Rait Financial Trust (RAS) 10-K 16 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Mar. 09, 2018	Jun. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		93,045,152
Entity Public Float			$ 198,168,803

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in mortgages and loans:
Commercial mortgages, mezzanine loans, and preferred equity interests	$ 1,270,607	$ 1,292,639
Allowance for loan losses	(14,883)	(12,354)
Total investment in mortgages and loans, net (including $1,174,827 and $1,184,588 held by consolidated VIEs, respectively)	1,255,724	1,280,285
Investments in real estate, net of accumulated depreciation	245,904	716,432
Cash and cash equivalents	53,380	110,531
Restricted cash	157,914	190,179
Accrued interest receivable	29,664	36,271
Other assets	43,871	53,878
Intangible assets, net of accumulated amortization of $6,831 and $22,230, respectively	5,376	19,267
Total assets	1,791,833	2,406,843
Liabilities and Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $29,465 and $36,892, respectively (including $1,038,864 and $1,288,258 held by consolidated VIEs, respectively)	1,390,188	1,751,082
Accrued interest payable	4,688	8,347
Accounts payable and accrued expenses	9,641	20,016
Borrowers' escrows	117,070	107,183
Deferred taxes and other liabilities	12,116	60,864
Total liabilities	1,533,703	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	78,343	81,581
Shareholders’ equity:
Common shares, $0.03 par value per share, 200,000,000 shares authorized 93,045,152 and 92,295,478 issued and outstanding, respectively, including 1,246,484 and 1,079,193 unvested restricted common share awards, respectively	2,791	2,769
Additional paid in capital	2,094,804	2,093,257
Retained earnings (deficit)	(1,921,533)	(1,723,735)
Total shareholders’ equity	176,155	372,384
Noncontrolling interests	3,632	5,386
Total equity	179,787	377,770
Total liabilities and equity	1,791,833	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

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Investment in mortgages and loans, net	$ 1,255,724	$ 1,280,285
Real estate, accumulated depreciation	28,768	138,214
Investments in real estate, net of accumulated depreciation	245,904	716,432
Intangible assets, accumulated amortization	6,831	22,230
Indebtedness, unamortized discounts, premiums and deferred financing costs	29,465	36,892
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 1,390,188	$ 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	93,045,152	92,295,478
Common shares, shares outstanding	93,045,152	92,295,478
Unvested restricted common share awards	1,246,484	1,079,193
VIE
Investment in mortgages and loans, net	$ 1,174,827	$ 1,184,588
Real estate, accumulated depreciation	6,902	31,652
Investments in real estate, net of accumulated depreciation	18,634	192,070
Intangible assets, accumulated amortization		3,740
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 1,038,864	$ 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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Investment interest income	$ 70,215	$ 89,203	$ 98,432
Investment interest expense	(40,932)	(35,806)	(29,250)
Net interest margin	29,283	53,397	69,182
Property income	64,184	112,836	124,157
Fee and other income	6,251	7,374	18,275
Total revenue	99,718	173,607	211,614
Expenses:
Interest expense	35,544	55,049	61,750
Real estate operating expense	37,198	56,894	62,726
Property management expenses	8,853	9,479	9,322
General and administrative expenses:
Compensation expense	13,426	18,437	15,349
Other general and administrative expense	11,816	13,273	14,708
Total general and administrative expenses	25,242	31,710	30,057
Acquisition and integration expenses	455	624	2,332
Provision for loan losses	45,614	8,050	8,300
Depreciation and amortization expense	28,173	51,304	45,505
IRT internalization and management transition expenses	736	6,271
Shareholder activism expense	2,464
Employee separation expenses	575
Total expenses	184,854	219,381	219,992
Operating (Loss) Income	(85,136)	(45,774)	(8,378)
Interest and other income (expense), net	100	(427)	(1,083)
Gain (losses) on assets	23,439	53,272	37,393
Gain (losses) on extinguishment of debt	488	1,331
Asset impairment	(102,490)	(37,785)	(8,179)
Gain (losses) on deconsolidation of VIEs	5,855
Goodwill impairment	(8,342)
Change in fair value of financial instruments	13,422	(5,946)	11,638
Income (loss) before taxes	(152,664)	(35,329)	31,391
Income tax benefit (provision)	861	(2,550)	(2,798)
Income (loss) from continuing operations	(151,803)	(37,879)	28,593
Discontinued operations:
Income (loss) from discontinued operations		40,144	34,900
Gain (loss) on disposal of discontinued operations		47,808
Net income (loss)	(151,803)	50,073	63,493
(Income) loss allocated to preferred shares	(32,816)	(35,160)	(32,830)
(Income) loss allocated to noncontrolling interests	(76)	(24,733)	(23,505)
Net income (loss) allocable to common shares	(184,695)	(9,820)	7,158
Amount attributable to common shares
Net income (loss) available to common shares from continuing operations	(184,695)	(69,604)	(2,002)
Net income (loss) available to common shares from discontinued operations		59,784	9,160
Net income (loss) allocable to common shares	$ (184,695)	$ (9,820)	$ 7,158
Earnings (loss) per share-Basic:
Earnings (loss) per share from continuing operations	$ (2.02)	$ (0.77)	$ (0.03)
Earnings (loss) per share from discontinued operations		0.66	0.11
Earnings (loss) per share-Basic	$ (2.02)	$ (0.11)	$ 0.08
Weighted-average shares outstanding-Basic	91,479,533	91,153,861	85,524,073
Earnings (loss) per share-Diluted:
Earnings (loss) per share from continuing operations	$ (2.02)	$ (0.77)	$ (0.03)
Earnings (loss) per share from discontinued operations		0.66	0.11
Earnings (loss) per share-Diluted	$ (2.02)	$ (0.11)	$ 0.08
Weighted average shares outstanding-Diluted	91,479,533	91,153,861	86,457,871

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (151,803)	$ 50,073	$ 63,493
Other comprehensive income (loss):
Change in fair value of interest rate hedges		(133)	(293)
Realized (gains) losses on interest rate hedges reclassified to earnings		4,824	16,382
Total other comprehensive income (loss) from continuing operations		4,691	16,089
Discontinued operations:
Other comprehensive income (loss) from discontinued operations		(607)
Total other comprehensive income (loss)		4,084	16,089
Comprehensive income (loss) before allocation to noncontrolling interests	(151,803)	54,157	79,582
(Income) loss allocated to noncontrolling interests	(76)	(24,733)	(23,505)
Allocation to noncontrolling interests - other comprehensive (income) loss		615
Comprehensive income (loss) allocable to common shares	$ (151,879)	$ 30,039	$ 56,077

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	7.0% convertible senior notes	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	Common Shares7.0% convertible senior notes	Additional Paid In Capital	Additional Paid In Capital7.0% convertible senior notes	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Total Shareholders' Equity	Total Shareholders' Equity7.0% convertible senior notes	Total Shareholders' EquityPreferred Series D	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 587,842		$ 48	$ 23	$ 17	$ 2,473		$ 2,025,683		$ (20,788)	$ (1,633,911)	$ 373,545			$ 214,297
Beginning Balance (in shares) at Dec. 31, 2014			4,775,569	2,288,465	1,640,100	82,506,606
Net income (loss)	63,493										39,988	39,988			23,505
Preferred dividends	(26,275)										(26,275)	(26,275)
Preferred Series D discount amortization	(6,555)										(6,555)	(6,555)
Common dividends declared	(53,998)										(53,998)	(53,998)
Other comprehensive income (loss), net	16,089									16,089		16,089
Share-based compensation	4,466							4,466				4,466
Issuance of noncontrolling interests	123,911														123,911
Distribution to noncontrolling interests	(23,163)							(1,000)				(1,000)			(22,163)
Deconsolidation of real estate owned property	663														663
Preferred shares issued, net	13,055		$ 5					13,050				13,055
Preferred shares issued, net (shares)			530,515	52,504	325
Common shares issued for equity compensation	(982)					$ 14		(996)				(982)
Common shares issued for equity compensation (in shares)						385,322
Common shares issued, net	42,425					$ 240		42,185				42,425
Common shares issued, net (in shares)						8,008,817
Convertible senior notes embedded conversion option		$ 3,770					$ 21		$ 3,749				$ 3,770
Convertible senior notes embedded conversion option (in shares)							686,022
Ending Balance at Dec. 31, 2015	744,741		$ 53	$ 23	$ 17	$ 2,748		2,087,137		(4,699)	(1,680,751)	404,528			340,213
Ending Balance (in shares) at Dec. 31, 2015			5,306,084	2,340,969	1,640,425	91,586,767
Net income (loss)	50,073										25,340	25,340			24,733
Preferred dividends	(27,374)										(27,374)	(27,374)
Preferred Series D discount amortization	(7,786)										(7,786)			$ (7,786)
Common dividends declared	(33,164)										(33,164)	(33,164)
Other comprehensive income (loss), net	4,084									$ 4,699		4,699			(615)
Share-based compensation	6,784					$ 39		6,745				6,784
Issuance of noncontrolling interests	826														826
Distribution to noncontrolling interests	(23,268)														(23,268)
Derecognition of noncontrolling interests	4,954														4,954
Disposal of discontinued operations	(341,457)														(341,457)
Preferred shares issued, net	610							610				610
Preferred shares issued, net (shares)			38,269
Common shares issued for equity compensation	(1,253)					$ (18)		(1,235)				(1,253)
Common shares issued for equity compensation (in shares)						699,468
Common shares issued, net (in shares)						9,243
Ending Balance at Dec. 31, 2016	377,770		$ 53	$ 23	$ 17	$ 2,769		2,093,257			(1,723,735)	372,384			5,386
Ending Balance (in shares) at Dec. 31, 2016			5,344,353	2,340,969	1,640,425	92,295,478
Net income (loss)	(151,803)										(151,879)	(151,879)			76
Preferred dividends	(25,998)										(25,998)	(25,998)
Preferred Series D discount amortization	(6,818)										(6,818)			$ (6,818)
Common dividends declared	(13,103)										(13,103)	(13,103)
Share-based compensation	2,612					$ 28		2,584				2,612
Share-based compensation (in shares)						930,211
Issuance of noncontrolling interests	66														66
Distribution to noncontrolling interests	(1,710)														(1,710)
Derecognition of noncontrolling interests	(186)														(186)
Common shares issued for equity compensation	(1,043)					$ (6)		(1,037)				(1,043)
Common shares issued for equity compensation (in shares)						(193,854)
Common shares issued, net						$ 0
Common shares issued, net (in shares)						13,317
Ending Balance at Dec. 31, 2017	$ 179,787		$ 53	$ 23	$ 17	$ 2,791		$ 2,094,804			$ (1,921,533)	$ 176,155			$ 3,632
Ending Balance (in shares) at Dec. 31, 2017			5,344,353	2,340,969	1,640,425	93,045,152

Consolidated Statements of Cha7

Consolidated Statements of Changes in Equity (Parenthetical)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
7.0% convertible senior notes
Convertible senior notes interest rate	7.00%	7.00%	7.00%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating activities:
Net income (loss)	$ (151,803)	$ 50,073	$ 63,493
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	45,614	8,050	8,300
Share-based compensation expense	2,612	7,720	4,466
Depreciation and amortization	28,173	78,804	73,868
Amortization of deferred financing costs and debt discounts	14,650	20,796	17,943
Accretion of discounts on investments	744	(1,039)	(2,045)
Amortization of above/below market leases	(1,148)	(1,780)	(104)
(Gains) losses on assets	(23,439)	(85,535)	(43,805)
(Gains) losses on extinguishment of debt	(488)	(379)
(Gains) losses on deconsolidation of VIEs	(5,855)
TSRE financing extinguishment expenses			23,219
(Gains) on IRT merger with TSRE		(732)	(64,604)
Asset impairment	102,490	37,785	8,179
Goodwill impairment	8,342
Gain on disposal of discontinued operations, exclusive of transaction costs		(49,938)
Change in fair value of financial instruments	(13,422)	5,946	(11,638)
Provision (benefit) for deferred taxes	(577)	2,212	2,484
Changes in assets and liabilities:
Decrease in accrued interest receivable	6,039	5,145	(2,665)
Decrease (increase) in other assets	4,507	116	4,339
Increase (decrease) in accrued interest payable	3,010	3,065	2,558
Increase (decrease) in accounts payable and accrued expenses	(5,392)	5,280	(23,120)
Increase (decrease) in borrowers’ escrows and other liabilities	(3,832)	2,266	(8,922)
Origination of conduit loans		(13,800)	(389,054)
Sales of conduit loans		35,177	424,979
Cash flows provided by (used in) operating activities	10,225	109,232	87,871
Investing activities:
Proceeds from sales or repayments of other securities			31,241
Purchase and origination of loans for investment	(460,770)	(154,212)	(598,146)
Principal repayments on loans	453,771	425,050	291,228
Investments in real estate	(9,243)	(30,358)	(52,482)
IRT's acquisition of TSRE, net of cash acquired			(137,096)
Proceeds from the disposition of real estate	243,510	317,444	87,573
Proceeds from sale of interest in IRT, net of cash deconsolidated		31,572
Proceeds from sale of discontinued operations		43,000
(Increase) decrease in restricted cash	38,166	(23,049)	(25,430)
Cash flows provided by (used in) investing activities	265,434	609,447	(403,112)
Financing activities:
Repayments of warrants and SARs obligations	(20,500)
Repayments on secured credit facilities and loans payable on real estate	(1,295)	(259,523)	(274,765)
Proceeds from secured credit facilities, term loans and loans payable on real estate		206,680	488,725
Repayments and repurchase of CDO notes payable and floating rate securitizations	(678,164)	(717,338)	(282,680)
Net proceeds from issuance of CDO notes and floating rate securitizations	490,550	239,236	476,191
Repurchase of convertible notes and senior notes	(17,285)	(47,614)
Repayments of senior secured notes	(50,500)	(8,000)	(8,000)
Net proceeds (repayments) related to conduit loan repurchase agreements		(36,922)	(19,035)
Net proceeds (repayments) related to floating rate loan repurchase agreements	(4,109)	(33,724)	31,050
Proceeds from issuance of other indebtedness	17,022	24,796
Distribution to noncontrolling interests	(1,710)	(23,266)	(22,083)
Issuance of noncontrolling interests	66	689
TSRE financing extinguishment expenses			(23,219)
Payments for deferred costs	(8,494)	(8,098)	(16,547)
Preferred share issuance, net of costs incurred		610	13,055
Common share issuance, net of costs incurred	(1,043)	(2,052)	41,443
Repurchase of Series D preferred shares	(10,057)	(11,600)
Distributions paid to preferred shareholders	(25,990)	(24,776)	(24,166)
Distributions paid to common shareholders	(21,301)	(33,132)	(60,568)
Cash flows (used in) provided by financing activities	(332,810)	(734,034)	319,401
Net change in cash and cash equivalents	(57,151)	(15,355)	4,160
Net change in cash and cash equivalents from discontinued operations		(38,305)	23,542
Net change in cash and cash equivalents from continuing operations	(57,151)	22,950	(19,382)
Cash and cash equivalents at the beginning of the year	110,531	87,581	106,963
Cash and cash equivalents at the end of the year	$ 53,380	$ 110,531	$ 87,581

THE COMPANY

THE COMPANY	12 Months Ended
	Dec. 31, 2017
Nature Of Operations [Abstract]
THE COMPANY	NOTE 1: THE COMPANY RAIT Financial Trust is a self-managed and self-advised Maryland real estate investment trust, or REIT, focused on managing a portfolio of commercial real estate (CRE) loans and properties. References to “RAIT”, “we”, “us”, and “our” refer to RAIT Financial Trust and its subsidiaries, unless the context otherwise requires. We have financed 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, or the board, had formed a committee of independent trustees, or the special committee, to explore and evaluate a wide range of possible strategic and financial alternatives for RAIT. On February 20, 2018, we announced that the special committee had concluded this review and that the board has determined that this review did not identify a strategic or financial transaction with another counterparty that was preferable to the steps described below. This review, conducted with the support of financial and legal advisors, evaluated a wide range of potential alternatives which included, but were not limited to, (i) refinements of RAIT’s operations or strategy, (ii) financial transactions, such as a recapitalization or other change to RAIT’s capital structure and (iii) strategic transactions, such as a sale of all or part of RAIT. As a result, the board, after considering the recommendations and advice of the special committee, RAIT’s management and legal and financial advisors, determined that RAIT should take steps to increase RAIT’s liquidity and better position RAIT to meet its financial obligations as they come due. We refer to these steps as the 2018 strategic steps and they include, but are not limited to: (i) the cessation of RAIT’s lending business along with the implementation of other steps to reduce costs within its other operating businesses; (ii) the continuation of the process of selling RAIT’s owned real estate (REO) portfolio while continuing to service and manage its existing CRE loan portfolio; and (iii) the engagement of a financial advisor. M-III Advisory Partners, LP, to advise and assist RAIT in its ongoing assessment of its financial performance and financial needs. 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 9: 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	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. During the year ended December 31, 2017, we corrected the following errors that resulted in adjustments to the accompanying consolidated statement of operations that related to transactions completed in a prior period: (a) provision for loan losses includes $1,542 associated with the charge-off of a loan that was determined to be not collectible and the component of the recorded investment of another loan that was not properly reserved for and (b) depreciation and amortization expense includes $494 associated the acceleration of amortization as a result of the cancellation of one customer relationship. We evaluated these corrections of errors and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for the current and any previously filed consolidated financial statements. 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. For the years ended December 31, 2016 and 2015, certain entities or distinguishable components of RAIT have been presented as discontinued operations. See Note 9: Discontinued Operations for further information. Also, during the year ended December 31, 2016, we began presenting property management expenses separately on the consolidated statement of operations. These expenses relate to employees that perform regional supervision, accounting, treasury, human resources, and other corporate functions. We have retroactively adjusted historical periods to reclassify these expenses from compensation expense and general and administrative expenses to property management expense. b. Going Concern Considerations Under the accounting guidance related to the presentation of financial statements, an entity is required to evaluate on a quarterly basis whether the entity’s current financial condition, including its liquidity sources at the date that the financial statements are issued, will enable the entity to meet its obligations arising within one year of the date the entity’s financial statements are issued and to make a determination as to whether it is probable, under the application of this accounting guidance, that the entity will be able to continue as a going concern over the applicable period. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary should RAIT be unable to continue as a going concern. As a result of the considerations articulated below, 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. Analysis 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 evaluating 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 plans to control costs, to sell certain loans, to sell certain real estate properties and to continue to receive repayments of loans as they become due. Also, as of February 20, 2018, RAIT has ceased new investment activity. Due to the inherent risks, unknown results and significant uncertainties associated with each of these matters and the direct correlation between these matters and RAIT’s ability to satisfy its financial obligations that may arise over the applicable one-year period, RAIT is unable to conclude that it is probable that RAIT will be able to meet its obligations arising within one year of the date of issuance of these financial statements within the parameters set forth in this accounting guidance. 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 were $53,380 as of December 31, 2017, would not 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 on management’s ability to sell certain 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, and to continue to receive repayments of loans as they become due. While controlling costs are principally within management’s control, selling real estate assets, selling loans, and the timing of loan repayments involve performance by third parties. Since many of the real estate assets and loans that management plans to sell or receive repayment from to satisfy its obligations are not subject to an executed purchase and sale agreement or other contractual agreement as of the date hereof, the sale of those assets cannot be considered probable of occurring. Furthermore, any potential obligations that may arise with respect to RAITs non-compliance with the continued listing standards of the NYSE would exceed the amounts of available funds and liquidity that could be generated to satisfy all of those potential obligations as they would become due. 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 mortgage loans, 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 December 31, 2017 and 2016, we had $123,398 and $121,395, respectively, of tenant escrows and borrowers’ funds. Restricted cash also includes proceeds from the issuance of CMBS securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2017 and 2016, we had $34,516 and $68,784, respectively, of restricted cash held by securitizations. g. Investments in Mortgage Loans, Mezzanine Loans and Preferred Equity Interests We have invested in commercial mortgage loans, mezzanine loans, and preferred equity interests. We account for our investments in commercial mortgages, mezzanine loans, and preferred equity interests at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans. 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 impaired or satisfactory. Management reviews loans for impairment and establishes specific reserves when a loss is probable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual or impaired 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. Loans which experience a modification to their contractual terms which result in a concession being granted to a borrower experiencing financial difficulties are considered troubled debt restructurings, or TDRs. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including the value of the underlying collateral. We do not consider restructurings that result in a delay in payment, in timing or amount, which is insignificant to be a concession. 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 which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. During the year ended December 31, 2017, we recognized $96,625 of impairment charges on our real estate assets. Refer to Note 4: Investments in Real Estate for further discussion of the impairment charges. j. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables. k. Revenue Recognition 1) Interest income For investments that we 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 Also, during the years ended December 31, 2017, 2016 and 2015 we earned $0, $7,092, and $4,984 of asset management fees, respectively, and $0, $350 and $629 of incentive fees, respectively, related to our Advisory Agreement with IRT. During the years ended December 31, 2017, 2016 and 2015 we also earned $0, $4,769, and $3,675, respectively, of property management and leasing fees related to our property management agreements with IRT’s properties. As we consolidated IRT through October 5, 2016, all of these fees earned for the years ended December 31, 2015 and 2014 were eliminated in consolidation. l. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. 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 December 31, 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 December 31, 2017, $103 of variation margin payments related to these derivatives have been accounted for as settlements of the derivatives. m. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are subordinated debentures, and historically included trust preferred obligations and CDO notes payable, where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. n. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, 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 9: 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-

