Rait Financial Trust (RAS) 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 06, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		93,046,621

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2017	Dec. 31, 2016
Investment in mortgages and loans:
Commercial mortgages, mezzanine loans, and preferred equity interests		$ 1,260,346	$ 1,292,639
Allowance for loan losses		(25,140)	(12,354)
Total investment in mortgages and loans, net (including $984,356 and $1,184,588 held by consolidated VIEs, respectively)		1,235,206	1,280,285
Investments in real estate, net of accumulated depreciation of $30,974 and $138,214, respectively (including $80,620 and $192,070 held by consolidated VIEs, respectively)	[1]	368,700	716,432
Cash and cash equivalents		46,019	110,531
Restricted cash		142,489	190,179
Accrued interest receivable		32,307	36,271
Other assets		34,905	53,878
Intangible assets, net of accumulated amortization of $7,800 and $22,230, respectively		8,062	19,267
Total assets		1,867,688	2,406,843
Liabilities and Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $29,031 and $36,892, respectively (including $962,324 and $1,288,258 held by consolidated VIEs, respectively)		1,427,947	1,751,082
Accrued interest payable		10,780	8,347
Accounts payable and accrued expenses		15,201	20,016
Borrowers' escrows		113,996	107,183
Deferred taxes and other liabilities		38,217	60,864
Total liabilities		1,606,141	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		77,653	81,581
Shareholders’ equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized 93,046,621 and 92,295,478 issued and outstanding, respectively, including 1,470,063 and 1,079,193 unvested restricted common share awards, respectively		2,791	2,769
Additional paid in capital		2,094,035	2,093,257
Retained earnings (deficit)		(1,916,905)	(1,723,735)
Total shareholders’ equity		180,014	372,384
Noncontrolling interests		3,880	5,386
Total equity		183,894	377,770
Total liabilities and equity		1,867,688	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 September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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		9 Months Ended	12 Months Ended
		Sep. 30, 2017	Dec. 31, 2016
Investment in mortgages and loans, net		$ 1,235,206	$ 1,280,285
Real estate, accumulated depreciation		30,974	138,214
Investments in real estate, net of accumulated depreciation	[1]	368,700	716,432
Intangible assets, accumulated amortization		7,800	22,230
Indebtedness, unamortized discounts, premiums and deferred financing costs		29,031	36,892
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 1,427,947	$ 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		93,046,621	92,295,478
Common shares, shares outstanding		93,046,621	92,295,478
Unvested restricted common share awards		1,470,063	1,079,193
VIE
Investment in mortgages and loans, net		$ 984,356	$ 1,184,588
Real estate, accumulated depreciation		8,105	31,652
Investments in real estate, net of accumulated depreciation		80,620	192,070
Intangible assets, accumulated amortization		199	3,740
Indebtedness, net of unamortized discounts, premiums and deferred financing costs		$ 962,324	$ 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 September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Investment interest income	$ 18,115	$ 20,189	$ 50,647	$ 69,510
Investment interest expense	(10,236)	(8,512)	(30,555)	(26,957)
Net interest margin	7,879	11,677	20,092	42,553
Property income	15,012	29,614	52,023	89,335
Fee and other income	1,712	1,946	4,904	5,974
Total revenue	24,603	43,237	77,019	137,862
Expenses:
Interest expense	8,656	13,298	27,682	43,135
Real estate operating expense	8,313	14,635	28,456	43,810
Property management expenses	1,908	2,226	6,772	7,239
General and administrative expenses:
Compensation expense	3,194	4,675	10,210	12,162
Other general and administrative expense	3,233	3,052	8,627	9,973
Total general and administrative expenses	6,427	7,727	18,837	22,135
Acquisition and integration expenses	57	197	296	376
Provision for loan losses	5,516	1,533	27,914	4,202
Depreciation and amortization expense	6,139	11,466	23,712	39,273
IRT internalization and management transition expenses			736
Shareholder activism expenses	155		2,464
Employee separation expenses	575		575
Total expenses	37,746	51,082	137,444	160,170
Operating (Loss) Income	(13,143)	(7,845)	(60,425)	(22,308)
Interest and other income (expense), net	283	(70)	144	30
Gains (losses) on assets	30	18,194	22,795	23,811
Gains (losses) on deconsolidation of properties	(4,035)		(19,982)
Gains (losses) on extinguishments of debt	(644)	(6)	944	998
Asset impairment	(3,121)	(18,872)	(96,354)	(26,658)
Goodwill impairment			(8,342)
Change in fair value of financial instruments	4,753	(1,375)	6,693	(7,055)
Income (loss) before taxes	(15,877)	(9,974)	(154,527)	(31,182)
Income tax benefit (provision)	34	15,302	261	18,051
Income (loss) from continuing operations	(15,843)	5,328	(154,266)	(13,131)
Discontinued operations:
Income (loss) from discontinued operations	0	4,112	0	38,473
Net income (loss)	(15,843)	9,440	(154,266)	25,342
(Income) loss allocated to preferred shares	(8,387)	(8,715)	(25,730)	(25,850)
(Income) loss allocated to noncontrolling interests		(729)	(76)	(24,920)
Net income (loss) allocable to common shares	(24,230)	(4)	(180,072)	(25,428)
Amount attributable to common shares
Net income (loss) available to common shares from continuing operations	(24,230)	(2,048)	(180,072)	(35,526)
Net income (loss) available to common shares from discontinued operations		2,044		10,098
Net income (loss)	$ (24,230)	$ (4)	$ (180,072)	$ (25,428)
Earnings (loss) per share-Basic:
Earnings (loss) per share from continuing operations	$ (0.26)	$ (0.02)	$ (1.97)	$ (0.39)
Earnings (loss) per share from discontinued operations		$ 0.02		0.11
Earnings (loss) per share-Basic	$ (0.26)		$ (1.97)	$ (0.28)
Weighted-average shares outstanding-Basic	91,559,636	91,201,784	91,438,884	91,137,041
Earnings (loss) per share-Diluted:
Earnings (loss) per share from continuing operations	$ (0.26)	$ (0.02)	$ (1.97)	$ (0.39)
Earnings (loss) per share from discontinued operations		$ 0.02		0.11
Earnings (loss) per share-Diluted	$ (0.26)		$ (1.97)	$ (0.28)
Weighted average shares outstanding-Diluted	91,559,636	91,201,784	91,438,884	91,137,041

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (15,843)	$ 9,440	$ (154,266)	$ 25,342
Other comprehensive income (loss):
Change in fair value of interest rate hedges		3		(133)
Realized (gains) losses on interest rate hedges reclassified to earnings		785		4,824
Total other comprehensive income (loss) from continuing operations		788		4,691
Discontinued operations:
Other comprehensive income (loss) from discontinued operations		468		(719)
Total other comprehensive income (loss)		1,256		3,972
Comprehensive income (loss) before allocation to noncontrolling interests	(15,843)	10,696	(154,266)	29,314
(Income) loss allocated to noncontrolling interests		(729)	(76)	(24,920)
Allocation to noncontrolling interests - other comprehensive (income) loss		(396)		615
Comprehensive income (loss) allocable to common shares	$ (15,843)	$ 9,571	$ (154,342)	$ 5,009

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 9 months ended Sep. 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)	(154,266)						(151,342)	(154,342)		76
Preferred dividends	(19,602)						(19,602)	(19,602)
Preferred Series D discount amortization	(6,128)						(6,128)		$ (6,128)
Common dividends declared	(13,098)						(13,098)	(13,098)
Share-based compensation	1,861				$ 28	1,833		1,861
Share-based compensation (in shares)					931,680
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	(1,061)				$ (6)	(1,055)		(1,061)
Common shares activity related to equity compensation (in shares)					(193,854)
Common shares issued, net (in shares)					13,317
Ending Balance at Sep. 30, 2017	$ 183,894	$ 53	$ 23	$ 17	$ 2,791	$ 2,094,035	$ (1,916,905)	$ 180,014		$ 3,880
Ending Balance (in shares) at Sep. 30, 2017		5,344,353	2,340,969	1,640,425	93,046,621

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income (loss)	$ (154,266)	$ 25,342
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	27,914	4,202
Share-based compensation expense	1,833	3,673
Depreciation and amortization expense	23,712	66,332
Amortization of deferred financing costs and debt discounts	10,920	16,202
Deferral of loan origination fees and costs, net	1,267	(1,537)
Amortization of above/below market leases	(822)	(1,336)
(Gains) on assets	(22,795)	(56,074)
(Gains) on extinguishments of debt	(944)	(440)
Losses on deconsolidation of properties	19,982
(Gains) on IRT merger with TSRE	0	(732)
Asset impairment	96,354	26,658
Goodwill impairment	8,342
Change in fair value of financial instruments	(6,693)	7,055
Provision (benefit) for deferred taxes	22	(18,090)
Changes in assets and liabilities:
Decrease in accrued interest receivable	3,966	5,702
Decrease (increase) in other assets	2,667	(4,567)
Increase in accrued interest payable	3,940	3,300
(Decrease) increase in accounts payable and accrued expenses	(1,817)	516
(Decrease) increase in other liabilities	(2,729)	1,415
Origination of conduit loans		(13,800)
Sales of conduit loans		35,177
Net conduit loans (originated) sold		21,377
Cash flows provided by operating activities	10,853	98,998
Investing activities:
Origination of loans for investment	(369,981)	(82,416)
Principal repayments on loans	384,567	308,254
Investments in real estate	(5,715)	(23,613)
Proceeds from the disposition of real estate	165,580	212,580
(Increase) decrease in restricted cash	50,160	(56,882)
Cash flows provided by investing activities	224,611	357,923
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(975)	(243,854)
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	(576,536)	(465,622)
Net proceeds from issuance of CDO notes and floating rate securitizations	276,894	22,559
Repurchase of convertible notes and senior notes	(7,316)	(47,614)
Repayments of senior secured notes	(48,500)	(6,000)
Net proceeds (repayments) related to conduit loan repurchase agreements		(30,153)
Net proceeds related to floating rate loan repurchase agreements	97,498	102,635
Proceeds from issuance of other indebtedness	17,022	24,796
Distribution to noncontrolling interests	(1,702)	(23,246)
Issuance of noncontrolling interests	66	689
Payments for deferred costs	(4,435)	(2,903)
Preferred share issuance, net of costs incurred		610
Common share issuance, net of costs incurred	(1,033)	(1,192)
Repurchase of Series D preferred shares	(10,057)
Distributions paid to preferred shareholders	(19,601)	(22,643)
Distributions paid to common shareholders	(21,301)	(24,930)
Cash flows (used in) financing activities	(299,976)	(517,388)
Net change in cash and cash equivalents	(64,512)	(60,467)
Net change in cash and cash equivalents from discontinued operations	0	(8,905)
Net change in cash and cash equivalents from continuing operations	(64,512)	(51,562)
Cash and cash equivalents at the beginning of the period	110,531	87,581
Cash and cash equivalents at the end of the period	$ 46,019	$ 36,019

THE COMPANY

THE COMPANY	9 Months Ended
	Sep. 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 September 7, 2017, we announced that our board of trustees formed a committee of independent trustees, or the special committee, to explore and evaluate strategic and financial alternatives to enhance shareholder value and capitalize on RAIT’s established and respected commercial real estate lending platform. This announcement indicated that such alternatives may include, but are not limited to, (i) refinements of our operations or strategy, (ii) financial transactions, such as a recapitalization or other change to our capital structure and ( iii) strategic transactions, such as a sale of all or part of RAIT. 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 a securities and asset purchase agreement dated September 27, 2016 among RAIT and IRT and their respective named affiliates, 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 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 and received aggregate proceeds of approximately $62,156 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	9 Months Ended
	Sep. 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. During 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 nine-month period ended September 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 nine months ended September 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. Going Concern Considerations Accounting Guidance The first step in the analysis requires the entity to evaluate whether relevant conditions and events, considered in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one-year after the date that the financial statements are issued. If, the entity determines that its current financial condition is, by itself, insufficient to cover its obligations arising for the applicable period, the entity is next required to evaluate whether its approved plans and expectations for generating liquidity over that one-year period (including forecasted future cash flows), when implemented, will alleviate the substantial doubt about the entity’s ability to continue as a going concern. The entity may then consider the mitigating effect of management’s plans and expectations for the applicable period in evaluating whether the substantial doubt is alleviated only to the extent that information available as of the date that the financial statements are issued indicates both of the following: (i) it is probable that management’s plans will be effectively implemented within one year after the date that the financial statements are issued and (ii) it is probable that management’s plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. In evaluating the first criterion of whether it is probable that management’s plans will be effectively implemented, the entity must make a determination as to the feasibility of implementation of management’s plans in light of an entity’s facts and circumstances. In evaluating the second criterion of whether it is probable that management’s plans will mitigate the events and conditions that raised substantial doubt, the entity must make a determination as to the expected magnitude and timing of the mitigating effect. The accounting guidance defines an event as being “probable” if it is likely to occur, which is interpreted as a high threshold. For example, if management’s plans involve the sale of assets, this interpretation will generally not permit a conclusion that the sale of that asset is probable to occur unless the asset is subject to an executed purchase and sale agreement or similar contractual arrangement at the time of the evaluation as there is uncertainty in obtaining a buyer and executing a transaction within a one year time period. If, after the entity evaluates its plans, whether it is probable those plans will effectively be implemented and whether, once implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, the entity determines that the plans are not probable of alleviating the substantial doubt, the entity is required to disclose information in its financial statements regarding the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet those obligations and management’s plans that are intended to mitigate those conditions or events. Analysis In addition, management considered that, RAIT received written notification, or the NYSE notice, from the New York Stock Exchange, or the NYSE, effective September 21, 2017, that RAIT was not in compliance with an NYSE continued listing standard because the average closing price of RAIT’s common shares fell below $1.00 over a consecutive 30 trading-day period ending September 15, 2017. In accordance with NYSE procedures, RAIT acknowledged receipt of the NYSE notice and notified the NYSE of its intention to seek to cure the deficiency set forth therein. RAIT is considering various options it may take in an effort to cure this deficiency and regain compliance with this continued listing standard , including, among other things, by exploring and evaluating strategic and financial alternatives and evaluating potential other strategies RAIT’s common shares ultimately were to be delisted for any reason from the NYSE before RAIT was able to cure the deficiency, it could have material adverse consequences on RAIT’s ability to meet its obligations arising within one year of the date of issuance of these financial statements, including, among others: triggering the right of holders of RAIT’s senior secured notes and RAIT’s convertible notes to require us to repurchase their notes and could trigger non-compliance with covenants applicable to RAIT’s series D preferred shares. If RAIT failed to repay any senior secured notes or convertible notes for which the holders exercised repurchase rights, it could trigger cross defaults under, and ultimately the acceleration of, other RAIT indebtedness. RAIT is currently engaged in (A) effectuating a strategic transformation into a pure play commercial real estate lender, which includes, among other things, concentrating our business on our core middle-market CRE lending business, divesting our legacy owned real estate portfolio, divesting our commercial property management business and reducing our total expense base; (B) exploring and evaluating strategic and financial alternatives including, without limitation, refinements of our operations or strategy, financial transactions, such as a recapitalization or other changes to our capital structure and/or strategic transactions, such as a sale of all or part of RAIT; and (C) seeking to undertake one or more options in an effort to cure RAIT’s non-compliance with the continued listing standard set forth under Rule 802.01C of the NYSE Listed Company Manual (as further discussed below) Management determined that RAIT’s current financial condition and currently available sources of repayment for its obligations over the next twelve months, such as its available funds, which was $46,019 as of September 30, 2017, would not alone enable RAIT to meet its obligations within one year of the date these financial statements are issued. As a result, management evaluated whether this was mitigated by RAIT’s approved plans and expectations for the applicable period under the second step of this accounting standard. RAIT’s ability to satisfy its obligations, excluding any obligations that may arise with respect to RAITs non-compliance with the continued listing standards of the NYSE, arising over the applicable one-year period including RAIT’s ability to satisfy any put option exercised by the holders of the 4.0% convertible senior notes and maintaining compliance with its debt covenants depends, in part, on several factors including (A) management’s ability to continue to successfully divest RAIT of the majority of RAIT’s remaining real estate assets releasing cash from those sales and/or distributions on our retained interests in our RAIT I and RAIT II securitizations, to continue to control costs, to sell certain loans, to continue to receive repayments of loans as they become due, and to control new investment activity, if and as needed, and/or (B) the results of a strategic transaction involving RAIT, if any. While controlling costs and new investment activities are within management’s control, management recognizes that selling real estate assets, selling loans, the timing of loan repayments and a strategic transaction involving RAIT involve performance by third parties. Management believes that its course of performance generating liquidity from, among other things, the sale by RAIT of its real estate assets, which includes the sale of $594,420 of real estate assets since January 1, 2016, has demonstrated its ability to generate liquidity through its currently approved plans. Any liquidity that is generated from these plans will be available for use to satisfy obligations as they become due, working capital and/or new investment activity. Since many of the real estate assets and loans that management plans to sell to satisfy its obligations are not subject to an executed purchase and sale agreement or contractual agreement as of the date hereof, the sale of those assets are not considered probable within the necessary time period and the proceeds from such sales, if any, are not considered sufficient, in each case, under the accounting standard. Therefore, management has not included the sale of such assets for purposes of this evaluation, notwithstanding the likelihood or expectation that management has of their occurrence based on, among other things, management’s prior course of performance of selling similar assets and/or management’s future expectations. As a result, under the accounting standard, management’s currently approved plans have not met the probable threshold to alleviate the conditions that initially indicated there is substantial doubt about RAIT’s ability to continue as a going concern within one year after the date that the financial statements are issued because of the matters described above. c. 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”. d. 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. e. 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. f. 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 September 30, 2017, and December 31, 2016, we had $120,342 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 September 30, 2017, and December 31, 2016, we had $22,147 and $68,784, respectively, of restricted cash held by securitizations. g. 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. h. Allowance for Loan Losses, Impaired Loans and Non-accrual Status We maintain an allowance for loan losses on our investments in commercial mortgages, mezzanine loans and preferred equity interests. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating, which are categorized as either watchlist 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. i. 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 nine months ended September 30, 2017, we recognized $3,121 and $91,989, 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. j. 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 September 30, 2017 and December 31, 2016 was $26,432 and $29,845, respectively. During the nine months ended September 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 $24,214 were considered to be impaired as of September 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 k. 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. l. 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. m. 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. n. 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 $3,008 and $12,276 as of September 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $12,854 and $26,122 as of September 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our retail property manager’s t

