum
Debt Instrument [Line Items]
Convenant fixed charge coverage ratio		120.00%			120.00%			120.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019
Debt Instrument [Line Items]
Stated interest rate		7.125%			7.125%			7.125%
Unpaid Principal Balance		$ 70,731,000			$ 70,731,000			$ 70,731,000			$ 70,731,000
Convenant leverage ratio		77.60%			77.60%			77.60%
Convenant fixed charge coverage ratio		274.00%			274.00%			274.00%
Contractual Maturity, month and year								2019-08			2019-08
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Maximum
Debt Instrument [Line Items]
Convenant leverage ratio		80.00%			80.00%			80.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Minimum
Debt Instrument [Line Items]
Convenant fixed charge coverage ratio		120.00%			120.00%			120.00%
Recourse Indebtedness | Senior Secured Notes
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 15,500,000			$ 15,500,000			$ 15,500,000			$ 62,000,000
Payment of notes								$ 3,500,000
Recourse Indebtedness | Senior Secured Notes | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2019-04			2019-04
Recourse Indebtedness | Senior Secured Notes | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2018-10			2017-04
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
Debt Instrument [Line Items]
Debt instrument redemption amount		2,500,000			2,500,000			$ 2,500,000						$ 10,000,000
Recourse Indebtedness | Junior subordinated notes, at fair value
Debt Instrument [Line Items]
Aggregate principal amount of notes issued		18,671,000			18,671,000			18,671,000
Fair value of indebtedness		12,524,000			12,524,000			12,524,000
Recourse Indebtedness | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		30,708,000			30,708,000			30,708,000			$ 26,421,000
Recourse Indebtedness | Secured warehouse facilities | CMBS Borrowings
Debt Instrument [Line Items]
Unpaid Principal Balance		0			0			0
Recourse Indebtedness | Secured warehouse facilities | Commercial mortgage loans
Debt Instrument [Line Items]
Unpaid Principal Balance		17,640,000			17,640,000			17,640,000
Line of credit facility, borrowing capacity		200,000,000			200,000,000			$ 200,000,000										$ 150,000,000
Extended maturity term								Jul. 28, 2018
Recourse Indebtedness | Secured warehouse facilities | Floating Rate Loans
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		100,000,000			100,000,000			$ 100,000,000
Recourse Indebtedness | Secured warehouse facilities | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2018-07			2018-01
Recourse Indebtedness | Secured warehouse facilities | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2017-11			2017-11
Recourse Indebtedness | One Year Secured Warehouse Facilities | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		0			0			$ 0
Line of credit facility, borrowing capacity		25,000,000			25,000,000			$ 25,000,000					$ 150,000,000
Debt instrument, financial covenant compliance								As of June 30, 2017, we were in compliance with all financial covenants contained in the $25,000 secured warehouse facility.
Non-recourse indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		1,232,908,000			1,232,908,000			$ 1,232,908,000			$ 1,376,474,000
Contractual Maturity, month and year								2016-06
Number of mortgage liens properties | Property								5
Non-recourse indebtedness | R A I T F L Seven
Debt Instrument [Line Items]
Outstanding principal balance of classes of investment grade senior notes				$ 276,894,000
Non-recourse indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Unpaid Principal Balance		721,441,000	[3]		721,441,000	[3]		$ 721,441,000	[3]		647,921,000	[4]
Underlying collateral		870,085,000			870,085,000			870,085,000			$ 789,421,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Three
Debt Instrument [Line Items]
Underlying collateral		0			0			0
Non-recourse indebtedness | CMBS securitizations | R A I T F L Four
Debt Instrument [Line Items]
Unpaid Principal Balance		62,894,000			62,894,000			62,894,000
Underlying collateral		104,284,000			104,284,000			104,284,000
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			41,390,000			41,390,000
Non-recourse indebtedness | CMBS securitizations | R A I T F L Five
Debt Instrument [Line Items]
Unpaid Principal Balance		187,102,000			187,102,000			187,102,000
Underlying collateral		247,905,000			247,905,000			247,905,000
Owned unrated classes of junior notes		$ 60,803,000			$ 60,803,000			$ 60,803,000
Interest in joint venture		60.00%			60.00%			60.00%
Non-recourse indebtedness | CMBS securitizations | R A I T F L Six
Debt Instrument [Line Items]
Underlying collateral		$ 235,823,000			$ 235,823,000			$ 235,823,000
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			41,272,000			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		194,551,000			194,551,000			$ 194,551,000
Non-recourse indebtedness | Maximum | CMBS securitizations
Debt Instrument [Line Items]
Contractual Maturity, month and year								2037-06	[3]		2031-12	[4]
Non-recourse indebtedness | Minimum | CMBS securitizations
Debt Instrument [Line Items]
Contractual Maturity, month and year								2031-01	[3]		2031-05	[4]
Non-recourse indebtedness | Loans payable on real estate
Debt Instrument [Line Items]
Unpaid Principal Balance		135,123,000	[5]		135,123,000	[5]		$ 135,123,000	[5]		$ 186,237,000	[6]
Contractual Maturity, month and year								2017-04
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			54,475,000			$ 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		38,516,000			38,516,000			$ 38,516,000			$ 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
Non-recourse indebtedness | Loans payable on real estate | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2021-12	[5]		2021-12	[6]
Non-recourse indebtedness | Loans payable on real estate | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year								2016-06	[5]		2016-06	[6]
Investment Grade Senior Notes | R A I T F L Seven
Debt Instrument [Line Items]
Real estate investment		$ 276,894,000			$ 276,894,000			$ 276,894,000
Advance rate				80.90%
Convertible notes redemption period One | Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period								2021-04
Convertible notes redemption period One | Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period								2018-10
Convertible notes redemption period Two | Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period								2026-04
Convertible notes redemption period Two | Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period								2023-10
Convertible notes redemption period Three | Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period								2028-10
[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]	Collateralized by $870,085 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[4]	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.
[5]	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. One loan payable on real estate had a maturity date of April 2017. This loan is currently in default and is in the process of foreclosure.
[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.