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
INVESTMENTS IN COMMERCIAL MORTGAGES, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	NOTE 3: Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans $ 1,194,735 $ (719 ) $ 1,194,016 95 6.3 % Jan. 2018 to Dec. 2025 Mezzanine loans 45,488 $ 164 45,652 13 11.2 % May 2018 to May 2025 Preferred equity interests 33,284 $ (1 ) 33,283 15 9.1 % Nov. 2018 to Jan. 2029 Total CRE (2) 1,273,507 (556 ) 1,272,951 123 6.5 % Deferred fees and costs, net (3) (2,344 ) - (2,344 ) Total $ 1,271,163 $ (556 ) $ 1,270,607 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $8,497 of deferred fees, net of $6,153 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2016: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,162,233 $ (852 ) $ 1,161,381 94 5.8 % Jan. Mezzanine loans 89,811 45 89,856 23 9.9 % Feb. 2017 to Jun. 2027 Preferred equity interests 42,830 (1 ) 42,829 17 8.2 % Jan. 2017 to Jan. 2029 Total CRE (3) 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (4) (1,427 ) — (1,427 ) Total $ 1,293,447 $ (808 ) $ 1,292,639 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) Revenue Recognition, for further discussion of our cash flow loans. (4) Includes $5,978 of deferred fees, net of $4,551 of deferred costs. A loan is placed on non-accrual status if it is delinquent for 90 days or more or if there is uncertainty over full collection of principal and interest, which generally includes our impaired loans that have reserves. The following table summarizes the delinquency statistics of our commercial real estate loans as of December 31, 2017 and 2016: As of December 31, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 1,149,501 $ — $ — $ 45,234 $ 1,194,735 $ 81,443 Mezzanine loans 40,258 — — 5,230 45,488 13,510 Preferred equity interests 33,284 — — — 33,284 3,650 Total $ 1,223,043 $ — $ — $ 50,464 $ 1,273,507 $ 98,603 (1) Includes five loans that were current in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest, and two loans that are 90 days or more past due in accordance with their terms. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more 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 December 31, 2017 and December 31, 2016, all of our commercial mortgage loans, mezzanine loans and preferred equity interests that were 90 days or more past due, or in foreclosure, were on non-accrual status. It is noted that as of December 31, 2017, $106,136 of our loans are cash flow loans, which provide for the accrual of interest at specified rates which differ from current payment terms, and in some cases, do not require current payments. The following table sets forth the maturities of our investments in commercial mortgage loans, mezzanine loans and preferred equity interests by year: Commercial Mezzanine Preferred equity Total 2018 412,620 2,123 3,650 418,393 2019 378,351 3,000 - 381,351 2020 313,224 8,810 7,948 329,982 2021 33,932 - - 33,932 2022 36,790 - - 36,790 Thereafter 19,818 31,555 21,686 73,059 Total $ 1,194,735 $ 45,488 $ 33,284 $ 1,273,507 Allowance for Loan Losses And Impaired Loans During the year ended December 31, 2017, we recognized provision for loan losses of $45,614, which was related to legacy loans. Our provision for loan losses during the year ended December 31, 2017 was primarily driven by eight loans, where the borrower and/or property experienced an unfavorable event or events during the period, which resulted in probable, incurred losses. One of these loans was a mezzanine loan with a principal balance of $18,500, which was part of a loan structure that included a $190,000 loan held by a third party. The loans were collectively governed by a co-lender agreement. During 2017, a borrower payoff event occurred and the loans’ special servicer applied all funds to the third-party loan and released the related mortgage. As a result of these events, we recorded a provision for loan loss of $18,500 and a full charge off of the loan. Collection is now being pursued through a legal proceeding. Based on the co-lender agreement, we believe we are entitled to full repayment on our mezzanine loan. 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 December 31, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,083,741 $ 19,109 $ 21,879 $ 1,124,729 Watchlist (1) 110,994 26,379 11,405 148,778 Total $ 1,194,735 $ 45,488 $ 33,284 $ 1,273,507 (1) Includes $126,478 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 years ended December 31, 2017, 2016 and 2015: For the Year Ended December 31, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 18,193 28,010 (589 ) 45,614 Charge-offs, net of recoveries (19,814 ) (22,388 ) (883 ) (43,085 ) Ending balance $ 9,019 $ 5,622 $ 242 $ 14,883 For the Year Ended December 31, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision (benefit) for loan losses 6,467 (227 ) 1,810 8,050 Charge-offs, net of recoveries — (11,912 ) (1,900 ) $ (13,812 ) Other (1) 1,019 — — 1,019 Ending balance $ 10,640 $ — $ 1,714 $ 12,354 (1) Represents capitalization of past due interest on modified loans. For the Year Ended December 31, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 4,668 478 8,300 Charge-offs, net of recoveries — (421 ) — (421 ) Ending balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Information on those loans considered to be impaired as of December 31, 2017 and December 31, 2016 was as follows: As of December 31, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 14,321 $ 12,869 $ 7,756 $ 34,946 Impaired loans with reserves 74,372 13,510 3,650 91,532 Total Impaired Loans (1) 88,693 26,379 11,406 126,478 Allowance for loan losses $ 9,019 $ 5,622 $ 242 $ 14,883 (1) As of December 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2016 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ — $ 32,748 $ — $ 32,748 Impaired loans with reserves 113,509 — 6,150 119,659 Total Impaired Loans (1) 113,509 32,748 6,150 152,407 Allowance for loan losses $ 10,640 $ — $ 1,714 $ 12,354 (1) As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status. The average unpaid principal balance and recorded investment of total impaired loans was $148,261, $134,721 and $90,280 during the years ended December 31, 2017, 2016, and 2015, respectively. We recorded interest income from impaired loans of $968, $3,488 and $4,419 for the years ended December 31, 2017, 2016, and 2015, 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 year ended December 31, 2017, we determined that restructuring of two commercial real estate loans with unpaid principal balances totaling of $13,080 constituted TDRs as the maturity date of the loans were extended and the borrowers were determined to be experiencing financial difficulty. D uring the year ended 31, 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. In January, 2018 we determined that a restructuring of one commercial real estate loan with a principal balance of $7,948 constituted a TDR as the interest rate was decreased to zero percent and the maturity date was extended. Loan-to-Real Estate Conversions During the year ended December 31, 2017, we completed the conversion of one commercial mortgage loan with a carrying value of $1,590 to real estate owned property. See Note 4: Investments in Real Estate for further information. We recognized a charge off of $360 upon conversion . Other In February 2018, we began to pursue a sale of certain loans that were on our balance sheet as of December 31, 2017. In March 2018, we sold these loans, which had an unpaid principal balance of $44,050 and received gross proceeds of $43,720.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	12 Months Ended
	Dec. 31, 2017
Banking And Thrift [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 4: Investments In Real Estate The table below summarizes our investments in real estate: Book Value As of December 31, 2017 As of December 31, 2016 Multifamily real estate properties $ 17,163 $ 147,201 Office real estate properties 130,125 397,769 Industrial real estate properties — 93,423 Retail real estate properties 106,817 164,019 Parcels of land 20,567 52,234 Subtotal 274,672 854,646 Less: Accumulated depreciation and amortization (28,768 ) (138,214 ) Investments in real estate, net (1) $ 245,904 $ 716,432 (1) 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 December 31, 2017 and 2016, our investments in real estate were comprised of land of $73,003 and $169,133, respectively, and buildings and improvements of $201,669 and $685,513, respectively. As of December 31, 2017, our gross investments in real estate of $274,672 were financed through $62,297 of mortgage loans or other debt held by third parties and $298,050 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 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 mortgages serve as collateral for the CDO notes payable issued by the RAIT I and RAIT II CDO securitizations. All intercompany balances and interest charges are eliminated in consolidation. For our investments in real estate, the leases for our multifamily properties are generally one-year or less and leases for our office and retail properties are operating leases. The following table represents the minimum future rentals under expiring leases for our office and retail properties as of December 31, 2017. 2018 $ 3,376 2019 1,395 2020 3,482 2021 2,931 2022 2,944 2023 and thereafter 11,624 Total $ 25,752 Acquisitions: During the year ended December 31, 2017, we completed the conversion of one commercial loan with a carrying value of $1,590 to real estate. The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2017, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Twelve Months Ended December 31, 2017 Assets acquired: Investments in real estate $ 1,118 Cash and cash equivalents 84 Restricted cash - Accounts receivable and other assets 14 Intangible assets 1,231 Total assets acquired 2,447 Liabilities assumed: Indebtedness, net - Accounts payable and accrued expenses 139 Other liabilities 718 Total liabilities assumed 857 Estimated fair value of net assets acquired $ 1,590 The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date: Description Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 1,590 Total $ 1,590 The table below presents the revenue and net income (loss) attributable to the properties acquired during the year ended December 31, 2017 as reported in our consolidated financial statements. For the Year Ended December 31, 2017 Property Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 1,190 $ (305 ) Total $ 1,190 $ (305 ) The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. For the Year Ended December 31, Description 2017 2016 Pro forma total revenue (unaudited) $ 101,228 $ 174,990 Pro forma net income (loss) allocable to common shares (unaudited) (185,121 ) (10,146 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (2.02 ) (0.11 ) Diluted-as pro forma (unaudited) (2.02 ) (0.11 ) Property Sales: During the year ended December 31, 2017, we disposed of five multifamily properties, eight office properties, two retail properties (one sold as two parcels in two separate transactions), and three parcels of land. We also recognized $5 of losses on sales related to properties sold prior to December 31, 2016, 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 Year Ended December 31, 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 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 Executive Center Office 3/31/2017 10,600 437 123 MGS (1) Land 3/31/2017 300 — — 100 E. Lancaster (1) Office 4/13/2017 4,575 14 70 UBS Tower (1) Office 5/9/2017 14,150 — (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 896 South Terrace Multifamily 6/30/2017 42,950 9,189 250 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (118 ) Rutherford (1) Office 9/29/2017 5,700 — 430 Treasure Island/Sunny Shores Land 10/4/2017 12,125 — (81 ) McDowell Phase I/II (1) Office 10/16/2017 53,150 206 1,612 May's Crossing Retail 11/16/2017 8,150 298 242 Four Resource Square (1) Office 12/29/2017 17,500 78 (573 ) Reuss Federal Plaza (1) Office 12/29/2017 19,500 47 995 Total $ 301,703 $ 20,322 $ 4,000 (1) These properties were previously impaired. (2) Includes gain on sale in May and September 2017 of $1,481 and $166, respectively. During the year ended December 31, 2016, we disposed of sixteen multifamily real estate properties, one office property, and one parcel of land (combined in the below table). We also recognized $5 of loss on sales related to properties sold in the prior year as we settled remaining amounts with buyers. The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Year Ended December 31, 2016 Mineral/Lincoln Office 03/25/2016 $ 7,949 $ (374 ) $ — Ventura Multifamily 03/30/2016 8,750 115 45 Saxony Land 04/06/2016 1,500 (12 ) (4 ) Desert Wind (1) Multifamily 05/18/2016 8,750 (2,032 ) 52 Las Vistas (1) Multifamily 05/18/2016 10,500 (61 ) 122 Penny Lane (1) Multifamily 05/18/2016 10,000 3,248 121 Sandal Ridge (1) Multifamily 05/18/2016 12,250 3,482 162 Silversmith Multifamily 06/03/2016 6,200 1,227 95 Coles Crossing (2) Multifamily 09/20/2016 43,750 (3,965 ) 90 Eagle Ridge and Grand Terrace Multifamily 09/21/2016 44,650 11,757 534 Augusta Multifamily 09/28/2016 37,500 10,431 871 Ellington Multifamily 11/03/2016 36,200 8,646 1,000 Regency Meadows Multifamily 11/08/2016 7,200 (68 ) (502 ) River Park West Multifamily 11/17/2016 30,150 1,886 279 Ashford Multifamily 12/09/2016 24,050 2,430 157 Tierra Bella Multifamily 12/14/2016 12,468 3,271 330 Mandalay Bay Multifamily 12/21/2016 36,000 13,296 (698 ) Total $ 337,867 $ 53,277 $ 2,654 (1) These properties were disposed of as a group of assets in a portfolio sale on May 18, 2016. (2) The loss on sale related to this property primarily results from a defeasance premium of $1,318 and the writeoff of the noncontrolling interest of $2,518. During the year ended December 31, 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 year ended December 31, 2017, we recognized the deferred gain. During the year ended December 31, 2017, we disposed of two land parcels for $12,125 plus the reimbursement of capital expenditures associated with those parcels. The principal consideration received in the sale was a note from the buyer. We deferred a gain on the sale of these assets of $701 which was classified within other liabilities and will be recognized under the cost recovery method as the buyer’s initial investment was insufficient. During the year ended December 31, 2017, we incurred a net non-cash gain on deconsolidation of properties of $5,158 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 year ended December 31, 2017, the senior lender foreclosed on the mortgage liens encumbering all of these industrial properties, and disposed of the properties through auction processes. RAIT had no control or influence over the divestiture processes. These properties, including other assets, net of related liabilities, had an aggregate carrying value of $82,046. As a result, the senior lender or its assignee/designee now owns these properties, subject to any redemption rights that we have under applicable state law, if any. Upon foreclosure, we derecognized these net assets and extinguished related debt and accrued interest of $87,204 based on the proceeds received by and legal stipulations entered into with the senior lender with respect to the auctions. During the year ended December 31, 2017, we incurred a net non-cash gain on deconsolidation of properties of $697 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. During the year ended December 31, 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 $17,625. Upon foreclosure, we derecognized these net assets and extinguished related debt and accrued interest of $18,303 based on the proceeds received by the senior lender through the foreclosure. Impairment: During the year ended December 31, 2017, we recognized impairment charges on real estate assets of $96,625 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. These impairment charges are further described below. During the year ended December 31, 2017, we changed our investment approach on six of our real estate properties. These decisions to change our investment approach led to an expectation that the properties would be disposed of prior to the end of their useful life, which was concluded to be a triggering event requiring further analysis of the recoverability of these properties. As a result of the analysis performed, the aggregate carrying value of these properties was determined not to be fully recoverable, resulting in impairment charges totaling $74,514 as further described below: • Four of these six properties, 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 $101,896. During the year ended December 31, 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 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 an 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 an impairment charge of $6,793. Subsequently, during the year ended December 31, 2017, one of the above mentioned 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 charges totaling $3,458. In addition, during the year ended December 31, 2017, we also determined that one of the above mentioned real estate properties would be sold at a lower price than previously expected, resulting in an impairment charge totaling $2,945. During the year ended December 31, 2017, we also continued execution on plans to market certain assets that had been identified for disposal in previous periods. The remaining $15,708 of impairment charges during year ended December 31, 2017 related to nine of these other real estate assets, including one multifamily property, one retail 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. During the year ended December 31, 2016, we recognized impairment of $32,782 as it was more likely than not we would dispose of certain 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 year ended December 31, 2016, we expensed tenant improvements and straight-line rent receivables aggregating $1,703 associated with tenants who vacated our properties early. We also recognized a loss on our retail property management subsidiary’s investment in an unconsolidated entity of $864. We also derecognized the noncontrolling interest of $2,436 related to ten of our industrial properties as they were impaired . During the year ended December 31, 2015, we recognized impairment on three real estate assets of $8,179 as it was more likely than not we would dispose of these assets before the end of their previously estimated useful life, and a portion of our recorded investment in these assets was determined to not be recoverable. See Note 7: Fair Value of Financial Instruments for further information regarding our non-recurring fair value measurements.

INDEBTEDNESS

INDEBTEDNESS	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 5: Indebtedness We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2017: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (38 ) $ 833 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 110,513 (3,713 ) 106,800 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,457 ) 54,867 7.6 % Apr. 2024 7.125% senior notes 68,408 (934 ) 67,474 7.1 % Aug. 2019 Senior secured notes 11,500 (437 ) 11,063 7.3 % Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (10,550 ) 8,121 5.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.9 % Apr. 2037 Secured warehouse facilities 22,313 (570 ) 21,743 3.5 % Jan. Total recourse indebtedness 313,700 (17,699 ) 296,001 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 258,063 (3,339 ) 254,724 2.2 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 744,763 (8,177 ) 736,586 3.4 % Jan. 2031 to Dec. 2037 Loans payable on real estate 62,297 (375 ) 61,922 5.2 % May 2021 to Dec. 2021 Total non-recourse indebtedness 1,065,123 (11,891 ) 1,053,232 3.2 % Other indebtedness (8) 40,830 125 40,955 — — Total indebtedness $ 1,419,653 $ (29,465 ) $ 1,390,188 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 $507,306 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $274,629 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 $944,894 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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) The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2016: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,719 ) 55,568 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,543 ) 69,188 7.1 % Aug. 2019 Senior secured notes 62,000 (3,767 ) 58,233 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,849 ) 11,822 4.8 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.4 % Apr. 2037 Secured warehouse facilities 26,421 (1,513 ) 24,908 3.1 % Nov. 2017 to Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(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 in commercial mortgage loans. 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 year ended December 31, 2017 is as follows: Recourse Indebtedness 7.0% convertible senior notes. On March 21, 2011, we issued and sold in a public offering $115,000 aggregate principal amount of our 7.0% Convertible Senior Notes due 2031, or the 7.0% convertible senior notes. After deducting the underwriting discount and the estimated offering costs, we received approximately $109,000 of net proceeds. Interest on the 7.0% convertible senior notes is paid semi-annually and the 7.0% convertible senior notes mature on April 1, 2031. Prior to April 5, 2016, the 7.0% convertible senior notes were not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after April 5, 2016, we may redeem all or a portion of the 7.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 7.0% convertible senior notes may require us to repurchase all or a portion of the 7.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on April 1, 2021, and April 1, 2026, or upon the occurrence of certain defined fundamental changes. The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 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). Upon conversion of 7.0% convertible senior notes by a holder, the holder will receive cash, our common shares, or a combination of cash and our common shares, at our election. We include the 7.0% convertible senior notes in diluted earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods. According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 7.0% convertible senior notes of $8,228. This discount reflects the fair value of the embedded conversion option within the 7.0% convertible senior notes and was recorded as an increase to additional paid in capital. The fair value was calculated by discounting the cash flows required in the indenture relating to the 7.0% convertible senior notes agreement by a discount rate that represents management’s estimate of our senior, unsecured, non-convertible debt borrowing rate at the time when the 7.0% convertible senior notes were issued. The discount was fully amortized to interest expense through April 1, 2016, the date at which holders of our 7.0% convertible senior notes could require repayment. During the year ended December 31, 2016, we repurchased a total of $29,177 in aggregate principal amount of the 7.0% convertible senior notes for a total consideration of $29,177. During the year ended December 31, 2017, there was no activity other than recurring interest. These notes do not contain financial covenants. 4.0% convertible senior notes. On December 10, 2013, we issued and sold in a public offering $125,000 aggregate principal amount of our 4.0% Convertible Senior Notes due 2033, or the 4.0% convertible senior notes. After deducting the underwriting discount and offering costs, we received approximately $121,250 of net proceeds. In January 2014, the underwriters exercised the overallotment option with respect to an additional $16,750 aggregate principal amount of the 4.0% convertible senior notes and we received total net proceeds of $16,300 after deducting underwriting fees and adjusting for accrued interim interest. In the aggregate, we issued $141,750 aggregate principal amount of the 4.0% convertible senior notes in the offering and raised total net proceeds of approximately $137,238 after deducting underwriting fees and offering expenses. Interest on the 4.0% convertible senior notes is paid semi-annually and the 4.0% convertible senior notes mature on October 1, 2033. Prior to October 1, 2018, the 4.0% convertible senior notes are not redeemable at our option, except to preserve RAIT’s status as a REIT. On or after October 1, 2018, we may redeem all or a portion of the 4.0% convertible senior notes at a redemption price equal to the principal amount plus accrued and unpaid interest. Holders of 4.0% convertible senior notes may require us to repurchase all or a portion of the 4.0% convertible senior notes at a purchase price equal to the principal amount plus accrued and unpaid interest on October 1, 2018, October 1, 2023, and October 1, 2028, or upon the occurrence of certain defined fundamental changes. The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 108.5803 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $9.21 per common share). Upon conversion of 4.0% convertible senior notes by a holder, the holder will receive cash, our common shares, or a combination of cash and our common shares, at our election. We include the 4.0% convertible senior notes in earnings per share using the if-converted method if the conversion value in excess of the par amount is considered in the money during the respective periods. According to FASB ASC Topic 470, “Debt”, we recorded a discount on our issued and outstanding 4.0% convertible senior notes of $8,817. This discount reflects the fair value of the embedded conversion option within the 4.0% convertible senior notes and was recorded as an increase to additional paid in capital. The fair value was calculated by discounting the cash flows required in the indenture relating to the 4.0% convertible senior notes agreement by a discount rate that represents management’s estimate of our senior, unsecured, non-convertible debt borrowing rate at the time when the 4.0% convertible senior notes were issued. The discount will be amortized to interest expense through October 1, 2018, the date at which holders of our 4.0% convertible senior notes could require repayment. Concurrent with the offering of the 4.0% convertible senior notes, we used approximately $8,838 of the proceeds and entered into a capped call transaction with an affiliate of the underwriter. The capped call transaction has a cap price of $11.91, which is subject to certain adjustments, and an initial strike price of $9.57, which is subject to certain adjustments and is equivalent to the conversion price of the 4.0% convertible senior notes. The capped calls expire on various dates ranging from June 2018 to October 2018 and are expected to reduce the potential dilution to holders of our common stock upon the potential conversion of the 4.0% convertible senior notes. The capped call transaction is a separate transaction and is not part of the terms of the 4.0% convertible senior notes and will not affect the holders’ rights under the 4.0% convertible senior notes. The capped call transaction meets the criteria for equity classification and was recorded as a reduction to additional paid in capital. The capped call transaction is excluded from the dilutive EPS calculation as their effect would be anti-dilutive. During the year ended December 31, 2016, we repurchased a total of $15,652 in aggregate principal amount of 4.0% convertible senior notes for a total consideration of $14,075. During the year ended December 31, 2017, we repurchased a total of $15,585 in aggregate principal amount of 4.0% convertible senior notes for a total consideration of $14,468. These notes do not contain financial covenants. 7.625% senior notes. On April 14, 2014, we issued and sold in a public offering $60,000 aggregate principal amount of our 7.625% Senior Notes due 2024, or the 7.625% senior notes. After deducting the underwriting discount and the offering costs, we received approximately $57,500 of net proceeds. Interest on the 7.625% senior notes is paid quarterly with a maturity date of April 15, 2024. The 7.625% senior notes are subject to redemption at our option, in whole or in part, at any time on or after April 15, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. These notes contain financial covenants that are applicable upon the incurrence of debt as defined in the notes’ related indenture including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of December 31, 2017, the leverage ratio, calculated in accordance with the indenture, was 74.1% 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 1.41x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. During the year ended December 31, 2016, we repurchased a total of $2,713 in aggregate principal amount of 7.625% convertible senior notes for a total consideration of $2,172. During the year ended December 31, 2017, we repurchased a total of $963 in aggregate principal amount of 7.625% senior notes for a total consideration of $766. 7.125% senior notes. In August 2014, we issued and sold in a public offering $71,905 aggregate principal amount of our 7.125% Senior Notes due 2019, or the 7.125% senior notes. After deducting the underwriting discount and the offering costs, we received approximately $69,209 of net proceeds. Interest on the 7.125% senior notes is paid quarterly with a maturity date of August 30, 2019. The 7.125% senior notes are subject to redemption at our option, in whole or in part, at any time on or after August 30, 2017, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date and are subject to repurchase by us at the option of the holders following a defined fundamental change, at a repurchase price equal to 101% of the principal amount of the notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The senior notes are not convertible into equity securities of RAIT. These notes contain financial covenants that are applicable upon the incurrence of debt as defined in the notes’ related indenture including a maximum leverage ratio covenant and a minimum fixed charge ratio covenant. As of December 31, 2017, the leverage ratio, calculated in accordance with the indenture, was 74.1% 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 1.41x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. During the year ended December 31, 2016, we repurchased a total of $1,174 in aggregate principal amount of 7.125% senior notes for a total consideration of $1,081 . During the year ended December 31, 2017, we repurchased a total of $2,323 in aggregate principal amount of 7.125% senior notes for a total consideration of $2,023. Senior secured notes. On October 5, 2011, we entered into an exchange agreement with T8 pursuant to which we issued four senior secured notes, or the senior secured notes, with an aggregate principal amount equal to $100,000 to T8 in exchange for a portfolio of real estate related debt securities, or the exchanged securities, held by T8. The senior secured notes and the exchanged securities were determined to have approximately equivalent fair market value at the time of the exchange. The senior secured notes were issued pursuant to an indenture agreement dated October 5, 2011 which contains customary events of default, including those relating to nonpayment of principal or interest when due and defaults based upon events of bankruptcy and insolvency. The senior secured notes were each $25,000 principal amount with a weighted average interest rate of 7.0% and had maturity dates ranging from April 2017 to April 2019. Interest is paid quarterly on October 30, January 30, April 30 and July 30 of each year. The senior secured notes are secured and are not convertible into equity securities of RAIT. During the year ended December 31, 2016, we repaid $8,000 of the senior secured notes. During the year ended December 31, 2017, we repaid $7,500 of the senior secured notes. During the year ended December 31, 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. During the year ended December 31, 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. During the year ended December 31, 2017, we redeemed $12,500 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. On October 16, 2008, we issued two junior subordinated notes with an aggregate principal amount of $38,052 to a third party and received $15,459 of net cash proceeds. One junior subordinated note, which we refer to as the first $18,671 junior subordinated note, has a principal amount of $18,671, a fixed interest rate of 8.65% through March 30, 2015 with a floating rate of LIBOR plus 400 basis points thereafter, and a maturity date of March 30, 2035. The second junior subordinated note, which we refer to as the $19,381 junior subordinated note, had a principal amount of $19,381, a fixed interest rate of 9.64%, and a maturity date of October 30, 2015. At issuance, we elected to record these junior subordinated notes at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. On October 25, 2010, pursuant to a securities exchange agreement, we exchanged and cancelled the first $18,671 junior subordinated note for another junior subordinated note, which we refer to as the second $18,671 junior subordinated note, in aggregate principal amount of $18,671 with a reduced interest rate and provided $5,000 of our 6.875% convertible senior notes as collateral for the second $18,671 junior subordinated note. The second $18,671 junior subordinated note had a fixed rate of interest of 0.5% through March 30, 2015, and thereafter a floating rate of three-month LIBOR plus 400 basis points, with such floating rate not to exceed 7.0%. The maturity date remains the same at March 30, 2035. At issuance, we elected to record the second $18,671 junior subordinated note at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. The fair value, or carrying amount, of this indebtedness was $8,121 as of December 31, 2017. Junior subordinated notes, at amortized cost. On February 12, 2007, we formed Taberna Funding Capital Trust I which issued $25,000 of trust preferred securities to investors and $100 of common securities to us. The combined proceeds were used by Taberna Funding Capital Trust I to purchase $25,100 of junior subordinated notes issued by us. The junior subordinated notes are the sole assets of Taberna Funding Capital Trust I and mature on April 30, 2037, but are callable, at our option, on or after April 30, 2012. Interest on the junior subordinated notes is payable quarterly at a fixed rate of 7.69% through April 2012 and thereafter at a floating rate equal to three-month LIBOR plus 2.50%. Secured warehouse facilities. On October 27, 2011, we entered into a two year CMBS facility pursuant to which we may sell, and later repurchase, performing whole mortgage loans or senior interests in whole mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. The purchase price paid for any asset purchased will be equal to 75% of the lesser of the market value (determined by the purchaser in its sole discretion, exercised in good faith) or par amount of such asset on the purchase date. On July 28, 2014, we entered into an amended and restated master repurchase agreement, or the Amended MRA. The Amended MRA added defined floating-rate whole loans and senior interests in whole loans as eligible purchased assets which we could sell to the investment bank and later repurchase. All eligible purchased assets must be acceptable to the investment bank in its sole discretion. The Amended MRA increased the aggregate principal amount available under the facility to $200,000 from $100,000 provided that the aggregate outstanding purchase price under the Amended MRA at any time for all floating rate loans cannot exceed $100,000. Fixed rate loans and floating rate loans incur interest at LIBOR plus 250 basis points. The Amended MRA contains standard margin call provisions and financial covenants. On July 28, 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 December 31, 2017, we had no outstanding secured warehouse borrowings and nothing outstanding under the amended and restated MRA and were in compliance with all financial covenants contained in the Amended MRA. On November 23, 2011, we entered into a one year CMBS facility, or the $150,000 CMBS facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans secured by first liens on stabilized commercial properties which meet current standards for inclusion in CMBS transactions. Effective November 17, 2015, we extended the maturity of the $150,000 CMBS facility to the earlier of November 16, 2016 or the day on which an event of default occurs. The aggregate principal amount available under the $150,000 CMBS facility is $150,000 and incurs interest at LIBOR plus 250 basis points. The purchase price paid for any asset purchased is up to 75% of the lesser of the unpaid principal balance and the market value (determined by the purchaser in its sole discretion, exercised in good faith) of such purchased asset on the purchase date. The $150,000 CMBS facility contains standard margin call provisions and financial covenants. On November 16, 2016, this facility was amended decreasing the capacity to $100,000 and extending the maturity date to November 16, 2017. On June 27, 2017, this facility was amended decreasing the capacity to $25,000. In June 2017, the financial covenants with respect to this facility were amended. This facility was not renewed after its maturity and it has terminated. On January 27, 2014, we entered into a two year $75,000 commercial mortgage facility, or the $75,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its sole discretion. Effective September 28, 2015, we extended the maturity of the $75,000 commercial mortgage facility to January 22, 2018 or such date as determined by the Buyer in its good faith discretion pursuant to its rights and remedies under the Agreement. The $75,000 commercial mortgage facility incurs interest at LIBOR plus 200 basis points. The $75,000 commercial mortgage facility contains standard margin call provisions and financial covenants. In June 2017, the financial covenants with respect to this facility were amended. In July 2017, the financial covenants with respect to this facility were amended. As of December 31, 2017, we had no outstanding borrowings under the $75,000 commercial mortgage facility and were in compliance with all financial covenants contained in the $75,000 commercial mortgage facility. On January 19, 2018, this facility was amended extending the maturity date to June 18, 2018. On December 23, 2014, we entered into a $150,000 commercial mortgage facility, or the $150,000 commercial mortgage facility, pursuant to which we may sell, and later repurchase, commercial mortgage loans and other assets meeting defined eligibility criteria which are approved by the purchaser in its reasonable discretion. The $150,000 commercial mortgage facility incurs interest at LIBOR plus 200 basis points. The purchase price paid for any asset purchased is based on a defined percentage of the lesser of its unpaid principal balance or its defined market value. On December 20, 2016, we extended the maturity of the $150,000 commercial facility to December 19, 2017 or the day on which an event of default occurs. The $150,000 commercial mortgage facility contains standard margin call provisions and financial covenants. On June 27, 2017, this facility was amended increasing the capacity to $250,000. In June 2017, the financial covenants with respect to this facility were amended. On December 18, 2017, this facility was amended extending the maturity date to June 18, 2018. As of December 31, 2017, we had $22,313 of outstanding borrowings under the $250,000 commercial mortgage facility. As of December 31, 2017, we were in compliance with all financial covenants contained in the $250,000 commercial mortgage facility. In February 2018, we began to pursue a sale of certain loans that were on our balance sheet as of December 31, 2017. In March 2018, we sold these loans, which had an unpaid principal balance of $44,050 and received gross proceeds of $43,720. We used part of the proceeds received from the sale of these loans to repay the $22,313 of outstanding borrowings that existed on this facility as of December 31, 2017. Non-Recourse Indebtedness CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by consolidated CDO securitizations which are used to finance the acquisition of unsecured REIT notes, CMBS securities, commercial mortgage loans and mezzanine loans in our commercial real estate portfolio. Generally, CDO notes payable are comprised of various classes of notes payable, with each class bearing interest at variable or fixed rates. Both RAIT I and RAIT II are meeting all of their overcollateralization, or OC, and interest coverage, or IC, trigger tests as of December 31, 2017 and 2016. During the year ended December 31, 2016, we repurchased $5,880 in aggregate principal amount of CDO notes payable. The aggregate purchase price was $4,988 and we recorded a gain on extinguishment of debt of $682. CMBS securitizations. On April 17, 2014, we closed a CMBS securitization transaction we refer to as RAIT FL2 that was collateralized by $196,052 of floating rate commercial mortgage loans and participation interests that we originated and was 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 2014-FL2 Trust, or the FL2 issuer, issued classes of investment grade senior notes, or the FL2 senior notes, with an aggregate principal balance of approximately $155,861 to investors, representing an advance rate of approximately 79.5%. The FL2 senior notes bore interest at a weighted average rate equal to LIBOR plus 1.65%. The stated maturity of the FL2 notes was May 2031, unless redeemed or repaid prior thereto. At the closing of RAIT FL2, we retained the unrated classes of junior notes, or the FL2 junior notes, including a class with an aggregate principal balance of $40,191, and the equity, or the retained interests, of the FL2 issuer. Subject to certain conditions, beginning in April 2016 or upon defined tax events, the RAIT FL2 senior notes were able to be redeemed, in whole but not in part, at the direction of holders of FL2 junior notes, which we held. During the third quarter of 2016, RAIT exercised its right to unwind RAIT FL2, thereby repaying all of the outstanding notes. On October 29, 2014, we closed a CMBS securitization transaction we refer to as RAIT FL3 that was collateralized by $219,378 of floating rate commercial mortgage loans that we originated and 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 2014-FL3 Trust, or the FL3 issuer, issued classes of investment grade senior notes, or the FL3 senior notes, with an aggregate principal balance of approximately $181,261 to investors, representing an advance rate of approximately 82.6%. The FL3 senior notes bore interest at a weighted average rate equal to LIBOR plus 1.86%. The stated maturity of the FL3 notes was December 2031, unless redeemed or repaid prior thereto. At the closing of RAIT FL3, we retained the unrated classes of junior notes, or the FL3 junior notes, including a class with an aggregate principal balance of $38,117, and the equity, or the retained interests, of the FL3 issuer. Subject to certain conditions, beginning in October 2016 or upon defined tax events, the FL3 senior notes were able to be redeemed in whole but not in part, at the direction of holders of FL3 junior notes, which we held. During the second quarter of 2017, RAIT exercised its right to unwind RAIT FL3, thereby repaying all of the outstanding notes. On May 22, 2015, we closed a CMBS securitization transaction we refer to as RAIT FL4 collateralized by $223,034 of floating rate commercial mortgage loans that we originated and