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	9 Months Ended
	Sep. 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 September 30, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (5) Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,158,089 $ (774 ) $ 1,157,315 91 5.5 % Oct. 2017 to Dec. 2025 Mezzanine loans 65,512 45 65,557 16 10.1 % Apr. 2017 to May 2025 Preferred equity interests 40,327 (1 ) 40,326 17 8.7 % Nov. 2018 to Jan. 2029 Total CRE (3) 1,263,928 (730 ) 1,263,198 124 5.9 % Deferred fees and costs, net (4) (2,852 ) - (2,852 ) Total $ 1,261,076 $ (730 ) $ 1,260,346 (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 $16,725, 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 $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans. (4) Includes $8,482 of deferred fees, net of $5,630 of deferred costs. (5) Includes the maturity dates of two loans all of which had maturity dates prior to September 30, 2017 and have been identified as impaired. 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, (j) 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 full collection of principal and interest is not probable, which generally includes our impaired loans that have reserves. The following table summarizes the delinquency statistics of our commercial real estate loans as of September 30, 2017 and December 31, 2016: As of September 30, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure, legal or bankruptcy proceedings Total Non-accrual (1) Commercial mortgage loans $ 1,096,971 $ 15,645 $ — $ 45,473 $ — $ 1,158,089 $ 98,474 Mezzanine loans 40,293 - - 6,719 18,500 65,512 33,510 Preferred equity interests 40,327 - - - - 40,327 3,650 Total $ 1,177,591 $ 15,645 $ — $ 52,192 $ 18,500 $ 1,263,928 $ 135,634 (1) Includes four loans that were current, five loans that are 90 days or more past due, 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. Also includes one mezzanine loan with an unpaid principal balance of $18,500 that has not been accruing interest pursuant to its restructured loan terms as it had the option to be prepaid at par. This loan is now the subject of legal proceedings and has been placed on non-accrual status as full collection of principal and interest is not probable. This loan has been specifically reviewed under the provisions of FASB ASC Topic 310, “Receivables”, in accordance with our accounting policies. As this loan is the subject of legal proceedings, the ultimate outcome may differ significantly from our current estimate. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure, legal 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 September 30, 2017, and December 31, 2016, all 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 September 30, 2017, and December 31, 2016, $135,634 and $121,038, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 6.7% and 5.8%, respectively. Also, as of September 30, 2017 and December 31, 2016, three and four loans, respectively, with an unpaid principal balance of $20,624 and $28,930, respectively, and a weighted average interest rate of 12.9% and 12.6%, respectively, were recognizing interest on the cash basis. Allowance For Loan Losses And Impaired Loans During the three and nine months ended September 30, 2017, we recognized provision for loan losses of $5,516 and $27,914, which was related to legacy loans. Our provision for loan losses during the three and nine months ended September 30, 2017 was primarily driven by two and seven loans, respectively, 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 recent operating performance of the underlying property and history of the borrower’s ability to provide financial support As of September 30, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,030,065 $ 19,133 $ 33,622 $ 1,082,820 Watchlist (1) 128,024 46,379 6,705 181,108 Total $ 1,158,089 $ 65,512 $ 40,327 $ 1,263,928 (1) Includes $158,808 of loans that are considered to be impaired and $22,300 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 September 30, 2017 and 2016: For the Three Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 Provision (benefit) for loan losses 3,368 2,148 — 5,516 Charge-offs, net of recoveries — (3,890 ) — (3,890 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 For the Three Months Ended September 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 4,397 $ 10,861 $ 2,979 $ 18,237 Provision (benefit) for loan losses 1,957 (394 ) (30 ) 1,533 Charge-offs, net of recoveries (10 ) (1,105 ) — (1,115 ) Ending balance $ 6,344 $ 9,362 $ 2,949 $ 18,655 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 16,690 11,238 (14 ) 27,914 Charge-offs, net of recoveries (11,240 ) (3,888 ) - (15,128 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 For the Nine Months Ended September 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 3,200 (143 ) 1,145 4,202 Charge-offs, net of recoveries (10 ) (2,634 ) — (2,644 ) Ending balance $ 6,344 $ 9,362 $ 2,949 $ 18,655 Information on those loans considered to be impaired as of September 30, 2017 and December 31, 2016 was as follows: As of September 30, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 7,250 $ 14,248 $ 3,055 $ 24,554 Impaired loans with reserves 98,474 32,130 3,650 134,254 Total Impaired Loans (1) 105,724 46,379 6,705 158,808 Allowance for loan losses $ 16,090 $ 7,350 $ 1,700 $ 25,140 (1) As of September 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 $157,649 and $128,485 during the three months ended September 30, 2017 and 2016, respectively and $153,707 and $130,299 for the nine months ended September 30, 2017 and 2016, respectively. We recorded interest income from impaired loans of $138 and $193 for the three months ended September 30, 2017 and 2016, respectively. We recorded interest income from impaired loans of $1,140 and $2,715 for the nine months ended September 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 nine months ended September 30, 2017, we determined that restructuring of two commercial real estate loans with unpaid principal balances totaling of $13,259 constituted TDRs as the maturity date of the loans were extended and the borrowers were determined to be experiencing financial difficulty. D uring the nine months ended 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2017 As of December 31, 2016 Multifamily real estate properties $ 17,118 $ 147,201 Office real estate properties 217,152 397,769 Industrial real estate properties 14,816 93,423 Retail real estate properties 115,182 164,019 Parcels of land 35,406 52,234 Subtotal 399,674 854,646 Less: Accumulated depreciation and amortization (30,974 ) (138,214 ) Investments in real estate (1) $ 368,700 $ 716,432 (1) As of September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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 September 30, 2017, and December 31, 2016, our investments in real estate were comprised of land of $104,053 and $169,133, respectively, and buildings and improvements of $295,621 and $685,513, respectively. As of September 30, 2017, our investments in real estate of $399,674 were financed through $97,492 of mortgage loans or other debt held by third parties and $455,820 of mortgage loans held by our RAIT I and RAIT II CDO securitizations, which is also eliminated in consolidation. 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, which is also eliminated in consolidation. 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 nine months ended September 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 nine months ended September 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 Nine Months Ended September 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 nine months ended September 30, 2017 as reported in our consolidated financial statements: For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2017 Property Total Revenue Net income (loss) allocable to common shares Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 380 $ (107 ) $ 833 $ (231 ) Total $ 380 $ (107 ) $ 833 $ (231 ) 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 Nine Months Ended September 30, September 30, Description 2017 2016 2017 2016 Pro forma total revenue (unaudited) $ 24,603 $ 43,602 $ 77,339 $ 138,878 Pro forma net income (loss) allocable to common shares (unaudited) (24,230 ) (41 ) (180,134 ) (25,690 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (0.26 ) - (1.97 ) (0.28 ) Diluted-as pro forma (unaudited) (0.26 ) - (1.97 ) (0.28 ) Property Sales: During the nine months ended September 30, 2017, we disposed of five multifamily properties, five office properties, one retail property (sold as two parcels in two separate transactions), and one parcel of land. We also recognized $20 of losses on sales related to properties sold prior to June 30, 2017, as we settled remaining amounts with third parties subsequent to each sale date, respectively. The below table summarizes the current year dispositions recorded at sale 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 September 30, 2017 For the Nine Months Ended September 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ - $ 2 Emerald Bay (1) Multifamily 3/8/2017 23,750 772 - 135 Tiffany Square (1) Office 3/9/2017 12,175 113 (5 ) 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 (13 ) Executive Center Office 3/31/2017 10,600 437 2 123 MGS (1) Land 3/31/2017 300 - - - 100 E. Lancaster (1) Office 4/13/2017 4,575 14 (6 ) 70 UBS Tower (1) Office 5/9/2017 14,150 - (4 ) (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 455 898 South Terrace Multifamily 6/30/2017 42,950 9,189 (58 ) 261 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (39 ) 7 Rutherford (1) Office 9/29/2017 5,700 - 127 436 Total $ 191,278 $ 19,693 $ 473 $ 1,935 (1) (2) Includes gain on sale in May and September 2017 of $ During the nine months ended September 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 nine months ended September 30, 2017, we recognized the deferred gain. In October 2017, we disposed of two land parcels for $12,125 plus the reimbursement of capital expenditures associated with those parcels. We expect to defer an estimated gain on the sale of these assets of $701 which will be classified within other liabilities and will be recognized under the cost recovery method as the buyer’s initial investment was insufficient. In October 2017, we also disposed of one office property for $53,150. We expect to recognize an estimated gain of $191 on the sale of this asset. Other Dispositions: During the three and nine months ended September 30, 2017, we incurred a non-cash loss on deconsolidation of properties of $4,713 and $20,660, respectively, relating to an industrial real estate portfolio containing ten properties with carrying value of $82,501 of investments in real estate and $81,941 of related cross-collateralized non-recourse debt as of December 31, 2016. During the three and nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering three and eight of these industrial properties, respectively, and disposed of the properties through auction processes. These three and eight properties, respectively, including other assets, net of related liabilities, had an aggregate carrying value of $24,313 and $67,726, respectively. Upon foreclosure, we derecognized these net assets and extinguished related debt of $19,600 and $47,067, respectively, based on the proceeds received by and legal stipulations entered into with the senior lender with respect to 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 two of these industrial properties have a carrying value of $13,909 of investments in real estate and $34,874 of related cross-collateralized non-recourse debt as of September 30, 2017. During the three and nine months ended September 30, 2017, we incurred a non-cash gain on deconsolidation of properties of $678 relating to a real estate portfolio containing two office and two industrial properties with a carrying value of $16,216 and $17,698 of related non-recourse debt as of December 31, 2016. During the three and nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering these four properties and disposed of the properties through an external foreclosure process. RAIT had no control or influence over the divestiture process. These four properties, including other assets, net of related liabilities, had an aggregate carrying value of $17,045. Upon foreclosure, we derecognized these net assets and extinguished related debt of $17,723 based on the proceeds received by the senior lender through the foreclosure. In November of 2017, the senior lender foreclosed on the mortgage lien encumbering one of the remaining properties from the ten property industrial portfolio discussed above that had a carrying value of $9,039. 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. Impairment: During the three and nine months ended September 30, 2017, we recognized non-cash impairment charges on real estate assets of $3,121 and $91,989, 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 September 30, 2017, we determined that three of our real estate properties would be sold at lower prices than previously expected. In addition, one of our real estate properties that was previously determined to be more likely than not to be disposed of before the end of its estimated useful life incurred capital expenditures, which led to additional impairment. As a result, the aggregate carrying value of these properties of $110,223 was determined not to be fully recoverable, resulting in non-cash impairment charges totaling $3,006. After these non-cash impairment charges, these properties had an aggregate carrying value of $107,217. Additionally, based on an executed contract for one of our real estate properties, we recognized an impairment of $115. During the nine months ended September 30, 2017, we also 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 was determined not to be fully recoverable, resulting in non-cash impairment charges totaling $74,514 as further described below. 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 nine months ended September 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 nine months ended September 30, 2017, we also continued execution on plans to market certain assets that had been identified for disposal in previous periods. The remaining $14,354 of non-cash impairment charges during the nine months ended September 30, 2017 related to eight of these other real estate assets, including one multifamily property, five office properties, and two land parcels 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. See Note 7: Fair Value of Financial Instruments for further information regarding our non-recurring fair value measurements.