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness by Year (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Extinguishment Of Debt [Line Items]
Total	$ 1,618,704	$ 1,787,974
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,018	32,208
2,019	84,731
Thereafter	228,027
Total	344,966	387,179
Non-recourse indebtedness
Extinguishment Of Debt [Line Items]
2,017	72,825
2,018	1,315
2,019	1,387
2,020	1,455
2,021	25,980
Thereafter	1,129,946
Total	$ 1,232,908	$ 1,376,474

Aggregate Contractual Maturit60

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) $ in Thousands		1 Months Ended	6 Months Ended		12 Months Ended
		Aug. 31, 2017Property	Jun. 30, 2017USD ($)Property		Dec. 31, 2016USD ($)		Jun. 30, 2016USD ($)
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance			$ 1,618,704		$ 1,787,974
Non-recourse indebtedness
Extinguishment Of Debt [Line Items]
Unpaid principal balance of mortgage loan							$ 54,475
Maturity date			2016-06
Number of industrial properties collateralized | Property			10
Number of mortgage liens properties | Property			5
Unpaid Principal Balance			$ 1,232,908		1,376,474
Non-recourse indebtedness | Loans payable on real estate
Extinguishment Of Debt [Line Items]
Maturity date			2017-04
Number of industrial properties collateralized | Property			2
Number of office properties collateralized | Property			2
Unpaid Principal Balance			$ 135,123	[1]	186,237	[2]
Non-recourse indebtedness | Scenario Forecast
Extinguishment Of Debt [Line Items]
Number of mortgage liens properties | Property		1
Number of remaining mortgage liens properties | Property		4
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance			$ 344,966		$ 387,179
Recourse Indebtedness | 7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Maturity date	[3]		2031-04		2031-04
Unpaid Principal Balance	[3]		$ 871		$ 871
Convertible senior notes interest rate			7.00%		7.00%
Recourse Indebtedness | 4.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Maturity date	[4]		2033-10		2033-10
Unpaid Principal Balance	[4]		$ 126,098		$ 126,098
Convertible senior notes interest rate			4.00%		4.00%
[1]	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. One loan payable on real estate had a maturity date of April 2017. This loan is currently in default and is in the process of foreclosure.
[2]	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.
[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 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 ($)	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional amount	$ 41,610,000	$ 44,135,000
Fair Value of Assets	85,000	206,000
Fair Value of Liabilities	17,000
Interest rate cap
Derivative [Line Items]
Notional amount	28,960,000	28,960,000
Fair Value of Assets	85,000	135,000
Interest rate swaps
Derivative [Line Items]
Notional amount	12,650,000	15,175,000
Fair Value of Assets		$ 71,000
Fair Value of Liabilities	$ 17,000

Derivative Financial Instrume62

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Realized losses	$ 0	$ 1,656	$ 0	$ 4,059