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 6: Derivative Financial Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. The principal objective of such arrangements is to minimize the risks and/or costs associated with our operating and financial structure as well as to hedge specific anticipated transactions. While these instruments may impact our periodic cash flows, they benefit us by minimizing the risks and/or costs previously described. The counterparties to these contractual arrangements are major financial institutions with which we and our affiliates may also have other financial relationships. In the event of nonperformance by the counterparties, we are potentially exposed to credit loss. However, because of the high credit ratings of the counterparties, we do not anticipate that any of the counterparties will fail to meet their obligations. Interest Rate Derivatives We have entered into various interest rate swap contracts to hedge interest rate exposure on floating rate indebtedness. We designate interest rate hedge agreements at inception and determine whether or not the interest rate hedge agreement is highly effective in offsetting interest rate fluctuations associated with the identified indebtedness. At designation, certain of these interest rate swaps had a fair value not equal to zero. However, we concluded, at designation, that these hedging arrangements were highly effective during their term using regression analysis and determined that the hypothetical derivative method would be used in measuring any ineffectiveness. At each reporting period, we update our regression analysis and, as of December 31, 2017, we concluded that these hedging arrangements were highly effective during their remaining term and used the hypothetical derivative method in measuring the ineffective portions of these hedging arrangements. As of December 31, 2016, all of our cash flow hedge interest rate swaps had reached maturity. During the year ended December 31, 2017, no new cash flow hedge interest rate swaps have been entered into. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2017 and December 31, 2016: As of December 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ — $ — $ — $ 28,960 $ 135 $ — Interest rate swaps 12,650 11 — 15,175 71 — Net fair value $ 12,650 $ 11 $ — $ 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 are considered effective hedges, we reclassified realized losses of $0, $4,824 and $16,382 to earnings, within investment interest expense, for the years ended December 31, 2017, 2016 and 2015, respectively. For the years ended December 31, 2017, 2016 and 2015 we had no unrealized gains to reclassify to earnings for interest rate swaps that were considered ineffective. Changes in fair value on our other interest rate 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	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 7: FAIR VALUE OF FINANCIAL INSTRUMENTS Fair Value of Financial Instruments FASB ASC Topic 825, “Financial Instruments” requires disclosure of the fair value of financial instruments for which it is practicable to estimate that value. The fair value of investments in mortgage loans, mezzanine loans, preferred equity interests, CDO notes payable, convertible senior notes, junior subordinated notes, warrants and investor share appreciations rights, or SARs, and derivative assets and liabilities is based on significant observable and unobservable inputs. The fair value of cash and cash equivalents, restricted cash, CMBS facilities, and other indebtedness approximates their carrying amount or unpaid principal balance due to the nature of these instruments. The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,255,723 $ 1,252,780 Cash and cash equivalents 53,380 53,380 Restricted cash 157,914 157,914 Derivative assets 11 11 Liabilities Recourse indebtedness: 7.0% convertible senior notes 833 533 4.0% convertible senior notes 106,800 103,457 7.625% senior notes 54,867 43,009 7.125% senior notes 67,474 61,567 Senior secured notes 11,063 11,197 Junior subordinated notes, at fair value 8,121 8,121 Junior subordinated notes, at amortized cost 25,100 8,849 Secured warehouse facilities 21,743 22,313 Non-recourse indebtedness: CDO notes payable, at amortized cost 254,724 196,212 CMBS securitizations 736,586 744,359 Loans payable on real estate 61,922 64,377 Other indebtedness 40,955 40,830 Derivative liabilities — — Warrants and investor SARs — — 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 Secured warehouse 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 December 31, 2017, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of December 31, 2017 Derivative assets $ — $ 11 $ — $ 11 Total assets $ — $ 11 $ — $ 11 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, 2017 Junior subordinated notes, at fair value $ — $ — $ 8,121 $ 8,121 Total liabilities $ — $ — $ 8,121 $ 8,121 (1) During the year ended December 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3. The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (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, we estimate the fair value of these financial instruments using significant unobservable inputs. For the junior subordinated notes, at fair value, we use a discounted cash flow model as the valuation technique and the significant unobservable inputs as of December 31, 2017 include discount rates ranging from 18.01% to 18.21% and as of December 31, 2016 include discount rates ranging from 11.5% to 11.8%. The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value for the year ended December 31, 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 (9,900 ) (3,701 ) (13,601 ) Settlement of liability (20,500 ) Balance, as of December 31, 2017 $ - $ 8,121 $ 28,621 The following tables summarize additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value for the year ended December 31, 2016: Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2015 $ 26,200 $ 10,504 $ 36,704 Change in fair value of financial instruments 4,200 1,318 5,518 Balance, as of December 31, 2016 $ 30,400 $ 11,822 $ 42,222 Non-Recurring Fair Value Measurements As of 31, 2017, we measured one real estate asset at a fair value of $32,948 in our consolidated balance sheets as it was impaired. The fair value was based on our broker’s opinion of fair value for the real estate asset and was classified within Level 3 of the fair value hierarchy. The significant inputs were the terminal capitalization rate of 7.25% and the discount rate of 11.6%. As of December 31, 2016, we measured three of our real estate assets at a fair value of $28,250 in our consolidated balance sheets as they were impaired. The fair values were based on an executed purchase and sale agreement to sell the real estate asset and was classified within Level 2 of the fair value hierarchy. The significant input was the purchase price derived by the potential buyer. As of December 31, 2016, we measured three of our real estate assets at a fair value of $65,100 in our consolidated balance sheets as they were impaired. The fair values were based on an executed letter of intent to sell the real estate asset and was classified within Level 2 of the fair value hierarchy. The significant input was the purchase price derived by the potential buyer. Our other non-recurring fair value measurements relate primarily to our commercial real estate loans that are considered impaired. In evaluating our impaired loans, we estimate the fair value of the underlying collateral 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 underlying collateral of the commercial real estate loan, management uses discounted cash flow analyses and/or direct capitalization valuation analyses. The significant inputs to these valuations are capitalization rates and discount rates and are based on market information and comparable sales of similar properties. As of December 31, 2017, we measured the underlying collateral of ten of our loans at a fair value of $119,220 in our consolidated balance sheet as they were impaired. 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 recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured credit facilities, CMBS facilities and commercial mortgage 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 December 31, 2017 Estimated Fair Value as of December 31, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,255,723 $ 1,252,780 Discounted Three 7.0% convertible senior notes 833 533 Trading price Two 4.0% convertible senior notes 106,800 103,457 Trading price Two 7.625% senior notes 54,867 43,009 Trading price Two 7.125% senior notes 67,474 61,567 Trading price Two Senior secured notes 11,063 11,197 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 8,849 Discounted cash flows Three CDO notes payable, at amortized cost 254,724 196,212 Discounted cash flows Three CMBS securitizations 736,586 744,359 Discounted cash flows Three Loans payable on real estate 61,922 64,377 Discounted cash flows Three Other indebtedness 40,955 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 Change in Fair Value of Financial Instruments The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, Description 2017 2016 2015 Change in fair value of trading securities and security-related receivables $ — $ — $ (172 ) Change in fair value of junior subordinated notes 3,701 (1,318 ) 2,598 Change in fair value of derivatives (179 ) (428 ) 28 Change in fair value of warrants and investors SARs 9,900 (4,200 ) 9,184 Change in fair value of financial instruments $ 13,422 $ (5,946 ) $ 11,638 The changes in the fair value for the trading securities and security-related receivables, and junior subordinated notes for which the fair value option was elected for the years ended December 31, 2017, 2016 and 2015 was primarily attributable to changes in instrument specific credit risks. The changes in the fair value of derivatives for which the fair value option was elected for the years ended December 31, 2017, 2016 and 2015 were mainly due to changes in interest rates. The changes in fair value of the warrants and investor SARs for the years ended December 31, 2016 and 2015 were due to changes in reference stock price and volatility. The change in fair value of the warrants and investor SARs for the year ended December 31, 2017 was driven by the investor’s exercise of a put right option with respect to such warrants and investor SARs. As a result, RAIT has no further obligations relating to warrants and investor SARS.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 8: Variable Interest Entities The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined that, as of December 31, 2017, our consolidated VIEs were: RAIT I, RAIT II, our floating rate securitizations, RAIT VIE Properties (Willow Grove and Cherry Hill), 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 December 31, 2017, we consolidate the VIE properties as we own a majority of these entities and control the significant capital and operating decisions regarding the properties. As of December 31, 2017, we consolidate RAIT Venture VIE (which consolidates a floating rate securitization) as we own a majority of this entity and control a majority of the significant decisions regarding the collateral in this entity, such as the approval of loan workouts. The following table presents 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 December 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIEs Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,082,528 $ — $ 349,924 $ 1,432,452 Allowance for losses — — — — Total investments in mortgages and loans 1,082,528 — 349,924 1,432,452 Investments in real estate Investments in real estate — 25,536 — 25,536 Accumulated depreciation — (6,902 ) — (6,902 ) Total investments in real estate — 18,634 — 18,634 Cash and cash equivalents — 283 92 375 Restricted cash 1,068 237 10 1,315 Accrued interest receivable 41,639 — 2,462 44,101 Other assets 16,860 3,954 — 20,814 Intangible assets Intangible assets — — — — Accumulated amortization — — — — Total intangible assets — — — — Total assets $ 1,142,095 $ 23,108 $ 352,488 $ 1,517,691 Liabilities and Equity Indebtedness, net $ 1,034,750 $ 19,630 $ 354,835 $ 1,409,215 Accrued interest payable 1,869 5,356 1,111 8,336 Accounts payable and accrued expenses 23 3,274 — 3,297 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 184 643 827 Total liabilities 1,036,642 28,444 356,589 1,421,675 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) 105,453 (5,336 ) (4,140 ) 95,978 Total shareholders’ equity 105,453 (5,336 ) (4,140 ) 95,977 Noncontrolling Interests — — 39 39 Total liabilities and equity $ 1,142,095 $ 23,108 $ 352,488 $ 1,517,691 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 and Retained earnings (deficit) 227,769 (47,320 ) 1,686 182,135 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 $257,625 of total investments in mortgage loans and $370,351 of indebtedness as of December 31, 2017 and $549,879 of total investments in mortgage loans, $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.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2017
Discontinued Operations And Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 9: Discontinued Operations As discussed in Note 1: The Company, on December 20, 2016, the management internalization of one of our previously consolidated variable interest entities Independence Realty Trust, Inc., or IRT, was completed pursuant to the September 27, 2016 securities and asset purchase agreement, or the IRT internalization agreement. The IRT management internalization consisted of two parts: (i) the sale of Independence Realty Advisors, LLC, or the IRT advisor, which was our subsidiary and IRT’s external advisor, and (ii) the sale of certain assets and the assumption of certain liabilities relating to our multifamily property management business which we referred to as RAIT Residential, including property management contracts relating to apartment properties owned by ourselves, IRT, and third parties. The purchase price paid by IRT for the IRT management internalization was $43,000, subject to certain pro rations at closing. As part of the same agreement, we sold all of the 7,269,719 shares of IRT’s common stock owned by certain of our subsidiaries on October 5, 2016. As the IRT internalization agreement resulted in our probable 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 18: 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 were considered discontinued operations for the year ended December 31, 2016 and 2015: For the Year Ended December 31, 2016 2015 Revenue: Property income $ 117,306 $ 109,574 Fee and other income 9,481 2,793 Total revenue 126,787 112,367 Expenses: Interest expense 27,937 22,588 Real estate operating expense 48,352 46,275 Compensation expense 10,490 6,248 General and administrative expense 3,916 3,381 Acquisition expense 489 14,195 Depreciation and amortization expense 27,500 28,363 Total expenses 118,684 121,050 Operating (Loss) Income 8,103 (8,683 ) Interest and other income (expense), net (3 ) 75 Gains (losses) on assets 32,264 6,412 Gain (loss) on IRT merger with TSRE 732 64,604 TSRE financing extinguishment and employee separation expenses — (27,508 ) Gains (losses) on extinguishments of debt (952 ) — Net income (loss) from discontinued operations $ 40,144 $ 34,900 As RAIT did not own 100% of IRT, a portion of the net income (loss) from discontinued operations above was not attributable to RAIT. For the years ended December 31, 2016, and 2015, $11,977, and $9,161 of the net income (loss) from discontinued operations was attributable to RAIT. 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 years ended December 31, 2016 and 2015. For the Year Ended December 31, 2016 2015 Cash flow from operating activities from discontinued operations $ 34,175 $ 18,729 Cash flow from investing activities from discontinued operations (1,060 ) (153,466 ) Cash flow from financing activities from discontinued operations (71,420 ) 158,279 Net change in cash and cash equivalents from discontinued operations (38,305 ) 23,542 Cash and cash equivalents at beginning of year - discontinued operations 38,305 14,763 Cash and cash equivalents at end of year - discontinued operations $ — $ 38,305

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	12 Months Ended
	Dec. 31, 2017
Temporary Equity Disclosure [Abstract]
SERIES D PREFERRED SHARES	NOTE 10: Series D Preferred Shares On October 1, 2012, we entered into a Securities Purchase Agreement, or the purchase agreement, with ARS VI Investor I, LLC, or the investor, an affiliate of Almanac Realty Investors, LLC, or Almanac. During the period from the effective date of the purchase agreement through 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: (i) 4,000,000 of our Series D Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, or the Series D preferred shares, (ii) common share purchase warrants, or the warrants, initially exercisable for 9,931,000 of our common shares, or the common shares, and (iii) common share appreciation rights, or the investor SARs, with respect to 6,735,667 common shares. We have subsequently repurchased a number of Series D preferred shares in transactions described below. We purchased and cancelled the warrants and the investor SARs in October 2017 pursuant to the investor’s exercise of put rights described below. We used the proceeds received under the purchase agreement to fund our loan origination and investment activities, including CMBS and bridge lending. We are subject to covenants under the purchase agreement when the investor and its permitted transferees hold specified amounts of the securities issuable under the purchase agreement. These covenants include defined leverage limits on defined financing assets. In addition, commencing on the first draw down and for so long as the investor and its affiliates which are permitted transferees continue to own at least 10% of the outstanding Series D preferred shares or warrants and common shares issued upon exercise of the warrants representing at least 5% of the aggregate amount of common shares issuable upon exercise of the warrants actually issued, the board will include one person designated by the investor. This right is held only by the investor and is not transferable by it. The investor designated Andrew M. Silberstein to serve on our board. The covenants also include our agreement not to declare any extraordinary dividend except as otherwise required for us to continue to satisfy the requirements for qualification and taxation as a REIT. An extraordinary dividend is defined as any dividend or other distribution (a) on common shares other than regular quarterly dividends on the common shares or (b) on our preferred shares other than in respect of dividends accrued in accordance with the terms expressly applicable to the preferred shares. The Series D preferred shares initially bore a cash coupon rate of 7.5%, which increased to 8.5% on October 1, 2015, and increases again on October 1, 2018 and each anniversary thereafter by 50 basis points. They rank on parity with our existing outstanding preferred shares. Their liquidation preference was equal to $26.25 per share to October 1, 2017 and $25.00 per share thereafter. In defined circumstances, the Series D preferred shares are exchangeable for Series E Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share, or the Series E preferred shares. The rights and preferences of the Series E preferred shares will be similar to those of the Series D preferred shares except, among other differences, the Series E preferred shares will be mandatorily redeemable upon a change of control, will have no put right, will not have the right to designate one trustee to the board except in the event of a payment default under the Series E preferred shares, and have defined registration rights. We had the right in limited circumstances to redeem the Series D preferred shares prior to the October 1, 2017 at a redemption price of $26.25 per share. From and after October 1, 2017, we may redeem all or a portion of the Series D preferred shares at any time at a redemption price of $25.00 per share. We may satisfy all or a portion of the redemption price for an optional redemption with an unsecured promissory note, or a preferred note, with a maturity date of 180 days from the applicable redemption date. From and after the occurrence of a defined mandatory redemption triggering event, each holder of Series D preferred shares may elect to have all or a portion of such holder’s Series D preferred shares redeemed by us. These shares could be redeemed at a redemption price of $26.25 per share prior to October 1, 2017 and $25.00 per share on or after October 1, 2017. We may satisfy all or a portion of the redemption price for certain of the mandatory redemption triggering events with a note. 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 redemption of Series D preferred shares on a dollar-for-dollar basis provided such redemptions are otherwise permitted. Each case is at a redemption price of $25.00 per share. All amounts paid in connection with liquidation or for all redemptions of the Series D preferred shares must also include all accumulated and unpaid dividends to, but excluding, the redemption date. In September 2015, we amended the purchase agreement with Almanac related to the Series D preferred shares. This amendment changed two of the covenants therein. As consideration for this amendment, we paid Almanac $450. We accounted for this amendment as a modification of the Series D preferred shares. 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. 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 received a notice on February 14, 2018 from the holder of the Series D preferred shares describing purported breaches of documents related to the Series D preferred shares which the notice claims constituted a default event and a mandatory redemption triggering event under the Series D preferred shares and stating that the holder was exercising its mandatory redemption right defined in the Series D preferred shares, provided that the holder has extended the time when the notice was to become effective through June 9, 2018. This extension period is the subject of an extension agreement, which has requirements for us to use reasonable best efforts to sell specified assets and use the net proceeds to redeem certain of the Series D preferred shares on certain terms and conditions. One of these assets was sold in March 2018 resulting in net proceeds of $4,863. We expect to use these net proceeds from that sale to redeem and cancel 194,530 Series D preferred shares. After giving effect to this transaction, we expect there will be 2,939,190 Series D preferred shares outstanding. We dispute that any breaches exist under the documents related to the Series D preferred shares. Accounting Treatment The accounting treatment for the Series D preferred shares differs from the accounting treatment of our other preferred share instruments. Based on accounting standards, the Series D preferred shares were determined not to be classified as equity as they contain redemption features that are not solely in our control. In addition, the Series D preferred shares were considered not to be classified as a liability because they are not mandatorily redeemable. As a result, the Series D preferred shares are presented in the mezzanine section of the balance sheet, between liabilities and equity. Any costs and the initial value of the warrants and investor SARs were recorded as a discount on the Series D Preferred Shares and that discount was amortized to earnings over the respective term. The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through December 31, 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 28,639 Carrying amount of Series D Preferred Shares $ 78,343