INDEBTEDNESS

INDEBTEDNESS	9 Months Ended
	Sep. 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 September 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 $ (38 ) $ 833 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 120,748 (4,438 ) 116,310 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,515 ) 54,809 7.6 % Apr. 2024 7.125% senior notes 68,884 (1,081 ) 67,803 7.1 % Aug. 2019 Senior secured notes 13,500 (922 ) 12,578 7.3 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (9,417 ) 9,254 5.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.8 % Apr. 2037 Secured warehouse facilities 123,919 (564 ) 123,355 3.4 % Nov. Total recourse indebtedness 428,017 (17,975 ) 410,042 5.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 336,854 (4,840 ) 332,014 1.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 553,785 (5,890 ) 547,895 3.5 % Jan. 2031 to June 2037 Loans payable on real estate (8) 97,492 (405 ) 97,087 5.5 % June 2016 to Dec. 2021 Total non-recourse indebtedness 988,131 (11,135 ) 976,996 3.1 % Other indebtedness (9) 40,830 79 40,909 — — Total indebtedness $ 1,456,978 $ (29,031 ) $ 1,427,947 3.7 % (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 $710,439 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $455,820 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 CMBS securitization notes purchased by us which are eliminated in consolidation (7) Collateralized by $718,228 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (8) 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. 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 Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 647,921 (6,844 ) 641,077 3.1 % Jan 2031 to Dec. 2031 Loans payable on real estate (8) 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 (9) 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) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (7) Collateralized by $789,421 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (8) 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 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 nine months ended September 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 206.0859 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $4.85 per common share). As of September 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 nine months ended September 30, 2017, there was no activity other than recurring interest. 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). During the three months ended September 30, 2017, we repurchased $5,350 in principal amount of the 4.0% convertible senior notes for $4,952. As of September 30, 2017, $120,748 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. These notes do not contain financial covenants. In October 2017, we repurchased $135 in principal amount of the 4.0% convertible senior notes for $124. 7.625% senior notes. During the three months ended September 30, 2017, we repurchased $963 in principal amount of the 7.625% convertible senior notes for $766. As of September 30, 2017, $56,324 of the 7.625% senior notes remain outstanding. These notes contain financial covenants including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of September 30, 2017, the leverage ratio, calculated in accordance with the indenture, was 79.3% 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 2.36x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. 7.125% senior notes. During the three months ended September 30, 2017, we repurchased $1,846 in principal amount of the 7.125% convertible senior notes for $1,596. As of September 30, 2017, $68,884 of the 7.125% senior notes remain outstanding. These notes contain financial covenants including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of September 30, 2017, the leverage ratio, calculated in accordance with the indenture, was 79.3% 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 2.36x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. In October 2017, we repurchased $312 in principal amount of the 7.125% convertible senior notes for $281. Senior secured notes. During the nine months ended September 30, 2017, we repaid $5,500 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 September 30, 2017, the fair value, or carrying amount, of this indebtedness was $9,254. These notes do not contain financial covenants. Junior subordinated notes, at amortized cost . During the nine months ended September 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 September 30, 2017, we had $0 of outstanding secured warehouse borrowings and $34,215 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 mortgage 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 September 30, 2017, we were in compliance with all financial covenants contained in the Amended MRA. As of September 30, 2017, we had $0 of outstanding borrowings under the $25,000 secured warehouse facility with respect to fixed rate CMBS loans. In June 2017, this facility was amended decreasing the capacity from $100,000 to $25,000. In June 2017, the financial covenants with respect to this facility were amended. As of September 30, 2017, we were in compliance with all financial covenants contained in the $25,000 secured warehouse facility. As of September 30, 2017, we had $2,756 of outstanding borrowings under the $75,000 commercial mortgage facility with respect to floating rate mortgage loans. In July 2017, the financial covenants with respect to this facility were amended. As of September 30, 2017, we were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. As of September 30, 2017, we had $86,948 of outstanding borrowings under the $250,000 commercial mortgage facility with respect to floating rate mortgage loans. In June 2017, this facility was amended increasing the capacity from $150,000 to $250,000. In June 2017, the financial covenants with respect to this facility were amended. As of September 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 September 30, 2017. CMBS securitizations. During the three months ended June 30, 2017, RAIT exercised its right to unwind RAIT 2014-FL3 Trust, or RAIT FL3, thereby repaying all of the outstanding notes. During the three months ended September 30, 2017, RAIT exercised its right to unwind RAIT 2015-FL4 Trust, or RAIT FL4, thereby repaying all of the outstanding notes. As a result, as of September 30, 2017, RAIT FL3 and RAIT FL4 each had $0 of total collateral at par value, respectively. As of September 30, 2017, our subsidiary, RAIT 2015-FL5 Trust, or RAIT FL5, had $217,459 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 $156,656 to investors. We formed a venture, the 2016 RAIT Venture VIE, which currently owns the less than investment grade 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 September 30, 2017, our subsidiary, RAIT 2016-FL6 Trust, or RAIT FL6, had $161,520 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 $120,248 to investors. In January 2017, we formed a venture, the 2017 RAIT Venture VIE, which currently owns the less than investment grade classes of junior notes with an aggregate principal balance of $41,272 and the equity of RAIT FL6. We retained a 60% interest in the venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $16,893 of proceeds as a result of this contribution. RAIT FL6 does not have OC triggers or IC triggers. 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 less than investment grade 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 September 30, 2017, RAIT FL7 had $342,360 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 $276,881 to investors. We currently own the less than investment grade classes of junior notes, including a class with an aggregate principal balance of $65,479, and the equity, or the retained interests, of RAIT FL7. RAIT FL7 does not have OC triggers or IC triggers. 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 September 30, 2017, and December 31, 2016, we had $97,492 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 nine months ended September 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 three and nine months ended September 30, 2017, we incurred a non-cash loss on deconsolidation of properties of $4,713 and $20,660, respectively, relating to an industrial real estate portfolio containing ten properties with carrying value of $82,501 of investments in real estate and $81,941 of related cross-collateralized non-recourse debt as of December 31, 2016. During the three and nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering three and eight of these industrial properties, respectively, and disposed of the properties through auction processes. These three and eight properties, respectively, including other assets, net of related liabilities, had an aggregate carrying value of $24,313 and $67,726, respectively. Upon foreclosure, we derecognized these net assets and extinguished related debt of $19,600 and $47,067, respectively, based on the proceeds received by and legal stipulations entered into with the senior lender with respect to 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 two of these industrial properties have a carrying value of $13,909 of investments in real estate and $34,874 of related cross-collateralized non-recourse debt as of September 30, 2017. During the three and nine months ended September 30, 2017, we incurred a non-cash gain on deconsolidation of properties of $678 relating to a real estate portfolio containing two office and two industrial properties with a carrying value of $16,216 and $17,698 of related non-recourse debt as of December 31, 2016. During the three and nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering these four properties and disposed of the properties through an external foreclosure process. RAIT had no control or influence over the divestiture process. These four properties, including other assets, net of related liabilities, had an aggregate carrying value of $17,045. Upon foreclosure, we derecognized these net assets and extinguished related debt of $17,723 based on the proceeds received by the senior lender through the foreclosure. In November of 2017, the senior lender foreclosed on the mortgage lien encumbering one of the remaining properties from the ten property industrial portfolio discussed above that had a carrying value of $9,039. 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. 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) $ 86,948 $ 35,194 2018 37,471 1,315 2019 81,884 1,388 2020 - 1,455 2021 - 58,140 Thereafter (2) 221,714 890,639 Total $ 428,017 $ 988,131 (1) Non-recourse indebtedness includes $34,874 of indebtedness that had a maturity date of June 2016. This indebtedness was collateralized by ten industrial properties as of December 31, 2016. During the nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering eight of these properties and is in the process of foreclosing on the remaining two properties. (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 $120,748 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	9 Months Ended
	Sep. 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 September 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 September 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 September 30, 2017 and December 31, 2016: As of September 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 $ 135 $ — Interest rate swaps 12,650 93 — 15,175 71 — Net fair value $ 12,650 $ 93 $ — $ 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 $785 to earnings, within investment interest expense, for the three months ended September 30, 2017, and 2016, respectively and $0 and $4,824 for the nine months ended September 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	9 Months Ended
	Sep. 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 September 30, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,235,206 $ 1,230,733 Cash and cash equivalents 46,019 46,019 Restricted cash 142,489 142,489 Derivative assets 93 93 Liabilities Recourse indebtedness: 7.0% convertible senior notes 833 525 4.0% convertible senior notes 116,310 111,801 7.625% senior notes 54,809 45,893 7.125% senior notes 67,803 62,409 Senior secured notes 12,578 13,199 Junior subordinated notes, at fair value 9,254 9,254 Junior subordinated notes, at amortized cost 25,100 10,135 CMBS facilities 123,355 123,919 Non-recourse indebtedness: CDO notes payable, at amortized cost 332,014 286,556 CMBS securitizations 547,895 553,900 Loans payable on real estate 97,087 100,211 Other indebtedness 40,909 40,830 Derivative liabilities — — Warrants and investor SARs 26,000 26,000 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 September 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 September 30, 2017 Derivative assets $ — $ 93 $ — $ 93 Total assets $ — $ 93 $ — $ 93 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 September 30, 2017 Junior subordinated notes, at fair value $ — $ — $ 9,254 $ 9,254 Derivative liabilities — — — — Warrants and investor SARs — — 26,000 26,000 Total liabilities $ — $ — $ 35,254 $ 35,254 (1) During the nine months ended September 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 September 30, 2017 include discount rates ranging from 15.5% to 15.8% 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 September 30, 2017 and December 31, 2016 include 85.0% and 51.0%, respectively, for the annual volatility of our common shares of beneficial interest over the term of the warrants and investor SARs, 12.5% 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 18.9% 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 nine months ended September 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 (4,400 ) (2,568 ) (6,968 ) Balance, as of September 30, 2017 $ 26,000 $ 9,254 $ 35,254 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 September 30, 2017: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024 Change in fair value of financial instruments (1,500 ) (3,270 ) (4,770 ) Balance, as of September 30, 2017 $ 26,000 $ 9,254 $ 35,254 Non-Recurring Fair Value Measurements As of 30, 2017, we measured three real estate assets at a fair value of $80,000 in our consolidated balance sheets as they were impaired. The fair values were based on executed letters of intent 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 30, 2017, we measured one real estate asset at a fair value of $33,411 in our consolidated balance sheets as it was impaired. The fair value was based on our broker’s opinion of value for the real estate asset and was classified within Level 3 of the fair value hierarchy. The significant inputs were a terminal capitalization rate of 7.25% and a discount rate of 11.6%. 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 September 30, 2017 Estimated Fair Value as of September 30, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,235,206 $ 1,230,733 Discounted Three 7.0% convertible senior notes 833 525 Trading price Two 4.0% convertible senior notes 116,310 111,801 Trading price Two 7.625% senior notes 54,809 45,893 Trading price Two 7.125% senior notes 67,803 62,409 Trading price Two Senior secured notes 12,578 13,199 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 10,135 Discounted cash flows Three CDO notes payable, at amortized cost 332,014 286,556 Discounted cash flows Three CMBS securitizations 547,895 553,900 Discounted cash flows Three Loans payable on real estate 97,087 100,211 Discounted cash flows Three Other indebtedness 40,909 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 September 30, For the Nine Months Ended September 30, Description 2017 2016 2017 2016 Change in fair value of junior subordinated notes $ 3,270 (735 ) $ 2,568 $ (1,020 ) Change in fair value of derivatives (17 ) 160 (275 ) (2,135 ) Change in fair value of warrants and investors SARs 1,500 (800 ) 4,400 (3,900 ) Change in fair value of financial instruments $ 4,753 $ (1,375 ) $ 6,693 $ (7,055 ) The changes in the fair value for the junior subordinated notes for which the fair value option was elected for the three and nine months ended September 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 nine months ended 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 nine months ended 30, 2017 and 2016 was primarily attributable to changes in the reference stock price and volatility.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 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 September 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 September September 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 September 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 $ 1,035,500 $ — $ 375,743 $ 1,411,243 Allowance for losses — — — — Total investments in mortgages and loans 1,035,500 — 375,743 1,411,243 Investments in real estate Investments in real estate — 88,725 — 88,725 Accumulated depreciation — (8,105 ) — (8,105 ) Total investments in real estate — 80,620 — 80,620 Cash and cash equivalents — 617 93 710 Restricted cash 17,763 509 11 18,283 Accrued interest receivable 44,805 — 2,492 47,297 Other assets 68 9,240 71 9,379 Intangible assets Intangible assets — 438 — 438 Accumulated amortization — (199 ) — (199 ) Total intangible assets — 239 — 239 Total assets $ 1,098,136 $ 91,225 $ 378,410 $ 1,567,771 Liabilities and Equity Indebtedness, net $ 872,946 $ 150,146 $ 376,778 $ 1,399,870 Accrued interest payable 1,191 16,818 1,087 19,096 Accounts payable and accrued expenses 29 4,314 — 4,343 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 418 698 1,116 Total liabilities 874,166 171,696 378,563 1,424,425 Equity: Shareholders’ equity: RAIT investment 12,030 33,847 4,795 50,673 Retained earnings (deficit) 211,940 (114,558 ) (4,995 ) 92,387 Total shareholders’ equity 223,970 (80,711 ) (200 ) 143,059 Noncontrolling Interests — 240 47 287 Total liabilities and equity $ 1,098,136 $ 91,225 $ 378,410 $ 1,567,771 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: 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 $426,887 of total investments in mortgage loans and $437,546 of indebtedness as of September 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	9 Months Ended
	Sep. 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 the investor 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 the investor 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 the investor 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 purchase agreement and certain related documents provide for a subsidiary of RAIT to use the first $38,941 of net proceeds (other than defined CMBS net proceeds) from the sale, transfer, repayment or other disposition of investments held by the subsidiary on the date of disposition from and after October 1, 2017 and defined CMBS net proceeds from and after October 1, 2019 to engage in transactions resulting in the cancellation of Series D preferred shares on a dollar-for-dollar basis. The warrants and investor SARs had an initial strike price of $6.00 per common share, subject to adjustment. The warrants and investor SARs were both determined to be classified as liabilities and had a combined fair value of $26,000 as of September 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. See Note 7: Fair Value of Financial Instruments for further information. On October 11, 2017, we received a put right notice from the investor exercising the investor’s right to require us to purchase for $20,500 all the previous warrants and investor SARs. On October 17, 2017, RAIT purchased all of the warrants and investor SARs. As a result, RAIT had no further obligations beyond October 17, 2017 relating to the warrants and investor SARs and none remain outstanding, respectively, as of that date. We expect to recognize a gain of $5,500 in the fourth quarter as a result of the redemption. The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through September 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 27,949 Carrying amount of Series D Preferred Shares $ 77,653

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 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 nine months ended September 30, 2017: March 31, 2017 June 30, 2017 September 30, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 2,589 $ 2,589 $ 2,589 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 1,225 $ 1,225 $ 1,225 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 910 $ 910 $ 910 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 9/29/2017 Total dividend amount $ 1,879 $ 1,879 $ 1,665 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 November 1, 2017, the board of trustees declared a fourth 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 December 1, 2017. The dividends are payable on January 2, 2018 . 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 September 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 nine months ended September 30, 2017, we paid $0 and $305, respectively, of dividends on restricted common share awards that vested in each respective period. On December, 16 2016, the board of trustee declared a $0.09 dividend on our common shares to holders of record as of January 10, 2017. The dividend was paid January 31, 2017 and totaled $8,202. 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 paid on September 15, 2017 and totaled $4,574. On November 1, 2017, the board of trustees decided to suspend the dividend on our common shares. 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, excluding the board’s chairman. 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 nine months ended September 30, 2017, we recorded $779 and $1,833 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 nine months ended September 30, 2017, we issued a total of 13,317 common shares pursuant to the DRSPP at a weighted-average price of $1.54 per share and we received $21 of net proceeds. As of September 30, 2017, 7,739,162 common shares, in the aggregate, remain available for issuance under the DRSPP. Capital on Demand™ Sales Agreement (COD): On November 21, 2012, we entered into a Capital on Demand™ Sales Agreement, or the COD sales agreement, with JonesTrading Institutional Services LLC, or JonesTrading, pursuant to which we may issue and sell up to 10,000,000 of our common shares from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the nine months ended September 30, 2017, we did not issue any common shares pursuant to this agreement. As of September 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 September 30, 2017, total shareholders’ equity attributable to common shares was a deficit of $53,130. Non-Controlling Interests RAIT Venture VIE: During the nine months ended September 30, 2017, the 2016 RAIT Venture VIE, which elected to be taxed as a REIT and that was formed in 2016 to hold the less than investment grade classes of 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 nine months ended September 30, 2017, we paid $0 and $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	9 Months Ended
	Sep. 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 nine months ended September For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (15,843 ) $ 5,328 $ (154,266 ) $ (13,131 ) (Income) loss allocated to preferred shares (8,387 ) (8,715 ) (25,730 ) (25,850 ) (Income) loss allocated to noncontrolling interests — 1,339 (76 ) 3,455 Income (loss) from continuing operations allocable to common shares (24,230 ) (2,048 ) (180,072 ) (35,526 ) Total Income (loss) from discontinued operations — 4,112 — 38,473 (Income) loss from discontinued operations allocated to noncontrolling interests — (2,068 ) — (28,375 ) Income (loss) from discontinued operations allocable to common shares — 2,044 — 10,098 Net income (loss) allocable to common shares $ (24,230 ) $ (4 ) $ (180,072 ) $ (25,428 ) Weighted-average shares outstanding—Basic 91,559,636 91,201,784 91,438,884 91,137,041 Dilutive securities — — — — Weighted-average shares outstanding—Diluted 91,559,636 91,201,784 91,438,884 91,137,041 Earnings (loss) per share—Basic: Continuing operations $ (0.26 ) $ (0.02 ) $ (1.97 ) $ (0.39 ) Discontinued operations - 0.02 - 0.11 Earnings (loss) per share—Basic $ (0.26 ) $ — $ (1.97 ) $ (0.28 ) Earnings (loss) per share—Diluted: Continuing operations $ (0.26 ) $ (0.02 ) $ (1.97 ) $ (0.39 ) Discontinued operations - 0.02 - 0.11 Earnings (loss) per share—Diluted $ (0.26 ) $ — $ (1.97 ) $ (0.28 ) For the three and nine months ended September

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 $29 and $46 during the three and nine months ended September 30, 2016 and $15 and $134 during the three and nine months ended September 30, 2017. The approximate dollar value of Mr. Klein’s interest in these fees was less than $1 for the three and nine months ended September 30, 2016, based on Mr. Klein’s Ballard 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 nine months ended September 30, 2016, we earned $1,727 and $5,141 of asset management fees and $206 and $350 of incentive fees, which were eliminated in consolidation. As of September 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 nine months ended September 30, 2016, we earned $1,219 and $3,710 of property management and construction management fees, which were eliminated in consolidation. As of September 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 and received aggregate proceeds of approximately $62,156. For the three and nine months ended September 30, 2016, we earned and subsequently received dividends of $1,309, and $3,927, respectively, which were eliminated in consolidation. As of September 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 nine months ended September 30, 2016, we earned $486 of interest from IRT related to $38,075 of mortgage indebtedness held by us. As of September 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. As of September 30, 2017, the joint shared services agreement between RAIT and IRT has ended. Pursuant to that shared services agreement, IRT reimbursed RAIT $0 and $727 for general and administrative services for the three and nine months ended September 30, 2017, respectively. In addition, during the three and nine months ended September 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 $27 and $239 of property management fees for the three and nine months ended September 30, 2017, respectively. These amounts are 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 nine months ended September 30, 2017, $94 and $282, 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 nine months ended September 30, 2017, this bonus of $110 was paid.

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Cash paid for interest $ 45,197 $ 79,848 Cash paid for taxes (70 ) 311 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 (84,285 ) — Non-cash increase (decrease) in indebtedness from debt extinguishments (4,640 ) — 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 (64,790 ) — 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 nine months ended September 30, 2017, see Note 4: Investments in Real Estate and Note 5: Indebtedness.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2017, we settled a matter with a former employee for $175.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 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 and received aggregate proceeds of approximately $62,156 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 nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Property income $ — $ 38,353 $ — $ 115,252 Fee and other income — 661 — 2,260 Total revenue — 39,014 — 117,512 Expenses: Interest expense — 8,820 — 27,454 Real estate operating expense — 16,107 — 47,588 Compensation expense — 1,861 — 6,037 General and administrative expense — 949 — 3,298 Acquisition expense — 19 — 37 Depreciation and amortization expense — 7,784 — 27,059 Total expenses — 35,540 — 111,473 Operating (Loss) Income — 3,474 — 6,039 Interest and other income (expense), net — (2 ) — (2 ) Gains (losses) on assets — (1 ) — 32,262 Gain (loss) on IRT merger with TSRE — 641 — 732 Gains (losses) on extinguishments of debt — — — (558 ) Net income (loss) from discontinued operations $ — $ 4,112 $ — $ 38,473 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 32,993 Cash flow from investing activities from discontinued operations — 29,522 Cash flow from financing activities from discontinued operations — (71,420 ) Net change in cash and cash equivalents from discontinued operations — (8,905 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 29,400

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 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 September