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Assets
Derivative assets	$ 85
Liabilities
Junior subordinated notes	12,524	$ 11,822
Fair Value of Liabilities	17
Warrants and investor SARs	27,500	30,400
Carrying Amount
Assets
Total investment in mortgages and loans, net	1,244,191	1,280,285
Cash and cash equivalents	89,317	110,531
Restricted cash	193,580	190,179
Derivative assets	85	206
Carrying Amount | Derivative Liabilities
Liabilities
Fair Value of Liabilities	17
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs	27,500	30,400
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	832	831
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	121,065	120,271
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,687	55,568
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	69,477	69,188
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	14,355	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	29,818	24,908
Carrying Amount | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	370,379	534,501
Carrying Amount | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate	134,687	185,668
Carrying Amount | Other indebtedness
Liabilities
Indebtedness	40,880	23,915
Carrying Amount | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable	713,263	641,077
Carrying Amount | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	12,524	11,822
Estimated Fair Value
Assets
Total investment in mortgages and loans, net	1,192,723	1,256,342
Cash and cash equivalents	89,317	110,531
Restricted cash	193,580	190,179
Derivative assets	85	206
Estimated Fair Value | Derivative Liabilities
Liabilities
Fair Value of Liabilities	17
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs	27,500	30,400
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	590	890
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	119,680	116,861
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,018	53,231
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	70,420	69,118
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	15,783	62,620
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	13,995	13,099
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	30,708	26,421
Estimated Fair Value | Non-recourse indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	329,004	477,032
Estimated Fair Value | Non-recourse indebtedness | Loans payable on real estate
Liabilities
Loans payable on real estate	137,583	188,525
Estimated Fair Value | Other indebtedness
Liabilities
Indebtedness	40,830	24,321
Estimated Fair Value | CMBS securitizations | Non-recourse indebtedness
Liabilities
Notes payable	721,456	646,642
Estimated Fair Value | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	$ 12,524	$ 11,822

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Jun. 30, 2017		Dec. 31, 2016
Assets:
Derivative assets		$ 85
Total assets		85		$ 206
Fair Value of Assets		85		206
Liabilities:
Junior subordinated notes, at fair value		12,524		11,822
Fair Value of Liabilities		17
Warrants and investor SARs		27,500		30,400
Total liabilities		40,041		42,222
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[1]	85
Total assets		85	[1]	206	[2]
Fair Value of Assets	[2]			206
Liabilities:
Fair Value of Liabilities	[1]	17
Total liabilities	[1]	17
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		12,524	[1]	11,822	[2]
Warrants and investor SARs		27,500	[1]	30,400	[2]
Total liabilities		$ 40,024	[1]	$ 42,222	[2]
[1]	During the six months ended June 30, 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 ($)	Jun. 30, 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	Jun. 30, 2017USD ($)Property		Jun. 30, 2017USD ($)Property		Dec. 31, 2016USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 85		$ 85		$ 206
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Volatility rate			49.00%		51.00%
Credit adjusted discount rate			9.50%		10.00%
Dividend rate			13.20%		10.00%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Broker’s Opinion
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	11.60%
Assets Fair Value Disclosure	$ 40,300		$ 40,300
Number real estate asset | Property	2		2
Estimated fair value per linear foot of frontage	11
Terminal capitalization rate	7.25%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Discounted Cash Flow Valuation
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 44,200		$ 44,200
Number real estate asset | Property	3		3
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Discounted Cash Flow Valuation | Retail Property Manager Reporting Unit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	18.00%
Assets Fair Value Disclosure	$ 1,975		$ 1,975
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Discounted Cash Flow Valuation | Real Estate Property One
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	10.50%
Terminal capitalization rate	7.40%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Discounted Cash Flow Valuation | Real Estate Property Two
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	8.60%
Terminal capitalization rate	6.70%
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Discounted Cash Flow Valuation | Real Estate Property Three
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	8.80%
Terminal capitalization rate	7.70%
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			11.20%		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	$ 85	[1]	$ 85	[1]	$ 206	[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	$ 65,900		$ 65,900
Number real estate asset | Property	3		3
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements | Letter of Intent
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 27,500		$ 27,500
Number real estate asset | Property	1		1
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements | Various Offers To Purchase Property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 23,218		$ 23,218
Number real estate asset | Property	1		1
[1]	During the six months ended June 30, 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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 43,382	$ 42,222
Change in fair value of financial instruments	(3,358)	(2,198)
Ending Balance	40,024	40,024
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	30,900	30,400
Change in fair value of financial instruments	(3,400)	(2,900)
Ending Balance	27,500	27,500
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	12,482	11,822
Change in fair value of financial instruments	42	702
Ending Balance	$ 12,524	$ 12,524