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 11: SHAREHOLDERS’ EQUITY Preferred Shares In 2004, we issued 2,760,000 shares of our 7.75% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series A Preferred Shares. The Series A Preferred Shares accrue cumulative cash dividends at a rate of 7.75% per year of the $25.00 liquidation preference, equivalent to $1.9375 per year per share. Subject to the board’s declaration of a dividend, dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series A Preferred Shares have no maturity date, and we are not required to redeem the Series A Preferred Shares at any time. On or after March 19, 2009, we may, at our option, redeem the Series A Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. In 2004, we issued 2,258,300 shares of our 8.375% Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, or Series B Preferred Shares. The Series B Preferred Shares accrue cumulative cash dividends at a rate of 8.375% per year of the $25.00 liquidation preference, equivalent to $2.09375 per year per share. Subject to the board’s declaration of a dividend, dividends are payable quarterly in arrears at the end of each March, June, September and December. The Series B Preferred Shares have no maturity date, and we are not required to redeem the Series B Preferred Shares at any time. On or after October 5, 2009, we may, at our option, redeem the Series B Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. In 2007, we issued 1,600,000 shares of our 8.875% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest, or the Series C Preferred Shares, in a public offering at an offering price of $25.00 per share. The Series C Preferred Shares accrue cumulative cash dividends at a rate of 8.875% per year of the $25.00 liquidation preference and subject to the board’s declaration of a dividend, dividends are paid on a quarterly basis. The Series C Preferred Shares have no maturity date, and we are not required to redeem the Series C Preferred Shares at any time. We may not redeem the Series C Preferred Shares before July 5, 2012, except for the special optional redemption to preserve our tax qualification as a REIT. On or after July 5, 2012, we may, at our option, redeem the Series C Preferred Shares, in whole or part, at any time and from time to time, for cash at $25.00 per share, plus accrued and unpaid dividends, if any, to the redemption date. At Market Issuance Sales Agreements (ATM) On June 13, 2014, we entered into an At Market Issuance Sales Agreement, or the 2014 Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the 2014 Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV, up to $150,000 aggregate amount of preferred shares. With respect to each series of preferred shares, the maximum amount issuable is as follows: 4,000,000 Series A Preferred Shares, 1,000,000 Series B Preferred Shares, and 1,000,000 Series C Preferred Shares. Unless the 2014 Preferred ATM agreement is earlier terminated by MLV or us, the 2014 Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares subject to the 2014 Preferred ATM agreement. During the period from the effective date of the 2014 Preferred ATM agreement through December 31, 2016, pursuant to the 2014 Preferred ATM agreement, we issued a total of 1,275,065 Series A Preferred Shares at a weighted-average price of $23.50 per share and received $29,109 of net proceeds. We also issued a total of 52,504 Series B Preferred Shares at a weighted-average price of $23.65 per share and received $1,203 of net proceeds and 325 Series C Preferred Shares at a weighted-average price of $22.90 and received $7 of net proceeds. No shares were issued under this agreement in 2017. As of December 31, 2017, 2,724,935, 947,496, and 999,675 Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares, respectively, remain available for issuance under the 2014 Preferred ATM agreement. Common Shares Share Issuances: Dividend reinvestment and share purchase plan (DRSPP). We have a dividend reinvestment and share purchase plan, or DRSPP, under which we registered and reserved for issuance, in the aggregate, 10,500,000 common shares. During the year ended December 31, 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 received $21 of net proceeds. As of December 31, 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 period from the effective date of the COD sales agreement through December 31, 2017, we issued a total of 2,081,081 common shares pursuant to this agreement at a weighted-average price of $7.96 per share and received $16,139 of net proceeds. As of December 31, 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 December 31, 2017, total shareholders’ equity attributable to common shares was a deficit of $56,989. Dividends The following tables summarize the dividends we declared or paid during the years ended December 31, 2017, 2016 and 2015: March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 For the Year Ended December 31, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 2,589 $ 2,589 $ 2,589 $ 2,589 $ 10,356 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 1,225 $ 1,225 $ 1,225 $ 1,225 $ 4,900 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 9/29/2017 12/28/2017 Total dividend amount $ 1,879 $ 1,879 $ 1,665 $ 1,665 $ 7,088 Common shares Date declared 5/2/2017 8/2/2017 N/A N/A Record date 5/26/2017 8/25/2017 N/A N/A Date paid 6/15/2017 9/15/2017 N/A N/A Dividend per share $ 0.09 $ 0.05 $ — $ — $ 0.14 Total dividend declared $ 8,220 $ 4,574 $ — $ — $ 12,794 March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 For the Year Ended December 31, 2016 Series A Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 2,570 $ 2,570 $ 2,589 $ 2,589 $ 10,318 Series B Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 1,225 $ 1,225 $ 1,225 $ 1,225 $ 4,900 Series C Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 2,125 $ 2,125 $ 2,125 $ 2,125 $ 8,500 Common shares Date declared 3/14/2016 6/15/2016 9/19/2016 12/16/2016 Record date 4/8/2016 7/8/2016 10/7/2016 1/10/2017 Date paid 4/29/2016 7/29/2016 10/31/2016 1/31/2017 Dividend per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 Total dividend declared $ 8,200 $ 8,202 $ 8,202 $ 8,202 $ 32,806 March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 For the Year Ended December 31, 2015 Series A Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 2,313 $ 2,569 $ 2,570 $ 2,570 $ 10,022 Series B Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,198 $ 1,215 $ 1,225 $ 1,225 $ 4,863 Series C Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,875 $ 1,875 $ 1,875 $ 2,125 $ 7,750 Common shares Date declared 3/16/15 6/22/15 9/17/15 12/7/15 Record date 4/10/15 7/10/15 10/9/15 1/8/16 Date paid 4/30/15 7/31/15 10/30/15 1/29/16 Dividend per share $ 0.18 $ 0.18 $ 0.18 $ 0.09 $ 0.63 Total dividend declared $ 14,777 $ 14,775 $ 16,276 $ 8,170 $ 53,998 On December 7, 2016, we entered into a securities repurchase agreement whereby we agreed to repurchase and cancel 464,000 Series D preferred shares. The Series D Preferred Shares $2,125 total dividend declared on November 2, 2016 with a record date of December 1, 2016 included a $246 payment on December 7, 2016 and $1,879 payment on January 3, 2017. 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 March 13, 2018, our board of trustees declared a first quarter 2018 cash dividend of $0.484375 per share on our 7.75% Series A Preferred Shares, $0.5234375 per share on our 8.375% Series B Preferred Shares and $0.5546875 per share on our 8.875% Series C Preferred Shares, and $0.5312500 per share on our Series D Preferred Shares. The dividends will be paid on April 2, 2018 to holders of record on March 23, 2018. Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive loss by component for the years ended December 31, 2015 and 2016: Interest Rate Hedges Available- For-Sale Securities Foreign Currency Translation Adjustments Total Balance as of December 31, 2014 $ (20,788 ) $ — $ — $ (20,788 ) Other comprehensive income (loss) before reclassifications (293 ) — — (293 ) Amounts reclassified from accumulated other comprehensive income (loss) 16,382 — — 16,382 Net current period other comprehensive income 16,089 - - 16,089 Balance as of December 31, 2015 $ (4,699 ) $ - $ - $ (4,699 ) Other comprehensive income (loss) before reclassifications (852 ) — — (852 ) Amounts reclassified from accumulated other comprehensive income (loss) 5,551 — — 5,551 Net current period other comprehensive income 4,699 — — 4,699 Balance as of December 31, 2016 $ - $ — $ — $ - As of December 31, 2016, $719 loss from discontinued operations is included in accumulated other comprehensive loss. As of December 31, 2015, $8 from discontinued operations is included in accumulated other comprehensive loss. See Note 9: Discontinued Operations for further information regarding the impact of this transaction. Noncontrolling Interests As of December 31, 2015, we held 7,269,719 shares of IRT common stock representing 15.5% of the outstanding shares of IRT common stock. On September 17, 2015, IRT issued 1,925,419 IROP units in connection with the TSRE acquisition. On October 5, 2016, IRT repurchased all 7,269,719 shares of IRT common stock that were owned by us at a purchase price of $8.55 per share and, as a result, we deconsolidated IRT. See Note 9: Discontinued Operations for further information regarding the impact of this transaction. During the year ended December 31, 2016, we derecognized the noncontrolling interest of $2,518 related to Cole’s Crossing as the property was sold. We also derecognized the noncontrolling interest of $2,436 related to ten of our industrial properties as they were impaired. See Note 4: Investments in Real Estate for further discussion regarding impairment on our real estate assets. RAIT Venture VIE: During the year ended December 31, 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 year ended December 31, 2017, we paid 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 noncontrolling interest holders in South Terrace. This transaction resulted in the distribution of $1,618 of our noncontrolling interests. Refer to Note 15: Related Party Transactions for further discussion.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS	NOTE 12: SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS In 2017, the RAIT Financial Trust 2017 Incentive Award Plan, or the 2017 IAP, that provides for the grants of awards to employees, non-employee trustees, and consultants of RAIT, was amended and restated to increase the maximum aggregate number of common shares that may be issued from 4,000,000 to 7,500,000. On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, and made awards to three of our executive officers, or the eligible officers, setting forth the basis on which 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. The 2015 LTIP was adopted pursuant to our 2012 IAP. The total compensation awarded under the cash bonus plan is at-risk and tied to pre-determined criteria. For one executive officer, for 2017, 75% of the target cash bonus awards is payable based on the following objectives and weightings: i) cash available for distribution of 10%; ii) property sales of 20%; iii) recourse debt reductions of 15%; iv) G&A management of 15%; and v) equity raises of 15%. For the other executive officers, for 2017, 75% of the target cash bonus awards is payable based on the following objectives and weightings: i) cash available for distribution of 10%; ii) property sales of 25%; iii) recourse debt reductions of 20%; and G&A management of 20%. The amounts are earned based on our annual performance relative to threshold, target and maximum performance goals for these objective measures, with 50% of target incentive opportunity payable based on threshold performance achieved, 100% based on target performance achieved and 150% based on maximum performance achieved. The remaining 25% of the target cash bonus award for all executive officers is based on the achievement of various individual performance criteria that may be earned based on individual performance factors deemed relevant by the compensation committee. The LTIP is an equity program whereby long-term performance awards are granted each year and earned based on our performance over a three year period. Compensation awarded under the LTIP is based on predefined performance for 75% of the Award. Performance measures and weighting for the performance component of the 2016-2018 awards are based on the following objective performance measures relating to the total shareholder return (stock price appreciation plus aggregate dividends or TSR) TSR as compared to a peer group of public companies over the same period at 40%, TSR as compared to the TSR for the NAREIT Mortgage Index at 30%, and the RAIT’s absolute TSR at 30%. The remaining 25% of the compensation award is time-based vesting over three years. As of December 31, 2017, 3,361,603 common shares are available for issuance under the amended and restated 2012 IAP. A summary of the SARs activity of the 2012 IAP is presented below. 2017 2016 2015 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 4,050,984 $ 6.06 3,620,700 $ 7.01 2,780,242 $ 6.92 Granted 832,500 3.78 895,000 2.38 1,177,500 7.23 Expired (1,004,066 ) 6.12 (126,499 ) 7.14 (106,500 ) 6.17 Exercised (58,294 ) 2.38 — — (61,667 ) 6.30 Forfeited (178,170 ) 4.02 (338,217 ) 5.55 (168,875 ) 7.53 Outstanding, December 31, 3,642,954 $ 5.68 4,050,984 $ 6.06 3,620,700 $ 7.01 SARs exercisable at December 31, 2,094,385 6.93 2,373,462 6.82 1,649,643 6.52 As of December 31, 2017, our closing common stock price was $0.38, which was less than the exercise prices of all exercisable SARs. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2017 was $0. As of December 31, 2017, the unrecognized compensation cost relating to unvested SARs was $500. The weighted average grant date fair values of the SARs and the assumptions used in computing those fair values at the dates of their respective awards, using the Black-Scholes Option Pricing Model, were as follows: For the Years Ended December 31 2017 2016 2015 Weighted average grant date fair value $ 0.76 $ 0.23 $ 0.96 Stock Price 3.78 2.38 7.23 Strike Price 3.78 2.38 7.23 Risk-free interest rate 1.6 % 1.0 % 1.2 % Dividend yield 9.5 % 15.1 % 10.0 % Volatility 43 % 38 % 32 % Expected term 3.5 years 3.5 years 3.5 years The stock price used was based on the closing price on the date of the award. The strike price used is the strike price in the respective SAR awards, which was based on the closing price on the date of the award. The risk free rate represents the U.S. Treasury rate for the 5 year term of the SARs. The dividend yield was the dividend yield at the time of the SAR awards. In estimating volatility, management used recent historical volatility as a proxy for expected future volatility. The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2017: SARs Outstanding SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $2.38—8.29 3,642,954 2.2 years 2,094,385 1.2 years A summary of the restricted common share awards of the 2012 IAP and 2015 LTIP as of December 31, 2017, 2016, and 2015 is presented below. 2017 2016 2015 Number of Shares Weighted Average Grant Date Fair Value Per Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 1,079,193 $ 7.41 559,583 $ 7.41 455,917 $ 7.67 Granted 1,149,293 3.18 1,356,999 2.84 386,905 7.23 Vested (702,185 ) 3.79 (507,407 ) 5.29 (234,197 ) 7.46 Forfeited (279,818 ) 3.47 (329,982 ) 4.03 (49,042 ) 7.54 Balance, December 31, 1,246,483 $ 3.56 1,079,193 $ 7.41 559,583 $ 7.41 As of December 31, 2017, the unrecognized compensation cost relating to unvested restricted common share awards was $1,817. The estimated fair value of restricted common share awards vested during 2017, 2016, and 2015 was $2,540, $1,248 and $1,688, respectively. The following table summarizes the PSUs granted for the years ended December 31, 2017 and 2016: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2017 March 31, 2015 3-Year TSR vs Peer Group 136,115 January 1, 2015 December 31, 2017 $ 3.35 136,115 March 31, 2015 3-Year TSR vs NAREIT Mortgage Index 68,057 January 1, 2015 December 31, 2017 $ 3.26 68,057 March 31, 2015 Absolute 3-Year TSR 68,057 January 1, 2015 December 31, 2017 $ 2.17 68,057 March 31, 2015 Strategic Objectives 68,057 January 1, 2015 December 31, 2017 $ 6.86 68,057 April 22, 2016 3-Year TSR vs Peer Group 325,348 January 1, 2016 December 31, 2018 $ 1.55 325,348 April 22, 2016 3-Year TSR vs NAREIT Mortgage Index 244,011 January 1, 2016 December 31, 2018 $ 1.44 244,011 April 22, 2016 Absolute 3-Year TSR 244,011 January 1, 2016 December 31, 2018 $ 1.07 244,011 April 26, 2017 3-Year TSR vs NAREIT Mortgage Index 150,854 January 1, 2017 December 31, 2019 $ 1.18 47,637 April 26, 2017 Absolute 3-Year TSR 150,854 January 1, 2017 December 31, 2019 $ 0.90 47,637 June 22, 2017 3-Year TSR vs NAREIT Mortgage Index 183,225 January 1, 2017 December 31, 2019 $ 0.23 183,225 June 22, 2017 Absolute 3-Year TSR 183,225 January 1, 2017 December 31, 2019 $ 0.15 183,225 Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the Years Ended December 31 2017 a) 2017 b) 2016 2015 Dividend yield 10.7 % c) 14.5 % e) 10.6 % g) 8.0 % i) Volatility 41.0 % d) 39.0 % f) 53.0 % h) 39.0 % j) Expected term 2.7 years 2.5 years 2.7 years 2.8 years a) These represent the assumptions of the 2017 PSUs that had a grant date of April 26, 2017. b) These represent the assumptions of the 2017 PSUs that had a grant date of June 22, 2017. c) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.4%. d) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 47%. e) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 18.8%. f) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 35%. g) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.9%. h) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 17% to 48%. i) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.9%. j) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 17% to 50%. RAIT estimates future expenses associated with PSUs outstanding at December 31, 2017 to be $413, which will be recognized over a weighted-average period of 2.2 years. During the year ended December 31, 2017, we recorded $2,612 associated with our share based compensation. During the year ended December 31, 2016, we recorded $6,752 associated with our share based compensation of which $3,355 was recorded within IRT internalization and management transition expenses. This included $784 of share based compensation expense recorded related to the December 20, 2016 modification of SARs, restricted awards, and PSUs previously granted to two executive officers and $2,571 of share based compensation recorded related to restricted stock awards with no service condition that were issued in conjunction with the closing of the IRT internalization transaction. Share based compensation expense for the modified awards was based on the fair value of the awards on the modification date. Share based compensation expense for the awards with no service condition was based on the fair value of the awards on the grant date. During the year ended December 31, 2015, we recorded share based compensation expense of $4,466. On January 9, 2017, the compensation committee awarded 344,042 unvested restricted common share awards to one of our former executive officers in order to satisfy the remaining portion of the 600,000 awards to be granted to that 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 April 26, 2017, the compensation committee awarded 189,738 unvested restricted common share awards, valued at $583 using our closing price of $3.07 to our executive officers. These awards vest over a three-year period. At the end of the second quarter 2017, the compensation committee awarded 211,420 unvested restricted common share awards to our Board of Trustees. These awards vested on December 31, 2017 at $80 using our closing price of $0.38. An additional 70,093 of shares were awarded to the Chairman. 35,046 of these shares vested immediately at $75 using our closing price of $2.14. The remaining 35,047 vest over a three-year period. Employee Benefits 401(k) Profit Sharing Plan We maintain a 401(k) profit sharing plan, or the RAIT 401(k) Plan, for the benefit of our eligible employees. The RAIT 401(k) Plan offers eligible employees the opportunity to make long-term investments on a regular basis through salary contributions, which are supplemented by our matching cash contributions and potential profit sharing payments. We provide a cash match of the employee contributions up to 4% of employee compensation, which is capped at limits set by the Internal Revenue Service, or IRS, and may pay an additional 2% of eligible compensation as discretionary cash profit sharing payments. During the years ended December 31, 2017, 2016 and 2015, we recorded $376, $749 and $548 of contributions which is included in compensation expense on the accompanying consolidated statements of operations. During the years ended December 31, 2017, 2016 and 2015, we did not make any discretionary cash profit sharing contributions.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 13: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three years ended December 31, 2017: For the Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations $ (151,803 ) $ (37,879 ) $ 28,593 (Income) loss allocated to preferred shares (32,816 ) (35,160 ) (32,830 ) (Income) loss allocated to noncontrolling interests (76 ) 3,435 2,235 Income (loss) from continuing operations allocable to common shares (184,695 ) (69,604 ) (2,002 ) Total Income (loss) from discontinued operations — 87,952 34,900 (Income) loss from discontinued operations allocated to noncontrolling interests — (28,168 ) (25,740 ) Income (loss) from discontinued operations allocable to common shares — 59,784 9,160 Net income (loss) allocable to common shares $ (184,695 ) $ (9,820 ) $ 7,158 Weighted-average shares outstanding—Basic 91,479,533 91,153,861 85,524,073 Dilutive securities — — 933,798 Weighted-average shares outstanding—Diluted 91,479,533 91,153,861 86,457,871 Earnings (loss) per share—Basic: Continuing operations $ (2.02 ) $ (0.77 ) $ (0.03 ) Discontinued operations - 0.66 0.11 Earnings (loss) per share—Basic $ (2.02 ) $ (0.11 ) $ 0.08 Earnings (loss) per share—Diluted: Continuing operations $ (2.02 ) $ (0.77 ) $ (0.03 ) Discontinued operations - 0.66 0.11 Earnings (loss) per share—Diluted $ (2.02 ) $ (0.11 ) $ 0.08 For the years ended December 31, 2017, 2016 and 2015, securities convertible into 13,867,014, 26,457,897 and 21,807,918 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 14: INCOME TAXES RAIT, Taberna and IRT have elected to be taxed as REITs under Sections 856 through 860 of the Internal Revenue Code. Note that as of October 5, 2016, IRT was no longer consolidated by RAIT. Refer to Note 9: Discontinued Operations for further discussion. In February 2016 and January 2017, in conjunction with the ventures described in Note 5: Indebtedness and Note 8: Variable Interest Entities, we created two new entities that elected to be taxed as a REIT. These entities hold the FL-5 and FL-6 junior notes for the aforementioned ventures, respectively. To maintain qualification as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our ordinary taxable income to shareholders. We generally will not be subject to U.S. federal income tax on taxable income that is distributed to our shareholders. If our REIT entities fail to qualify as REITs in any taxable year, we will then be subject to U.S. federal income taxes on our taxable income at regular corporate rates, and we will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service grants relief under certain statutory provisions. Such an event could materially adversely affect our net income and cash available for dividends to shareholders. However, we believe that each of our REIT entities will be organized and operated in such a manner as to qualify for treatment as a REIT, and intend to operate in the foreseeable future in a manner so that each will qualify as a REIT. We may be subject to certain state and local taxes. For the year ended December 31, 2017, 10% of dividends were characterized as ordinary income and 90% were characterized as total capital gain distribution. For the year ended December 31, 2016, 47% of dividends were characterized as ordinary income, 53% as total capital gain distribution. The components of the provision for income taxes as it relates to our taxable income from domestic TRSs during the years ended December 31, 2017, 2016 and 2015 includes the effects of our performance of a portion of TRS services in a foreign jurisdiction that does not incur income taxes. Certain TRS entities are domiciled in the Cayman Islands and, accordingly, taxable income generated by these entities may not be subject to local income taxation, but generally will be included in our income on a current basis as SubPart F income, whether or not distributed. Upon distribution of any previously included SubPart F income by these entities, no incremental U.S. federal, state, or local income taxes would be payable by us. Accordingly, no provision for income taxes has been recorded for these foreign TRS entities for the years ended December 31, 2017, 2016 and 2015. The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2017, 2016 and 2015 were as follows: For the Year Ended December 31, 2017 Federal State and Local Foreign Total Current benefit (provision) $ 64 $ 220 $ — $ 284 Deferred benefit (provision) 583 (6 ) — 577 Income tax benefit (provision) $ 647 $ 214 $ — $ 861 For the Year Ended December 31, 2016 Federal State and Local Foreign Total Current benefit (provision) $ (9 ) $ (329 ) $ — $ (338 ) Deferred benefit (provision) (2,127 ) (85 ) — (2,212 ) Income tax benefit (provision) $ (2,136 ) $ (414 ) $ — $ (2,550 ) For the Year Ended December 31, 2015 Federal State and Local Foreign Total Current benefit (provision) $ (268 ) $ (46 ) $ — $ (314 ) Deferred benefit (provision) (2,110 ) (374 ) — (2,484 ) Income tax benefit (provision) $ (2,378 ) $ (420 ) $ — $ (2,798 ) A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31 2017 2016 2015 Federal statutory rate $ 7,224 $ (8,530 ) $ (1,718 ) State statutory, net of federal benefit 214 (299 ) (404 ) Loss limited by ownership change (18,795 ) Change in valuation allowance 16,746 5,670 (55 ) Permanent items (2,924 ) (54 ) (41 ) Change in Tax Rate (1,668 ) — — Provision to return adjustments 64 207 (580 ) Other — 456 — Income tax benefit (provision) $ 861 $ (2,550 ) $ (2,798 ) Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2017 and 2016: Deferred tax assets (liabilities): As of December 31, 2017 As of December 31, 2016 Net operating losses, at TRSs $ — $ 13,899 Capital losses — 8,498 Unrealized losses — — Other 2,322 595 Total deferred tax assets 2,322 22,992 Valuation allowance (1,778 ) (22,683 ) Net deferred tax assets $ 544 $ 309 Identified intangibles — (276 ) Advances — — Accrued interest — — Other (91 ) (156 ) Deferred tax (liabilities) (91 ) (432 ) Net deferred tax assets (liabilities) $ 454 $ (123 ) Federal and State tax laws impose substantial restrictions on the utilization of net operating loss and credit carryforwards in the event of an “ownership change” for tax purposes, as defined in Section 382 of the Internal Revenue Code. During the period ended December 31, 2017, we conducted an analysis to determine whether such an ownership change had occurred due to significant stock transactions that occurred during that period. The analysis indicated that an ownership change occurred during the period, which results in a de minimis annual limitation on our net operating loss carryforwards generated prior to December 31, 2017 for our TRS entities. Accordingly, we have reduced our net operating loss and capital loss carryforwards for the period prior to December 31, 2017 for our TRS entities as there is no ability to utilize them prior to the end of their respective carryforward periods as a result of the annual limitations employed. In recording this entry, we reduced gross DTAs for net operating loss and capital loss carryforwards by $12,475 and $6,320, respectively and recorded a corresponding reduction to our valuation allowance of $18,795. As of December 31, 2017, our remaining DTA consists primarily of our TRS entities’ AMT credit carryforward, of which $531 is considered to be more likely than not of realization in a future period and therefore no associated valuation allowance has been recorded. On December 22, 2017, H.R. 1, originally known as the Tax Cuts and Jobs Act, was enacted. In accordance with the accounting guidance for income taxes, we have recognized the effect of tax law changes in the period of enactment. Among other things, this law reduced the corporate income tax rate from 35% to 21% effective as of January 1, 2018 and also repealed the corporate Alternative Minimum Tax (“AMT”) effective as of January 1, 2018. As a result, during the year ended December 31, 2017, we have adjusted the federal tax rate for calculating deferred tax items to be 21% for the TRS entities and we have also released the valuation allowance on our TRS entities’ AMT credit carryforward in the amount of $531 as those will become refundable credits under the new tax law. We believe this reassessment to be the final adjustment to these amounts in connection with the passage of H. R.1. The accounting guidance for income taxes clarifies the accounting for uncertainty in income taxes, and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides rules on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no uncertain tax positions for the years ending December 31, 2017, 2016 and 2015, and 2014. Income tax returns are filed in multiple jurisdictions and are subject to examination by taxing authorities. We have open tax years from 2013 through 2016 with various jurisdictions. These open years contain matters that could be subject to differing interpretations of applicable tax laws and regulations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 15: 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 10: 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 $378 during the year ended December 31, 2016 and $134 during the year ended December 31, 2017 for legal counsel related to various matters. The approximate dollar value of Mr. Klein’s interest in these fees was less than $3 for the year ended December 31, 2016 and $ 1 for the year ended December 31, 2017, 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 9: Discontinued Operations, we deconsolidated IRT as of October 5, 2016. While IRT was consolidated by RAIT, IRT was not considered a related party. Subsequent to deconsolidation, IRT became a related party. RAIT has ended its last arrangement with IRT as of December 20, 2017 and does not consider IRT to be a related party after that date. RAIT’s relationships with IRT are discussed below. Fees and Expenses Received as IRT’s External Advisor On December 20, 2016, in connection with IRT’s management internalization, we sold IRT’s Advisor to IRT and, therefore, 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. Prior to the Second Amendment, the Second Amended and Restated Advisory Agreement, which was effective as of May 7, 2013 through September 30, 2015, provided that we were compensated as follows: • Quarterly base management fee of 0.1875% of IRT’s average gross real estate assets as of the last day of such quarter. Average gross real estate assets means the average of the aggregate book value of IRT’s real estate assets before reserves for depreciation or other similar noncash reserves and excluding the book values attributable to the eight properties that IRT acquired prior to August 16, 2013. Average gross real estate assets is computed by taking the average of these book values at the end of each month during the quarter for which the fee is calculated. • An incentive fee based on IRT’s pre-incentive fee Core FFO. The incentive fee was computed at the end of each fiscal quarter as follows: • no incentive fee in any fiscal quarter in which IRT’s pre-incentive fee Core FFO does not exceed the hurdle rate of 1.75% (7% annualized) of the cumulative gross amount of equity capital IRT has obtained; and • 20% of the amount of IRT’s pre-incentive fee Core FFO that exceeded 1.75% (7% annualized) of the cumulative gross proceeds from IRT’s issuance of equity securities. For the years ended December 31, 2016 and 2015, we earned $7,092, and $4,984 of asset management fees, respectively. It is noted that the quarterly asset management fee for the period ended December 31, 2017 was calculated by adjusting for the effect of the repurchase of IRT’s shares held by RAIT as well as the purchase price for IRT’s management internalization as described in Note 9: Discontinued Operations. For the years ended December 31, 2016, and 2015, we earned $350, and $629 of incentive fees, respectively. For the years ended December 31, 2016 and 2015, all of these fees earned were eliminated in consolidation. For the year ended December 31, 2016, $5,584 of these fees earned were eliminated in consolidation. These fees are included within fees and other income in our consolidated statements of operations. Property Management Fees Paid to Our Property Manager On December 20, 2016, in connection with IRT’s 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 years ended December 31, 2016 and 2015, we earned $4,769, and $3,675, respectively, of property management and construction management fees. For the years ended December 31, 2016 and 2015, all of these fees earned were eliminated in consolidation. Dividends Paid to Affiliates of Our External Advisor On October 5, 2016, we sold all 7,269,719 shares of IRT’s common stock that we owned to IRT. As of December 31, 2017 and 2016, RAIT did not own any outstanding shares of IRT’s common stock. For the years ended December 31, 2016 and 2015, we earned and subsequently received dividends of $3,926 and $5,234, respectively, related to shares of common stock owned by RAIT. All of these dividends were eliminated in consolidation. Indebtedness During the year ended December 31, 2016, IRT repaid $38,075 of mortgage indebtedness held by us with proceeds from two property dispositions. For the years ended December 31, 2017, we received $0 in exit fees pursuant to the contractual terms of the mortgage indebtedness. Also for the years ended December 31, 2017, 2016, and 2015, we received $0, $361, and $965 respectively, of interest from IRT. All of the debt, fees and interest eliminated in consolidation. There was no accrued interest receivable outstanding as of December 31, 2017 and December 31, 2016. Other Transactions with IRT On June 30, 2017, we sold South Terrace, a multifamily property, to IRT for $42,950. The sales price was supported by a recent appraisal provided by a third-party commercial real estate information services firm. RAIT recognized a gain of $9,189 on the sale. During the year ended December 31, 2017, the joint shared services agreement between RAIT and IRT ended. Pursuant to that shared services agreement, IRT reimbursed RAIT $727 for general and administrative services for the year ended December 31, 2017. In addition, during the year ended December 31, 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 $261 of property management fees for the year ended December 31, 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 received compensation of $375. For the year ended December 31, 2017, $375, 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 year ended December 31, 2017, this bonus of $110 was paid.

SUPPLEMENTAL DISCLOSURE TO CONS

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS	NOTE 16: SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS The consolidated statements of cash flows and supplemental disclosure includes the entities or distinguishable components of RAIT that were considered discontinued operations for the years ended December 31, 2017, 2016 and 2015. See Note 9: Discontinued Operations for additional information. The following are supplemental disclosures to the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015: For the Year Ended December 31, 2017 2016 2015 Cash paid for interest $ 65,732 $ 98,154 $ 80,748 Cash paid for taxes 27 268 500 Non-cash increase (decrease) in investments in real estate, intangible assets, and other liabilities from conversion of loans 1,590 33,271 159,214 Non-cash increase in noncontrolling interests from property acquisition — — 123,855 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 (93,531 ) — — Non-cash increase (decrease) in indebtedness from debt extinguishments (4,640 ) — (4,018 ) Non-cash increase (decrease) in indebtedness from the assumption of debt from property acquisitions — — 204,308 Non-cash (decrease) in assets from discontinued operations — (1,277,292 ) — Non-cash decrease in liabilities and equity from discontinued operations — 1,245,720 — 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 (99,665 ) — — Also, during the year ended December 31, 2017, we sold one real estate property which resulted in a non-cash decrease of $16,367 to investments in real estate as the property was sold on the last business day of the year and, while titled was transferred, our cash was held by our settlement agent until the next business day, resulting in a receivable as of December 31, 2017. Also, during the year ended December 31, 2017, we sold two real estate properties whose purchase price was financed by a loan made by RAIT. This resulted in a non-cash decrease of $14,839 to investments in real estate and a non-cash increase of $15,540 to investment in mortgages and loans. Also, during the year ended December 31, 2015, we deconsolidated two real estate properties which resulted in a non-cash decrease of $45,650 to investments in real estate, a non-cash increase of $4,791 to investment in commercial mortgage loans, mezzanine loans and preferred equity interests, and a non-cash decrease of $47,888 to indebtedness. Also, during the year ended December 31, 2015, we sold one real estate property whose purchase price was financed by an existing RAIT loan on the property that was assumed by the buyer. This resulted in a non-cash decrease of $15,848 to investments in real estate and a non-cash increase of $18,000 to investment in commercial mortgage loans, mezzanine loans and preferred equity interests. 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 year ended December 31, 2017, see Note 4: Investments in Real Estate and Note 5: Indebtedness.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	NOTE 17: QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2017 Total revenue $ 29,603 $ 22,813 $ 24,603 $ 22,699 Change in fair value of financial instruments (1,153 ) 3,093 4,753 6,729 Income (loss) from continuing operations (21,539 ) (116,884 ) (15,843 ) 2,463 Income (loss) from discontinued operations — — — — Net income (loss) (21,539 ) (116,884 ) (15,843 ) 2,463 Net income (loss) available to common shares from continuing operations (30,085 ) (125,757 ) (24,230 ) (4,623 ) Net income (loss) available to common shares from discontinued operations — — — — Net income (loss) allocable to common shares (30,085 ) (125,757 ) (24,230 ) (4,623 ) Earnings (loss) per share from continuing operations - Basic (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from discontinued operations - Basic (a) — — — — Total earnings (loss) per share—Basic (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from continuing operations - Diluted (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from discontinued operations - Diluted (a) — — — — Total earnings (loss) per share—Diluted (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) 2016 Total revenue $ 48,651 $ 45,974 $ 43,237 $ 35,745 Change in fair value of financial instruments (4,088 ) (1,592 ) (1,375 ) 1,109 Income (loss) from continuing operations (11,988 ) (6,471 ) 5,328 (24,748 ) Income (loss) from discontinued operations 1,485 32,876 4,112 1,671 Net income (loss) (10,503 ) 26,405 9,440 24,731 Net income (loss) available to common shares from continuing operations (19,363 ) (14,115 ) (2,048 ) (34,078 ) Net income (loss) available to common shares from discontinued operations 1,519 6,535 2,044 49,686 Net income (loss) allocable to common shares (17,844 ) (7,580 ) (4 ) 15,608 Earnings (loss) per share from continuing operations - Basic (a) (0.22 ) (0.15 ) (0.02 ) (0.37 ) Earnings (loss) per share from discontinued operations - Basic (a) 0.02 0.07 0.02 0.54 Total earnings (loss) per share—Basic (a) (0.20 ) (0.08 ) — 0.17 Earnings (loss) per share from continuing operations - Diluted (a) (0.22 ) (0.15 ) (0.02 ) (0.37 ) Earnings (loss) per share from discontinued operations - Diluted (a) 0.02 0.07 0.02 0.54 Total earnings (loss) per share—Diluted (a) (0.20 ) (0.08 ) — 0.17 (a) The summation of quarterly per share amounts may not equal the full year amounts.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
SEGMENT REPORTING	NOTE 18: 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 concentrated on lending, owning and managing commercial real estate assets throughout the United States. The form of our investments ranged from first mortgage loans to equity ownership of a commercial real estate property. In nearly all cases, 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 9: 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	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 19: 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 year ended December 31, 2017, we settled matters with two former employees for $175 and $575, respectively. Lease Obligations We lease office space in Philadelphia and other locations. The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2017: 2018 $ 1,992 2019 1,490 2020 1,332 2021 1,094 2022 1,103 Thereafter 22,042 Total $ 29,053 Rent expense was $1,365, $2,130 and $2,817 for the years ended December 31, 2017, 2016, and 2015, respectively, and has been included in general and administrative expense or property operating expenses in the accompanying consolidated statements of operations. Loan Funding Commitments We have made commitments to fund borrowers in certain of our existing lending arrangements. As of December 31, 2017, the total outstanding funding commitment was $15,859.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 20: SUBSEQUENT EVENTS On February 21, 2018, Scott L.N. Davidson, our former Chief Executive Officer and President, pursuant to his previously disclosed employment agreement with us provided notice to RAIT of his intent to resign from his employment with RAIT for “Good Reason” (as defined in his employment agreement). While RAIT and Mr. Davidson entered into a separation agreement, each reserved their respective rights as to whether “Good Reason” exists, under which Mr. Davidson’s employment with RAIT terminated effective February 28, 2018. We may incur additional expenses and severance costs in connection with We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of December 31, 2017, but prior to the filing of the consolidated financial statements with the SEC on this Annual Report on Form 10-K. We have determined that, except as disclosed within this Note and other Notes, there are no subsequent events that require disclosure in this Annual Report on Form 10-K.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation And Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	RAIT Financial Trust Schedule II Valuation and Qualifying Accounts For the Three Years Ended December 31, 2017 (Dollars in thousands) Allowance for Losses Balance, Beginning of Period Additions Deductions Balance, End of Period Provision Other (a) For the year ended December 31, 2017 $ 12,354 $ 45,614 $ — $ (43,085 ) $ 14,883 For the year ended December 31, 2016 $ 17,097 $ 8,050 $ 1,019 $ (13,812 ) $ 12,354 For the year ended December 31, 2015 $ 9,218 $ 8,300 $ — $ (421 ) $ 17,097 (a) Represents capitalization of past due interest on modified loans.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	RAIT Financial Trust Schedule III Real Estate and Accumulated Depreciation As of December 31, 2017 (Dollars in thousands) Initial Cost Cost of Improvements, net of Retirements Gross Carrying Amount Property Name Description Location Land Building Land Building Land (1) Building (1) Accumulated Depreciation- Building Encumbrances (Unpaid Principal) Year of Acquisition Life of Depreciation Willow Grove Land Willow Grove, PA $ 307 $ — $ — $ — $ 307 $ — $ — $ — 2001 N/A Cherry Hill Land Cherry Hill, NJ 307 — — — 307 — — — 2001 N/A Corey Landings Land St. Pete Beach, FL 9,735 — — 5,024 9,735 5,024 — — 2009 N/A Plaz America Retail Houston, TX 6,736 15,866 — 7,274 6,736 23,140 (375 ) (52,962)(2) 2009 30 Inlet Square Mall Retail Myrtle Beach, SC — 140 — 3,558 — 3,698 (232 ) (30,175)(2) 2009 30 1501 Yamato Road Office Boca Raton, FL 8,200 32,800 — 6,328 8,200 39,128 (11,928 ) (53,359)(4) 2009 30 Executive Mews - Willow Grove Office Willow Grove, PA 2,280 9,120 — 1,555 2,280 10,675 (3,241 ) (11,246)(2) 2010 30 Executive Mews - Cherry Hill Office Cherry Hill, NJ 1,980 7,920 — 2,906 1,980 10,826 (3,802 ) (8,600)(3) 2010 30 Lexington Multi-Family Jackson, MS 3,168 12,672 — 1,323 3,168 13,995 (4,016 ) (20,280)(2) 2010 30 Beachcomber Beach Resort Land Daytona Beach, FL 5,151 — — 43 5,151 43 — (12,649)(2) 2011 N/A Union Medical Office Colorado Springs, CO 2,448 19,873 — 2,315 2,448 22,188 (305 ) (26,085)(2) 2014 30 Oakland Square Retail Troy, MI 6,031 15,836 — 498 6,031 16,334 (2,042 ) (16,296)(5) 2014 30 Oakland Plaza Retail Troy, MI 5,353 19,381 — 838 5,353 20,219 (2,404 ) (18,125)(5) 2014 30 Erieview Tower Office Cleveland, OH 17,385 2,183 — 12,832 17,385 15,015 — (69,402)(2) 2015 30 Raritan Shopping Center Retail Raritan, NJ 3,313 20,697 — 166 3,313 20,863 (364 ) (29,000)(2) 2016 30 Erieview Galleria Retail Cleveland, OH 608 285 — 238 608 523 (59 ) (1,590)(2) 2017 30 $ 73,002 $ 156,773 $ — $ 44,898 $ 73,002 $ 201,671 $ (28,768 ) $ (349,769 ) (1) The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2017. (2) These encumbrances are held by our consolidated securitizations, RAIT I and RAIT II (3) Of these encumbrances, $7,017 is held by third parties and $1,584 is held by RAIT. (4) Of these encumbrances, $20,859 is held by third parties and $32,500 is held by RAIT I. (5) These encumbrances are held entirely by third parties. Investments in Real Estate For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Balance, beginning of period $ 854,646 $ 1,145,630 Additions during period: Acquisitions 1,118 49,734 Improvements to land and building 9,362 22,701 Deductions during period: Dispositions, impairments and deconsolidation of real estate (590,454 ) (363,419 ) Balance, end of period: $ 274,672 $ 854,646 Accumulated Depreciation For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Balance, beginning of period $ 138,214 $ 158,688 Depreciation expense 20,422 36,944 Dispositions and deconsolidation of real estate (129,868 ) (57,418 ) Balance, end of period: $ 28,768 $ 138,214