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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. During 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 nine-month period ended September 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 nine months ended September 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.
Going Concern Considerations	b. Going Concern Considerations Accounting Guidance The first step in the analysis requires the entity to evaluate whether relevant conditions and events, considered in the aggregate, indicate that it is probable that an entity will be unable to meet its obligations as they become due within one-year after the date that the financial statements are issued. If, the entity determines that its current financial condition is, by itself, insufficient to cover its obligations arising for the applicable period, the entity is next required to evaluate whether its approved plans and expectations for generating liquidity over that one-year period (including forecasted future cash flows), when implemented, will alleviate the substantial doubt about the entity’s ability to continue as a going concern. The entity may then consider the mitigating effect of management’s plans and expectations for the applicable period in evaluating whether the substantial doubt is alleviated only to the extent that information available as of the date that the financial statements are issued indicates both of the following: (i) it is probable that management’s plans will be effectively implemented within one year after the date that the financial statements are issued and (ii) it is probable that management’s plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. In evaluating the first criterion of whether it is probable that management’s plans will be effectively implemented, the entity must make a determination as to the feasibility of implementation of management’s plans in light of an entity’s facts and circumstances. In evaluating the second criterion of whether it is probable that management’s plans will mitigate the events and conditions that raised substantial doubt, the entity must make a determination as to the expected magnitude and timing of the mitigating effect. The accounting guidance defines an event as being “probable” if it is likely to occur, which is interpreted as a high threshold. For example, if management’s plans involve the sale of assets, this interpretation will generally not permit a conclusion that the sale of that asset is probable to occur unless the asset is subject to an executed purchase and sale agreement or similar contractual arrangement at the time of the evaluation as there is uncertainty in obtaining a buyer and executing a transaction within a one year time period. If, after the entity evaluates its plans, whether it is probable those plans will effectively be implemented and whether, once implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, the entity determines that the plans are not probable of alleviating the substantial doubt, the entity is required to disclose information in its financial statements regarding the principal conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern, management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet those obligations and management’s plans that are intended to mitigate those conditions or events. Analysis In addition, management considered that, RAIT received written notification, or the NYSE notice, from the New York Stock Exchange, or the NYSE, effective September 21, 2017, that RAIT was not in compliance with an NYSE continued listing standard because the average closing price of RAIT’s common shares fell below $1.00 over a consecutive 30 trading-day period ending September 15, 2017. In accordance with NYSE procedures, RAIT acknowledged receipt of the NYSE notice and notified the NYSE of its intention to seek to cure the deficiency set forth therein. RAIT is considering various options it may take in an effort to cure this deficiency and regain compliance with this continued listing standard , including, among other things, by exploring and evaluating strategic and financial alternatives and evaluating potential other strategies RAIT’s common shares ultimately were to be delisted for any reason from the NYSE before RAIT was able to cure the deficiency, it could have material adverse consequences on RAIT’s ability to meet its obligations arising within one year of the date of issuance of these financial statements, including, among others: triggering the right of holders of RAIT’s senior secured notes and RAIT’s convertible notes to require us to repurchase their notes and could trigger non-compliance with covenants applicable to RAIT’s series D preferred shares. If RAIT failed to repay any senior secured notes or convertible notes for which the holders exercised repurchase rights, it could trigger cross defaults under, and ultimately the acceleration of, other RAIT indebtedness. RAIT is currently engaged in (A) effectuating a strategic transformation into a pure play commercial real estate lender, which includes, among other things, concentrating our business on our core middle-market CRE lending business, divesting our legacy owned real estate portfolio, divesting our commercial property management business and reducing our total expense base; (B) exploring and evaluating strategic and financial alternatives including, without limitation, refinements of our operations or strategy, financial transactions, such as a recapitalization or other changes to our capital structure and/or strategic transactions, such as a sale of all or part of RAIT; and (C) seeking to undertake one or more options in an effort to cure RAIT’s non-compliance with the continued listing standard set forth under Rule 802.01C of the NYSE Listed Company Manual (as further discussed below) Management determined that RAIT’s current financial condition and currently available sources of repayment for its obligations over the next twelve months, such as its available funds, which was $46,019 as of September 30, 2017, would not alone enable RAIT to meet its obligations within one year of the date these financial statements are issued. As a result, management evaluated whether this was mitigated by RAIT’s approved plans and expectations for the applicable period under the second step of this accounting standard. RAIT’s ability to satisfy its obligations, excluding any obligations that may arise with respect to RAITs non-compliance with the continued listing standards of the NYSE, arising over the applicable one-year period including RAIT’s ability to satisfy any put option exercised by the holders of the 4.0% convertible senior notes and maintaining compliance with its debt covenants depends, in part, on several factors including (A) management’s ability to continue to successfully divest RAIT of the majority of RAIT’s remaining real estate assets releasing cash from those sales and/or distributions on our retained interests in our RAIT I and RAIT II securitizations, to continue to control costs, to sell certain loans, to continue to receive repayments of loans as they become due, and to control new investment activity, if and as needed, and/or (B) the results of a strategic transaction involving RAIT, if any. While controlling costs and new investment activities are within management’s control, management recognizes that selling real estate assets, selling loans, the timing of loan repayments and a strategic transaction involving RAIT involve performance by third parties. Management believes that its course of performance generating liquidity from, among other things, the sale by RAIT of its real estate assets, which includes the sale of $594,420 of real estate assets since January 1, 2016, has demonstrated its ability to generate liquidity through its currently approved plans. Any liquidity that is generated from these plans will be available for use to satisfy obligations as they become due, working capital and/or new investment activity. Since many of the real estate assets and loans that management plans to sell to satisfy its obligations are not subject to an executed purchase and sale agreement or contractual agreement as of the date hereof, the sale of those assets are not considered probable within the necessary time period and the proceeds from such sales, if any, are not considered sufficient, in each case, under the accounting standard. Therefore, management has not included the sale of such assets for purposes of this evaluation, notwithstanding the likelihood or expectation that management has of their occurrence based on, among other things, management’s prior course of performance of selling similar assets and/or management’s future expectations. As a result, under the accounting standard, management’s currently approved plans have not met the probable threshold to alleviate the conditions that initially indicated there is substantial doubt about RAIT’s ability to continue as a going concern within one year after the date that the financial statements are issued because of the matters described above.
Principles of Consolidation	c. 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	d. 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	e. 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	f. 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 September 30, 2017, and December 31, 2016, we had $120,342 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 September 30, 2017, and December 31, 2016, we had $22,147 and $68,784, respectively, of restricted cash held by securitizations.
Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	g. 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	h. Allowance for Loan Losses, Impaired Loans and Non-accrual Status We maintain an allowance for loan losses on our investments in commercial mortgages, mezzanine loans and preferred equity interests. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating, which are categorized as either watchlist 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	i. 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 nine months ended September 30, 2017, we recognized $3,121 and $91,989, 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	j. 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 September 30, 2017 and December 31, 2016 was $26,432 and $29,845, respectively. During the nine months ended September 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 $24,214 were considered to be impaired as of September 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	k. 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	l. 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	m. 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	n. 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 $3,008 and $12,276 as of September 30, 2017 and December 31, 2016, respectively. The gross carrying amount for our in-place leases and above market leases was $12,854 and $26,122 as of September 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 September 30, 2017 and December 31, 2016, respectively. The accumulated amortization for our intangible assets was $7,800 and $22,230 as of September 30, 2017 and December 31, 2016, respectively. We recorded amortization expense of $1,202 and $2,333 for the three months ended September 30, 2017 and 2016, respectively, and $5,763 and $10,105 for the nine months ended September 30, 2017 and 2016, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $599 for the remainder of 2017, $1,920 for 2018, $1,544 for 2019, $1,152 for 2020, $893 for 2021 and $1,954 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 nine months ended September 30, 2017. These non-cash impairment charges are presented in asset impairment on our consolidated statements of operations.
Derivative Instruments	o. 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 September 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 September 30, 2017, $98 of variation margin payments related to these derivatives have been accounted for as settlements of the derivatives.
Goodwill	p. Goodwill Goodwill on our consolidated balance sheet represented the amounts paid in excess of the fair value of the net assets acquired from business acquisitions accounted for under FASB ASC Topic 805, “Business Combinations.” Pursuant to FASB ASC Topic 350, “Intangibles-Goodwill and Other”, goodwill is not amortized to expense but rather is analyzed for impairment. We evaluate goodwill for impairment on an annual basis and as events and circumstances change, in accordance with FASB ASC Topic 350. As of September 30, 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 nine months ended September 30, 2017. This non-cash impairment charge is presented in goodwill impairment on our consolidated statements of operations.
Income Taxes	q. 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	r. Shareholder Activism Expenses During the three and nine months ended September 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 $155 and $2,464 for the three and nine months ended September 30, 2017, respectively, and are presented as shareholder activism expenses in our consolidated statements of operations. We incurred certain shareholder activism expenses subsequent to the period ended June 30, 2017, related to the cooperation agreement discussed above.
Employee Separation Expense	s. Employee Separation Expense On September 27, 2017, we entered into a settlement agreement and general release with Paul W. Kopsky, Jr. Mr. Kopsky was previously employed by RAIT as RAIT’s Chief Financial Officer and Treasurer pursuant to an employment agreement between RAIT and Mr. Kopsky executed on February 17, 2017. The purpose of the settlement agreement, which provided for the termination of Mr. Kopsky’s employment from RAIT retroactive to August 20, 2017, was to provide for a complete and final settlement of all existing and potential disputes between RAIT and Mr. Kopsky, including, but not limited to, all disputes related to Mr. Kopsky’s previous employment by RAIT and the termination of such employment. During the three months ended September 30, 2017, we incurred an expense in the amount of $575 related to this settlement agreement, which is presented as employee separation expense in our consolidated statements of operations.
Recent Accounting Pronouncements	t. 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. The adoption of this standard did not have an impact on our consolidated financial statements, however, we applied the guidance contained in this accounting standard in measuring the goodwill impairment referred to above in section p. 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. Both our initial assessment and our selected transition method may change depending on the results of our final assessment of the impact to our consolidated financial statements. In January 2016, the FASB issued an accounting standard classified under FASB ASC Topic 825, “Financial Instruments”. This accounting standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, the amendment (i) eliminates certain disclosure requirements for financial instruments measured at amortized cost; (ii) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation, in other comprehensive income, of the change in fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk; and (iv) requires separate presentation of financial instruments by measurement category and form. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the separate presentation of changes in fair value due to changes in instrument-specific credit risk. Management does not expect the adoption of these standards to have a material impact 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 will 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 does not expect the adoption of these standards to have a material impact 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. The adoption of this standard will change the presentation of the statement of cash flows for the Company and we will utilize a retrospective transition method for each period presented within financial statements for periods subsequent to the date of adoption. As the adoption of this standard only requires the presentation of additional detail on the statement of cash flows, the adoption of this standard is not expected to have a material impact 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 does not expect the adoption of these standards to have a material impact 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. In August 2017, the FASB issued an accounting standard classified under FASB ASC Topic 815, “Derivatives and Hedging”. This accounting standard states specific limitations in current GAAP by expanding hedge accounting for both nonfinancial and financial risk components and by refining the measurement of hedge results to better reflect an entity’s hedging strategies. 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. In September 2017, the FASB issued an accounting standard classified under FASB ASC Topic 605, “Revenue Recognition”, Topic 606 “Revenue from Contracts with Customers”, Topics 840 & 842 “Leases”. 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.

INVESTMENTS IN COMMERCIAL MOR26

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates (5) Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,158,089 $ (774 ) $ 1,157,315 91 5.5 % Oct. 2017 to Dec. 2025 Mezzanine loans 65,512 45 65,557 16 10.1 % Apr. 2017 to May 2025 Preferred equity interests 40,327 (1 ) 40,326 17 8.7 % Nov. 2018 to Jan. 2029 Total CRE (3) 1,263,928 (730 ) 1,263,198 124 5.9 % Deferred fees and costs, net (4) (2,852 ) - (2,852 ) Total $ 1,261,076 $ (730 ) $ 1,260,346 (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 $16,725, 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 $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans. (4) Includes $8,482 of deferred fees, net of $5,630 of deferred costs. (5) Includes the maturity dates of two loans all of which had maturity dates prior to September 30, 2017 and have been identified as impaired. 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, (j) 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 September 30, 2017 and December 31, 2016: As of September 30, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure, legal or bankruptcy proceedings Total Non-accrual (1) Commercial mortgage loans $ 1,096,971 $ 15,645 $ — $ 45,473 $ — $ 1,158,089 $ 98,474 Mezzanine loans 40,293 - - 6,719 18,500 65,512 33,510 Preferred equity interests 40,327 - - - - 40,327 3,650 Total $ 1,177,591 $ 15,645 $ — $ 52,192 $ 18,500 $ 1,263,928 $ 135,634 (1) Includes four loans that were current, five loans that are 90 days or more past due, 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. Also includes one mezzanine loan with an unpaid principal balance of $18,500 that has not been accruing interest pursuant to its restructured loan terms as it had the option to be prepaid at par. This loan is now the subject of legal proceedings and has been placed on non-accrual status as full collection of principal and interest is not probable. This loan has been specifically reviewed under the provisions of FASB ASC Topic 310, “Receivables”, in accordance with our accounting policies. As this loan is the subject of legal proceedings, the ultimate outcome may differ significantly from our current estimate. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more In foreclosure, legal 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 September 30, 2017 and December 31, 2016 as follows: As of September 30, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,030,065 $ 19,133 $ 33,622 $ 1,082,820 Watchlist (1) 128,024 46,379 6,705 181,108 Total $ 1,158,089 $ 65,512 $ 40,327 $ 1,263,928 (1) Includes $158,808 of loans that are considered to be impaired and $22,300 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 September 30, 2017 and 2016: For the Three Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 Provision (benefit) for loan losses 3,368 2,148 — 5,516 Charge-offs, net of recoveries — (3,890 ) — (3,890 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 For the Three Months Ended September 30, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 4,397 $ 10,861 $ 2,979 $ 18,237 Provision (benefit) for loan losses 1,957 (394 ) (30 ) 1,533 Charge-offs, net of recoveries (10 ) (1,105 ) — (1,115 ) Ending balance $ 6,344 $ 9,362 $ 2,949 $ 18,655 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 16,690 11,238 (14 ) 27,914 Charge-offs, net of recoveries (11,240 ) (3,888 ) - (15,128 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 For the Nine Months Ended September 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 3,200 (143 ) 1,145 4,202 Charge-offs, net of recoveries (10 ) (2,634 ) — (2,644 ) Ending balance $ 6,344 $ 9,362 $ 2,949 $ 18,655
Loans Considered to be Impaired	Information on those loans considered to be impaired as of September 30, 2017 and December 31, 2016 was as follows: As of September 30, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 7,250 $ 14,248 $ 3,055 $ 24,554 Impaired loans with reserves 98,474 32,130 3,650 134,254 Total Impaired Loans (1) 105,724 46,379 6,705 158,808 Allowance for loan losses $ 16,090 $ 7,350 $ 1,700 $ 25,140 (1) As of September 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)	9 Months Ended
	Sep. 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 September 30, 2017 As of December 31, 2016 Multifamily real estate properties $ 17,118 $ 147,201 Office real estate properties 217,152 397,769 Industrial real estate properties 14,816 93,423 Retail real estate properties 115,182 164,019 Parcels of land 35,406 52,234 Subtotal 399,674 854,646 Less: Accumulated depreciation and amortization (30,974 ) (138,214 ) Investments in real estate (1) $ 368,700 $ 716,432 (1) As of September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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 nine months ended September 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 Nine Months Ended September 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 nine months ended September 30, 2017 as reported in our consolidated financial statements: For the Three Months Ended For the Nine Months Ended September 30, 2017 September 30, 2017 Property Total Revenue Net income (loss) allocable to common shares Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 380 $ (107 ) $ 833 $ (231 ) Total $ 380 $ (107 ) $ 833 $ (231 )
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 Nine Months Ended September 30, September 30, Description 2017 2016 2017 2016 Pro forma total revenue (unaudited) $ 24,603 $ 43,602 $ 77,339 $ 138,878 Pro forma net income (loss) allocable to common shares (unaudited) (24,230 ) (41 ) (180,134 ) (25,690 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (0.26 ) - (1.97 ) (0.28 ) Diluted-as pro forma (unaudited) (0.26 ) - (1.97 ) (0.28 )
Summary of Disposition and Each Property's Contribution	The below table summarizes the current year dispositions recorded at sale 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 September 30, 2017 For the Nine Months Ended September 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ - $ 2 Emerald Bay (1) Multifamily 3/8/2017 23,750 772 - 135 Tiffany Square (1) Office 3/9/2017 12,175 113 (5 ) 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 (13 ) Executive Center Office 3/31/2017 10,600 437 2 123 MGS (1) Land 3/31/2017 300 - - - 100 E. Lancaster (1) Office 4/13/2017 4,575 14 (6 ) 70 UBS Tower (1) Office 5/9/2017 14,150 - (4 ) (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 455 898 South Terrace Multifamily 6/30/2017 42,950 9,189 (58 ) 261 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (39 ) 7 Rutherford (1) Office 9/29/2017 5,700 - 127 436 Total $ 191,278 $ 19,693 $ 473 $ 1,935 (1) (2) Includes gain on sale in May and September 2017 of $

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	9 Months Ended
	Sep. 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 September 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 $ (38 ) $ 833 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 120,748 (4,438 ) 116,310 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,515 ) 54,809 7.6 % Apr. 2024 7.125% senior notes 68,884 (1,081 ) 67,803 7.1 % Aug. 2019 Senior secured notes 13,500 (922 ) 12,578 7.3 % Oct. 2018 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (9,417 ) 9,254 5.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.8 % Apr. 2037 Secured warehouse facilities 123,919 (564 ) 123,355 3.4 % Nov. Total recourse indebtedness 428,017 (17,975 ) 410,042 5.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 336,854 (4,840 ) 332,014 1.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 553,785 (5,890 ) 547,895 3.5 % Jan. 2031 to June 2037 Loans payable on real estate (8) 97,492 (405 ) 97,087 5.5 % June 2016 to Dec. 2021 Total non-recourse indebtedness 988,131 (11,135 ) 976,996 3.1 % Other indebtedness (9) 40,830 79 40,909 — — Total indebtedness $ 1,456,978 $ (29,031 ) $ 1,427,947 3.7 % (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 $710,439 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $455,820 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 CMBS securitization notes purchased by us which are eliminated in consolidation (7) Collateralized by $718,228 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (8) 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. 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 Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 647,921 (6,844 ) 641,077 3.1 % Jan 2031 to Dec. 2031 Loans payable on real estate (8) 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 (9) 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) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (7) Collateralized by $789,421 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. (8) 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 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) $ 86,948 $ 35,194 2018 37,471 1,315 2019 81,884 1,388 2020 - 1,455 2021 - 58,140 Thereafter (2) 221,714 890,639 Total $ 428,017 $ 988,131 (1) Non-recourse indebtedness includes $34,874 of indebtedness that had a maturity date of June 2016. This indebtedness was collateralized by ten industrial properties as of December 31, 2016. During the nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering eight of these properties and is in the process of foreclosing on the remaining two properties. (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 $120,748 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)	9 Months Ended
	Sep. 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 September 30, 2017 and December 31, 2016: As of September 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 $ 135 $ — Interest rate swaps 12,650 93 — 15,175 71 — Net fair value $ 12,650 $ 93 $ — $ 44,135 $ 206 $ —