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	6 Months Ended		12 Months Ended
	Jun. 30, 2017		Dec. 31, 2016
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,244,191		$ 1,280,285
Indebtedness	1,588,067		1,751,082
Junior subordinated notes	$ 12,524		$ 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	$ 12,524	[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	$ 40,880	[3]	$ 23,915	[4]
Other indebtedness | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,244,191		$ 1,280,285
Total investment in mortgages and loans, net fair value	1,244,191		1,280,285
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	713,263		641,077
Carrying Amount | 7.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	832		831
Carrying Amount | 4.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	121,065		120,271
Carrying Amount | 7.625% senior notes due 2024
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	55,687		55,568
Carrying Amount | 7.125% Senior Notes due 2019
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	69,477		69,188
Carrying Amount | Senior Secured Notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	14,355		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	370,379		534,501
Carrying Amount | Loans payable on real estate
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	134,687		185,668
Carrying Amount | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	40,880		23,915
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net fair value	1,192,723		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	1,192,723		1,256,342
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	721,456		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	590		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	119,680		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	55,018		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	70,420		69,118
Estimated Fair Value | Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	15,783		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	13,995		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	329,004		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	137,583		188,525
Estimated Fair Value | Other indebtedness | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	$ 40,830		$ 24,321
[1]	During the six months ended June 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (3,358)		$ (2,198)
Change in fair value of financial instruments	3,093	$ (1,592)	1,940	$ (5,680)
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(42)	(1,004)	(702)	(285)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(265)	(388)	(258)	(2,295)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(3,400)		(2,900)
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	$ 3,400	$ (200)	$ 2,900	$ (3,100)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 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	$ 1,244,191	$ 1,280,285
Indebtedness	1,588,067	1,751,082
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	1,199,111	1,184,588
Indebtedness	1,185,657	1,288,258
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	406,590	549,879
Indebtedness	$ 484,065	$ 510,244