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2017
Mortgage Loans On Real Estate [Abstract]
Schedule IV - Mortgage Loans on Real Estate	RAIT Financial Trust Schedule IV Mortgage Loans on Real Estate As of December 31, 2017 (Dollars in thousands) (1) Summary of Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests: Interest Rate Maturity Date Principal Description of mortgages Number of Loans Lowest Highest Earliest Latest Lowest Highest Carrying Amount of Mortgages (a) (c) Commercial mortgages Multi-family 32 5.2 % 7.3 % 3/1/2018 1/1/2021 $ 2,977 $ 30,000 $ 372,190 Office 25 4.9 % 7.2 % 1/1/2018 7/1/2022 5,250 32,815 341,990 Retail 29 4.6 % 7.5 % 1/1/2018 12/1/2025 299 26,000 342,651 Other 9 5.7 % 11.5 % 1/1/2018 10/1/2020 4,201 63,000 137,185 Subtotal 95 12,727 151,815 1,194,016 Mezzanine Loans Multi-family 5 6.0 % 14.5 % 10/1/2020 1/1/2025 496 12,504 18,808 Office 7 5.1 % 12.1 % 8/1/2018 5/1/2025 554 5,230 26,721 Retail 1 5.0 % 5.0 % 5/8/2018 5/8/2018 123 123 123 Subtotal 13 1,173 17,857 45,652 Preferred equity interests Multi-family 6 6.0 % 11.0 % 4/1/2020 6/1/2027 235 7,948 20,766 Office 9 0.0 % (b) 11.0 % 11/11/2018 1/2/2029 750 3,649 12,517 Subtotal 15 985 11,597 33,283 Total commercial mortgages, mezzanine loans and preferred equity interests 123 $ 14,885 $ 181,269 $ 1,272,951 (a) The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans. (b) Relates to a $3.7 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property. (c) Reconciliation of carrying amount of commercial mortgage loans, mezzanine loans and preferred equity interests: For the Year Ended December 31, 2017 For the Year Ended December 31, 2016 Balance, beginning of period $ 1,294,066 $ 1,625,838 Additions during period: Investments in loans 476,723 165,240 Accretion of discount 248 458 Deductions during period: Collections of principal (453,768 ) (417,735 ) Sales of conduit loans — (35,177 ) Conversion of loans to real estate and charge-offs (44,318 ) (44,558 ) Balance, end of period: $ 1,272,951 $ 1,294,066 (2) Summary of Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests by Geographic Location: Interest Rate Principal Location by State Number of Loans Lowest Highest Lowest Highest Total Carrying Amount of Mortgages Texas 26 5.2 % 14.5 % $ 235 $ 27,582 $ 244,287 California 20 0.0 % (a) 7.1 % 3,150 30,650 215,767 Florida 15 4.6 % 11.5 % 123 32,815 179,702 Pennsylvania 3 5.7 % 6.5 % 11,040 63,000 86,625 Georgia 4 5.7 % 6.6 % 4,800 22,054 47,354 Ohio 4 6.3 % 6.6 % 3,000 20,000 43,730 Nevada 3 6.8 % 7.1 % 8,400 26,000 43,350 Oklahoma 3 6.2 % 10.0 % 4,805 30,000 42,665 Virginia 4 4.8 % 6.6 % 5,600 16,645 38,745 Colorado 3 5.1 % 6.6 % 806 23,600 35,156 Arizona 5 5.3 % 12.1 % 2,000 11,750 34,510 Wisconsin 12 6.0 % 11.0 % 496 13,000 33,343 Alabama 4 5.6 % 7.3 % 5,830 9,400 31,955 Illinois 2 6.0 % 6.8 % 10,925 13,000 23,925 Minnesota 2 4.9 % 6.3 % 19,995 19,995 19,995 North Carolina 1 5.8 % 5.8 % 18,000 18,000 18,000 Oregon 2 5.8 % 5.9 % 5,250 10,120 15,370 Washington 1 6.6 % 6.6 % 11,000 11,000 11,000 Maryland 1 6.6 % 6.6 % 8,950 8,950 8,950 Connecticut 1 12.0 % 12.0 % 554 3,978 8,280 Tennessee 1 7.0 % 7.0 % 7,250 7,250 7,250 Kentucky 1 5.8 % 5.8 % 6,400 6,400 6,400 New Mexico 1 6.6 % 6.6 % 4,550 4,550 4,550 Missouri 1 9.0 % 9.0 % 2,600 2,600 2,600 Indiana 1 10.0 % 10.0 % 899 899 899 Various 2 4.8 % 7.5 % 299 23,308 68,543 $ 123 0.0 % 14.5 % $ 146,956 $ 456,546 $ 1,272,951 (a) Relates to a $3.7 million preferred equity interest where there is no contractual interest; however, we receive returns based on the performance of the underlying real estate property.

SUMMARY OF SIGNIFICANT ACCOUN32

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations, equity and cash flows are included. During the year ended December 31, 2017, we corrected the following errors that resulted in adjustments to the accompanying consolidated statement of operations that related to transactions completed in a prior period: (a) provision for loan losses includes $1,542 associated with the charge-off of a loan that was determined to be not collectible and the component of the recorded investment of another loan that was not properly reserved for and (b) depreciation and amortization expense includes $494 associated the acceleration of amortization as a result of the cancellation of one customer relationship. We evaluated these corrections of errors and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements taken as a whole for the current and any previously filed consolidated financial statements. 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. For the years ended December 31, 2016 and 2015, certain entities or distinguishable components of RAIT have been presented as discontinued operations. See Note 9: Discontinued Operations for further information. Also, during the year ended December 31, 2016, we began presenting property management expenses separately on the consolidated statement of operations. These expenses relate to employees that perform regional supervision, accounting, treasury, human resources, and other corporate functions. We have retroactively adjusted historical periods to reclassify these expenses from compensation expense and general and administrative expenses to property management expense.
Going Concern Considerations	b. Going Concern Considerations Under the accounting guidance related to the presentation of financial statements, an entity is required to evaluate on a quarterly basis whether the entity’s current financial condition, including its liquidity sources at the date that the financial statements are issued, will enable the entity to meet its obligations arising within one year of the date the entity’s financial statements are issued and to make a determination as to whether it is probable, under the application of this accounting guidance, that the entity will be able to continue as a going concern over the applicable period. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments that might be necessary should RAIT be unable to continue as a going concern. As a result of the considerations articulated below, 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. Analysis 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 evaluating 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 plans to control costs, to sell certain loans, to sell certain real estate properties and to continue to receive repayments of loans as they become due. Also, as of February 20, 2018, RAIT has ceased new investment activity. Due to the inherent risks, unknown results and significant uncertainties associated with each of these matters and the direct correlation between these matters and RAIT’s ability to satisfy its financial obligations that may arise over the applicable one-year period, RAIT is unable to conclude that it is probable that RAIT will be able to meet its obligations arising within one year of the date of issuance of these financial statements within the parameters set forth in this accounting guidance. 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 were $53,380 as of December 31, 2017, would not 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 on management’s ability to sell certain 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, and to continue to receive repayments of loans as they become due. While controlling costs are principally within management’s control, selling real estate assets, selling loans, and the timing of loan repayments involve performance by third parties. Since many of the real estate assets and loans that management plans to sell or receive repayment from to satisfy its obligations are not subject to an executed purchase and sale agreement or other contractual agreement as of the date hereof, the sale of those assets cannot be considered probable of occurring. Furthermore, any potential obligations that may arise with respect to RAITs non-compliance with the continued listing standards of the NYSE would exceed the amounts of available funds and liquidity that could be generated to satisfy all of those potential obligations as they would become due.
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 mortgage loans, 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 December 31, 2017 and 2016, we had $123,398 and $121,395, respectively, of tenant escrows and borrowers’ funds. Restricted cash also includes proceeds from the issuance of CMBS securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of December 31, 2017 and 2016, we had $34,516 and $68,784, respectively, of restricted cash held by securitizations.
Investments in Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	g. Investments in Mortgage Loans, Mezzanine Loans and Preferred Equity Interests We have invested in commercial mortgage loans, mezzanine loans, and preferred equity interests. We account for our investments in commercial mortgages, mezzanine loans, and preferred equity interests at amortized cost. The carrying value of these investments is adjusted for origination discounts/premiums, nonrefundable fees and direct costs for originating loans which are amortized into income on a level yield basis over the terms of the loans.
Allowance for Loan Losses, Impaired Loans and Non-accrual Status	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 impaired or satisfactory. Management reviews loans for impairment and establishes specific reserves when a loss is probable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual or impaired 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. Loans which experience a modification to their contractual terms which result in a concession being granted to a borrower experiencing financial difficulties are considered troubled debt restructurings, or TDRs. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including the value of the underlying collateral. We do not consider restructurings that result in a delay in payment, in timing or amount, which is insignificant to be a concession.
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 which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to rental income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. During the year ended December 31, 2017, we recognized $96,625 of impairment charges on our real estate assets. Refer to Note 4: Investments in Real Estate for further discussion of the impairment charges.
Transfers of Financial Assets	j. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables.
Revenue Recognition	k. Revenue Recognition 1) Interest income For investments that we 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 Also, during the years ended December 31, 2017, 2016 and 2015 we earned $0, $7,092, and $4,984 of asset management fees, respectively, and $0, $350 and $629 of incentive fees, respectively, related to our Advisory Agreement with IRT. During the years ended December 31, 2017, 2016 and 2015 we also earned $0, $4,769, and $3,675, respectively, of property management and leasing fees related to our property management agreements with IRT’s properties. As we consolidated IRT through October 5, 2016, all of these fees earned for the years ended December 31, 2015 and 2014 were eliminated in consolidation.
Derivative Instruments	l. Derivative Instruments We may use derivative financial instruments to hedge all or a portion of the interest rate risk associated with our borrowings. In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument (including certain derivative instruments embedded in other contracts) at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. 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 December 31, 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 December 31, 2017, $103 of variation margin payments related to these derivatives have been accounted for as settlements of the derivatives.
Fair Value of Financial Instruments	m. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are subordinated debentures, and historically included trust preferred obligations and CDO notes payable, where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
Income Taxes	n. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, 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 9: 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. During the year ended December 31, 2017, our TRS entities generated 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 ,
Share-Based Compensation	o. Share-Based Compensation We account for our share-based compensation in accordance with FASB ASC Topic 718, “Compensation-Stock Compensation.” We measure the cost of employee and trustee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and record compensation expense for the entire award on a straight line basis, over the related vesting period, for the entire award.
Deferred Financing Costs	p. 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, in a manner that approximates the effective interest method.
Intangible Assets	q . Intangible assets on our consolidated balance sheets represent identifiable intangible assets acquired in business acquisitions. We amortize identified intangible assets to expense over their estimated lives using the straight-line method. We evaluate intangible assets for impairment as events and circumstances change, in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment.” The gross value for our customer relationships was $0 and $12,276 as of December 31, 2017 and December 31, 2016, respectively. The gross value for our customer relationships has decreased $12,276, of which $7,843 relates to impairments and the remaining relates to assets that fully amortized as a result of the cancellation of seven customer relationships during the year ended December 31, 2017. The gross carrying amount for our in-place leases and above-market leases, was $12,208 and $26,122 as of December 31, 2017 and December 31, 2016, respectively. The gross carrying amount for Urban Retail’s trade name was $0 and $1,500 as of December 31, 2017 and December 31, 2016, respectively. The accumulated amortization for our intangible assets was $6,831 and $22,230 as of December 31, 2017 and December 31, 2016, respectively. We recorded amortization expense of $6,775, $14,934 and $14,283 for the years ended December 31, 2017, 2016 and 2015, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $1,557 for 2018, $1,187 for 2019, $905 for 2020, $626 for 2021, $425 for 2022 and $677 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 $4,903 on our customer relationships and $963 on our retail property manager’s trade name during the year ended December 31, 2017. These non-cash impairment charges are presented in asset impairment on our consolidated statements of operations.
Goodwill	r. Goodwill Goodwill on our consolidated balance sheet represented the amounts paid in excess of the fair value of the net assets acquired from business acquisitions accounted for under FASB ASC Topic 805, “Business Combinations.” Pursuant to FASB ASC Topic 350, “Intangibles-Goodwill and Other”, goodwill is not amortized to expense but rather is analyzed for impairment. We evaluate goodwill for impairment on an annual basis and as events and circumstances change, in accordance with FASB ASC Topic 350. As of December 31, 2017 and 2016, we have $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 year ended December 31, 2017. This non-cash impairment charge is presented in goodwill impairment on our consolidated statements of operations. During the year ended December 31, 2016, we derecognized $512 of goodwill related to the disposal of discontinued operations. During the year ended December 31, 2015, we recorded an adjustment to correct the deferred tax liability balance with an offset to goodwill for $2,160 related to our acquisition of Urban Retail.
Shareholder Activism Expenses	s. Shareholder Activism Expenses During the year ended December 31, 2017, we incurred additional expenses beyond those normally associated with soliciting proxies for our annual meeting of shareholders as a result of responding to an unsolicited and nonbinding externalization of management proposal as well as an activist campaign threatened by an activist investor. 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 15: 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 $2,464 for the year ended December 31, 2017 and are presented as shareholder activism expenses in our consolidated statements of operations.
Employee Separation Expense	t. Employee Separation Expense On September 27, 2017, we entered into a settlement agreement and general release with our former chief financial officer, who was previously employed by RAIT as RAIT’s Chief Financial Officer and Treasurer pursuant to an employment agreement executed on February 17, 2017. The purpose of the settlement agreement, which provided for the termination of our former chief financial officer’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 our former chief financial officer, including, but not limited to, all disputes related to our former chief financial officer’s previous employment by RAIT and the termination of such employment. During the year ended December 31, 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	u. 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 r. Goodwill. Not Yet Adopted Within These Financial Statements In May 2014, the FASB issued an accounting standard classified under FASB ASC Topic 606, “Revenue from Contracts with Customers”. This accounting standard establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes the most current revenue recognition guidance, including industry-specific guidance. In January 2016, the FASB issued an accounting standard classified under FASB ASC Topic 825, “Financial Instruments”. This accounting standard addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. Among other things, the amendment (i) eliminates certain disclosure requirements for financial instruments measured at amortized cost; (ii) requires the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes; (iii) requires separate presentation, in other comprehensive income, of the change in fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk; and (iv) requires separate presentation of financial instruments by measurement category and form. This standard is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted for the separate presentation of changes in fair value due to changes in instrument-specific credit risk. Management expects the adoption of this standard to have impact on our consolidated financial statements related to disclosures of the fair value of financial instruments and changes in the fair value of a liability, when the fair value option has been elected, resulting from a change in the instrument-specific credit risk. 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, for which we are the lessee, 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 RAIT 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. The adoption of this standard was performed in conjunction with the adoption of FASB ASC Topic 606 described above. 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.

INVESTMENTS IN COMMERCIAL MOR33

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Investments in Loans	The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2017: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans $ 1,194,735 $ (719 ) $ 1,194,016 95 6.3 % Jan. 2018 to Dec. 2025 Mezzanine loans 45,488 $ 164 45,652 13 11.2 % May 2018 to May 2025 Preferred equity interests 33,284 $ (1 ) 33,283 15 9.1 % Nov. 2018 to Jan. 2029 Total CRE (2) 1,273,507 (556 ) 1,272,951 123 6.5 % Deferred fees and costs, net (3) (2,344 ) - (2,344 ) Total $ 1,271,163 $ (556 ) $ 1,270,607 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $8,497 of deferred fees, net of $6,153 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests as of December 31, 2016: Unpaid Principal Balance Unamortized (Discounts) Premiums Carrying Amount Number of Loans Weighted- Average Coupon (1) Range of Maturity Dates Commercial Real Estate (CRE) Commercial mortgage loans (2) $ 1,162,233 $ (852 ) $ 1,161,381 94 5.8 % Jan. Mezzanine loans 89,811 45 89,856 23 9.9 % Feb. 2017 to Jun. 2027 Preferred equity interests 42,830 (1 ) 42,829 17 8.2 % Jan. 2017 to Jan. 2029 Total CRE (3) 1,294,874 (808 ) 1,294,066 134 6.1 % Deferred fees and costs, net (4) (1,427 ) — (1,427 ) Total $ 1,293,447 $ (808 ) $ 1,292,639 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale. (3) Includes $155,750 of cash flow loans, of which $98,784 are commercial mortgage loans, $21,171 are mezzanine loans and $35,795 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) 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 December 31, 2017 and 2016: As of December 31, 2017 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 1,149,501 $ — $ — $ 45,234 $ 1,194,735 $ 81,443 Mezzanine loans 40,258 — — 5,230 45,488 13,510 Preferred equity interests 33,284 — — — 33,284 3,650 Total $ 1,223,043 $ — $ — $ 50,464 $ 1,273,507 $ 98,603 (1) Includes five loans that were current in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest, and two loans that are 90 days or more past due in accordance with their terms. As of December 31, 2016 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more 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.
Maturities of Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	The following table sets forth the maturities of our investments in commercial mortgage loans, mezzanine loans and preferred equity interests by year: Commercial Mezzanine Preferred equity Total 2018 412,620 2,123 3,650 418,393 2019 378,351 3,000 - 381,351 2020 313,224 8,810 7,948 329,982 2021 33,932 - - 33,932 2022 36,790 - - 36,790 Thereafter 19,818 31,555 21,686 73,059 Total $ 1,194,735 $ 45,488 $ 33,284 $ 1,273,507
Investment in Loans by Credit Risk Category	We have classified our investments in loans by credit risk category as of December 31, 2017 and December 31, 2016 as follows: As of December 31, 2017 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 1,083,741 $ 19,109 $ 21,879 $ 1,124,729 Watchlist (1) 110,994 26,379 11,405 148,778 Total $ 1,194,735 $ 45,488 $ 33,284 $ 1,273,507 (1) Includes $126,478 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 years ended December 31, 2017, 2016 and 2015: For the Year Ended December 31, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 18,193 28,010 (589 ) 45,614 Charge-offs, net of recoveries (19,814 ) (22,388 ) (883 ) (43,085 ) Ending balance $ 9,019 $ 5,622 $ 242 $ 14,883 For the Year Ended December 31, 2016 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 3,154 $ 12,139 $ 1,804 $ 17,097 Provision (benefit) for loan losses 6,467 (227 ) 1,810 8,050 Charge-offs, net of recoveries — (11,912 ) (1,900 ) $ (13,812 ) Other (1) 1,019 — — 1,019 Ending balance $ 10,640 $ — $ 1,714 $ 12,354 (1) Represents capitalization of past due interest on modified loans. For the Year Ended December 31, 2015 Commercial Mortgages Mezzanine Loans Preferred Equity Total Beginning balance $ — $ 7,892 $ 1,326 $ 9,218 Provision for loan losses 3,154 4,668 478 8,300 Charge-offs, net of recoveries — (421 ) — (421 ) Ending balance $ 3,154 $ 12,139 $ 1,804 $ 17,097
Loans Considered to be Impaired	Information on those loans considered to be impaired as of December 31, 2017 and December 31, 2016 was as follows: As of December 31, 2017 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 14,321 $ 12,869 $ 7,756 $ 34,946 Impaired loans with reserves 74,372 13,510 3,650 91,532 Total Impaired Loans (1) 88,693 26,379 11,406 126,478 Allowance for loan losses $ 9,019 $ 5,622 $ 242 $ 14,883 (1) As of December 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2016 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ — $ 32,748 $ — $ 32,748 Impaired loans with reserves 113,509 — 6,150 119,659 Total Impaired Loans (1) 113,509 32,748 6,150 152,407 Allowance for loan losses $ 10,640 $ — $ 1,714 $ 12,354 (1) As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2017
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of December 31, 2017 As of December 31, 2016 Multifamily real estate properties $ 17,163 $ 147,201 Office real estate properties 130,125 397,769 Industrial real estate properties — 93,423 Retail real estate properties 106,817 164,019 Parcels of land 20,567 52,234 Subtotal 274,672 854,646 Less: Accumulated depreciation and amortization (28,768 ) (138,214 ) Investments in real estate, net (1) $ 245,904 $ 716,432 (1) 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.
Minimum Future Rentals under Expiring Leases for Office and Retail Properties	The following table represents the minimum future rentals under expiring leases for our office and retail properties as of December 31, 2017. 2018 $ 3,376 2019 1,395 2020 3,482 2021 2,931 2022 2,944 2023 and thereafter 11,624 Total $ 25,752
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 properties acquired during the year ended December 31, 2017, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805. Description Fair Value of Assets Acquired During the Twelve Months Ended December 31, 2017 Assets acquired: Investments in real estate $ 1,118 Cash and cash equivalents 84 Restricted cash - Accounts receivable and other assets 14 Intangible assets 1,231 Total assets acquired 2,447 Liabilities assumed: Indebtedness, net - Accounts payable and accrued expenses 139 Other liabilities 718 Total liabilities assumed 857 Estimated fair value of net assets acquired $ 1,590
Consideration Transferred to Acquire Real Estate Properties	The following table summarizes the consideration transferred to acquire the real estate properties and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date: Description Total Estimated Fair Value Fair value of consideration transferred: Investments in loans, accrued interest receivable and other assets $ 1,590 Total $ 1,590
Schedule of Revenue and Net Income (Loss) Attributable to the Properties Acquired	The table below presents the revenue and net income (loss) attributable to the properties acquired during the year ended December 31, 2017 as reported in our consolidated financial statements. For the Year Ended December 31, 2017 Property Total Revenue Net income (loss) allocable to common shares Erieview Galleria $ 1,190 $ (305 ) Total $ 1,190 $ (305 )
Consolidated Unaudited Pro Forma Information	The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods. For the Year Ended December 31, Description 2017 2016 Pro forma total revenue (unaudited) $ 101,228 $ 174,990 Pro forma net income (loss) allocable to common shares (unaudited) (185,121 ) (10,146 ) Earnings (loss) per share attributable to common shareholders: Basic-as pro forma (unaudited) (2.02 ) (0.11 ) Diluted-as pro forma (unaudited) (2.02 ) (0.11 )
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 Year Ended December 31, 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 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 Executive Center Office 3/31/2017 10,600 437 123 MGS (1) Land 3/31/2017 300 — — 100 E. Lancaster (1) Office 4/13/2017 4,575 14 70 UBS Tower (1) Office 5/9/2017 14,150 — (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 896 South Terrace Multifamily 6/30/2017 42,950 9,189 250 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (118 ) Rutherford (1) Office 9/29/2017 5,700 — 430 Treasure Island/Sunny Shores Land 10/4/2017 12,125 — (81 ) McDowell Phase I/II (1) Office 10/16/2017 53,150 206 1,612 May's Crossing Retail 11/16/2017 8,150 298 242 Four Resource Square (1) Office 12/29/2017 17,500 78 (573 ) Reuss Federal Plaza (1) Office 12/29/2017 19,500 47 995 Total $ 301,703 $ 20,322 $ 4,000 (1) These properties were previously impaired. (2) Includes gain on sale in May and September 2017 of $1,481 and $166, respectively. The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Year Ended December 31, 2016 Mineral/Lincoln Office 03/25/2016 $ 7,949 $ (374 ) $ — Ventura Multifamily 03/30/2016 8,750 115 45 Saxony Land 04/06/2016 1,500 (12 ) (4 ) Desert Wind (1) Multifamily 05/18/2016 8,750 (2,032 ) 52 Las Vistas (1) Multifamily 05/18/2016 10,500 (61 ) 122 Penny Lane (1) Multifamily 05/18/2016 10,000 3,248 121 Sandal Ridge (1) Multifamily 05/18/2016 12,250 3,482 162 Silversmith Multifamily 06/03/2016 6,200 1,227 95 Coles Crossing (2) Multifamily 09/20/2016 43,750 (3,965 ) 90 Eagle Ridge and Grand Terrace Multifamily 09/21/2016 44,650 11,757 534 Augusta Multifamily 09/28/2016 37,500 10,431 871 Ellington Multifamily 11/03/2016 36,200 8,646 1,000 Regency Meadows Multifamily 11/08/2016 7,200 (68 ) (502 ) River Park West Multifamily 11/17/2016 30,150 1,886 279 Ashford Multifamily 12/09/2016 24,050 2,430 157 Tierra Bella Multifamily 12/14/2016 12,468 3,271 330 Mandalay Bay Multifamily 12/21/2016 36,000 13,296 (698 ) Total $ 337,867 $ 53,277 $ 2,654 (1) These properties were disposed of as a group of assets in a portfolio sale on May 18, 2016. (2) The loss on sale related to this property primarily results from a defeasance premium of $1,318 and the writeoff of the noncontrolling interest of $2,518.