FAIR VALUE OF FINANCIAL INSTR30

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following table summarizes the carrying amount and the fair value of our financial instruments as of September 30, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,235,206 $ 1,230,733 Cash and cash equivalents 46,019 46,019 Restricted cash 142,489 142,489 Derivative assets 93 93 Liabilities Recourse indebtedness: 7.0% convertible senior notes 833 525 4.0% convertible senior notes 116,310 111,801 7.625% senior notes 54,809 45,893 7.125% senior notes 67,803 62,409 Senior secured notes 12,578 13,199 Junior subordinated notes, at fair value 9,254 9,254 Junior subordinated notes, at amortized cost 25,100 10,135 CMBS facilities 123,355 123,919 Non-recourse indebtedness: CDO notes payable, at amortized cost 332,014 286,556 CMBS securitizations 547,895 553,900 Loans payable on real estate 97,087 100,211 Other indebtedness 40,909 40,830 Derivative liabilities — — Warrants and investor SARs 26,000 26,000 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 September 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 September 30, 2017 Derivative assets $ — $ 93 $ — $ 93 Total assets $ — $ 93 $ — $ 93 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 September 30, 2017 Junior subordinated notes, at fair value $ — $ — $ 9,254 $ 9,254 Derivative liabilities — — — — Warrants and investor SARs — — 26,000 26,000 Total liabilities $ — $ — $ 35,254 $ 35,254 (1) During the nine months ended September 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 (4,400 ) (2,568 ) (6,968 ) Balance, as of September 30, 2017 $ 26,000 $ 9,254 $ 35,254 Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of June 30, 2017 $ 27,500 $ 12,524 $ 40,024 Change in fair value of financial instruments (1,500 ) (3,270 ) (4,770 ) Balance, as of September 30, 2017 $ 26,000 $ 9,254 $ 35,254
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	Carrying Amount as of September 30, 2017 Estimated Fair Value as of September 30, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,235,206 $ 1,230,733 Discounted Three 7.0% convertible senior notes 833 525 Trading price Two 4.0% convertible senior notes 116,310 111,801 Trading price Two 7.625% senior notes 54,809 45,893 Trading price Two 7.125% senior notes 67,803 62,409 Trading price Two Senior secured notes 12,578 13,199 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 10,135 Discounted cash flows Three CDO notes payable, at amortized cost 332,014 286,556 Discounted cash flows Three CMBS securitizations 547,895 553,900 Discounted cash flows Three Loans payable on real estate 97,087 100,211 Discounted cash flows Three Other indebtedness 40,909 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
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 September 30, For the Nine Months Ended September 30, Description 2017 2016 2017 2016 Change in fair value of junior subordinated notes $ 3,270 (735 ) $ 2,568 $ (1,020 ) Change in fair value of derivatives (17 ) 160 (275 ) (2,135 ) Change in fair value of warrants and investors SARs 1,500 (800 ) 4,400 (3,900 ) Change in fair value of financial instruments $ 4,753 $ (1,375 ) $ 6,693 $ (7,055 )

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 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 September 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 $ 1,035,500 $ — $ 375,743 $ 1,411,243 Allowance for losses — — — — Total investments in mortgages and loans 1,035,500 — 375,743 1,411,243 Investments in real estate Investments in real estate — 88,725 — 88,725 Accumulated depreciation — (8,105 ) — (8,105 ) Total investments in real estate — 80,620 — 80,620 Cash and cash equivalents — 617 93 710 Restricted cash 17,763 509 11 18,283 Accrued interest receivable 44,805 — 2,492 47,297 Other assets 68 9,240 71 9,379 Intangible assets Intangible assets — 438 — 438 Accumulated amortization — (199 ) — (199 ) Total intangible assets — 239 — 239 Total assets $ 1,098,136 $ 91,225 $ 378,410 $ 1,567,771 Liabilities and Equity Indebtedness, net $ 872,946 $ 150,146 $ 376,778 $ 1,399,870 Accrued interest payable 1,191 16,818 1,087 19,096 Accounts payable and accrued expenses 29 4,314 — 4,343 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 418 698 1,116 Total liabilities 874,166 171,696 378,563 1,424,425 Equity: Shareholders’ equity: RAIT investment 12,030 33,847 4,795 50,673 Retained earnings (deficit) 211,940 (114,558 ) (4,995 ) 92,387 Total shareholders’ equity 223,970 (80,711 ) (200 ) 143,059 Noncontrolling Interests — 240 47 287 Total liabilities and equity $ 1,098,136 $ 91,225 $ 378,410 $ 1,567,771 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: 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)	9 Months Ended
	Sep. 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 September 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 27,949 Carrying amount of Series D Preferred Shares $ 77,653

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2017: March 31, 2017 June 30, 2017 September 30, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 2,589 $ 2,589 $ 2,589 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 1,225 $ 1,225 $ 1,225 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 Total dividend amount $ 910 $ 910 $ 910 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 Date paid 3/31/2017 6/30/2017 9/29/2017 Total dividend amount $ 1,879 $ 1,879 $ 1,665

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 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 nine months ended September For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (15,843 ) $ 5,328 $ (154,266 ) $ (13,131 ) (Income) loss allocated to preferred shares (8,387 ) (8,715 ) (25,730 ) (25,850 ) (Income) loss allocated to noncontrolling interests — 1,339 (76 ) 3,455 Income (loss) from continuing operations allocable to common shares (24,230 ) (2,048 ) (180,072 ) (35,526 ) Total Income (loss) from discontinued operations — 4,112 — 38,473 (Income) loss from discontinued operations allocated to noncontrolling interests — (2,068 ) — (28,375 ) Income (loss) from discontinued operations allocable to common shares — 2,044 — 10,098 Net income (loss) allocable to common shares $ (24,230 ) $ (4 ) $ (180,072 ) $ (25,428 ) Weighted-average shares outstanding—Basic 91,559,636 91,201,784 91,438,884 91,137,041 Dilutive securities — — — — Weighted-average shares outstanding—Diluted 91,559,636 91,201,784 91,438,884 91,137,041 Earnings (loss) per share—Basic: Continuing operations $ (0.26 ) $ (0.02 ) $ (1.97 ) $ (0.39 ) Discontinued operations - 0.02 - 0.11 Earnings (loss) per share—Basic $ (0.26 ) $ — $ (1.97 ) $ (0.28 ) Earnings (loss) per share—Diluted: Continuing operations $ (0.26 ) $ (0.02 ) $ (1.97 ) $ (0.39 ) Discontinued operations - 0.02 - 0.11 Earnings (loss) per share—Diluted $ (0.26 ) $ — $ (1.97 ) $ (0.28 )

SUPPLEMENTAL DISCLOSURE TO CONS

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Cash paid for interest $ 45,197 $ 79,848 Cash paid for taxes (70 ) 311 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 (84,285 ) — Non-cash increase (decrease) in indebtedness from debt extinguishments (4,640 ) — 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 (64,790 ) —

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of Disposition and Each Property's Contribution	The below table summarizes the current year dispositions recorded at sale 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 September 30, 2017 For the Nine Months Ended September 30, 2017 Tuscany Bay Multifamily 1/6/2017 $ 36,650 $ 7,657 $ - $ 2 Emerald Bay (1) Multifamily 3/8/2017 23,750 772 - 135 Tiffany Square (1) Office 3/9/2017 12,175 113 (5 ) 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 (13 ) Executive Center Office 3/31/2017 10,600 437 2 123 MGS (1) Land 3/31/2017 300 - - - 100 E. Lancaster (1) Office 4/13/2017 4,575 14 (6 ) 70 UBS Tower (1) Office 5/9/2017 14,150 - (4 ) (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 455 898 South Terrace Multifamily 6/30/2017 42,950 9,189 (58 ) 261 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (39 ) 7 Rutherford (1) Office 9/29/2017 5,700 - 127 436 Total $ 191,278 $ 19,693 $ 473 $ 1,935 (1) (2) Includes gain on sale in May and September 2017 of $
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 nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Revenue: Property income $ — $ 38,353 $ — $ 115,252 Fee and other income — 661 — 2,260 Total revenue — 39,014 — 117,512 Expenses: Interest expense — 8,820 — 27,454 Real estate operating expense — 16,107 — 47,588 Compensation expense — 1,861 — 6,037 General and administrative expense — 949 — 3,298 Acquisition expense — 19 — 37 Depreciation and amortization expense — 7,784 — 27,059 Total expenses — 35,540 — 111,473 Operating (Loss) Income — 3,474 — 6,039 Interest and other income (expense), net — (2 ) — (2 ) Gains (losses) on assets — (1 ) — 32,262 Gain (loss) on IRT merger with TSRE — 641 — 732 Gains (losses) on extinguishments of debt — — — (558 ) Net income (loss) from discontinued operations $ — $ 4,112 $ — $ 38,473 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 nine months ended September 30, 2017 and 2016: For the Nine Months Ended September 30, 2017 2016 Cash flow from operating activities from discontinued operations $ — $ 32,993 Cash flow from investing activities from discontinued operations — 29,522 Cash flow from financing activities from discontinued operations — (71,420 ) Net change in cash and cash equivalents from discontinued operations — (8,905 ) Cash and cash equivalents at beginning of period - discontinued operations — 38,305 Cash and cash equivalents at end of period - discontinued operations $ — $ 29,400

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016	Sep. 30, 2017
Nature Of Operations [Line Items]
Proceeds form sale of shares			$ 38,941
IRT
Nature Of Operations [Line Items]
Purchase price to be paid by IRT		$ 43,000
IRT | Common Shares
Nature Of Operations [Line Items]
Number of shares sold to IRT	7,269,719
Proceeds form sale of shares	$ 62,156

Summary of Significant Accoun38

Summary of Significant Accounting Policies - Additional Information (Detail)		May 26, 2017USD ($)	Sep. 30, 2017USD ($)Loan	Sep. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)Loan	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)
Significant Accounting Policies [Line Items]
Investment interest expense			$ 10,236,000	$ 8,512,000		$ 30,555,000	$ 26,957,000
Unpaid Principal Balance			1,456,978,000			1,456,978,000		$ 1,787,974,000
Currently available funds to repayment of financial obligations			46,019,000	36,019,000		46,019,000	36,019,000	110,531,000	$ 87,581,000
Loans originated						375,300,000
Proceeds from sale of properties						594,420,000
Proceeds from divestiture of properties						92,300,000
Reduction of properties related indebtedness						571,770,000
Reduction of recourse debt excluding secured warehouse facilities						115,823,000
Proceeds from sale of real estate assets						594,420,000
Federal deposit insurance corporation, insurance limit per institution			250,000			250,000
Restricted cash			142,489,000			142,489,000		190,179,000
Non-cash impairment charges on real estate assets			3,121,000			91,989,000
Accrued interest receivable			32,307,000			32,307,000		36,271,000
Earned asset management fees			227,000	340,000		714,000	1,118,000
Intangible assets, accumulated amortization			7,800,000			7,800,000		22,230,000
Intangible assets, amortization expenses			1,202,000	$ 2,333,000		5,763,000	$ 10,105,000
Expected amortization expense of intangible assets, remainder of 2017			599,000			599,000
Expected amortization expense of intangible assets in 2018			1,920,000			1,920,000
Expected amortization expense of intangible assets in 2019			1,544,000			1,544,000
Expected amortization expense of intangible assets in 2020			1,152,000			1,152,000
Expected amortization expense of intangible assets in 2021			893,000			893,000
Expected amortization expense of intangible assets thereafter			1,954,000			1,954,000
Notional amount			12,650,000			12,650,000		44,135,000
Variation margin payment settlement of derivative			98,000			98,000
Goodwill			0			0		8,342,000
Non-cash impairment charge on goodwill						8,342,000
Income tax benefit						249,000
Shareholder activism expenses			155,000			2,464,000
Employee separation expense			575,000			575,000
Highland Capital Management, L. P.
Significant Accounting Policies [Line Items]
Reimbursement of certain costs incurred by related party		$ 250,000
TRS Enitities
Significant Accounting Policies [Line Items]
Income tax benefit			34,000			12,000
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			3,008,000			3,008,000		12,276,000
Intangible assets, non-cash impairment charges						3,402,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount			12,854,000			12,854,000		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
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable			$ 26,432,000			26,432,000		29,845,000
Impairment of loans						$ 24,214,000		$ 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			$ 120,342,000			$ 120,342,000		$ 121,395,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash			22,147,000			22,147,000		68,784,000
Recourse Indebtedness
Significant Accounting Policies [Line Items]
Unpaid Principal Balance			$ 428,017,000			$ 428,017,000		$ 387,179,000
Recourse Indebtedness | 4.0% convertible senior notes
Significant Accounting Policies [Line Items]
Stated interest rate			4.00%			4.00%		4.00%
Convertible senior notes redemption period						2018-10
Unpaid Principal Balance	[1]		$ 120,748,000			$ 120,748,000		$ 126,098,000
Currently available funds to repayment of financial obligations			$ 46,019,000			$ 46,019,000
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
[1]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Investments in Loans (Detail)

Investments in Loans (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,263,928	[1]	$ 1,294,874	[2]
Total investment in loans, Unamortized (Discounts) Premiums		(730)	[1]	(808)	[2]
Carrying Amount		$ 1,263,198	[1]	$ 1,294,066	[2]
Number of Loans | Loan		124	[1]	134	[2]
Weighted-Average Coupon	[3]	5.90%	[1]	6.10%	[2]
Unpaid Principal Balance		$ (2,852)	[4]	$ 1,427	[5]
Total investments in loans, Unpaid Principal Balance		1,261,076		1,293,447
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		1,260,346		1,292,639
Deferred fees and costs, net		$ 2,852	[4]	(1,427)	[5]
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		$ 1,158,089	[6]	1,162,233	[7]
Total investment in loans, Unamortized (Discounts) Premiums		(774)	[6]	(852)	[7]
Carrying Amount		$ 1,157,315	[6]	$ 1,161,381	[7]
Number of Loans | Loan		91	[6]	94	[7]
Weighted-Average Coupon	[3]	5.50%	[6]	5.80%	[7]
Range of Maturity Dates, Minimum		Oct. 31, 2017	[6]	Jan. 31, 2017	[7]
Range of Maturity Dates, Maximum		Dec. 31, 2025	[6],[8]	Dec. 31, 2025	[7]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 18,500
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		65,512		$ 89,811
Total investment in loans, Unamortized (Discounts) Premiums		45		45
Carrying Amount		$ 65,557		$ 89,856
Number of Loans | Loan		16		23
Weighted-Average Coupon	[3]	10.10%		9.90%
Range of Maturity Dates, Minimum		Apr. 30, 2017		Feb. 28, 2017
Range of Maturity Dates, Maximum		May 31, 2025	[8]	Jun. 30, 2027
Preferred Equity Interests | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 40,327		$ 42,830
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 40,326		$ 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	[8]	Jan. 31, 2029
[1]	Includes $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) 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, (j) 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 $8,482 of deferred fees, net of $5,630 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 $16,725, 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.
[8]	Includes the maturity dates of two loans all of which had maturity dates prior to September 30, 2017 and have been identified as impaired.

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 18,500
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		124	[1]	134	[2]
Unpaid Principal Balance		$ 1,263,928	[1]	$ 1,294,874	[2]
Weighted-Average Coupon	[3]	5.90%	[1]	6.10%	[2]
Carrying Amount		$ 1,263,198	[1]	$ 1,294,066	[2]
Commercial Portfolio Segment | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 139,007		$ 155,750
Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		91	[4]	94	[5]
Unpaid Principal Balance		$ 1,158,089	[4]	$ 1,162,233	[5]
Weighted-Average Coupon	[3]	5.50%	[4]	5.80%	[5]
Carrying Amount		$ 1,157,315	[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		$ 16,725		$ 20,181
Weighted-Average Coupon		4.80%		4.80%
Deferred fees		$ 8,482		$ 5,978
Deferred costs		5,630		4,551
Commercial Portfolio Segment | Commercial mortgage loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 82,055		$ 98,784
Commercial Portfolio Segment | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		16		23
Unpaid Principal Balance		$ 65,512		$ 89,811
Weighted-Average Coupon	[3]	10.10%		9.90%
Carrying Amount		$ 65,557		$ 89,856
Commercial Portfolio Segment | Mezzanine Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 21,159		$ 21,171
Commercial Portfolio Segment | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		17		17
Unpaid Principal Balance		$ 40,327		$ 42,830
Weighted-Average Coupon	[3]	8.70%		8.20%
Carrying Amount		$ 40,326		$ 42,829
Commercial Portfolio Segment | Preferred Equity Interests | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 35,793		$ 35,795
[1]	Includes $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) 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, (j) 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 $16,725, 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	Sep. 30, 2017		Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 1,263,928		$ 1,294,874
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,177,591		1,243,160
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	15,645		50,335
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	52,192		1,379
In foreclosure, legal or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	18,500
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	135,634	[1]	121,038	[2]
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,158,089		1,162,233
Commercial Mortgage Loans | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,096,971		1,111,898
Commercial Mortgage Loans | 30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	15,645		50,335
Commercial Mortgage Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	45,473
Commercial Mortgage Loans | Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	98,474	[1]	113,509	[2]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	65,512		89,811
Mezzanine Loans | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,293		88,432
Mezzanine Loans | 90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	6,719		1,379
Mezzanine Loans | In foreclosure, legal or bankruptcy proceedings
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	18,500
Mezzanine Loans | Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	33,510	[1]	1,379	[2]
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,327		42,830
Preferred Equity Interests | Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,327		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 four loans that were current, five loans that are 90 days or more past due, 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. Also includes one mezzanine loan with an unpaid principal balance of $18,500 that has not been accruing interest pursuant to its restructured loan terms as it had the option to be prepaid at par. This loan is now the subject of legal proceedings and has been placed on non-accrual status as full collection of principal and interest is not probable. This loan has been specifically reviewed under the provisions of FASB ASC Topic 310, “Receivables”, in accordance with our accounting policies. As this loan is the subject of legal proceedings, the ultimate outcome may differ significantly from our current estimate.
[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.