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands		Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 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		$ 1,267,705		$ 1,292,639
Allowance for loan losses		(23,514)	$ (13,531)	(12,354)	$ (18,237)	$ (18,165)	$ (17,097)
Investments in real estate
Investments in real estate		470,249		854,646
Less: Accumulated depreciation and amortization		(35,359)		(138,214)
Total investments in real estate	[1]	434,890		716,432
Cash and cash equivalents		89,317		110,531	$ 38,726		$ 87,581
Restricted cash		193,580		190,179
Accrued interest receivable		32,141		36,271
Other assets		36,753		53,878
Intangible assets
Accumulated amortization		(8,776)		(22,230)
Total intangible assets		10,901		19,267
Total assets		2,041,773		2,406,843
Liabilities and Equity
Accrued interest payable		9,229		8,347
Accounts payable and accrued expenses		15,157		20,016
Total liabilities		1,754,185		1,947,492
Shareholders’ equity:
Retained earnings (deficit)		(1,888,102)		(1,723,735)
Total shareholders’ equity		208,054		372,384
Noncontrolling Interests		3,880		5,386
Total liabilities and equity		2,041,773		2,406,843
VIE
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,605,701		1,734,467
Allowance for loan losses		(23,514)
Total investments in mortgages and loans		1,582,187		1,734,467
Investments in real estate
Investments in real estate		114,609		223,722
Less: Accumulated depreciation and amortization		(8,604)		(31,652)
Total investments in real estate		106,005		192,070
Cash and cash equivalents		1,311		2,146
Restricted cash		67,179		8,876
Accrued interest receivable		51,582		58,487
Other assets		8,970		10,071
Intangible assets
Intangible assets		886		5,616
Accumulated amortization		(341)		(3,740)
Total intangible assets		545		1,876
Total assets		1,817,779		2,007,993
Liabilities and Equity
Indebtedness, net		1,669,722		1,798,502
Accrued interest payable		18,134		17,063
Accounts payable and accrued expenses		5,235		5,463
Deferred taxes, borrowers’ escrows and other liabilities		1,784		2,971
Total liabilities		1,694,875		1,823,999
Shareholders’ equity:
Preferred shares
RAIT investment		61,659		85,637
Retained earnings (deficit)		60,958		96,498
Total shareholders’ equity		122,617		182,135
Noncontrolling Interests		287		1,859
Total liabilities and equity		1,817,779		2,007,993
VIE | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,177,966		1,409,758
Allowance for loan losses		(23,514)
Total investments in mortgages and loans		1,154,452		1,409,758
Investments in real estate
Restricted cash		10,448		6,986
Accrued interest receivable		48,764		56,974
Other assets		73		480
Intangible assets
Total assets		1,213,737		1,474,198
Liabilities and Equity
Indebtedness, net		1,019,996		1,244,507
Accrued interest payable		951		1,903
Accounts payable and accrued expenses				19
Total liabilities		1,020,947		1,246,429
Shareholders’ equity:
Preferred shares
RAIT investment		20,909		41,790
Retained earnings (deficit)		171,881		185,979
Total shareholders’ equity		192,790		227,769
Total liabilities and equity		1,213,737		1,474,198
VIE | RAIT VIE Properties
Investments in real estate
Investments in real estate		114,609		223,722
Less: Accumulated depreciation and amortization		(8,604)		(31,652)
Total investments in real estate		106,005		192,070
Cash and cash equivalents		1,219		2,145
Restricted cash		1,114		1,167
Other assets		8,897		9,591
Intangible assets
Intangible assets		886		5,616
Accumulated amortization		(341)		(3,740)
Total intangible assets		545		1,876
Total assets		117,780		206,849
Liabilities and Equity
Indebtedness, net		169,778		230,510
Accrued interest payable		15,819		14,306
Accounts payable and accrued expenses		5,235		5,443
Deferred taxes, borrowers’ escrows and other liabilities		818		2,051
Total liabilities		191,650		252,310
Shareholders’ equity:
Preferred shares
RAIT investment		33,498		40,962
Retained earnings (deficit)		(107,608)		(88,282)
Total shareholders’ equity		(74,110)		(47,320)
Noncontrolling Interests		240		1,859
Total liabilities and equity		117,780		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		427,735		324,709
Total investments in mortgages and loans		427,735		324,709
Investments in real estate
Cash and cash equivalents		92		1
Restricted cash		55,617		723
Accrued interest receivable		2,818		1,513
Intangible assets
Total assets		486,262		326,946
Liabilities and Equity
Indebtedness, net		479,948		323,485
Accrued interest payable		1,364		854
Accounts payable and accrued expenses				1
Deferred taxes, borrowers’ escrows and other liabilities		966		920
Total liabilities		482,278		325,260
Shareholders’ equity:
Preferred shares
RAIT investment		7,252		2,885
Retained earnings (deficit)		(3,315)		(1,199)
Total shareholders’ equity		3,937		1,686
Noncontrolling Interests		47
Total liabilities and equity		$ 486,262		$ 326,946
[1]	As of June 30, 2017, one of our multifamily properties, with a carrying amount of $5,932, 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	Jun. 22, 2017USD ($)shares	Dec. 07, 2016USD ($)shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017shares	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
Warrants and investor SARs | $			$ 27,500		$ 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	3,133,720	3,536,000
Preferred shares with warrants							9,931,000
Shares repurchase and cancel, shares	402,280	464,000
Repurchase shares price | $	$ 10,057	$ 11,600
Cumulative redeemable preferred shares, shares outstanding	3,133,720	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	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Aggregate purchase price	$ 100,000
Repurchase	(21,657)
Initial value of warrants and investor SARs issued to-date	(21,805)
Costs incurred	(6,834)
Total discount	(28,639)
Discount amortization to-date	25,950
Carrying amount of Series D preferred shares	$ 75,654	$ 81,581

Dividends Declared and Paid on

Dividends Declared and Paid on Preferred Shares (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 23, 2017	Jun. 22, 2017	Mar. 31, 2017	Jun. 30, 2017
Dividends [Line Items]
Total dividend amount					$ 13,213
Series D cumulative redeemable preferred shares
Dividends [Line Items]
Date declared			May 18, 2017
Record date			Jun. 1, 2017
Date paid	Jun. 30, 2017	Jun. 23, 2017
Total dividend amount			$ 1,879
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Feb. 15, 2017	May 18, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017
Total dividend amount				$ 2,589	$ 2,589
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Feb. 15, 2017	May 18, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017
Total dividend amount				$ 1,225	$ 1,225
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Feb. 15, 2017	May 18, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017
Total dividend amount				$ 910	$ 910
Preferred Stock | Series D cumulative redeemable preferred shares
Dividends [Line Items]
Date declared				Feb. 15, 2017	May 18, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017
Total dividend amount				$ 1,879	$ 1,879

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)

Aug. 02, 2017$ / shares

Jun. 30, 2017USD ($)$ / sharesshares

Jun. 28, 2017USD ($)$ / sharesshares

Jun. 23, 2017USD ($)

Jun. 22, 2017USD ($)$ / sharesshares

Jun. 15, 2017USD ($)