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2017: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (38 ) $ 833 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 110,513 (3,713 ) 106,800 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,457 ) 54,867 7.6 % Apr. 2024 7.125% senior notes 68,408 (934 ) 67,474 7.1 % Aug. 2019 Senior secured notes 11,500 (437 ) 11,063 7.3 % Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (10,550 ) 8,121 5.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.9 % Apr. 2037 Secured warehouse facilities 22,313 (570 ) 21,743 3.5 % Jan. Total recourse indebtedness 313,700 (17,699 ) 296,001 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 258,063 (3,339 ) 254,724 2.2 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 744,763 (8,177 ) 736,586 3.4 % Jan. 2031 to Dec. 2037 Loans payable on real estate 62,297 (375 ) 61,922 5.2 % May 2021 to Dec. 2021 Total non-recourse indebtedness 1,065,123 (11,891 ) 1,053,232 3.2 % Other indebtedness (8) 40,830 125 40,955 — — Total indebtedness $ 1,419,653 $ (29,465 ) $ 1,390,188 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 $507,306 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $274,629 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 $944,894 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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) The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2016: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.0% convertible senior notes (1) $ 871 $ (40 ) $ 831 7.0 % Apr. 2031 4.0% convertible senior notes (2) 126,098 (5,827 ) 120,271 4.0 % Oct. 2033 7.625% senior notes 57,287 (1,719 ) 55,568 7.6 % Apr. 2024 7.125% senior notes 70,731 (1,543 ) 69,188 7.1 % Aug. 2019 Senior secured notes 62,000 (3,767 ) 58,233 7.0 % Apr. 2017 to Apr. 2019 Junior subordinated notes, at fair value (3) 18,671 (6,849 ) 11,822 4.8 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 3.4 % Apr. 2037 Secured warehouse facilities 26,421 (1,513 ) 24,908 3.1 % Nov. 2017 to Jul. 2018 Total recourse indebtedness 387,179 (21,258 ) 365,921 5.5 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 542,316 (7,815 ) 534,501 1.7 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(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 in commercial mortgage loans. 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 by year: Recourse indebtedness Non-recourse indebtedness 2018 $ 22,313 $ 1,315 2019 79,908 1,388 2020 - 1,455 2021 - 58,139 2022 - - Thereafter (1) 211,479 1,002,826 Total $ 313,700 $ 1,065,123 (1) Includes $871 of our 7.0% convertible senior notes which are redeemable, at par at the option of the holder in April 2021 and April 2026. Includes $110,513 of our 4.0% convertible senior notes which are redeemable, at par at the option of the holder in October 2018, October 2023, and October 2028.

DERIVATIVE FINANCIAL INSTRUME36

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of December 31, 2017 and December 31, 2016: As of December 31, 2017 As of December 31, 2016 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ — $ — $ — $ 28,960 $ 135 $ — Interest rate swaps 12,650 11 — 15,175 71 — Net fair value $ 12,650 $ 11 $ — $ 44,135 $ 206 $ —

FAIR VALUE OF FINANCIAL INSTR37

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2017: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgages and loans, net $ 1,255,723 $ 1,252,780 Cash and cash equivalents 53,380 53,380 Restricted cash 157,914 157,914 Derivative assets 11 11 Liabilities Recourse indebtedness: 7.0% convertible senior notes 833 533 4.0% convertible senior notes 106,800 103,457 7.625% senior notes 54,867 43,009 7.125% senior notes 67,474 61,567 Senior secured notes 11,063 11,197 Junior subordinated notes, at fair value 8,121 8,121 Junior subordinated notes, at amortized cost 25,100 8,849 Secured warehouse facilities 21,743 22,313 Non-recourse indebtedness: CDO notes payable, at amortized cost 254,724 196,212 CMBS securitizations 736,586 744,359 Loans payable on real estate 61,922 64,377 Other indebtedness 40,955 40,830 Derivative liabilities — — Warrants and investor SARs — — 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 Secured warehouse 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 December 31, 2017, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of December 31, 2017 Derivative assets $ — $ 11 $ — $ 11 Total assets $ — $ 11 $ — $ 11 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, 2017 Junior subordinated notes, at fair value $ — $ — $ 8,121 $ 8,121 Total liabilities $ — $ — $ 8,121 $ 8,121 (1) During the year ended December 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3. The following tables summarize information about our assets and liabilities measured at fair value on a recurring basis as of December 31, 2016, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Assets: Quoted Prices in Active Markets for Identical Assets (Level 1) (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 (9,900 ) (3,701 ) (13,601 ) Settlement of liability (20,500 ) Balance, as of December 31, 2017 $ - $ 8,121 $ 28,621 Liabilities Warrants and investor SARS Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2015 $ 26,200 $ 10,504 $ 36,704 Change in fair value of financial instruments 4,200 1,318 5,518 Balance, as of December 31, 2016 $ 30,400 $ 11,822 $ 42,222
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	Carrying Amount as of December 31, 2017 Estimated Fair Value as of December 31, 2017 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgages and loans, net $ 1,255,723 $ 1,252,780 Discounted Three 7.0% convertible senior notes 833 533 Trading price Two 4.0% convertible senior notes 106,800 103,457 Trading price Two 7.625% senior notes 54,867 43,009 Trading price Two 7.125% senior notes 67,474 61,567 Trading price Two Senior secured notes 11,063 11,197 Discounted cash flows Three Junior subordinated notes, at amortized cost 25,100 8,849 Discounted cash flows Three CDO notes payable, at amortized cost 254,724 196,212 Discounted cash flows Three CMBS securitizations 736,586 744,359 Discounted cash flows Three Loans payable on real estate 61,922 64,377 Discounted cash flows Three Other indebtedness 40,955 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 within FASB ASC Topic 825, “Financial Instruments” as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31, Description 2017 2016 2015 Change in fair value of trading securities and security-related receivables $ — $ — $ (172 ) Change in fair value of junior subordinated notes 3,701 (1,318 ) 2,598 Change in fair value of derivatives (179 ) (428 ) 28 Change in fair value of warrants and investors SARs 9,900 (4,200 ) 9,184 Change in fair value of financial instruments $ 13,422 $ (5,946 ) $ 11,638

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities of Consolidated Variable Interest Entities	The following table presents the assets and liabilities of our consolidated VIEs as of each respective date. 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 December 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIEs Total Assets Investments in mortgages and loans, at amortized cost: Commercial mortgages, mezzanine loans, other loans and preferred equity interests $ 1,082,528 $ — $ 349,924 $ 1,432,452 Allowance for losses — — — — Total investments in mortgages and loans 1,082,528 — 349,924 1,432,452 Investments in real estate Investments in real estate — 25,536 — 25,536 Accumulated depreciation — (6,902 ) — (6,902 ) Total investments in real estate — 18,634 — 18,634 Cash and cash equivalents — 283 92 375 Restricted cash 1,068 237 10 1,315 Accrued interest receivable 41,639 — 2,462 44,101 Other assets 16,860 3,954 — 20,814 Intangible assets Intangible assets — — — — Accumulated amortization — — — — Total intangible assets — — — — Total assets $ 1,142,095 $ 23,108 $ 352,488 $ 1,517,691 Liabilities and Equity Indebtedness, net $ 1,034,750 $ 19,630 $ 354,835 $ 1,409,215 Accrued interest payable 1,869 5,356 1,111 8,336 Accounts payable and accrued expenses 23 3,274 — 3,297 Derivative liabilities — — — — Deferred taxes, borrowers’ escrows and other liabilities — 184 643 827 Total liabilities 1,036,642 28,444 356,589 1,421,675 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) 105,453 (5,336 ) (4,140 ) 95,978 Total shareholders’ equity 105,453 (5,336 ) (4,140 ) 95,977 Noncontrolling Interests — — 39 39 Total liabilities and equity $ 1,142,095 $ 23,108 $ 352,488 $ 1,517,691 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 and Retained earnings (deficit) 227,769 (47,320 ) 1,686 182,135 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

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 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 Year Ended December 31, 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 59 Oyster Point (1) Multifamily 3/28/2017 11,500 (82 ) 1 Executive Center Office 3/31/2017 10,600 437 123 MGS (1) Land 3/31/2017 300 — — 100 E. Lancaster (1) Office 4/13/2017 4,575 14 70 UBS Tower (1) Office 5/9/2017 14,150 — (43 ) South Plaza (2) Retail 5/24/2017 & 9/29/2017 22,478 1,647 896 South Terrace Multifamily 6/30/2017 42,950 9,189 250 Trails at Northpointe (1) Multifamily 7/18/2017 6,450 (54 ) (118 ) Rutherford (1) Office 9/29/2017 5,700 — 430 Treasure Island/Sunny Shores Land 10/4/2017 12,125 — (81 ) McDowell Phase I/II (1) Office 10/16/2017 53,150 206 1,612 May's Crossing Retail 11/16/2017 8,150 298 242 Four Resource Square (1) Office 12/29/2017 17,500 78 (573 ) Reuss Federal Plaza (1) Office 12/29/2017 19,500 47 995 Total $ 301,703 $ 20,322 $ 4,000 (1) These properties were previously impaired. (2) Includes gain on sale in May and September 2017 of $1,481 and $166, respectively. The below table summarizes these dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Year Ended December 31, 2016 Mineral/Lincoln Office 03/25/2016 $ 7,949 $ (374 ) $ — Ventura Multifamily 03/30/2016 8,750 115 45 Saxony Land 04/06/2016 1,500 (12 ) (4 ) Desert Wind (1) Multifamily 05/18/2016 8,750 (2,032 ) 52 Las Vistas (1) Multifamily 05/18/2016 10,500 (61 ) 122 Penny Lane (1) Multifamily 05/18/2016 10,000 3,248 121 Sandal Ridge (1) Multifamily 05/18/2016 12,250 3,482 162 Silversmith Multifamily 06/03/2016 6,200 1,227 95 Coles Crossing (2) Multifamily 09/20/2016 43,750 (3,965 ) 90 Eagle Ridge and Grand Terrace Multifamily 09/21/2016 44,650 11,757 534 Augusta Multifamily 09/28/2016 37,500 10,431 871 Ellington Multifamily 11/03/2016 36,200 8,646 1,000 Regency Meadows Multifamily 11/08/2016 7,200 (68 ) (502 ) River Park West Multifamily 11/17/2016 30,150 1,886 279 Ashford Multifamily 12/09/2016 24,050 2,430 157 Tierra Bella Multifamily 12/14/2016 12,468 3,271 330 Mandalay Bay Multifamily 12/21/2016 36,000 13,296 (698 ) Total $ 337,867 $ 53,277 $ 2,654 (1) These properties were disposed of as a group of assets in a portfolio sale on May 18, 2016. (2) The loss on sale related to this property primarily results from a defeasance premium of $1,318 and the writeoff of the noncontrolling interest of $2,518.
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 were considered discontinued operations for the year ended December 31, 2016 and 2015: For the Year Ended December 31, 2016 2015 Revenue: Property income $ 117,306 $ 109,574 Fee and other income 9,481 2,793 Total revenue 126,787 112,367 Expenses: Interest expense 27,937 22,588 Real estate operating expense 48,352 46,275 Compensation expense 10,490 6,248 General and administrative expense 3,916 3,381 Acquisition expense 489 14,195 Depreciation and amortization expense 27,500 28,363 Total expenses 118,684 121,050 Operating (Loss) Income 8,103 (8,683 ) Interest and other income (expense), net (3 ) 75 Gains (losses) on assets 32,264 6,412 Gain (loss) on IRT merger with TSRE 732 64,604 TSRE financing extinguishment and employee separation expenses — (27,508 ) Gains (losses) on extinguishments of debt (952 ) — Net income (loss) from discontinued operations $ 40,144 $ 34,900 As RAIT did not own 100% of IRT, a portion of the net income (loss) from discontinued operations above was not attributable to RAIT. For the years ended December 31, 2016, and 2015, $11,977, and $9,161 of the net income (loss) from discontinued operations was attributable to RAIT. 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 years ended December 31, 2016 and 2015. For the Year Ended December 31, 2016 2015 Cash flow from operating activities from discontinued operations $ 34,175 $ 18,729 Cash flow from investing activities from discontinued operations (1,060 ) (153,466 ) Cash flow from financing activities from discontinued operations (71,420 ) 158,279 Net change in cash and cash equivalents from discontinued operations (38,305 ) 23,542 Cash and cash equivalents at beginning of year - discontinued operations 38,305 14,763 Cash and cash equivalents at end of year - discontinued operations $ — $ 38,305

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
Sales Activity of Series D Preferred Shares	The following table summarizes the sales activity of the Series D preferred shares from the effective date of the agreement through December 31, 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 28,639 Carrying amount of Series D Preferred Shares $ 78,343

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Dividends Declared or Paid	The following tables summarize the dividends we declared or paid during the years ended December 31, 2017, 2016 and 2015: March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 For the Year Ended December 31, 2017 Series A Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 2,589 $ 2,589 $ 2,589 $ 2,589 $ 10,356 Series B Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 1,225 $ 1,225 $ 1,225 $ 1,225 $ 4,900 Series C Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 10/2/2017 1/2/2018 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/15/2017 5/18/2017 8/2/2017 11/2/2017 Record date 3/1/2017 6/1/2017 9/1/2017 12/1/2017 Date paid 3/31/2017 6/30/2017 9/29/2017 12/28/2017 Total dividend amount $ 1,879 $ 1,879 $ 1,665 $ 1,665 $ 7,088 Common shares Date declared 5/2/2017 8/2/2017 N/A N/A Record date 5/26/2017 8/25/2017 N/A N/A Date paid 6/15/2017 9/15/2017 N/A N/A Dividend per share $ 0.09 $ 0.05 $ — $ — $ 0.14 Total dividend declared $ 8,220 $ 4,574 $ — $ — $ 12,794 March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 For the Year Ended December 31, 2016 Series A Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 2,570 $ 2,570 $ 2,589 $ 2,589 $ 10,318 Series B Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 1,225 $ 1,225 $ 1,225 $ 1,225 $ 4,900 Series C Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/16/2016 5/19/2016 7/27/2016 11/2/2016 Record date 3/1/2016 6/1/2016 9/1/2016 12/1/2016 Date paid 3/31/2016 6/30/2016 9/30/2016 1/3/2017 Total dividend amount $ 2,125 $ 2,125 $ 2,125 $ 2,125 $ 8,500 Common shares Date declared 3/14/2016 6/15/2016 9/19/2016 12/16/2016 Record date 4/8/2016 7/8/2016 10/7/2016 1/10/2017 Date paid 4/29/2016 7/29/2016 10/31/2016 1/31/2017 Dividend per share $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.36 Total dividend declared $ 8,200 $ 8,202 $ 8,202 $ 8,202 $ 32,806 March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 For the Year Ended December 31, 2015 Series A Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 2,313 $ 2,569 $ 2,570 $ 2,570 $ 10,022 Series B Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,198 $ 1,215 $ 1,225 $ 1,225 $ 4,863 Series C Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 910 $ 910 $ 910 $ 910 $ 3,640 Series D Preferred Shares Date declared 2/10/15 5/20/15 7/28/15 11/4/15 Record date 3/2/15 6/1/15 9/1/15 12/1/15 Date paid 3/31/15 6/30/15 9/30/15 12/31/15 Total dividend amount $ 1,875 $ 1,875 $ 1,875 $ 2,125 $ 7,750 Common shares Date declared 3/16/15 6/22/15 9/17/15 12/7/15 Record date 4/10/15 7/10/15 10/9/15 1/8/16 Date paid 4/30/15 7/31/15 10/30/15 1/29/16 Dividend per share $ 0.18 $ 0.18 $ 0.18 $ 0.09 $ 0.63 Total dividend declared $ 14,777 $ 14,775 $ 16,276 $ 8,170 $ 53,998
Summary of Changes in Accumulated Other Comprehensive Loss by Component	The following table summarizes the changes in accumulated other comprehensive loss by component for the years ended December 31, 2015 and 2016: Interest Rate Hedges Available- For-Sale Securities Foreign Currency Translation Adjustments Total Balance as of December 31, 2014 $ (20,788 ) $ — $ — $ (20,788 ) Other comprehensive income (loss) before reclassifications (293 ) — — (293 ) Amounts reclassified from accumulated other comprehensive income (loss) 16,382 — — 16,382 Net current period other comprehensive income 16,089 - - 16,089 Balance as of December 31, 2015 $ (4,699 ) $ - $ - $ (4,699 ) Other comprehensive income (loss) before reclassifications (852 ) — — (852 ) Amounts reclassified from accumulated other comprehensive income (loss) 5,551 — — 5,551 Net current period other comprehensive income 4,699 — — 4,699 Balance as of December 31, 2016 $ - $ — $ — $ -

SHARE-BASED COMPENSATION AND 42

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
SARs activity of 2012 IAP	A summary of the SARs activity of the 2012 IAP is presented below. 2017 2016 2015 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 4,050,984 $ 6.06 3,620,700 $ 7.01 2,780,242 $ 6.92 Granted 832,500 3.78 895,000 2.38 1,177,500 7.23 Expired (1,004,066 ) 6.12 (126,499 ) 7.14 (106,500 ) 6.17 Exercised (58,294 ) 2.38 — — (61,667 ) 6.30 Forfeited (178,170 ) 4.02 (338,217 ) 5.55 (168,875 ) 7.53 Outstanding, December 31, 3,642,954 $ 5.68 4,050,984 $ 6.06 3,620,700 $ 7.01 SARs exercisable at December 31, 2,094,385 6.93 2,373,462 6.82 1,649,643 6.52
Weighted Average Grant Date Fair Value of SARs and Assumptions used in Computing Fair Values	The weighted average grant date fair values of the SARs and the assumptions used in computing those fair values at the dates of their respective awards, using the Black-Scholes Option Pricing Model, were as follows: For the Years Ended December 31 2017 2016 2015 Weighted average grant date fair value $ 0.76 $ 0.23 $ 0.96 Stock Price 3.78 2.38 7.23 Strike Price 3.78 2.38 7.23 Risk-free interest rate 1.6 % 1.0 % 1.2 % Dividend yield 9.5 % 15.1 % 10.0 % Volatility 43 % 38 % 32 % Expected term 3.5 years 3.5 years 3.5 years
Summary of Information about the SARs Outstanding and Exercisable	The following table summarizes information about the SARs outstanding and exercisable as of December 31, 2017: SARs Outstanding SARs Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life Number Exercisable Weighted Average Remaining Contractual Life $2.38—8.29 3,642,954 2.2 years 2,094,385 1.2 years
Summary of the SARs activity of 2012 IAP and 2015 LTIP	A summary of the restricted common share awards of the 2012 IAP and 2015 LTIP as of December 31, 2017, 2016, and 2015 is presented below. 2017 2016 2015 Number of Shares Weighted Average Grant Date Fair Value Per Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Average Grant Date Fair Value Per Share Balance, January 1, 1,079,193 $ 7.41 559,583 $ 7.41 455,917 $ 7.67 Granted 1,149,293 3.18 1,356,999 2.84 386,905 7.23 Vested (702,185 ) 3.79 (507,407 ) 5.29 (234,197 ) 7.46 Forfeited (279,818 ) 3.47 (329,982 ) 4.03 (49,042 ) 7.54 Balance, December 31, 1,246,483 $ 3.56 1,079,193 $ 7.41 559,583 $ 7.41
Summary of PSUs Granted	The following table summarizes the PSUs granted for the years ended December 31, 2017 and 2016: Grant Date Type of PSUs Granted Number of PSUs Granted Performance Period Commencement Date Performance Period End Date Grant Date Fair Value Number of PSUs Outstanding as of December 31, 2017 March 31, 2015 3-Year TSR vs Peer Group 136,115 January 1, 2015 December 31, 2017 $ 3.35 136,115 March 31, 2015 3-Year TSR vs NAREIT Mortgage Index 68,057 January 1, 2015 December 31, 2017 $ 3.26 68,057 March 31, 2015 Absolute 3-Year TSR 68,057 January 1, 2015 December 31, 2017 $ 2.17 68,057 March 31, 2015 Strategic Objectives 68,057 January 1, 2015 December 31, 2017 $ 6.86 68,057 April 22, 2016 3-Year TSR vs Peer Group 325,348 January 1, 2016 December 31, 2018 $ 1.55 325,348 April 22, 2016 3-Year TSR vs NAREIT Mortgage Index 244,011 January 1, 2016 December 31, 2018 $ 1.44 244,011 April 22, 2016 Absolute 3-Year TSR 244,011 January 1, 2016 December 31, 2018 $ 1.07 244,011 April 26, 2017 3-Year TSR vs NAREIT Mortgage Index 150,854 January 1, 2017 December 31, 2019 $ 1.18 47,637 April 26, 2017 Absolute 3-Year TSR 150,854 January 1, 2017 December 31, 2019 $ 0.90 47,637 June 22, 2017 3-Year TSR vs NAREIT Mortgage Index 183,225 January 1, 2017 December 31, 2019 $ 0.23 183,225 June 22, 2017 Absolute 3-Year TSR 183,225 January 1, 2017 December 31, 2019 $ 0.15 183,225
Summary of Assumptions Used in Computing the Fair Value of the PSUs	Our assumptions used in computing the fair value of the PSUs at the dates of their respective awards, using the Monte Carlo method, were as follows: For the Years Ended December 31 2017 a) 2017 b) 2016 2015 Dividend yield 10.7 % c) 14.5 % e) 10.6 % g) 8.0 % i) Volatility 41.0 % d) 39.0 % f) 53.0 % h) 39.0 % j) Expected term 2.7 years 2.5 years 2.7 years 2.8 years a) These represent the assumptions of the 2017 PSUs that had a grant date of April 26, 2017. b) These represent the assumptions of the 2017 PSUs that had a grant date of June 22, 2017. c) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.4%. d) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 47%. e) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 18.8%. f) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 15% to 35%. g) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.9%. h) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 17% to 48%. i) This represents the dividend yield assumption used for RAIT. The dividend yield assumptions used for our peer group and the NAREIT Mortgage Index ranged from 0% to 17.9%. j) This represents the volatility assumption used for RAIT. The volatility assumptions used for our peer group and the NAREIT Mortgage Index ranged from 17% to 50%.

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three years ended December 31, 2017: For the Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations $ (151,803 ) $ (37,879 ) $ 28,593 (Income) loss allocated to preferred shares (32,816 ) (35,160 ) (32,830 ) (Income) loss allocated to noncontrolling interests (76 ) 3,435 2,235 Income (loss) from continuing operations allocable to common shares (184,695 ) (69,604 ) (2,002 ) Total Income (loss) from discontinued operations — 87,952 34,900 (Income) loss from discontinued operations allocated to noncontrolling interests — (28,168 ) (25,740 ) Income (loss) from discontinued operations allocable to common shares — 59,784 9,160 Net income (loss) allocable to common shares $ (184,695 ) $ (9,820 ) $ 7,158 Weighted-average shares outstanding—Basic 91,479,533 91,153,861 85,524,073 Dilutive securities — — 933,798 Weighted-average shares outstanding—Diluted 91,479,533 91,153,861 86,457,871 Earnings (loss) per share—Basic: Continuing operations $ (2.02 ) $ (0.77 ) $ (0.03 ) Discontinued operations - 0.66 0.11 Earnings (loss) per share—Basic $ (2.02 ) $ (0.11 ) $ 0.08 Earnings (loss) per share—Diluted: Continuing operations $ (2.02 ) $ (0.77 ) $ (0.03 ) Discontinued operations - 0.66 0.11 Earnings (loss) per share—Diluted $ (2.02 ) $ (0.11 ) $ 0.08

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Components of Income Tax Benefit (Provision)	The components of the income tax benefit (provision) as it relates to our taxable income (loss) from domestic and foreign TRSs during the years ended December 31, 2017, 2016 and 2015 were as follows: For the Year Ended December 31, 2017 Federal State and Local Foreign Total Current benefit (provision) $ 64 $ 220 $ — $ 284 Deferred benefit (provision) 583 (6 ) — 577 Income tax benefit (provision) $ 647 $ 214 $ — $ 861 For the Year Ended December 31, 2016 Federal State and Local Foreign Total Current benefit (provision) $ (9 ) $ (329 ) $ — $ (338 ) Deferred benefit (provision) (2,127 ) (85 ) — (2,212 ) Income tax benefit (provision) $ (2,136 ) $ (414 ) $ — $ (2,550 ) For the Year Ended December 31, 2015 Federal State and Local Foreign Total Current benefit (provision) $ (268 ) $ (46 ) $ — $ (314 ) Deferred benefit (provision) (2,110 ) (374 ) — (2,484 ) Income tax benefit (provision) $ (2,378 ) $ (420 ) $ — $ (2,798 )
Reconciliation of Income Tax Benefit (Provision) based upon Statutory Tax Rates to Effective Rates	A reconciliation of the income tax benefit (provision) based upon the statutory tax rates to the effective rates of our taxable REIT subsidiaries is as follows for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31 2017 2016 2015 Federal statutory rate $ 7,224 $ (8,530 ) $ (1,718 ) State statutory, net of federal benefit 214 (299 ) (404 ) Loss limited by ownership change (18,795 ) Change in valuation allowance 16,746 5,670 (55 ) Permanent items (2,924 ) (54 ) (41 ) Change in Tax Rate (1,668 ) — — Provision to return adjustments 64 207 (580 ) Other — 456 — Income tax benefit (provision) $ 861 $ (2,550 ) $ (2,798 )
Components of Deferred Tax Assets (Liabilities)	Significant components of our deferred tax assets (liabilities), at our TRSs, are as follows as of December 31, 2017 and 2016: Deferred tax assets (liabilities): As of December 31, 2017 As of December 31, 2016 Net operating losses, at TRSs $ — $ 13,899 Capital losses — 8,498 Unrealized losses — — Other 2,322 595 Total deferred tax assets 2,322 22,992 Valuation allowance (1,778 ) (22,683 ) Net deferred tax assets $ 544 $ 309 Identified intangibles — (276 ) Advances — — Accrued interest — — Other (91 ) (156 ) Deferred tax (liabilities) (91 ) (432 ) Net deferred tax assets (liabilities) $ 454 $ (123 )

SUPPLEMENTAL DISCLOSURE TO CO45

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures to Consolidated Statements of Cash Flows	The following are supplemental disclosures to the consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015: For the Year Ended December 31, 2017 2016 2015 Cash paid for interest $ 65,732 $ 98,154 $ 80,748 Cash paid for taxes 27 268 500 Non-cash increase (decrease) in investments in real estate, intangible assets, and other liabilities from conversion of loans 1,590 33,271 159,214 Non-cash increase in noncontrolling interests from property acquisition — — 123,855 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 (93,531 ) — — Non-cash increase (decrease) in indebtedness from debt extinguishments (4,640 ) — (4,018 ) Non-cash increase (decrease) in indebtedness from the assumption of debt from property acquisitions — — 204,308 Non-cash (decrease) in assets from discontinued operations — (1,277,292 ) — Non-cash decrease in liabilities and equity from discontinued operations — 1,245,720 — 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 (99,665 ) — —