Delinquency Statistics of Com42

Delinquency Statistics of Commercial Real Estate Loan (Parenthetical) (Detail) $ in Thousands	Sep. 30, 2017USD ($)
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance	$ 18,500

Investments in Commercial Mor43

Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests - Additional Information (Detail) $ in Thousands	3 Months Ended			9 Months Ended			12 Months Ended
	Sep. 30, 2017USD ($)Loan		Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Loan		Sep. 30, 2016USD ($)Loan	Dec. 31, 2016USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Provision for loan losses	$ 5,516		$ 1,533	$ 27,914		$ 4,202
Average impaired loans unpaid balance	157,649		128,485	153,707		130,299
Interest income from impaired loans	138		193	1,140		2,715
Unpaid Principal Balance	45,474			$ 45,474
Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan				1
Provision for loan losses	3,368		1,957	$ 16,690		$ 3,200
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				124	[1]		134	[2]
Commercial real estate loans on non-accrual status	1,263,928	[1]		$ 1,263,928	[1]		$ 1,294,874	[2]
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan				1
Commercial Portfolio Segment | Commercial mortgage loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan				91	[3]		94	[4]
Commercial real estate loans on non-accrual status	$ 1,158,089	[3]		$ 1,158,089	[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	2			2		1
Unpaid principal balance constituted a TDR	$ 13,259		$ 15,645	$ 13,259		$ 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	$ 135,634			$ 135,634			$ 121,038
Weighted-average interest rate	6.70%			6.70%			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%			12.60%
Number of Loans | Loan				3			4
Commercial real estate loans on non-accrual status	$ 20,624			$ 20,624			$ 28,930
Loans Originated Prior to 2010
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	2			7
Provision for loan losses	$ 5,516			$ 27,914
[1]	Includes $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) 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, (j) 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 $16,725, 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) - USD ($) $ in Thousands	Sep. 30, 2017		Dec. 31, 2016
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 18,500
Commercial Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,263,928	[1]	$ 1,294,874	[2]
Commercial Portfolio Segment | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,158,089	[3]	1,162,233	[4]
Commercial Portfolio Segment | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	65,512		89,811
Commercial Portfolio Segment | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	40,327		42,830
Commercial Portfolio Segment | Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,082,820		1,142,467
Commercial Portfolio Segment | Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,030,065		1,048,724
Commercial Portfolio Segment | Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	19,133		57,063
Commercial Portfolio Segment | Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,622		36,680
Commercial Portfolio Segment | Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	181,108	[5]	152,407	[6]
Commercial Portfolio Segment | Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	128,024	[5]	113,509	[6]
Commercial Portfolio Segment | Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	46,379	[5]	32,748	[6]
Commercial Portfolio Segment | Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 6,705	[5]	$ 6,150	[6]
[1]	Includes $139,007 of cash flow loans, of which $82,055 are commercial mortgage loans, $21,159 are mezzanine loans and $35,793 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) 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, (j) 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 $16,725, 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 $158,808 of loans that are considered to be impaired and $22,300 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 Credit45

Investment in Loans by Credit Risk Category (Parenthetical) (Detail) - Watchlist - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 158,808	$ 152,407
Loans not impaired	$ 22,300

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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 23,514	$ 18,237	$ 12,354	$ 17,097
Provision (benefit) for loan losses	5,516	1,533	27,914	4,202
Charge-offs, net of recoveries	(3,890)	(1,115)	(15,128)	(2,644)
Ending balance	25,140	18,655	25,140	18,655
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	12,722	4,397	10,640	3,154
Provision (benefit) for loan losses	3,368	1,957	16,690	3,200
Charge-offs, net of recoveries	0	(10)	(11,240)	(10)
Ending balance	16,090	6,344	16,090	6,344
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	9,092	10,861	0	12,139
Provision (benefit) for loan losses	2,148	(394)	11,238	(143)
Charge-offs, net of recoveries	(3,890)	(1,105)	(3,888)	(2,634)
Ending balance	7,350	9,362	7,350	9,362
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	1,700	2,979	1,714	1,804
Provision (benefit) for loan losses	0	(30)	(14)	1,145
Charge-offs, net of recoveries	0	0	0	0
Ending balance	$ 1,700	$ 2,949	$ 1,700	$ 2,949

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Sep. 30, 2017		Jun. 30, 2017	Dec. 31, 2016		Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	$ 24,554			$ 32,748
Impaired loans with reserves	134,254			119,659
Total Impaired Loans	158,808	[1]		152,407	[2]
Allowance for loan losses	25,140		$ 23,514	12,354		$ 18,655	$ 18,237	$ 17,097
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	7,250
Impaired loans with reserves	98,474			113,509
Total Impaired Loans	105,724	[1]		113,509	[2]
Allowance for loan losses	16,090		12,722	10,640		6,344	4,397	3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	14,248			32,748
Impaired loans with reserves	32,130
Total Impaired Loans	46,379	[1]		32,748	[2]
Allowance for loan losses	7,350		9,092	0		9,362	10,861	12,139
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	3,055
Impaired loans with reserves	3,650			6,150
Total Impaired Loans	6,705	[1]		6,150	[2]
Allowance for loan losses	$ 1,700		$ 1,700	$ 1,714		$ 2,949	$ 2,979	$ 1,804
[1]	As of September 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 Impair48

Loans Considered to be Impaired (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 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		Sep. 30, 2017	Dec. 31, 2016
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 399,674	$ 854,646
Less: Accumulated depreciation and amortization		(30,974)	(138,214)
Investments in real estate, net, Book Value	[1]	368,700	716,432
Multifamily real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		17,118	147,201
Office
Real Estate Properties [Line Items]
Investments in real estate, Book Value		217,152	397,769
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		14,816	93,423
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		115,182	164,019
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value		$ 35,406	$ 52,234
[1]	As of September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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 Rea50

Summary of Investments in Real Estate (Parenthetical) (Detail) $ in Thousands	Sep. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)Property
Office
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $	$ 47,990
Number of real estate properties held for sale | Property	1
Parcels of land
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $	$ 14,839	$ 14,233
Number of real estate properties held for sale | Property	2	2
Multifamily properties
Real Estate Properties [Line Items]
Carrying value of asset held for sale | $		$ 62,428
Number of real estate properties held for sale | Property		3

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands		Nov. 09, 2017USD ($)Property	Oct. 31, 2017USD ($)Property	Sep. 30, 2017USD ($)Property	Sep. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	[1]			$ 368,700	$ 368,700	$ 716,432
Investments in real estate				399,674	$ 399,674	854,646
Number of retail property disposed | Property					1
Number of parcel land disposed | Property					1
Number of real estate properties parcels sold | Property					2
Number of real estate properties separate transactions | Property					2
Gains (losses) on deconsolidation of properties				(4,035)	$ (19,982)
Non-cash impairment charges on real estate assets				3,121	91,989
New Investment Approach
Real Estate Properties [Line Items]
Investments in real estate				107,217	107,217
Non-cash impairment charges on real estate assets				3,006	74,514
Investments in real estate, gross				110,223	$ 110,223
Non Recourse Indebtedness
Real Estate Properties [Line Items]
Number of mortgage liens properties | Property					8
Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property					3
Prior June 30, 2017 Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on sale					$ (20)
Multifamily properties
Real Estate Properties [Line Items]
Investments in real estate				17,118	$ 17,118	147,201
Number of real estate properties disposed | Property					5
Carrying value of asset held for sale						62,428
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				217,152	$ 217,152	397,769
Number of real estate properties disposed | Property					5
Carrying value of asset held for sale				47,990	$ 47,990
Office | Subsequent Event
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property			1
Gain (loss) on sale			$ 191
Disposal of real estate properties			$ 53,150
Land Parcel
Real Estate Properties [Line Items]
Investments in real estate				35,406	35,406	52,234
Carrying value of asset held for sale				14,839	14,839	14,233
Land Parcel | Subsequent Event
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property			2
Gain (loss) on sale			$ 701
Disposal of real estate properties			$ 12,125
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate				14,816	14,816	93,423
Gains (losses) on deconsolidation of properties				(4,713)	$ (20,660)
Number of industrial real estate properties deconsolidated | Property					10
Deconsolidation of properties, carrying value						82,501
Cross-collateralized non-recourse debt related to deconsolidation of property						81,941
Industrial real estate properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Gains (losses) on deconsolidation of properties				$ (4,713)	$ 20,660
Number of industrial real estate properties deconsolidated | Property				10	10
Deconsolidation of properties, carrying value				$ 13,909	$ 13,909	82,501
Cross-collateralized non-recourse debt related to deconsolidation of property				$ 34,874	$ 34,874
Number of mortgage liens properties | Property				3	8
Remaining number of industrial real estate properties | Property				2	2
Industrial real estate properties | Subsequent Event
Real Estate Properties [Line Items]
Number of mortgage liens properties | Property		10
Carrying value of asset held for sale		$ 9,039
Remaining number of mortgage liens properties | Property		1
Three Industrial Real Estate Properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Carrying value of asset held for sale				$ 24,313	$ 24,313
Extinguishment of debt					19,600
Eight Industrial Real Estate Properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Carrying value of asset held for sale				67,726	67,726
Extinguishment of debt					47,067
Real Estate Portfolio And Industrial Properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Gains (losses) on deconsolidation of properties				$ 678	$ 678
Number of industrial real estate properties deconsolidated | Property				2	2
Deconsolidation of properties, carrying value				$ 16,216	$ 16,216	17,698
Number of mortgage liens properties | Property				4	4
Carrying value of asset held for sale				$ 17,045	$ 17,045
Extinguishment of debt					$ 17,723
Number of real estate portfolio properties deconsolidation | Property				2	2
One Real Estate Property | New Investment Approach
Real Estate Properties [Line Items]
Non-cash impairment charges on real estate assets				$ 115
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
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
Eight Other Real Estate Properties
Real Estate Properties [Line Items]
Non-cash impairment charges on real estate assets					14,354
Commercial Loan
Real Estate Properties [Line Items]
Carrying Value, Transfer of commercial mortgage loan to real estate owned					1,590
Consolidation Eliminations
Real Estate Properties [Line Items]
Investments in real estate				399,674	399,674	854,646
Mortgages loans or other debt held by third parties				97,492	97,492	186,237
Mortgages loans held by consolidated securitizations				455,820	455,820	642,824
Land
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value				104,053	104,053	169,133
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value				$ 295,621	$ 295,621	$ 685,513
[1]	As of September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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	Sep. 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	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real Estate Properties [Line Items]
Total Revenue	$ 15,012	$ 29,614	$ 52,023	$ 89,335
Net income (loss) allocable to common shares	(24,230)	$ (4)	(180,072)	$ (25,428)
Properties Acquired
Real Estate Properties [Line Items]
Total Revenue	380		833
Net income (loss) allocable to common shares	(107)		(231)
Properties Acquired | Erieview Galleria
Real Estate Properties [Line Items]
Total Revenue	380		833
Net income (loss) allocable to common shares	$ (107)		$ (231)

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Business Combinations [Abstract]
Pro forma total revenue (unaudited)	$ 24,603	$ 43,602	$ 77,339	$ 138,878
Pro forma net income (loss) allocable to common shares (unaudited)	$ (24,230)	$ (41)	$ (180,134)	$ (25,690)
Basic-as pro forma (unaudited)	$ (0.26)		$ (1.97)	$ (0.28)
Diluted-as pro forma (unaudited)	$ (0.26)		$ (1.97)	$ (0.28)

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands		Sep. 29, 2017	Jun. 30, 2017	May 24, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Real Estate Properties [Line Items]
Net income (loss) allocable to common shares					$ (24,230)	$ (4)	$ (180,072)	$ (25,428)
Multifamily properties | South Terrace
Real Estate Properties [Line Items]
Gain (loss) on sale			$ 9,189
Retail real estate properties | South Plaza
Real Estate Properties [Line Items]
Gain (loss) on sale		$ 166		$ 1,481
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price							191,278
Gain (loss) on sale							19,693
Net income (loss) allocable to common shares					473		$ 1,935
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							$ 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	[1]						Mar. 8, 2017
Sale Price	[1]						$ 23,750
Gain (loss) on sale	[1]						772
Net income (loss) allocable to common shares	[1]						$ 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	[1]						Mar. 28, 2017
Sale Price	[1]						$ 11,500
Gain (loss) on sale	[1]						(82)
Net income (loss) allocable to common shares	[1]				1		$ (13)
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					(58)		$ 261
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Trails at Northpointe
Real Estate Properties [Line Items]
Date of Sale	[1]						Jul. 18, 2017
Sale Price	[1]						$ 6,450
Gain (loss) on sale	[1]						(54)
Net income (loss) allocable to common shares	[1]				(39)		$ 7
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Tiffany Square
Real Estate Properties [Line Items]
Date of Sale	[1]						Mar. 9, 2017
Sale Price	[1]						$ 12,175
Gain (loss) on sale	[1]						113
Net income (loss) allocable to common shares	[1]				(5)		$ 59
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					2		$ 123
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	[1]						Apr. 13, 2017
Sale Price	[1]						$ 4,575
Gain (loss) on sale	[1]						14
Net income (loss) allocable to common shares	[1]				(6)		$ 70
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | UBS Tower
Real Estate Properties [Line Items]
Date of Sale	[1]						May 9, 2017
Sale Price	[1]						$ 14,150
Net income (loss) allocable to common shares	[1]				(4)		$ (43)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Rutherford
Real Estate Properties [Line Items]
Date of Sale	[1]						Sep. 29, 2017
Sale Price	[1]						$ 5,700
Net income (loss) allocable to common shares	[1]				127		436
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Retail real estate properties | South Plaza
Real Estate Properties [Line Items]
Sale Price	[2]						22,478
Gain (loss) on sale	[2]						1,647
Net income (loss) allocable to common shares	[2]				$ 455		$ 898
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Land | MGS
Real Estate Properties [Line Items]
Date of Sale	[1]						Mar. 31, 2017
Sale Price	[1]						$ 300
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | South Plaza Property One | Retail real estate properties | South Plaza
Real Estate Properties [Line Items]
Date of Sale	[1]						May 24, 2017
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | South Plaza Property Two | Retail real estate properties | South Plaza
Real Estate Properties [Line Items]
Date of Sale	[1]						Sep. 29, 2017
[1]	These properties were previously impaired.
[2]	Includes gain on sale in May and September 2017 of $1,481 and $166, respectively.

Summary of Disposition and Ea57

Summary of Disposition and Each Property's Contribution (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 29, 2017	May 24, 2017
Retail real estate properties | South Plaza
Real Estate Properties [Line Items]
Gains on sale of real estate investment	$ 166	$ 1,481

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,456,978		$ 1,787,974
Unamortized Discount/Premium and Deferred Financing Costs		(29,031)		(36,892)
Indebtedness		$ 1,427,947		$ 1,751,082
Weighted-Average Interest Rate		3.70%		3.50%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 428,017		$ 387,179
Unamortized Discount/Premium and Deferred Financing Costs		(17,975)		(21,258)
Indebtedness		$ 410,042		$ 365,921
Weighted-Average Interest Rate		5.00%		5.50%
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 988,131		$ 1,376,474
Unamortized Discount/Premium and Deferred Financing Costs		(11,135)		(15,228)
Indebtedness		$ 976,996		$ 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]	(38)		(40)
Indebtedness	[1]	$ 833		$ 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]	$ 120,748		$ 126,098
Unamortized Discount/Premium and Deferred Financing Costs	[2]	(4,438)		(5,827)
Indebtedness	[2]	$ 116,310		$ 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		$ 56,324		$ 57,287
Unamortized Discount/Premium and Deferred Financing Costs		(1,515)		(1,719)
Indebtedness		$ 54,809		$ 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		$ 68,884		$ 70,731
Unamortized Discount/Premium and Deferred Financing Costs		(1,081)		(1,543)
Indebtedness		$ 67,803		$ 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		$ 13,500		$ 62,000
Unamortized Discount/Premium and Deferred Financing Costs		(922)		(3,767)
Indebtedness		$ 12,578		$ 58,233
Weighted-Average Interest Rate		7.30%		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]	(9,417)		(6,849)
Indebtedness	[3]	$ 9,254		$ 11,822
Weighted-Average Interest Rate	[3]	5.30%		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		3.80%		3.40%
Contractual Maturity, month and year		2037-04		2037-04
Secured warehouse facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 123,919		$ 26,421
Unamortized Discount/Premium and Deferred Financing Costs		(564)		(1,513)
Indebtedness		$ 123,355		$ 24,908
Weighted-Average Interest Rate		3.40%		3.10%
Secured warehouse facilities | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2017-11		2017-11
Secured warehouse facilities | Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2018-07		2018-07
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[5]	$ 336,854	[4]	$ 542,316	[6]
Unamortized Discount/Premium and Deferred Financing Costs	[5]	(4,840)	[4]	(7,815)	[6]
Indebtedness	[5]	$ 332,014	[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]
Loan Payable On Real Estate | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[7]	$ 97,492		$ 186,237
Unamortized Discount/Premium and Deferred Financing Costs	[7]	(405)		(569)
Indebtedness	[7]	$ 97,087		$ 185,668
Weighted-Average Interest Rate	[7]	5.50%		5.70%
Loan Payable On Real Estate | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[7]	2016-06		2016-06
Loan Payable On Real Estate | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[7]	2021-12		2021-12
Other indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 40,830	[8]	$ 24,321	[9]
Unamortized Discount/Premium and Deferred Financing Costs		79	[8]	(406)	[9]
Indebtedness		40,909	[8]	23,915	[9]
CMBS securitizations | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[11]	553,785	[10]	647,921	[12]
Unamortized Discount/Premium and Deferred Financing Costs	[11]	(5,890)	[10]	(6,844)	[12]
Indebtedness	[11]	$ 547,895	[10]	$ 641,077	[12]
Weighted-Average Interest Rate	[11]	3.50%	[10]	3.10%	[12]
CMBS securitizations | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[11]	2031-01	[10]	2031-01	[12]
CMBS securitizations | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[11]	2037-06	[10]	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 $710,439 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $455,820 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.
[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.
[10]	Collateralized by $718,228 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.
[11]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation
[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 and59

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2017USD ($)Venture		Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,456,978		$ 1,787,974
Number of joint venture | Venture		2
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 428,017		387,179
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		988,131		1,376,474
Non Recourse Indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral		718,228		789,421
Unpaid Principal Balance	[2]	553,785	[1]	647,921	[3]
Non Recourse Indebtedness | Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral		$ 455,820		$ 535,041
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%
Unpaid Principal Balance	[4]	$ 871		$ 871
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		4.00%		4.00%
Unpaid Principal Balance	[5]	$ 120,748		$ 126,098
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Underlying collateral		710,439		950,554
Unpaid Principal Balance	[7]	$ 336,854	[6]	$ 542,316	[8]
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	[9]	$ 24,321	[10]
[1]	Collateralized by $718,228 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[2]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation
[3]	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.
[4]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[5]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[6]	Collateralized by $710,439 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $455,820 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]	Excludes CDO notes payable purchased by us which are eliminated in consolidation
[8]	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.
[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.