May 02, 2017$ / shares

Apr. 26, 2017$ / shares

Feb. 14, 2017USD ($)$ / sharesshares

Jan. 09, 2017USD ($)Executiveshares

Dec. 07, 2016shares

Jun. 30, 2017USD ($)$ / sharesshares

Mar. 31, 2017USD ($)

Jun. 30, 2016USD ($)

Jun. 30, 2017USD ($)$ / sharesshares

Jun. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 20, 2016shares

Jun. 13, 2014USD ($)shares

Nov. 21, 2012shares

Class Of Stock [Line Items]

Total dividend amount

$ 13,213,000

Common stock, dividend paid

$ 8,525,000

Common stock, dividend declared | $ / shares

$ 0.09

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: Share-Based Compensation and Employee Benefits in the 2016 Annual Report on Form 10-K for further details regarding these awards.

Compensation expense

$ 3,529,000

$ 3,862,000

$ 7,016,000

$ 7,487,000

Net proceeds received

$ 16,000

Common shares remaining available under the DRSPP | shares

7,746,737

7,746,737

7,746,737

Shareholders’ equity attributable to common shares

$ (208,054,000)

$ (208,054,000)

$ (208,054,000)

$ (372,384,000)

Multifamily properties | South Terrace

Class Of Stock [Line Items]

Cash price of real estate property sold

42,950,000

42,950,000

Value of limited partnership units issued

1,654,000

1,654,000

$ 1,654,000

Distribution of non-controlling interests

$ 1,618,000

Jones Trading Institutional Services LLC

Class Of Stock [Line Items]

Preferred shares issued, net (shares) | shares

0

Common shares remaining available for issuance | shares

7,918,919

Jones Trading Institutional Services LLC | Maximum

Class Of Stock [Line Items]

Common shares to be issued and sold | shares

10,000,000

Long Term Incentive Compensation Plan LTIP

Class Of Stock [Line Items]

Compensation expense

710,000

$ 1,054,000

Restricted Stock

Class Of Stock [Line Items]

Common stock, dividend paid

$ 26,000

$ 305,000

Share based compensation granted to number of executives | Executive

1

Vesting period

4 years

Restricted Stock | One Executive

Class Of Stock [Line Items]

Number of shares awarded, share | shares

344,042

Maximum number of shares to be issued | shares

600,000

Share based compensation expense

$ 2,068,000

Restricted Stock | Non Executive Officer

Class Of Stock [Line Items]

Number of shares awarded, share | shares

332,500

Vesting period

3 years

Closing stock price | $ / shares

$ 3.78

Number of shares awarded, value

$ 1,257,000

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 | shares

832,500

Expiration date

Feb. 14, 2022

Performance Shares

Class Of Stock [Line Items]

Performance period

3 years

Performance period earliest date

Jan. 1, 2017

Performance period latest date

Dec. 31, 2019

Performance Shares Component One | Long Term Incentive Compensation Plan LTIP

Class Of Stock [Line Items]

Grant date fair value per share | $ / shares

$ 0.23

$ 1.18

Performance Shares Component Two | Long Term Incentive Compensation Plan LTIP

Class Of Stock [Line Items]

Grant date fair value per share | $ / shares

$ 0.15

$ 0.90

Unvested Common Share Awards | Non-management trustees

Class Of Stock [Line Items]

Number of shares awarded, share | shares

186,912

Closing stock price | $ / shares

$ 2.14

Number of shares awarded, value

$ 400,000

Vesting date

Dec. 31, 2017

Common Share Awards | Board's Chairman

Class Of Stock [Line Items]

Number of shares awarded, share | shares

70,093

Closing stock price | $ / shares

$ 2.14

Number of shares awarded, value

$ 150,000

Common Share Awards | Board's Chairman | First Half Vesting

Class Of Stock [Line Items]

Vesting date

Jun. 28, 2017

Common Share Awards | Board's Chairman | Second Half Vesting

Class Of Stock [Line Items]

Vesting date

Dec. 31, 2017

Dividend Reinvestment And Share Purchase Plan

Class Of Stock [Line Items]

Registered and reserved common shares | shares

10,500,000

10,500,000

10,500,000

Preferred shares issued, net (shares) | shares

5,742

Weighted-average price per shares | $ / shares

$ 2.77

$ 2.77

$ 2.77

Subsequent Event

Class Of Stock [Line Items]

Common stock, dividend declared | $ / shares

$ 0.05

Preferred Stock

Class Of Stock [Line Items]

Preferred shares aggregate amount to be issued and sold

$ 150,000,000

Preferred Stock | Subsequent Event

Class Of Stock [Line Items]