QUARTERLY FINANCIAL DATA (UNA46

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Financial Data	The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations: For the Three-Month Periods Ended March 31 June 30 September 30 December 31 2017 Total revenue $ 29,603 $ 22,813 $ 24,603 $ 22,699 Change in fair value of financial instruments (1,153 ) 3,093 4,753 6,729 Income (loss) from continuing operations (21,539 ) (116,884 ) (15,843 ) 2,463 Income (loss) from discontinued operations — — — — Net income (loss) (21,539 ) (116,884 ) (15,843 ) 2,463 Net income (loss) available to common shares from continuing operations (30,085 ) (125,757 ) (24,230 ) (4,623 ) Net income (loss) available to common shares from discontinued operations — — — — Net income (loss) allocable to common shares (30,085 ) (125,757 ) (24,230 ) (4,623 ) Earnings (loss) per share from continuing operations - Basic (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from discontinued operations - Basic (a) — — — — Total earnings (loss) per share—Basic (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from continuing operations - Diluted (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) Earnings (loss) per share from discontinued operations - Diluted (a) — — — — Total earnings (loss) per share—Diluted (a) (0.33 ) (1.38 ) (0.26 ) (0.05 ) 2016 Total revenue $ 48,651 $ 45,974 $ 43,237 $ 35,745 Change in fair value of financial instruments (4,088 ) (1,592 ) (1,375 ) 1,109 Income (loss) from continuing operations (11,988 ) (6,471 ) 5,328 (24,748 ) Income (loss) from discontinued operations 1,485 32,876 4,112 1,671 Net income (loss) (10,503 ) 26,405 9,440 24,731 Net income (loss) available to common shares from continuing operations (19,363 ) (14,115 ) (2,048 ) (34,078 ) Net income (loss) available to common shares from discontinued operations 1,519 6,535 2,044 49,686 Net income (loss) allocable to common shares (17,844 ) (7,580 ) (4 ) 15,608 Earnings (loss) per share from continuing operations - Basic (a) (0.22 ) (0.15 ) (0.02 ) (0.37 ) Earnings (loss) per share from discontinued operations - Basic (a) 0.02 0.07 0.02 0.54 Total earnings (loss) per share—Basic (a) (0.20 ) (0.08 ) — 0.17 Earnings (loss) per share from continuing operations - Diluted (a) (0.22 ) (0.15 ) (0.02 ) (0.37 ) Earnings (loss) per share from discontinued operations - Diluted (a) 0.02 0.07 0.02 0.54 Total earnings (loss) per share—Diluted (a) (0.20 ) (0.08 ) — 0.17 (a) The summation of quarterly per share amounts may not equal the full year amounts.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Annual Minimum Rent Due Pursuant to Leases	We lease office space in Philadelphia and other locations. The annual minimum rent due pursuant to the leases for each of the next five years and thereafter is estimated to be as follows as of December 31, 2017: 2018 $ 1,992 2019 1,490 2020 1,332 2021 1,094 2022 1,103 Thereafter 22,042 Total $ 29,053

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016	Dec. 31, 2016
Nature Of Operations [Line Items]
Purchase price to be paid by IRT			$ 43,000
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 Accoun49

Summary of Significant Accounting Policies - Additional Information (Detail)		May 26, 2017USD ($)	Dec. 31, 2017USD ($)CustomerLoan	Dec. 31, 2016USD ($)Loan	Dec. 31, 2015USD ($)Loan	Jan. 01, 2018USD ($)	Dec. 31, 2014USD ($)
Significant Accounting Policies [Line Items]
Provision for loan losses			$ 45,614,000	$ 8,050,000	$ 8,300,000
Depreciation and amortization expense			$ 28,173,000	51,304,000	45,505,000
Number of cancelled customer relationships | Customer			1
Unpaid Principal Balance			$ 1,419,653,000	1,787,974,000
Currently available funds to repayment of financial obligations			53,380,000	110,531,000	87,581,000		$ 106,963,000
Federal deposit insurance corporation, insurance limit per institution			250,000
Restricted cash			157,914,000	190,179,000
Impairment charges on real estate assets			96,625,000
Accrued interest receivable			29,664,000	36,271,000
Earned asset management fees			915,000	1,420,000	1,892,000
Eliminated asset management fee income from securitizations			915,000	1,420,000	1,644,000
Notional amount			12,650,000	44,135,000
Variation margin payment settlement of derivative			103,000
Reversal of accrued current income tax liability			249,000
Income tax benefit			284,000	(338,000)	(314,000)
Income tax benefit, net			861,000	(2,550,000)	(2,798,000)
Intangible assets, non-cash impairment charges			7,843,000
Intangible assets, accumulated amortization			6,831,000	22,230,000
Intangible assets, amortization expenses			6,775,000	14,934,000	14,283,000
Expected amortization expense of intangible assets in 2018			1,557,000
Expected amortization expense of intangible assets in 2019			1,187,000
Expected amortization expense of intangible assets in 2020			905,000
Expected amortization expense of intangible assets in 2021			626,000
Expected amortization expense of intangible assets in 2022			425,000
Expected amortization expense of intangible assets thereafter			677,000
Goodwill			0	8,342,000
Non-cash impairment charge on goodwill			8,342,000
Derecognized of goodwill related to disposal of discontinued operations				512,000
Shareholder activism expenses			2,464,000
Employee separation expense			575,000
Subsequent Event | Revenue from Contracts with Customers
Significant Accounting Policies [Line Items]
Cumulative effect adjustment as an increase to shareholders’ equity						$ 701,000
Scenario, Adjustment
Significant Accounting Policies [Line Items]
Deferred tax liability			2,160,000
TRS Enitities
Significant Accounting Policies [Line Items]
Income tax benefit			34,000
Income tax benefit, net			12,000
London Clearing House
Significant Accounting Policies [Line Items]
Notional amount			12,650,000
Consolidation Eliminations
Significant Accounting Policies [Line Items]
Earned asset management fees				4,984,000	1,582,000
Incentive fees			350,000	629,000	154,000
IRT
Significant Accounting Policies [Line Items]
Accrued interest receivable			0	0
Earned asset management fees			0	7,092,000	4,984,000
Incentive fees			0	350,000	629,000
Property management and leasing fees			0	4,769,000	3,675,000
IRT | Consolidation Eliminations
Significant Accounting Policies [Line Items]
Earned asset management fees			0	7,092,000	4,984,000
Incentive fees			0	350,000	629,000
Property management and leasing fees			$ 0	4,769,000	3,675,000
Highland Capital Management, L. P.
Significant Accounting Policies [Line Items]
Reimbursement of certain costs incurred by related party		$ 250,000
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			$ 123,398,000	121,395,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash			34,516,000	68,784,000
Recourse Indebtedness
Significant Accounting Policies [Line Items]
Unpaid Principal Balance			$ 313,700,000	$ 387,179,000
Recourse Indebtedness | 4.0% convertible senior notes
Significant Accounting Policies [Line Items]
Stated interest rate			4.00%	4.00%
Unpaid Principal Balance	[1]		$ 110,513,000	$ 126,098,000
Convertible senior notes redemption period			2018-10
Currently available funds to repayment of financial obligations			$ 53,380,000
Customer relationships
Significant Accounting Policies [Line Items]
Depreciation and amortization expense			$ 494,000
Number of cancelled customer relationships | Customer			7
Intangible assets, gross carrying amount			$ 0	12,276,000
Intangible assets, gross value, decreased			(12,276,000)
Intangible assets, non-cash impairment charges			4,903,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount			12,208,000	26,122,000
Trade name
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount			0	1,500,000
Intangible assets, non-cash impairment charges			963,000
Loan Not Collectible and Not Properly Reserved
Significant Accounting Policies [Line Items]
Provision for loan losses			1,542,000
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable			23,801,000	29,845,000	34,132,000
Impairment of loans			$ 28,904,000	$ 12,869,000	$ 0
Number of impaired loans | Loan			4	1	0
Loans and Finance Receivables | Minimum
Significant Accounting Policies [Line Items]
Stated interest rate			0.00%
[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		12 Months Ended
		Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,273,507
Number of Loans | Loan		123
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,273,507	[1]	$ 1,294,874	[2]
Total investment in loans, Unamortized (Discounts) Premiums		(556)	[1]	(808)	[2]
Carrying Amount		$ 1,272,951	[1]	$ 1,294,066	[2]
Number of Loans | Loan		123	[1]	134	[2]
Weighted-Average Coupon	[3]	6.50%	[1]	6.10%	[2]
Deferred fees and costs, net		$ (2,344)	[4]	$ (1,427)	[5]
Total investments in loans, Unpaid Principal Balance		1,271,163		1,293,447
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		1,270,607		1,292,639
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,194,735
Number of Loans | Loan		1
Commercial mortgage loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 1,194,735		1,162,233	[6]
Total investment in loans, Unamortized (Discounts) Premiums		(719)		(852)	[6]
Carrying Amount		$ 1,194,016		$ 1,161,381	[6]
Number of Loans | Loan		95		94	[6]
Weighted-Average Coupon	[3]	6.30%		5.80%	[6]
Range of Maturity Dates, Minimum		Jan. 31, 2018		Jan. 31, 2017	[6]
Range of Maturity Dates, Maximum		Dec. 31, 2025		Dec. 31, 2025	[6]
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 45,488
Number of Loans | Loan		13
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 45,488		$ 89,811
Total investment in loans, Unamortized (Discounts) Premiums		164		45
Carrying Amount		$ 45,652		$ 89,856
Number of Loans | Loan		13		23
Weighted-Average Coupon	[3]	11.20%		9.90%
Range of Maturity Dates, Minimum		May 31, 2018		Feb. 28, 2017
Range of Maturity Dates, Maximum		May 31, 2025		Jun. 30, 2027
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 33,284
Preferred Equity Interests | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		33,284		$ 42,830
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 33,283		$ 42,829
Number of Loans | Loan		15		17
Weighted-Average Coupon	[3]	9.10%		8.20%
Range of Maturity Dates, Minimum		Nov. 30, 2018		Jan. 31, 2017
Range of Maturity Dates, Maximum		Jan. 31, 2029		Jan. 31, 2029
[1]	Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) 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, (k) 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 $8,497 of deferred fees, net of $6,153 of deferred costs.
[5]	Includes $5,978 of deferred fees, net of $4,551 of deferred costs.
[6]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale

Investments in Loans (Parenthet

Investments in Loans (Parenthetical) (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		123
Unpaid Principal Balance		$ 1,273,507
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Unpaid Principal Balance		$ 1,194,735
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		13
Unpaid Principal Balance		$ 45,488
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		33,284
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 1,272,951	[1]	$ 1,294,066	[2]
Number of Loans | Loan		123	[1]	134	[2]
Unpaid Principal Balance		$ 1,273,507	[1]	$ 1,294,874	[2]
Weighted-Average Coupon	[3]	6.50%	[1]	6.10%	[2]
Commercial Portfolio Segment | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 106,136		$ 155,750
Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 1,194,016		$ 1,161,381	[4]
Number of Loans | Loan		95		94	[4]
Unpaid Principal Balance		$ 1,194,735		$ 1,162,233	[4]
Weighted-Average Coupon	[3]	6.30%		5.80%	[4]
Commercial Portfolio Segment | Commercial mortgage loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 55,353		$ 98,784
Commercial Portfolio Segment | Commercial mortgage loans | Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Deferred fees		8,497		5,978
Deferred costs		6,153		$ 4,551
Number of Loans | Loan				2
Unpaid Principal Balance				$ 20,181
Weighted-Average Coupon				4.80%
Commercial Portfolio Segment | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 45,652		$ 89,856
Number of Loans | Loan		13		23
Unpaid Principal Balance		$ 45,488		$ 89,811
Weighted-Average Coupon	[3]	11.20%		9.90%
Commercial Portfolio Segment | Mezzanine Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 21,149		$ 21,171
Commercial Portfolio Segment | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 33,283		$ 42,829
Number of Loans | Loan		15		17
Unpaid Principal Balance		$ 33,284		$ 42,830
Weighted-Average Coupon	[3]	9.10%		8.20%
Commercial Portfolio Segment | Preferred Equity Interests | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount		$ 29,634		$ 35,795
[1]	Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) 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, (k) 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 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	Dec. 31, 2017		Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 1,273,507		$ 1,294,874
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,194,735		1,162,233
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	45,488		89,811
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	33,284		42,830
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,223,043		1,243,160
Current | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	1,149,501		1,111,898
Current | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	40,258		88,432
Current | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	33,284		42,830
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			50,335
30 to 59 days | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			50,335
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	50,464		1,379
90 days or more | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	45,234
90 days or more | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	5,230		1,379
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	98,603	[1]	121,038	[2]
Non-accrual | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	81,443	[1]	113,509	[2]
Non-accrual | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	13,510	[1]	1,379	[2]
Non-accrual | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 3,650	[1]	$ 6,150	[2]
[1]	Includes five loans that were current in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest, and two loans that are 90 days or more past due in accordance with their terms.
[2]	Includes five loans that are current and one loan that is 30 to 59 days past due in accordance with their terms, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest.

Investments in Commercial Mor53

Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests - Additional Information (Detail) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 16, 2018USD ($)	Jan. 31, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)Loan		Dec. 31, 2015USD ($)
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan			123
Commercial real estate loans on non-accrual status			$ 1,273,507
Provision for loan losses			45,614		$ 8,050		$ 8,300
Unpaid Principal Balance			1,273,507
Average impaired loans unpaid balance			148,261		134,721		90,280
Interest income from impaired loans			968		3,488		4,419
Charge off upon the conversion			$ 43,085		13,812		421
Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Decrease in interest rate		0.00%
Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan			13
Commercial real estate loans on non-accrual status			$ 45,488
Provision for loan losses			28,010		(227)		4,668
Unpaid Principal Balance			45,488
Loans held by third party			$ 190,000
Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan			1
Commercial real estate loans on non-accrual status			$ 1,194,735
Provision for loan losses			18,193				$ 3,154
Unpaid Principal Balance			1,194,735
Carrying Value, Transfer of commercial real estate loan to real estate owned			1,590
Charge off upon the conversion			360
Other | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Principal balance	$ 44,050
Gross proceeds from sale of loans	$ 43,720
Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Principal balance			$ 1,272,951	[1]	$ 1,294,066	[2]
Number of Loans | Loan			123	[1]	134	[2]
Commercial real estate loans on non-accrual status			$ 1,273,507	[1]	$ 1,294,874	[2]
Unpaid Principal Balance			$ 1,273,507	[1]	$ 1,294,874	[2]
Commercial Portfolio Segment | Two Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan			2
Unpaid principal balance constituted a TDR			$ 13,080
Commercial Portfolio Segment | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan			1		1
Unpaid principal balance constituted a TDR			$ 45,234		$ 15,645
Commercial Portfolio Segment | Subsequent Event | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan		1
Unpaid principal balance constituted a TDR		$ 7,948
Commercial Portfolio Segment | Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance			$ 45,652		$ 89,856
Number of Loans | Loan			13		23
Commercial real estate loans on non-accrual status			$ 45,488		$ 89,811
Unpaid Principal Balance			45,488		89,811
Commercial Portfolio Segment | Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance			$ 1,194,016		$ 1,161,381	[3]
Number of Loans | Loan			95		94	[3]
Commercial real estate loans on non-accrual status			$ 1,194,735		$ 1,162,233	[3]
Unpaid Principal Balance			1,194,735		1,162,233	[3]
Commercial Portfolio Segment | Cash Flow Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance			106,136		155,750
Commercial Portfolio Segment | Cash Flow Loans | Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance			21,149		21,171
Commercial Portfolio Segment | Cash Flow Loans | Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance			$ 55,353		$ 98,784
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			$ 98,603		$ 121,038
Weighted-average interest rate			6.10%		5.80%
Recognizing interest on the cash basis | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Weighted-average interest rate			12.90%		12.60%
Number of Loans | Loan			3		4
Commercial real estate loans on non-accrual status			$ 20,624		$ 28,930
Unpaid Principal Balance			$ 20,624		$ 28,930
Loans Originated Prior to 2010
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan			8
Provision for loan losses			$ 45,614
Loans Originated Prior to 2010 | Mezzanine Loans
Accounts Notes And Loans Receivable [Line Items]
Commercial real estate loans on non-accrual status			18,500
Unpaid Principal Balance			$ 18,500
[1]	Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) 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, (k) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale

Maturities of Investments in Co

Maturities of Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Financing Receivables [Line Items]
2,018	$ 418,393
2,019	381,351
2,020	329,982
2,021	33,932
2,022	36,790
Thereafter	73,059
Total	1,273,507
Commercial mortgage loans
Financing Receivables [Line Items]
2,018	412,620
2,019	378,351
2,020	313,224
2,021	33,932
2,022	36,790
Thereafter	19,818
Total	1,194,735
Mezzanine Loans
Financing Receivables [Line Items]
2,018	2,123
2,019	3,000
2,020	8,810
Thereafter	31,555
Total	45,488
Preferred Equity Interests
Financing Receivables [Line Items]
2,018	3,650
2,020	7,948
Thereafter	21,686
Total	$ 33,284

Investment in Loans by Credit R

Investment in Loans by Credit Risk Category (Detail) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 1,273,507
Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,194,735
Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	45,488
Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,284
Commercial Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,273,507	[1]	$ 1,294,874	[2]
Commercial Portfolio Segment | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,194,735		1,162,233	[3]
Commercial Portfolio Segment | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	45,488		89,811
Commercial Portfolio Segment | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,284		42,830
Commercial Portfolio Segment | Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,124,729		1,142,467
Commercial Portfolio Segment | Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	1,083,741		1,048,724
Commercial Portfolio Segment | Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	19,109		57,063
Commercial Portfolio Segment | Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	21,879		36,680
Commercial Portfolio Segment | Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	148,778	[4]	152,407	[5]
Commercial Portfolio Segment | Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	110,994	[4]	113,509	[5]
Commercial Portfolio Segment | Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	26,379	[4]	32,748	[5]
Commercial Portfolio Segment | Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 11,405	[4]	$ 6,150	[5]
[1]	Includes $106,136 of cash flow loans, of which $55,353 are commercial mortgage loans, $21,149 are mezzanine loans and $29,634 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (k) 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, (k) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Commercial mortgage loans include two conduit loans with unpaid principal balances and carrying amounts totaling $20,181, a weighted-average coupon of 4.8%, and maturity dates ranging from June 2025 through December 2025. These commercial mortgage loans are accounted for as loans held for sale
[4]	Includes $126,478 of loans that are considered to be impaired and $22,300 of loans that are not considered to be impaired.
[5]	Includes $152,407 of loans that are considered to be impaired.

Investment in Loans by Credit56

Investment in Loans by Credit Risk Category (Parenthetical) (Detail) - Watchlist - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 126,478	$ 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		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans On Real Estate [Line Items]
Beginning balance		$ 12,354	$ 17,097	$ 9,218
Provision (benefit) for loan losses		45,614	8,050	8,300
Charge-offs, net of recoveries		(43,085)	(13,812)	(421)
Other	[1]		1,019
Ending balance		14,883	12,354	17,097
Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance		10,640	3,154
Provision (benefit) for loan losses		18,193		3,154
Charge-offs, net of recoveries		(19,814)
Ending balance		9,019	10,640	3,154
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance			12,139	7,892
Provision (benefit) for loan losses		28,010	(227)	4,668
Charge-offs, net of recoveries		(22,388)	(11,912)	(421)
Ending balance		5,622		12,139
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance		1,714	1,804	1,326
Provision (benefit) for loan losses		(589)	1,810	478
Charge-offs, net of recoveries		(883)	(1,900)
Ending balance		242	1,714	1,804
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Beginning balance		$ 10,640	3,154
Provision (benefit) for loan losses			6,467
Other	[1]		1,019
Ending balance			$ 10,640	$ 3,154
[1]	Represents capitalization of past due interest on modified loans.

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Dec. 31, 2014
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery		$ 34,946		$ 32,748
Impaired loans with reserves		91,532		119,659
Total Impaired Loans		126,478	[1]	152,407	[2]
Allowance for loan losses		14,883		12,354		$ 17,097	$ 9,218
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery		14,321
Impaired loans with reserves		74,372
Total Impaired Loans	[1]	88,693
Allowance for loan losses		9,019		10,640		3,154
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery		12,869		32,748
Impaired loans with reserves		13,510
Total Impaired Loans		26,379	[1]	32,748	[2]
Allowance for loan losses		5,622				12,139	7,892
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery		7,756
Impaired loans with reserves		3,650		6,150
Total Impaired Loans		11,406	[1]	6,150	[2]
Allowance for loan losses		$ 242		1,714		1,804	$ 1,326
Commercial mortgages
Financing Receivable Impaired [Line Items]
Impaired loans with reserves				113,509
Total Impaired Loans	[2]			113,509
Allowance for loan losses				$ 10,640		$ 3,154
[1]	As of December 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status.
[2]	As of December 31, 2016, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

Loans Considered to be Impair59

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

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 274,672	$ 854,646	$ 1,145,630
Less: Accumulated depreciation and amortization	(28,768)	(138,214)	$ (158,688)
Investments in real estate, net	245,904	716,432
Multifamily real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	17,163	147,201
Office
Real Estate Properties [Line Items]
Investments in real estate, Book Value	130,125	397,769
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		93,423
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	106,817	164,019
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 20,567	$ 52,234

Summary of Investments in Rea61

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

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	$ 245,904	$ 716,432
Investments in real estate	$ 274,672	$ 854,646	$ 1,145,630
Number of real estate properties disposed | Property	5	16
Number of retail properties disposed | Property	2
Number of parcel land disposed | Property	3	1
Number of real estate properties parcels sold | Property	2
Number of real estate properties separate transactions | Property	2
Gain (losses) on deconsolidation of VIEs	$ 5,855
Carrying value of asset held for sale		$ 62,428
Impairment charges on real estate assets	96,625
Impairment charges on assets to be Disposed of		32,782	$ 8,179
Aggregated tenant improvements and straight line rent receivables		1,703
Recognized loss from unconsolidated entity		$ (864)
New Investment Approach
Real Estate Properties [Line Items]
Impairment charges on real estate assets	74,514
Loan Payable On Real Estate
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property		10
Carrying value of asset held for sale	82,046
Extinguishment related debt and accrued interest	$ 87,204
Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Number of real estate properties disposed | Property	3
English Aire Or Lafayette
Real Estate Properties [Line Items]
Deferred gain on sale of real estate property	$ 3,122
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	(5)
Prior Year Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on sale		$ 5
Disposed of by Sale
Real Estate Properties [Line Items]
Impairment charges on real estate assets	2,945
Additional impairment charges	3,458
Office
Real Estate Properties [Line Items]
Investments in real estate	$ 130,125	$ 397,769
Number of real estate properties disposed | Property	8	1
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate	$ 20,567	$ 52,234
Number of real estate properties disposed | Property	2
Gain (loss) on sale	$ 701
Disposal of real estate properties	12,125
Carrying value of asset held for sale		14,233
Industrial real estate properties
Real Estate Properties [Line Items]
Investments in real estate		93,423
Gain (losses) on deconsolidation of VIEs	$ 5,158
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]
Gain (losses) on deconsolidation of VIEs	$ 5,158
Number of industrial real estate properties deconsolidated | Property	10
Deconsolidation of properties, carrying value	$ 17,698	82,501
Carrying value of asset held for sale	82,046
Real Estate Portfolio And Industrial Properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Gain (losses) on deconsolidation of VIEs	$ 697
Number of industrial real estate properties deconsolidated | Property	2
Deconsolidation of properties, carrying value	$ 16,216	17,698
Carrying value of asset held for sale	17,625
Extinguishment related debt and accrued interest	$ 18,303
Number of real estate portfolio properties deconsolidation | Property	2
Number of mortgage liens properties | Property	4
Four Real Estate Properties
Real Estate Properties [Line Items]
Investments in real estate	$ 101,896
Impairment charges on real estate assets	50,274
One Office Property
Real Estate Properties [Line Items]
Investments in real estate	39,218
Impairment charges on real estate assets	17,447
One Real Estate Property
Real Estate Properties [Line Items]
Investments in real estate	30,863
Impairment charges on real estate assets	6,793
Eight Other Real Estate Properties
Real Estate Properties [Line Items]
Impairment charges on real estate assets	15,708
Ten Industrial Real Estate Properties
Real Estate Properties [Line Items]
Derecognized noncontrolling interest		2,436
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	274,672	854,646
Mortgages loans or other debt held by third parties	62,297	186,237
Mortgages loans held by consolidated securitizations	298,050	642,824
Land
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	73,003	169,133
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	$ 201,669	$ 685,513

Minimum Future Rentals under Ex

Minimum Future Rentals under Expiring Leases for Office and Retail Properties (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Operating Leased Assets [Line Items]
2,018	$ 1,992
2,019	1,490
2,020	1,332
2,021	1,094
2,022	1,103
2023 and thereafter	22,042
Total	29,053
Retail and Office Real Estate Properties
Operating Leased Assets [Line Items]
2,018	3,376
2,019	1,395
2,020	3,482
2,021	2,931
2,022	2,944
2023 and thereafter	11,624
Total	$ 25,752

Aggregate Estimated Fair Value

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

Consideration Transferred to Ac

Consideration Transferred to Acquire Real Estate Properties (Detail) - Series of Individually Immaterial Business Acquisitions $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets	$ 1,590
Total	$ 1,590

Schedule of Revenue and Net Inc

Schedule of Revenue and Net Income (Loss) Attributable to the Properties Acquired (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Total Revenue									$ 64,184	$ 112,836	$ 124,157
Net income (loss) allocable to common shares	$ (4,623)	$ (24,230)	$ (125,757)	$ (30,085)	$ 15,608	$ (4)	$ (7,580)	$ (17,844)	(184,695)	$ (9,820)	$ 7,158
Properties Acquired
Real Estate Properties [Line Items]
Total Revenue									1,190
Net income (loss) allocable to common shares									(305)
Properties Acquired | Erieview Galleria
Real Estate Properties [Line Items]
Total Revenue									1,190
Net income (loss) allocable to common shares									$ (305)

Consolidated Unaudited Pro Form

Consolidated Unaudited Pro Forma Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Business Combinations [Abstract]
Pro forma total revenue (unaudited)	$ 101,228	$ 174,990
Pro forma net income (loss) allocable to common shares (unaudited)	$ (185,121)	$ (10,146)
Basic-as pro forma (unaudited)	$ (2.02)	$ (0.11)
Diluted-as pro forma (unaudited)	$ (2.02)	$ (0.11)

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

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Real Estate Properties [Line Items]

Net income (loss) allocable to common shares

$ (4,623)

$ (24,230)

$ (125,757)

$ (30,085)

$ 15,608

$ (4)

$ (7,580)

$ (17,844)

$ (184,695)

$ (9,820)

$ 7,158

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

301,703

337,867

Gain (loss) on sale

20,322

53,277

Net income (loss) allocable to common shares

$ 4,000

$ 2,654

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

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

$ 250

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]

$ (118)

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Ventura

Real Estate Properties [Line Items]

Date of Sale

Mar. 30, 2016

Sale Price

$ 8,750

Gain (loss) on sale

115

Net income (loss) allocable to common shares

$ 45

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Desert Wind

Real Estate Properties [Line Items]

Date of Sale

[2]

May 18, 2016

Sale Price

[2]

$ 8,750

Gain (loss) on sale

[2]

(2,032)

Net income (loss) allocable to common shares

[2]

$ 52

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Las Vistas

Real Estate Properties [Line Items]

Date of Sale

[2]

May 18, 2016

Sale Price

[2]

$ 10,500

Gain (loss) on sale

[2]

(61)

Net income (loss) allocable to common shares

[2]

$ 122

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Penny Lane

Real Estate Properties [Line Items]

Date of Sale

[2]

May 18, 2016

Sale Price

[2]

$ 10,000

Gain (loss) on sale

[2]

3,248

Net income (loss) allocable to common shares

[2]