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)		Nov. 09, 2017USD ($)Property	Jun. 30, 2017USD ($)	Jun. 23, 2017USD ($)	Nov. 30, 2017USD ($)Property	Sep. 30, 2017USD ($)Property$ / shares		Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Property$ / shares		Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)		Oct. 31, 2017USD ($)	Apr. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Jan. 01, 2017USD ($)	Jul. 31, 2016USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance						$ 1,456,978,000			$ 1,456,978,000			$ 1,787,974,000
Gains (losses) on extinguishments of debt						(644,000)		$ (6,000)	944,000		$ 998,000
Non-cash gain (loss) on deconsolidation of properties						(4,035,000)			(19,982,000)
Industrial real estate properties
Debt Instrument [Line Items]
Non-cash gain (loss) on deconsolidation of properties						(4,713,000)			$ (20,660,000)
Number of industrial real estate properties deconsolidated | Property									10
Deconsolidation of properties, carrying value												82,501,000
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 less than investment grade classes of junior notes				$ 65,479,000		65,479,000			$ 65,479,000
CMBS securitizations | R A I T F L Seven
Debt Instrument [Line Items]
Real estate investment				342,373,000		342,360,000			342,360,000
Subsequent Event | Industrial real estate properties
Debt Instrument [Line Items]
Number of mortgage liens properties | Property		10
Carrying value of asset held for sale		$ 9,039,000
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance						428,017,000			428,017,000			$ 387,179,000
Recourse Indebtedness | Seventy Five Thousand CMF with Floating Rate Mortgage Loan [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance						2,756,000			2,756,000
Line of credit facility, borrowing capacity						75,000,000			$ 75,000,000
Debt instrument, financial covenant compliance									As of September 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 with Floating Rate Mortgage Loans | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance						86,948,000			$ 86,948,000
Line of credit facility, borrowing capacity			$ 150,000,000			$ 250,000,000			$ 250,000,000
Debt instrument, financial covenant compliance									As of September 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%
Convertible note conversion rate									206.0859
Principal amount of convertible note, conversion rate						$ 1,000			$ 1,000
Initial conversion price | $ / shares						$ 4.85			$ 4.85
Unpaid Principal Balance	[1]					$ 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%
Convertible note conversion rate									108.5803
Principal amount of convertible note, conversion rate						$ 1,000			$ 1,000
Initial conversion price | $ / shares						$ 9.21			$ 9.21
Unpaid Principal Balance	[2]					$ 120,748,000			$ 120,748,000			$ 126,098,000
Convertible senior notes redemption period									2018-10
Principal amount repurchase convertible senior notes						5,350,000			$ 5,350,000
Consideration from repurchase convertible senior notes						$ 4,952,000			$ 4,952,000
Contractual Maturity, month and year	[2]								2033-10			2033-10
Recourse Indebtedness | 4.0% convertible senior notes | Subsequent Event
Debt Instrument [Line Items]
Principal amount repurchase convertible senior notes														$ 135,000
Consideration from repurchase convertible senior notes														124,000
Recourse Indebtedness | 7.625% senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate						7.625%			7.625%
Unpaid Principal Balance						$ 56,324,000			$ 56,324,000			$ 57,287,000
Principal amount repurchase convertible senior notes						963,000			963,000
Consideration from repurchase convertible senior notes						$ 766,000			$ 766,000
Convenant leverage ratio						79.30%			79.30%
Convenant fixed charge coverage ratio						236.00%			236.00%
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%
Recourse Indebtedness | 7.625% senior notes due 2024 | Minimum
Debt Instrument [Line Items]
Convenant fixed charge coverage ratio						120.00%			120.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019
Debt Instrument [Line Items]
Stated interest rate						7.125%			7.125%
Unpaid Principal Balance						$ 68,884,000			$ 68,884,000			$ 70,731,000
Principal amount repurchase convertible senior notes						1,846,000			1,846,000
Consideration from repurchase convertible senior notes						$ 1,596,000			$ 1,596,000
Convenant leverage ratio						79.30%			79.30%
Convenant fixed charge coverage ratio						236.00%			236.00%
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%
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Minimum
Debt Instrument [Line Items]
Convenant fixed charge coverage ratio						120.00%			120.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Subsequent Event
Debt Instrument [Line Items]
Principal amount repurchase convertible senior notes														312,000
Consideration from repurchase convertible senior notes														$ 281,000
Recourse Indebtedness | Senior Secured Notes
Debt Instrument [Line Items]
Unpaid Principal Balance						$ 13,500,000			$ 13,500,000			$ 62,000,000
Payment of notes									$ 5,500,000
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												$ 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
Fair value of indebtedness						9,254,000			9,254,000
Recourse Indebtedness | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance						123,919,000			123,919,000			$ 26,421,000
Recourse Indebtedness | Secured warehouse facilities | CMBS Borrowings
Debt Instrument [Line Items]
Unpaid Principal Balance						0			0
Recourse Indebtedness | Secured warehouse facilities | Commercial mortgage loans
Debt Instrument [Line Items]
Unpaid Principal Balance						34,215,000			34,215,000
Line of credit facility, borrowing capacity						200,000,000			$ 200,000,000										$ 150,000,000
Extended maturity term									Jul. 28, 2018
Recourse Indebtedness | Secured warehouse facilities | Floating Rate Mortgage Loans
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity						100,000,000			$ 100,000,000
Recourse Indebtedness | Secured warehouse facilities | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year									2018-07			2018-07
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 | Fixed Rate CMBS Loans | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance						0			$ 0
Line of credit facility, borrowing capacity			$ 100,000,000			25,000,000			$ 25,000,000
Debt instrument, financial covenant compliance									As of September 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						988,131,000			$ 988,131,000			$ 1,376,474,000
Contractual Maturity, month and year									2016-06
Number of mortgage liens properties | Property									8
Non Recourse Indebtedness | R A I T F L Seven
Debt Instrument [Line Items]
Outstanding principal balance of classes of investment grade senior notes				$ 276,881,000
Non Recourse Indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Unpaid Principal Balance	[4]					553,785,000	[3]		$ 553,785,000	[3]		647,921,000	[5]
Underlying collateral						718,228,000			718,228,000			$ 789,421,000
Non Recourse Indebtedness | CMBS securitizations | R A I T F L Three
Debt Instrument [Line Items]
Underlying collateral						0			0
Non Recourse Indebtedness | CMBS securitizations | R A I T F L Four
Debt Instrument [Line Items]
Underlying collateral						0			0
Non Recourse Indebtedness | CMBS securitizations | R A I T F L Five
Debt Instrument [Line Items]
Unpaid Principal Balance						156,656,000			156,656,000
Underlying collateral						217,459,000			217,459,000
Owned less than investment grade classes of junior notes						$ 60,803,000			$ 60,803,000
Interest in joint venture						60.00%			60.00%
Non Recourse Indebtedness | CMBS securitizations | R A I T F L Six
Debt Instrument [Line Items]
Underlying collateral						$ 161,520,000			$ 161,520,000
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 | Investment Grade Senior Notes
Debt Instrument [Line Items]
Unpaid Principal Balance						120,248,000			120,248,000
Non Recourse Indebtedness | CMBS securitizations | R A I T F L Six | Junior Notes
Debt Instrument [Line Items]
Owned less than investment grade classes of junior notes						41,272,000			$ 41,272,000
Non Recourse Indebtedness | Maximum | CMBS securitizations
Debt Instrument [Line Items]
Contractual Maturity, month and year	[4]								2037-06	[3]		2031-12	[5]
Non Recourse Indebtedness | Minimum | CMBS securitizations
Debt Instrument [Line Items]
Contractual Maturity, month and year	[4]								2031-01	[3]		2031-01	[5]
Non Recourse Indebtedness | Loan Payable On Real Estate
Debt Instrument [Line Items]
Unpaid Principal Balance	[6]					97,492,000			$ 97,492,000			$ 186,237,000
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 | Loan Payable On Real Estate | Industrial real estate properties
Debt Instrument [Line Items]
Unpaid Principal Balance						34,874,000			$ 34,874,000			81,941,000
Non-cash gain (loss) on deconsolidation of properties						$ (4,713,000)			$ 20,660,000
Number of industrial real estate properties deconsolidated | Property						10			10
Deconsolidation of properties, carrying value						$ 13,909,000			$ 13,909,000			82,501,000
Number of mortgage liens properties | Property						3			8
Remaining number of industrial real estate properties | Property						2			2
Non Recourse Indebtedness | Loan Payable On Real Estate | Three Industrial Real Estate Properties
Debt Instrument [Line Items]
Carrying value of asset held for sale						$ 24,313,000			$ 24,313,000
Extinguishment of debt									19,600,000
Non Recourse Indebtedness | Loan Payable On Real Estate | Eight Industrial Real Estate Properties
Debt Instrument [Line Items]
Carrying value of asset held for sale						67,726,000			67,726,000
Extinguishment of debt									47,067,000
Non Recourse Indebtedness | Loan Payable On Real Estate | Real Estate Portfolio And Industrial Properties
Debt Instrument [Line Items]
Non-cash gain (loss) on deconsolidation of properties						$ 678,000			$ 678,000
Number of industrial real estate properties deconsolidated | Property						2			2
Deconsolidation of properties, carrying value						$ 16,216,000			$ 16,216,000			$ 17,698,000
Number of mortgage liens properties | Property						4			4
Carrying value of asset held for sale						$ 17,045,000			$ 17,045,000
Extinguishment of debt									$ 17,723,000
Number of real estate portfolio properties deconsolidation | Property						2			2
Non Recourse Indebtedness | Loan Payable On Real Estate | One of the Remaining Industrial Real Estate Properties [Member] | Scenario Forecast
Debt Instrument [Line Items]
Number of mortgage liens properties | Property					1
Carrying value of asset held for sale					$ 9,039,000
Non Recourse Indebtedness | Loan Payable On Real Estate | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]								2021-12			2021-12
Non Recourse Indebtedness | Loan Payable On Real Estate | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]								2016-06			2016-06
Investment Grade Senior Notes | R A I T F L Seven
Debt Instrument [Line Items]
Real estate investment						$ 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 $718,228 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[4]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation
[5]	Collateralized by $789,421 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[6]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure.

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness by Year (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Extinguishment Of Debt [Line Items]
Total	$ 1,456,978	$ 1,787,974
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,017	86,948
2,018	37,471
2,019	81,884
Thereafter	221,714
Total	428,017	387,179
Non Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,017	35,194
2,018	1,315
2,019	1,388
2,020	1,455
2,021	58,140
Thereafter	890,639
Total	$ 988,131	$ 1,376,474

Aggregate Contractual Maturit62

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2017USD ($)Property	Dec. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance		$ 1,456,978	$ 1,787,974
Non Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Unpaid principal balance of mortgage loan				$ 34,874
Maturity date		2016-06
Number of industrial properties collateralized | Property		10
Number of mortgage liens properties | Property		8
Number of remaining mortgage liens properties | Property		2
Unpaid Principal Balance		$ 988,131	1,376,474
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance		$ 428,017	$ 387,179
Recourse Indebtedness | 7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Maturity date	[1]	2031-04	2031-04
Unpaid Principal Balance	[1]	$ 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	[2]	2033-10	2033-10
Unpaid Principal Balance	[2]	$ 120,748	$ 126,098
Convertible senior notes interest rate		4.00%	4.00%
[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.

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional amount	$ 12,650,000	$ 44,135,000
Fair Value of Assets	93,000	206,000
Interest rate cap
Derivative [Line Items]
Notional amount		28,960,000
Fair Value of Assets		135,000
Interest rate swaps
Derivative [Line Items]
Notional amount	12,650,000	15,175,000
Fair Value of Assets	$ 93,000	$ 71,000

Derivative Financial Instrume64

Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Realized losses	$ 0	$ 785	$ 0	$ 4,824

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Derivative assets	$ 93
Liabilities
Junior subordinated notes	9,254	$ 11,822
Warrants and investor SARs	26,000	30,400
Carrying Amount
Assets
Total investment in mortgages and loans, net	1,235,206	1,280,285
Cash and cash equivalents	46,019	110,531
Restricted cash	142,489	190,179
Derivative assets	93	206
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs	26,000	30,400
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	833	831
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	116,310	120,271
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	54,809	55,568
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	67,803	69,188
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	12,578	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	123,355	24,908
Carrying Amount | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	332,014	534,501
Carrying Amount | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	97,087	185,668
Carrying Amount | Other indebtedness
Liabilities
Indebtedness	40,909	23,915
Carrying Amount | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	547,895	641,077
Carrying Amount | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	9,254	11,822
Estimated Fair Value
Assets
Total investment in mortgages and loans, net	1,230,733	1,256,342
Cash and cash equivalents	46,019	110,531
Restricted cash	142,489	190,179
Derivative assets	93	206
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs	26,000	30,400
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	525	890
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	111,801	116,861
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	45,893	53,231
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	62,409	69,118
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	13,199	62,620
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	10,135	13,099
Estimated Fair Value | Recourse Indebtedness | CMBS Facilities
Liabilities
Indebtedness	123,919	26,421
Estimated Fair Value | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	286,556	477,032
Estimated Fair Value | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	100,211	188,525
Estimated Fair Value | Other indebtedness
Liabilities
Indebtedness	40,830	24,321
Estimated Fair Value | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	553,900	646,642
Estimated Fair Value | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	$ 9,254	$ 11,822

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Sep. 30, 2017		Dec. 31, 2016
Assets:
Derivative assets		$ 93
Total assets		93		$ 206
Fair Value of Assets		93		206
Liabilities:
Junior subordinated notes, at fair value		9,254		11,822
Warrants and investor SARs		26,000		30,400
Total liabilities		35,254		42,222
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[1]	93
Total assets		93	[1]	206	[2]
Fair Value of Assets	[2]			206
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		9,254	[1]	11,822	[2]
Warrants and investor SARs		26,000	[1]	30,400	[2]
Total liabilities		$ 35,254	[1]	$ 42,222	[2]
[1]	During the nine months ended September 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 Lia67

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Sep. 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 Instr68

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	Jun. 30, 2017	Sep. 30, 2017USD ($)Property		Dec. 31, 2016USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure		$ 93		$ 206
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Volatility rate		85.00%		51.00%
Credit adjusted discount rate		12.50%		10.00%
Dividend rate		18.90%		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		$ 33,411
Number real estate asset | Property		1
Terminal capitalization rate	7.25%
Significant Unobservable Inputs (Level 3) | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate		15.50%		11.50%
Significant Unobservable Inputs (Level 3) | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate		15.80%		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		$ 93	[1]	$ 206	[2]
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		$ 80,000
Number real estate asset | Property		3
[1]	During the nine months ended September 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	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 40,024	$ 42,222
Change in fair value of financial instruments	(4,770)	(6,968)
Ending Balance	35,254	35,254
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	27,500	30,400
Change in fair value of financial instruments	(1,500)	(4,400)
Ending Balance	26,000	26,000
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	12,524	11,822
Change in fair value of financial instruments	(3,270)	(2,568)
Ending Balance	$ 9,254	$ 9,254