Dividend record date

Sep. 1, 2017

Dividend payment date

Oct. 2, 2017

Common Shares

Class Of Stock [Line Items]

Dividend record date

May 26, 2017

Dividend payment date

Jun. 15, 2017

Common stock, dividend paid

$ 8,220,000

Preferred shares issued, net (shares) | shares

5,742

Shareholders’ equity attributable to common shares

$ (25,090,000)

$ (25,090,000)

$ (25,090,000)

Common Shares | Subsequent Event

Class Of Stock [Line Items]

Dividend record date

Aug. 25, 2017

Dividend payment date

Sep. 15, 2017

Preferred Series D

Class Of Stock [Line Items]

Shares repurchased and canceled | shares

402,280

464,000

Total dividend amount

$ 1,879,000

Date declared

May 18, 2017

Dividend record date

Jun. 1, 2017

Dividend payment

$ 1,665,000

$ 214,000

Dividend payment date

Jun. 30, 2017

Jun. 23, 2017

Preferred Series D | Preferred Stock

Class Of Stock [Line Items]

Total dividend amount

$ 1,879,000

$ 1,879,000

Date declared

Feb. 15, 2017

May 18, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

7.75% Series A Cumulative Redeemable Preferred Stock | Preferred Stock

Class Of Stock [Line Items]

Total dividend amount

$ 2,589,000

$ 2,589,000

Date declared

Feb. 15, 2017

May 18, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Preferred shares authorized to be issued under agreement | shares

4,000,000

7.75% Series A Cumulative Redeemable Preferred Stock | Preferred Stock | Subsequent Event

Class Of Stock [Line Items]

Preferred shares, dividend rate

7.75%

Preferred Shares, dividend declared | $ / shares

$ 0.484375

8.375% Series B Cumulative Redeemable Preferred Stock | Preferred Stock

Class Of Stock [Line Items]

Total dividend amount

$ 1,225,000

$ 1,225,000

Date declared

Feb. 15, 2017

May 18, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Preferred shares authorized to be issued under agreement | shares

1,000,000

8.375% Series B Cumulative Redeemable Preferred Stock | Preferred Stock | Subsequent Event

Class Of Stock [Line Items]

Preferred shares, dividend rate

8.375%

Preferred Shares, dividend declared | $ / shares

$ 0.5234375

8.875% Series C Cumulative Redeemable Preferred Stock | Preferred Stock

Class Of Stock [Line Items]

Total dividend amount

$ 910,000

$ 910,000

Date declared

Feb. 15, 2017

May 18, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Preferred shares authorized to be issued under agreement | shares

1,000,000

8.875% Series C Cumulative Redeemable Preferred Stock | Preferred Stock | Subsequent Event

Class Of Stock [Line Items]

Preferred shares, dividend rate

8.875%

Preferred Shares, dividend declared | $ / shares

$ 0.5546875

7.75% Series A cumulative redeemable preferred shares

Class Of Stock [Line Items]

Total dividend amount

$ 8,000

$ 8,000

7.75% Series A cumulative redeemable preferred shares | Preferred Stock

Class Of Stock [Line Items]

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

2,724,935

2,724,935

2,724,935

Preferred shares issued, net (shares) | shares

125

Weighted-average price per share | $ / shares

$ 1,000

Preferred share issuance, net of costs incurred

$ 66,000

8.375% Series B cumulative redeemable preferred shares | Preferred Stock

Class Of Stock [Line Items]

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

947,496

947,496

947,496

8.875% Series C cumulative redeemable preferred shares | Preferred Stock

Class Of Stock [Line Items]

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

999,675

999,675

999,675

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (116,884)	$ (6,471)	$ (138,423)	$ (18,459)
(Income) loss allocated to preferred shares	(8,817)	(8,615)	(17,343)	(17,135)
(Income) loss allocated to noncontrolling interests	(56)	971	(76)	2,116
Income (loss) from continuing operations allocable to common shares	(125,757)	(14,115)	(155,842)	(33,478)
Income (loss) from discontinued operations	0	32,876	0	34,361
(Income) loss from discontinued operations allocated to noncontrolling interests		(26,341)		(26,307)
Income (loss) from discontinued operations allocable to common shares		6,535		8,054
Net income (loss) allocable to common shares	$ (125,757)	$ (7,580)	$ (155,842)	$ (25,424)
Weighted-average shares outstanding-Basic	91,453,415	91,190,583	91,377,508	91,104,314
Weighted-average shares outstanding—Diluted	91,453,415	91,190,583	91,377,508	91,104,314
Earnings (loss) per share-Basic:
Continuing operations	$ (1.38)	$ (0.15)	$ (1.71)	$ (0.37)
Discontinued operations		0.07		0.09
Earnings (loss) per share-Basic	(1.38)	(0.08)	(1.71)	(0.28)
Earnings (loss) per share-Diluted:
Continuing operations	(1.38)	(0.15)	(1.71)	(0.37)
Discontinued operations		0.07		0.09
Earnings (loss) per share-Diluted	$ (1.38)	$ (0.08)	$ (1.71)	$ (0.28)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	27,290,962	27,107,825	27,349,674	26,876,003

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($)	Jun. 30, 2017	May 26, 2017	Dec. 23, 2016	Dec. 20, 2016	Oct. 05, 2016	Jan. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Earned asset management fees							$ 215,000	$ 376,000	$ 488,000	$ 778,000
Reimbursed for general and administrative expense paid on IRT							$ 3,529,000	3,862,000	7,016,000	7,487,000
Earned and paid on consulting agreement									188,000
Multifamily properties | South Terrace
Related Party Transaction [Line Items]
Cost of sale	$ 42,950,000								42,950,000
Gain (loss) on sale									$ 9,189,000
IRT
Related Party Transaction [Line Items]
Extended term of advisory agreement									Oct. 1, 2020
Management fee percentage									0.375%
Advisor incentive fee	20.00%						20.00%		20.00%
Internal return per share									$ 0.20
Earned asset management fees								1,784,000		3,415,000
Incentive fees								64,000		144,000
Due from IRT	$ 0						$ 0		$ 0		$ 0
Interest received								486,000		486,000
Line of credit facility, repayments								38,075,000		38,075,000
Reimbursed for general and administrative services							340,000		727,000
Reimbursed for general and administrative expense paid on IRT									155,000
Payments for property management fees							75,000		212,000
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%
Bonus	110,000						110,000		110,000
IRT | Common Shares
Related Party Transaction [Line Items]
Due from IRT	$ 0						$ 0		$ 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								1,229,000		2,491,000
Dividends received								$ 1,308,000		2,617,000
IRT | Maximum
Related Party Transaction [Line Items]
Management fee percentage									4.00%
Ballard Spahr LLP
Related Party Transaction [Line Items]
Trustee fee paid									$ 119,000	17,000
Interest on trustee fee									$ 1,000	$ 1,000
Highland Capital Management, L. P.
Related Party Transaction [Line Items]
Related party transaction agreement date									May 26, 2017
Reimbursement of out of pocket expenses incurred by related party		$ 250,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash Flow Supplemental Disclosures [Line Items]
Cash paid for interest	$ 31,498	$ 50,639
Cash paid for taxes	203	199
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)
South Terrace
Cash Flow Supplemental Disclosures [Line Items]
Non-cash increase (decrease) to noncontrolling interests from distribution of limited partnership units on South Terrace	$ (1,618)

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Segment
Segment Reporting [Abstract]
Number of reportable segment	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Former Employee
Commitment And Contingencies [Line Items]
Principle to settled 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Property income	$ 0	$ 38,233	$ 0	$ 76,900
Fee and other income	0	861	0	1,599
Total revenue	0	39,094	0	78,499
Expenses:
Interest expense	0	8,923	0	18,635
Real estate operating expense	0	15,623	0	31,481
Compensation expense	0	2,002	0	3,875
General and administrative expense	0	1,092	0	2,350
Acquisition expense	0	159	0	319
Depreciation and amortization expense	0	7,672	0	19,275
Total expenses	0	35,471	0	75,935
Operating (Loss) Income	0	3,623	0	2,564
Interest and other income (expense), net	0	0	0	0
Gains (losses) on assets	0	29,811	0	32,264
Gain (loss) on IRT merger with TSRE	0	0	0	91
TSRE financing extinguishment and employee separation expenses	0	0	0	0
Gains (losses) on extinguishments of debt	0	(558)	0	(558)
Net income (loss) from discontinued operations	$ 0	$ 32,876	$ 0	$ 34,361

Summary of Cash Flows of Discon

Summary of Cash Flows of Discontinued Operations (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Discontinued Operations And Disposal Groups [Abstract]
Cash flow from operating activities from discontinued operations	$ 0	$ 18,951
Cash flow from investing activities from discontinued operations	0	32,987
Cash flow from financing activities from discontinued operations	0	(62,084)
Net change in cash and cash equivalents from discontinued operations	0	(10,146)
Cash and cash equivalents at beginning of period - discontinued operations	0	38,305
Cash and cash equivalents at end of period - discontinued operations	$ 0	$ 28,159