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	9 Months Ended		12 Months Ended
	Sep. 30, 2017		Dec. 31, 2016
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,235,206		$ 1,280,285
Indebtedness	1,427,947		1,751,082
Junior subordinated notes	$ 9,254		$ 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	$ 9,254	[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
Loan 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	$ 40,909	[3]	$ 23,915	[4]
Valuation Technique			Discounted cash flows
Other indebtedness | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,235,206		$ 1,280,285
Total investment in mortgages and loans, net fair value	1,235,206		1,280,285
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	547,895		641,077
Carrying Amount | 7.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	833		831
Carrying Amount | 4.0% convertible senior notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	116,310		120,271
Carrying Amount | 7.625% senior notes due 2024
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	54,809		55,568
Carrying Amount | 7.125% Senior Notes due 2019
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	67,803		69,188
Carrying Amount | Senior Secured Notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	12,578		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	332,014		534,501
Carrying Amount | Loan Payable On Real Estate
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	97,087		185,668
Carrying Amount | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	40,909		23,915
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net fair value	1,230,733		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	1,230,733		1,256,342
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	553,900		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	525		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	111,801		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	45,893		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	62,409		69,118
Estimated Fair Value | Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	13,199		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	10,135		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	286,556		477,032
Estimated Fair Value | Loan Payable On Real Estate | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate	100,211		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 nine months ended September 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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (4,770)		$ (6,968)
Change in fair value of financial instruments	4,753	$ (1,375)	6,693	$ (7,055)
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	3,270	(735)	2,568	(1,020)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(17)	160	(275)	(2,135)
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	(1,500)		(4,400)
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	$ 1,500	$ (800)	$ 4,400	$ (3,900)

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)PropertyVenture	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Number of industrial properties | Property	2
Number of joint venture | Venture	2
Total investment in mortgages and loans, net	$ 1,235,206	$ 1,280,285
Indebtedness	1,427,947	1,751,082
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	984,356	1,184,588
Indebtedness	962,324	1,288,258
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	426,887	549,879
Indebtedness	$ 437,546	$ 510,244

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands		Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		$ 1,260,346		$ 1,292,639
Allowance for loan losses		(25,140)	$ (23,514)	(12,354)	$ (18,655)	$ (18,237)	$ (17,097)
Investments in real estate
Investments in real estate		399,674		854,646
Less: Accumulated depreciation and amortization		(30,974)		(138,214)
Total investments in real estate	[1]	368,700		716,432
Cash and cash equivalents		46,019		110,531	$ 36,019		$ 87,581
Restricted cash		142,489		190,179
Accrued interest receivable		32,307		36,271
Other assets		34,905		53,878
Intangible assets
Accumulated amortization		(7,800)		(22,230)
Total intangible assets		8,062		19,267
Total assets		1,867,688		2,406,843
Liabilities and Equity
Accrued interest payable		10,780		8,347
Accounts payable and accrued expenses		15,201		20,016
Total liabilities		1,606,141		1,947,492
Shareholders’ equity:
Retained earnings (deficit)		(1,916,905)		(1,723,735)
Total shareholders’ equity		180,014		372,384
Noncontrolling Interests		3,880		5,386
Total liabilities and equity		1,867,688		2,406,843
VIE
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,411,243		1,734,467
Total investments in mortgages and loans		1,411,243		1,734,467
Investments in real estate
Investments in real estate		88,725		223,722
Less: Accumulated depreciation and amortization		(8,105)		(31,652)
Total investments in real estate		80,620		192,070
Cash and cash equivalents		710		2,146
Restricted cash		18,283		8,876
Accrued interest receivable		47,297		58,487
Other assets		9,379		10,071
Intangible assets
Intangible assets		438		5,616
Accumulated amortization		(199)		(3,740)
Total intangible assets		239		1,876
Total assets		1,567,771		2,007,993
Liabilities and Equity
Indebtedness, net		1,399,870		1,798,502
Accrued interest payable		19,096		17,063
Accounts payable and accrued expenses		4,343		5,463
Deferred taxes, borrowers’ escrows and other liabilities		1,116		2,971
Total liabilities		1,424,425		1,823,999
Shareholders’ equity:
RAIT investment		50,673		85,637
Retained earnings (deficit)		92,387		96,498
Total shareholders’ equity		143,059		182,135
Noncontrolling Interests		287		1,859
Total liabilities and equity		1,567,771		2,007,993
VIE | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests		1,035,500		1,409,758
Total investments in mortgages and loans		1,035,500		1,409,758
Investments in real estate
Restricted cash		17,763		6,986
Accrued interest receivable		44,805		56,974
Other assets		68		480
Intangible assets
Total assets		1,098,136		1,474,198
Liabilities and Equity
Indebtedness, net		872,946		1,244,507
Accrued interest payable		1,191		1,903
Accounts payable and accrued expenses		29		19
Total liabilities		874,166		1,246,429
Shareholders’ equity:
RAIT investment		12,030		41,790
Retained earnings (deficit)		211,940		185,979
Total shareholders’ equity		223,970		227,769
Total liabilities and equity		1,098,136		1,474,198
VIE | RAIT VIE Properties
Investments in real estate
Investments in real estate		88,725		223,722
Less: Accumulated depreciation and amortization		(8,105)		(31,652)
Total investments in real estate		80,620		192,070
Cash and cash equivalents		617		2,145
Restricted cash		509		1,167
Other assets		9,240		9,591
Intangible assets
Intangible assets		438		5,616
Accumulated amortization		(199)		(3,740)
Total intangible assets		239		1,876
Total assets		91,225		206,849
Liabilities and Equity
Indebtedness, net		150,146		230,510
Accrued interest payable		16,818		14,306
Accounts payable and accrued expenses		4,314		5,443
Deferred taxes, borrowers’ escrows and other liabilities		418		2,051
Total liabilities		171,696		252,310
Shareholders’ equity:
RAIT investment		33,847		40,962
Retained earnings (deficit)		(114,558)		(88,282)
Total shareholders’ equity		(80,711)		(47,320)
Noncontrolling Interests		240		1,859
Total liabilities and equity		91,225		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		375,743		324,709
Total investments in mortgages and loans		375,743		324,709
Investments in real estate
Cash and cash equivalents		93		1
Restricted cash		11		723
Accrued interest receivable		2,492		1,513
Other assets		71
Intangible assets
Total assets		378,410		326,946
Liabilities and Equity
Indebtedness, net		376,778		323,485
Accrued interest payable		1,087		854
Accounts payable and accrued expenses				1
Deferred taxes, borrowers’ escrows and other liabilities		698		920
Total liabilities		378,563		325,260
Shareholders’ equity:
RAIT investment		4,795		2,885
Retained earnings (deficit)		(4,995)		(1,199)
Total shareholders’ equity		(200)		1,686
Noncontrolling Interests		47
Total liabilities and equity		$ 378,410		$ 326,946
[1]	As of September 30, 2017, one of our office properties, with a carrying amount of $47,990, and two of our parcels of land, with a carrying amount of $14,839, 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)	Jun. 22, 2017USD ($)shares	Dec. 07, 2016USD ($)shares	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Oct. 18, 2017USD ($)	Oct. 17, 2017USD ($)	Oct. 11, 2017USD ($)	Mar. 31, 2017shares	Dec. 31, 2016USD ($)	Sep. 30, 2015USD ($)Covenant	Oct. 01, 2012USD ($)$ / sharesshares
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement				$ 100,000,000
Stock Appreciation Rights | shares											6,735,667
Net proceeds from sale,transfer, repayment or other disposition of investments				38,941,000
Warrants and investor SARs				$ 26,000,000					$ 30,400,000
Adjusted
Temporary Equity [Line Items]
Warrants exercisable for common shares | shares								11,035,875
Stock Appreciation Rights | shares								7,485,045
ARS VI
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement											$ 100,000,000
ARS VI | Warrants and investor SARs | Subsequent Event
Temporary Equity [Line Items]
Class of warrant and right exercise of purchase value.							$ 20,500,000
Fair value adjustment of warrants and investor rights obligation					$ 0
Warrants and rights outstanding						$ 0
ARS VI | Scenario Forecast | Warrants and investor SARs
Temporary Equity [Line Items]
Expected gain to recognize from redemption			$ 5,500,000
Preferred Series D
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued | shares	3,133,720	3,536,000
Preferred shares with warrants | shares											9,931,000
Shares repurchase and cancel, shares | shares	402,280	464,000
Repurchase shares price	$ 10,057,000	$ 11,600,000
Cumulative redeemable preferred shares, shares outstanding | shares	3,133,720	3,536,000
Warrants Exercise Price | $ / shares											$ 6
Preferred Series D | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued | shares											4,000,000
Cumulative Redeemable Preferred Shares, par value | $ / shares											$ 0.01
Number of covenants | Covenant										2
Consideration paid under Securities Purchase Agreement										$ 450,000

Sales Activity of Series D Pref

Sales Activity of Series D Preferred Shares (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 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	27,949
Carrying amount of Series D Preferred Shares	$ 77,653	$ 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	Sep. 30, 2017
Dividends [Line Items]
Total dividend amount						$ 19,602
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	Aug. 2, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017	Sep. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017	Oct. 2, 2017
Total dividend amount				$ 2,589	$ 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	Aug. 2, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017	Sep. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017	Oct. 2, 2017
Total dividend amount				$ 1,225	$ 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	Aug. 2, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017	Sep. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017	Oct. 2, 2017
Total dividend amount				$ 910	$ 910	$ 910
Preferred Stock | Series D cumulative redeemable preferred shares
Dividends [Line Items]
Date declared				Feb. 15, 2017	May 18, 2017	Aug. 2, 2017
Record date				Mar. 1, 2017	Jun. 1, 2017	Sep. 1, 2017
Date paid				Mar. 31, 2017	Jun. 30, 2017	Sep. 29, 2017
Total dividend amount				$ 1,879	$ 1,879	$ 1,665

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)

Nov. 01, 2017$ / shares

Sep. 15, 2017USD ($)

Aug. 02, 2017$ / shares

Jun. 30, 2017USD ($)

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. 31, 2017USD ($)

Jan. 09, 2017USD ($)Executiveshares

Dec. 16, 2016$ / shares

Dec. 07, 2016shares

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

Mar. 31, 2017USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2017USD ($)

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

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 20, 2016shares

Jun. 13, 2014USD ($)shares

Nov. 21, 2012shares

Class Of Stock [Line Items]

Total dividend amount

$ 19,602,000

Common stock, dividend paid

$ 4,574,000

$ 13,098,000

Common stock, dividend declared | $ / shares

$ 0.05

$ 0.09

$ 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

$ 3,194,000

$ 4,675,000

$ 10,210,000

$ 12,162,000

Net proceeds received

$ 21,000

Common shares remaining available under the DRSPP | shares

7,739,162

7,739,162

Shareholders’ equity attributable to common shares

$ 180,014,000

$ 180,014,000

$ 372,384,000

Preferred share issuance, net of costs incurred

$ 610,000

Multifamily properties | South Terrace

Class Of Stock [Line Items]

Cash price of real estate property sold

$ 42,950,000

Value of limited partnership units issued

1,654,000

$ 1,654,000

Distribution of non-controlling interests

1,618,000

Jones Trading Institutional Services LLC

Class Of Stock [Line Items]

Common shares issued, net (in 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

779,000

$ 1,833,000

Restricted Stock

Class Of Stock [Line Items]

Common stock, dividend paid

$ 0

$ 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

Common shares issued, net (in shares) | shares

13,317

Weighted-average price per shares | $ / shares

$ 1.54

$ 1.54

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

Dec. 1, 2017

Dividend payment date

Jan. 2, 2018

Common Shares

Class Of Stock [Line Items]

Dividend record date

Aug. 25, 2017

May 26, 2017

Jan. 10, 2017

Dividend payment date

Sep. 15, 2017

Jun. 15, 2017

Jan. 31, 2017

Common stock, dividend paid

$ 8,220,000

$ 8,202,000

Common shares issued, net (in shares) | shares

13,317

Shareholders’ equity attributable to common shares

$ (53,130,000)

$ (53,130,000)

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

$ 1,665,000

Date declared

Feb. 15, 2017

May 18, 2017

Aug. 2, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Sep. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Sep. 29, 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

$ 2,589,000

Date declared

Feb. 15, 2017

May 18, 2017

Aug. 2, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Sep. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Oct. 2, 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

$ 1,225,000

Date declared

Feb. 15, 2017

May 18, 2017

Aug. 2, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Sep. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Oct. 2, 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

$ 910,000

Date declared

Feb. 15, 2017

May 18, 2017

Aug. 2, 2017

Dividend record date

Mar. 1, 2017

Jun. 1, 2017

Sep. 1, 2017

Dividend payment date

Mar. 31, 2017

Jun. 30, 2017

Oct. 2, 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

$ 0

$ 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

Cumulative redeemable preferred shares, shares issued | 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

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

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (15,843)	$ 5,328	$ (154,266)	$ (13,131)
(Income) loss allocated to preferred shares	(8,387)	(8,715)	(25,730)	(25,850)
(Income) loss allocated to noncontrolling interests		1,339	(76)	3,455
Income (loss) from continuing operations allocable to common shares	(24,230)	(2,048)	(180,072)	(35,526)
Income (loss) from discontinued operations	0	4,112	0	38,473
(Income) loss from discontinued operations allocated to noncontrolling interests		(2,068)		(28,375)
Income (loss) from discontinued operations allocable to common shares		2,044		10,098
Net income (loss) allocable to common shares	$ (24,230)	$ (4)	$ (180,072)	$ (25,428)
Weighted-average shares outstanding-Basic	91,559,636	91,201,784	91,438,884	91,137,041
Weighted-average shares outstanding—Diluted	91,559,636	91,201,784	91,438,884	91,137,041
Earnings (loss) per share-Basic:
Continuing operations	$ (0.26)	$ (0.02)	$ (1.97)	$ (0.39)
Discontinued operations		0.02		0.11
Earnings (loss) per share-Basic	(0.26)		(1.97)	(0.28)
Earnings (loss) per share-Diluted:
Continuing operations	(0.26)	(0.02)	(1.97)	(0.39)
Discontinued operations		$ 0.02		0.11
Earnings (loss) per share-Diluted	$ (0.26)		$ (1.97)	$ (0.28)

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	26,162,156	26,648,284	26,025,386	26,449,861

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	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Earned asset management fees							$ 227,000	$ 340,000	$ 714,000	$ 1,118,000
Proceeds form sale of shares									38,941,000
Reimbursed for general and administrative expense paid on IRT							$ 3,194,000	4,675,000	10,210,000	12,162,000
Earned and paid on consulting agreement									$ 282,000
Multifamily properties | South Terrace
Related Party Transaction [Line Items]
Cost of sale	$ 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%
Internal return per share									$ 0.20
Earned asset management fees								1,727,000		5,141,000
Incentive fees								206,000		350,000
Due from IRT							$ 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							0		727,000
Reimbursed for general and administrative expense paid on IRT							155,000		155,000
Payments for property management fees							27,000		239,000
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
IRT | Common Shares
Related Party Transaction [Line Items]
Due from IRT							0		0		$ 0
Number of shares sold to IRT					7,269,719
Proceeds form sale of shares					$ 62,156,000
IRT | Consolidation Eliminations
Related Party Transaction [Line Items]
Earned property and construction management fees								1,219,000		3,710,000
Dividends received								1,309,000		3,927,000
Ballard Spahr LLP
Related Party Transaction [Line Items]
Trustee fee paid							$ 15,000	29,000	$ 134,000	46,000
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
Maximum | IRT
Related Party Transaction [Line Items]
Management fee percentage									4.00%
Maximum | Ballard Spahr LLP
Related Party Transaction [Line Items]
Interest on trustee fee								$ 1,000		$ 1,000

Supplemental Cash Flow Informat

Supplemental Cash Flow Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flow Supplemental Disclosures [Line Items]
Cash paid for interest	$ 45,197	$ 79,848
Cash paid for taxes	(70)	311
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	(84,285)
Non-cash increase (decrease) in indebtedness from debt extinguishments	(4,640)
Non-cash increase (decrease) in indebtedness from deconsolidation of properties	(64,790)
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)	9 Months Ended
	Sep. 30, 2017Segment
Segment Reporting [Abstract]
Number of reportable segment	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2017USD ($)
Former Employee
Commitment And Contingencies [Line Items]
Principle to settled former employee	$ 175

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016	Sep. 30, 2017
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Proceeds form sale of shares			$ 38,941
IRT
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price to be paid by IRT		$ 43,000
IRT | 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
Proceeds form sale of shares	$ 62,156

Statements of Operations of Dis

Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Property income	$ 0	$ 38,353	$ 0	$ 115,252
Fee and other income	0	661	0	2,260
Total revenue	0	39,014	0	117,512
Expenses:
Interest expense	0	8,820	0	27,454
Real estate operating expense	0	16,107	0	47,588
Compensation expense	0	1,861	0	6,037
General and administrative expense	0	949	0	3,298
Acquisition expense	0	19	0	37
Depreciation and amortization expense	0	7,784	0	27,059
Total expenses	0	35,540	0	111,473
Operating (Loss) Income	0	3,474	0	6,039
Interest and other income (expense), net	0	(2)	0	(2)
Gains (losses) on assets	0	(1)	0	32,262
Gain (loss) on IRT merger with TSRE	0	641	0	732
Gains (losses) on extinguishments of debt	0	0	0	(558)
Net income (loss) from discontinued operations	$ 0	$ 4,112	$ 0	$ 38,473

Summary of Cash Flows of Discon

Summary of Cash Flows of Discontinued Operations (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Discontinued Operations And Disposal Groups [Abstract]
Cash flow from operating activities from discontinued operations	$ 0	$ 32,993
Cash flow from investing activities from discontinued operations	0	29,522
Cash flow from financing activities from discontinued operations	0	(71,420)
Net change in cash and cash equivalents from discontinued operations	0	(8,905)
Cash and cash equivalents at beginning of period - discontinued operations	0	38,305
Cash and cash equivalents at end of period - discontinued operations	$ 0	$ 29,400