$ 121

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Sandal Ridge

Real Estate Properties [Line Items]

Date of Sale

[2]

May 18, 2016

Sale Price

[2]

$ 12,250

Gain (loss) on sale

[2]

3,482

Net income (loss) allocable to common shares

[2]

$ 162

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Silversmith

Real Estate Properties [Line Items]

Date of Sale

Jun. 3, 2016

Sale Price

$ 6,200

Gain (loss) on sale

1,227

Net income (loss) allocable to common shares

$ 95

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Coles Crossing

Real Estate Properties [Line Items]

Date of Sale

[3]

Sep. 20, 2016

Sale Price

[3]

$ 43,750

Gain (loss) on sale

[3]

(3,965)

Net income (loss) allocable to common shares

[3]

$ 90

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Eagle Ridge and Grand Terrace

Real Estate Properties [Line Items]

Date of Sale

Sep. 21, 2016

Sale Price

$ 44,650

Gain (loss) on sale

11,757

Net income (loss) allocable to common shares

$ 534

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Augusta

Real Estate Properties [Line Items]

Date of Sale

Sep. 28, 2016

Sale Price

$ 37,500

Gain (loss) on sale

10,431

Net income (loss) allocable to common shares

$ 871

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Ellington

Real Estate Properties [Line Items]

Date of Sale

Nov. 3, 2016

Sale Price

$ 36,200

Gain (loss) on sale

8,646

Net income (loss) allocable to common shares

$ 1,000

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Regency Meadows

Real Estate Properties [Line Items]

Date of Sale

Nov. 8, 2016

Sale Price

$ 7,200

Gain (loss) on sale

(68)

Net income (loss) allocable to common shares

$ (502)

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | River Park West

Real Estate Properties [Line Items]

Date of Sale

Nov. 17, 2016

Sale Price

$ 30,150

Gain (loss) on sale

1,886

Net income (loss) allocable to common shares

$ 279

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Ashford

Real Estate Properties [Line Items]

Date of Sale

Dec. 9, 2016

Sale Price

$ 24,050

Gain (loss) on sale

2,430

Net income (loss) allocable to common shares

$ 157

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Tierra Bella

Real Estate Properties [Line Items]

Date of Sale

Dec. 14, 2016

Sale Price

$ 12,468

Gain (loss) on sale

3,271

Net income (loss) allocable to common shares

$ 330

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily properties | Mandalay Bay

Real Estate Properties [Line Items]

Date of Sale

Dec. 21, 2016

Sale Price

$ 36,000

Gain (loss) on sale

13,296

Net income (loss) allocable to common shares

$ (698)

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]

$ 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

$ 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]

$ 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]

$ (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]

$ 430

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | McDowell Phase I/II

Real Estate Properties [Line Items]

Date of Sale

[1]

Oct. 16, 2017

Sale Price

[1]

$ 53,150

Gain (loss) on sale

[1]

206

Net income (loss) allocable to common shares

[1]

$ 1,612

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Four Resource Square

Real Estate Properties [Line Items]

Date of Sale

[1]

Dec. 29, 2017

Sale Price

[1]

$ 17,500

Gain (loss) on sale

[1]

78

Net income (loss) allocable to common shares

[1]

$ (573)

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Reuss Federal Plaza

Real Estate Properties [Line Items]

Date of Sale

[1]

Dec. 29, 2017

Sale Price

[1]

$ 19,500

Gain (loss) on sale

[1]

47

Net income (loss) allocable to common shares

[1]

995

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Mineral Or Lincoln

Real Estate Properties [Line Items]

Date of Sale

Mar. 25, 2016

Sale Price

$ 7,949

Gain (loss) on sale

$ (374)

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

[4]

22,478

Gain (loss) on sale

[4]

1,647

Net income (loss) allocable to common shares

[4]

$ 896

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Retail real estate properties | May's Crossing

Real Estate Properties [Line Items]

Date of Sale

Nov. 16, 2017

Sale Price

$ 8,150

Gain (loss) on sale

298

Net income (loss) allocable to common shares

$ 242

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 | Land | Treasure Island/Sunny Shores

Real Estate Properties [Line Items]

Date of Sale

Oct. 4, 2017

Sale Price

$ 12,125

Net income (loss) allocable to common shares

$ (81)

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Land | Saxony

Real Estate Properties [Line Items]

Date of Sale

Apr. 6, 2016

Sale Price

$ 1,500

Gain (loss) on sale

(12)

Net income (loss) allocable to common shares

$ (4)

Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | South Plaza Property One | 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 | South Plaza

Real Estate Properties [Line Items]

Date of Sale

[1]

Sep. 29, 2017

[1]

These properties were previously impaired.

[2]

These properties were disposed of as a group of assets in a portfolio sale on May 18, 2016.

[3]

(2) The loss on sale related to this property primarily results from a defeasance premium of $1,318 and the writeoff of the noncontrolling interest of $2,518.

[4]

Includes gain on sale in May and September 2017 of $1,481 and $166, respectively.

Summary of Disposition and Ea69

Summary of Disposition and Each Property's Contribution (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 29, 2017	May 24, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate Properties [Line Items]
Write off of non controlling interest				$ 663
Coles Crossing
Real Estate Properties [Line Items]
Defeasance premium			$ 1,318
Write off of non controlling interest			$ 2,518
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		Jun. 23, 2017	Dec. 31, 2017		Dec. 31, 2016
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 1,419,653		$ 1,787,974
Unamortized Discount/Premium and Deferred Financing Costs			(29,465)		(36,892)
Indebtedness			$ 1,390,188		$ 1,751,082
Weighted-Average Interest Rate			3.70%		3.50%
Contractual Maturity, month and year		2037-06
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 313,700		$ 387,179
Unamortized Discount/Premium and Deferred Financing Costs			(17,699)		(21,258)
Indebtedness			$ 296,001		$ 365,921
Weighted-Average Interest Rate			5.50%		5.50%
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 1,065,123		$ 1,376,474
Unamortized Discount/Premium and Deferred Financing Costs			(11,891)		(15,228)
Indebtedness			$ 1,053,232		$ 1,361,246
Weighted-Average Interest Rate			3.20%		2.90%
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 871	[1]	$ 871	[2]
Unamortized Discount/Premium and Deferred Financing Costs			(38)	[1]	(40)	[2]
Indebtedness			$ 833	[1]	$ 831	[2]
Weighted-Average Interest Rate			7.00%	[1]	7.00%	[2]
Contractual Maturity, month and year			2031-04	[1]	2031-04	[2]
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[3]		$ 110,513		$ 126,098
Unamortized Discount/Premium and Deferred Financing Costs	[3]		(3,713)		(5,827)
Indebtedness	[3]		$ 106,800		$ 120,271
Weighted-Average Interest Rate	[3]		4.00%		4.00%
Contractual Maturity, month and year	[3]		2033-10		2033-10
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 56,324		$ 57,287
Unamortized Discount/Premium and Deferred Financing Costs			(1,457)		(1,719)
Indebtedness			$ 54,867		$ 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			$ 68,408		$ 70,731
Unamortized Discount/Premium and Deferred Financing Costs			(934)		(1,543)
Indebtedness			$ 67,474		$ 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			$ 11,500		$ 62,000
Unamortized Discount/Premium and Deferred Financing Costs			(437)		(3,767)
Indebtedness			$ 11,063		$ 58,233
Weighted-Average Interest Rate			7.30%		7.00%
Contractual Maturity, month and year			2019-04
Senior Secured Notes | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year					2017-04
Senior Secured Notes | Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year					2019-04
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[4]		$ 18,671		$ 18,671
Unamortized Discount/Premium and Deferred Financing Costs	[4]		(10,550)		(6,849)
Indebtedness	[4]		$ 8,121		$ 11,822
Weighted-Average Interest Rate	[4]		5.30%		4.80%
Contractual Maturity, month and year	[4]		2035-03		2035-03
Junior subordinated notes, at amortized cost | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 25,100		$ 25,100
Indebtedness			$ 25,100		$ 25,100
Weighted-Average Interest Rate			3.90%		3.40%
Contractual Maturity, month and year			2037-04		2037-04
Secured warehouse facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 22,313		$ 26,421
Unamortized Discount/Premium and Deferred Financing Costs			(570)		(1,513)
Indebtedness			$ 21,743		$ 24,908
Weighted-Average Interest Rate			3.50%		3.10%
Secured warehouse facilities | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year			2018-01		2017-11
Secured warehouse facilities | Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year			2018-07		2018-07
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[6]		$ 258,063	[5]	$ 542,316	[7]
Unamortized Discount/Premium and Deferred Financing Costs	[6]		(3,339)	[5]	(7,815)	[7]
Indebtedness	[6]		$ 254,724	[5]	$ 534,501	[7]
Weighted-Average Interest Rate	[6]		2.20%	[5]	1.70%	[7]
CDO notes payable, at amortized cost | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]		2045-06	[5]	2045-06	[7]
CDO notes payable, at amortized cost | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]		2046-11	[5]	2046-11	[7]
Loan Payable On Real Estate | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 62,297		$ 186,237	[8]
Unamortized Discount/Premium and Deferred Financing Costs			(375)		(569)	[8]
Indebtedness			$ 61,922		$ 185,668	[8]
Weighted-Average Interest Rate			5.20%		5.70%	[8]
Loan Payable On Real Estate | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year			2021-05		2016-06	[8]
Loan Payable On Real Estate | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year			2021-12		2021-12	[8]
Other indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 40,830	[9]	$ 24,321	[10]
Unamortized Discount/Premium and Deferred Financing Costs			125	[9]	(406)	[10]
Indebtedness			40,955	[9]	23,915	[10]
CMBS securitizations | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[12]		744,763	[11]	647,921	[13]
Unamortized Discount/Premium and Deferred Financing Costs	[12]		(8,177)	[11]	(6,844)	[13]
Indebtedness	[12]		$ 736,586	[11]	$ 641,077	[13]
Weighted-Average Interest Rate	[12]		3.40%	[11]	3.10%	[13]
CMBS securitizations | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[12]		2031-01	[11]	2031-01	[13]
CMBS securitizations | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[12]		2037-12	[11]	2031-12	[13]
[1]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[2]	Our 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[3]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[4]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[5]	Collateralized by $507,306 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $274,629 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[6]	Excludes CDO notes payable purchased by us which are eliminated in consolidation
[7]	Collateralized by $950,554 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $535,041 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[8]	One loan payable on real estate had a maturity date of June 2016. This loan is currently in default and is in the process of foreclosure.
[9]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[10]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture
[11]	Collateralized by $944,894 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[12]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation
[13]	Collateralized by $789,421 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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 and71

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) $ in Thousands		12 Months Ended
		Dec. 31, 2017USD ($)Venture		Dec. 31, 2016USD ($)		Dec. 31, 2015	Mar. 21, 2011
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 1,419,653		$ 1,787,974
Number of joint venture | Venture		2
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 313,700		387,179
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		1,065,123		1,376,474
Non Recourse Indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral		944,894		789,421
Unpaid Principal Balance	[2]	744,763	[1]	647,921	[3]
Non Recourse Indebtedness | Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral		$ 274,629		$ 535,041
7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%		7.00%
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		7.00%		7.00%			7.00%
Unpaid Principal Balance		$ 871	[4]	$ 871	[5]
4.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		4.00%		4.00%
Unpaid Principal Balance	[6]	$ 110,513		$ 126,098
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Underlying collateral		507,306		950,554
Unpaid Principal Balance	[8]	$ 258,063	[7]	$ 542,316	[9]
Other indebtedness
Debt Instrument [Line Items]
Percentage of interest issued to unaffiliated third party		40.00%		40.00%
Proceeds from issuance of joint venture interests accounted for as indebtedness		$ 41,689		$ 24,796
Unpaid Principal Balance		$ 40,830	[10]	$ 24,321	[11]
Interest owned in joint venture		60.00%		60.00%
[1]	Collateralized by $944,894 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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 in commercial mortgage loans. 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 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[6]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[7]	Collateralized by $507,306 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $274,629 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[8]	Excludes CDO notes payable purchased by us which are eliminated in consolidation
[9]	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.
[10]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[11]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture

Indebtedness - Additional Infor

Indebtedness - Additional Information (Detail)

Jan. 19, 2018

Dec. 18, 2017

Nov. 29, 2017USD ($)

Jun. 23, 2017USD ($)

Nov. 30, 2016USD ($)

Dec. 23, 2015USD ($)

May 22, 2015USD ($)

Dec. 23, 2014USD ($)

Oct. 29, 2014USD ($)

Jul. 28, 2014USD ($)

Apr. 17, 2014USD ($)

Apr. 14, 2014USD ($)

Jan. 27, 2014USD ($)

Dec. 10, 2013USD ($)

Nov. 23, 2011USD ($)

Oct. 27, 2011

Mar. 21, 2011USD ($)

Oct. 25, 2010USD ($)

Oct. 16, 2008USD ($)

Feb. 12, 2007USD ($)

Mar. 16, 2018USD ($)

Aug. 31, 2014USD ($)

Jan. 31, 2014USD ($)

Dec. 31, 2017USD ($)Property$ / shares$ / Transaction

Dec. 31, 2016USD ($)Property

Dec. 31, 2015USD ($)

Jun. 27, 2017USD ($)

Jan. 31, 2017USD ($)

Nov. 16, 2016USD ($)

Jul. 28, 2016USD ($)

Apr. 30, 2016USD ($)

Feb. 29, 2016USD ($)

Oct. 05, 2011USD ($)

Debt Instrument [Line Items]

Contractual Maturity, month and year

2037-06

Indebtedness

$ 1,390,188,000

$ 1,751,082,000

Repay of indebtness

1,295,000

259,523,000

$ 274,765,000

Gains (losses) on extinguishments of debt

488,000

1,331,000

Unpaid Principal Balance

$ 1,419,653,000

$ 1,787,974,000

Number of real estate properties disposed | Property

5

16

Non-cash gain (loss) on deconsolidation of properties

$ 5,855,000

Carrying value of asset held for sale

$ 62,428,000

Industrial real estate properties

Debt Instrument [Line Items]

Non-cash gain (loss) on deconsolidation of properties

$ 5,158,000

Number of industrial real estate properties deconsolidated | Property

10

Deconsolidation of properties, carrying value

$ 82,501,000

R A I T F L Four

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-12

R A I T F L Five

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-01

Interest in joint venture

60.00%

Proceeds from contribution of junior notes

$ 24,796,000

Outstanding principal balance of classes of investment grade senior notes

$ 133,895,000

$ 23,019,000

R A I T F L Six

Debt Instrument [Line Items]

Interest in joint venture

60.00%

Proceeds from contribution of junior notes

$ 16,893,000

Contractual Maturity, month and year

2,031

RAIT FL Eight

Debt Instrument [Line Items]

Contractual Maturity, month and year

2037-12

Equity Securities | R A I T F L Two

Debt Instrument [Line Items]

Real estate investment

$ 40,191,000

Equity Securities | R A I T F L Four

Debt Instrument [Line Items]

Owned unrated classes of junior notes

$ 41,819,000

Equity Securities | R A I T F L Five

Debt Instrument [Line Items]

Real estate investment

$ 23,019,000

Junior Notes

Debt Instrument [Line Items]

Owned unrated classes of junior notes

$ 38,117,000

Junior Notes | R A I T F L Five

Debt Instrument [Line Items]

Owned unrated classes of junior notes

$ 60,803,000

Junior Notes | R A I T F L Six

Debt Instrument [Line Items]

Real estate investment

$ 41,272,000

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.65%

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.84%

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

3.71%

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.49%

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.44%

London Interest Bank Offer Rate | RAIT FL Eight

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.30%

CMBS securitizations | R A I T F L Two

Debt Instrument [Line Items]

Real estate investment

$ 196,052,000

CMBS securitizations | R A I T F L Four

Debt Instrument [Line Items]

Real estate investment

$ 223,034,000

CMBS securitizations | R A I T F L Five

Debt Instrument [Line Items]

Real estate investment

$ 347,446,000

194,698,000

CMBS securitizations | R A I T F L Six

Debt Instrument [Line Items]

Real estate investment

$ 257,949,000

161,520,000

CMBS securitizations | R A I T F L Seven

Debt Instrument [Line Items]

Real estate investment

$ 342,373,000

342,346,000

CMBS securitizations | RAIT FL Eight

Debt Instrument [Line Items]

Real estate investment

$ 259,776,000

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

Debt Instrument [Line Items]

Floating rate commercial mortgage loans and participation interests

$ 219,378,000

Second Capped Call Option

Debt Instrument [Line Items]

Capped call transaction amount

$ 8,838,000

Cap price of capped call transaction | $ / Transaction

11.91

Initial strike price of capped call transaction | $ / shares

$ 9.57

Second Capped Call Option | Minimum

Debt Instrument [Line Items]

Capped call expiration date

2018-06

Second Capped Call Option | Maximum

Debt Instrument [Line Items]

Capped call expiration date

2018-10

7.0% convertible senior notes

Debt Instrument [Line Items]

Stated interest rate

7.00%

7.00%

7.00%

4.0% convertible senior notes | Overallotment Option

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 16,750,000

Proceeds from issuance of convertible senior notes

16,300,000

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

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

141,750,000

Proceeds from issuance of convertible senior notes

$ 137,238,000

Senior Notes

Debt Instrument [Line Items]

Contractual Maturity, month and year

2031-12

Real estate investment

$ 181,261,000

Advance rate

82.60%

Redemption date

2016-10

Senior Notes | London Interest Bank Offer Rate

Debt Instrument [Line Items]

Interest rate on excess of reference rate

1.86%

Loan Payable On Real Estate

Debt Instrument [Line Items]

Line of credit facility, repayments

$ 90,209,000

Number of real estate properties disposed | Property

10

Carrying value of asset held for sale

$ 82,046,000

Loan Payable On Real Estate | Cherry Hill Mews

Debt Instrument [Line Items]

Indebtedness

$ 7,200,000

Refinanced mortgage indebtedness

8,162,000

Loan Payable On Real Estate | Collateralized Properties

Debt Instrument [Line Items]

Line of credit facility, repayments

$ 8,314,000

Number of real estate properties collateralized | Property

4

Recourse Indebtedness

Debt Instrument [Line Items]

Indebtedness

296,001,000

$ 365,921,000

Unpaid Principal Balance

$ 313,700,000

$ 387,179,000

Recourse Indebtedness | Floating Rate Loans

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 100,000,000

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

Debt Instrument [Line Items]

Maturity date

Jan. 22, 2018

Line of credit facility, borrowing capacity

$ 75,000,000

Indebtedness

$ 0

Debt instrument, financial covenant compliance

compliance with all financial covenants

Loan maturity

2 years

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

Debt Instrument [Line Items]

Maturity date

Jun. 18, 2018

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

Debt Instrument [Line Items]

Maturity date

Jun. 18, 2018

Dec. 19, 2017

Line of credit facility, borrowing capacity

$ 150,000,000

$ 250,000,000

Indebtedness

$ 22,313,000

Debt instrument, financial covenant compliance

As of December 31, 2017, we were in compliance with all financial covenants contained in the $250,000 commercial mortgage facility

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

Debt Instrument [Line Items]

Real estate investment

$ 44,050,000

Gross proceeds from sale of loans

43,720,000

Repay of indebtness

$ 22,313,000

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.00%

Recourse Indebtedness | CMBS securitizations | London Interest Bank Offer Rate | One Hundred Fifty Thousand CMF [Member]

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.00%

Recourse Indebtedness | 7.0% convertible senior notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 115,000,000

Stated interest rate

7.00%

7.00%

7.00%

Net proceeds from notes issued

$ 109,000,000

Maturity date

Apr. 1, 2031

Convertible note conversion rate

206.0859

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 4.85

Discount on convertible senior notes

$ 8,228,000

Principal amount repurchase convertible senior notes

$ 29,177,000

Consideration from repurchase convertible senior notes

$ 29,177,000

Contractual Maturity, month and year

2031-04

[1]

2031-04

[2]

Indebtedness

$ 833,000

[1]

$ 831,000

[2]

Unpaid Principal Balance

$ 871,000

[1]

$ 871,000

[2]

Recourse Indebtedness | 4.0% convertible senior notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 125,000,000

Stated interest rate

4.00%

4.00%

Net proceeds from notes issued

$ 121,250,000

Convertible note conversion rate

108.5803

Principal amount of convertible note, conversion rate

$ 1,000

Initial conversion price | $ / shares

$ 9.21

Discount on convertible senior notes

$ 8,817,000

Principal amount repurchase convertible senior notes

$ 15,585,000

$ 15,652,000

Contractual Maturity, month and year

[3]

2033-10

2033-10

Consideration from repurchase convertible senior notes

$ 14,468,000

$ 14,075,000

Indebtedness

[3]

106,800,000

120,271,000

Unpaid Principal Balance

[3]

110,513,000

126,098,000

Recourse Indebtedness | 7.625% senior notes due 2024

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 60,000,000

Stated interest rate

7.625%

Net proceeds from notes issued

$ 57,500,000

Maturity date

Apr. 15, 2024

Principal amount repurchase convertible senior notes

$ 963,000

$ 2,713,000

Contractual Maturity, month and year

2024-04

2024-04

Consideration from repurchase convertible senior notes

$ 766,000

$ 2,172,000

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Apr. 15, 2017

Convenant leverage ratio

74.10%

Convenant fixed charge coverage ratio

141.00%

Indebtedness

$ 54,867,000

55,568,000

Unpaid Principal Balance

$ 56,324,000

57,287,000

Recourse Indebtedness | 7.625% senior notes due 2024 | Minimum

Debt Instrument [Line Items]

Convenant fixed charge coverage ratio

120.00%

Recourse Indebtedness | 7.625% senior notes due 2024 | Maximum

Debt Instrument [Line Items]

Convenant leverage ratio

80.00%

Recourse Indebtedness | 7.125% Senior Notes due 2019

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 71,905,000

Stated interest rate

7.125%

Net proceeds from notes issued

$ 69,209,000

Maturity date

Aug. 30, 2019

Principal amount repurchase convertible senior notes

$ 2,323,000

$ 1,174,000

Contractual Maturity, month and year

2019-08

2019-08

Consideration from repurchase convertible senior notes

$ 2,023,000

$ 1,081,000

Redemption price percentage

100.00%

Repurchase price percentage

101.00%

Redemption period, Start date

Aug. 30, 2017

Convenant leverage ratio

74.10%

Convenant fixed charge coverage ratio

141.00%

Indebtedness

$ 67,474,000

69,188,000

Unpaid Principal Balance

$ 68,408,000

70,731,000

Recourse Indebtedness | 7.125% Senior Notes due 2019 | Minimum

Debt Instrument [Line Items]

Convenant fixed charge coverage ratio

120.00%

Recourse Indebtedness | 7.125% Senior Notes due 2019 | Maximum

Debt Instrument [Line Items]

Convenant leverage ratio

80.00%

Recourse Indebtedness | Senior Secured Notes

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 100,000,000

Stated interest rate

7.00%

Contractual Maturity, month and year

2019-04

Payment of notes

$ 7,500,000

8,000,000

Indebtedness

11,063,000

58,233,000

Unpaid Principal Balance

11,500,000

$ 62,000,000

Recourse Indebtedness | Senior Secured Notes | Each

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 25,000,000

Recourse Indebtedness | Senior Secured Notes | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2017-04

Recourse Indebtedness | Senior Secured Notes | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2019-04

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

$ 12,500,000

Recourse Indebtedness | Junior subordinated notes, at fair value

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 18,671,000

$ 38,052,000

Net proceeds from notes issued

15,459,000

Recourse Indebtedness | 6.875% convertible senior notes

Debt Instrument [Line Items]

Stated interest rate

6.875%

Underlying collateral

$ 5,000,000

Recourse Indebtedness | New Junior Subordinated Notes

Debt Instrument [Line Items]

Stated interest rate

0.50%

Maturity date

Mar. 30, 2035

Interest rate on excess of reference rate

400.00%

Floating rate

7.00%

Fair value of indebtedness

$ 8,121,000

Recourse Indebtedness | Junior subordinated notes, at amortized cost

Debt Instrument [Line Items]

Stated interest rate

7.69%

Net proceeds from notes issued

$ 25,100,000

Contractual Maturity, month and year

2037-04

2037-04

Interest rate on excess of reference rate

2.50%

Proceeds from trust preferred securities to investors

$ 25,000,000

Issued common securities

$ 100,000

Indebtedness

$ 25,100,000

$ 25,100,000

Unpaid Principal Balance

25,100,000

$ 25,100,000

Recourse Indebtedness | Two Year CMBS Facilities

Debt Instrument [Line Items]

Line of credit facility period

2 years

Percentage for purchase price of asset to market value

75.00%

Indebtedness

$ 0

Debt instrument, financial covenant compliance

were in compliance with all financial covenants contained in the Amended MRA.

Recourse Indebtedness | Amended Master Repurchase Agreement

Debt Instrument [Line Items]

Maturity date

Jul. 28, 2018

Line of credit facility, borrowing capacity

$ 200,000,000

Recourse Indebtedness | Amended Master Repurchase Agreement | Two Year CMBS Facilities

Debt Instrument [Line Items]

Line of credit facility, borrowing capacity

$ 150,000,000

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

Debt Instrument [Line Items]

Interest rate on excess of reference rate

2.50%

Recourse Indebtedness | One Year CMBS Facilities

Debt Instrument [Line Items]

Maturity date

Nov. 16, 2017

Interest rate on excess of reference rate

2.50%

Line of credit facility period

1 year

Percentage for purchase price of asset to market value

75.00%

Line of credit facility, borrowing capacity

$ 150,000,000

$ 25,000,000

$ 100,000,000

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

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 18,671,000

Stated interest rate

8.65%

Maturity date

Mar. 30, 2035

Interest rate on excess of reference rate

400.00%

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

Debt Instrument [Line Items]

Aggregate principal amount of notes issued

$ 19,381,000

Stated interest rate

9.64%

Non Recourse Indebtedness

Debt Instrument [Line Items]

Indebtedness

$ 1,053,232,000

$ 1,361,246,000

Unpaid Principal Balance

1,065,123,000

1,376,474,000

Non Recourse Indebtedness | CMBS securitizations

Debt Instrument [Line Items]

Underlying collateral

944,894,000

789,421,000

Indebtedness

[5]

736,586,000

[4]

641,077,000

[6]

Unpaid Principal Balance

[5]

$ 744,763,000

[4]

$ 647,921,000

[6]

Non Recourse Indebtedness | Minimum | CMBS securitizations

Debt Instrument [Line Items]

Contractual Maturity, month and year

[5]

2031-01

[4]

2031-01

[6]

Non Recourse Indebtedness | Maximum | CMBS securitizations

Debt Instrument [Line Items]

Contractual Maturity, month and year

[5]

2037-12

[4]

2031-12

[6]

Non Recourse Indebtedness | CDO notes payable, at amortized cost

Debt Instrument [Line Items]

Principal amount repurchase convertible senior notes

$ 5,880,000

Consideration from repurchase convertible senior notes

4,988,000

Underlying collateral

$ 507,306,000

950,554,000

Indebtedness

[8]

254,724,000

[7]

534,501,000

[9]

Gains (losses) on extinguishments of debt

682,000

Unpaid Principal Balance

[8]

$ 258,063,000

[7]

$ 542,316,000

[9]

Non Recourse Indebtedness | CDO notes payable, at amortized cost | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[8]

2045-06

[7]

2045-06

[9]

Non Recourse Indebtedness | CDO notes payable, at amortized cost | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

[8]

2046-11

[7]

2046-11

[9]

Non Recourse Indebtedness | Loan Payable On Real Estate

Debt Instrument [Line Items]

Indebtedness

$ 61,922,000

$ 185,668,000

[10]

Gains (losses) on extinguishments of debt

3,813,000

Unpaid Principal Balance

62,297,000

186,237,000

[10]

Line of credit facility, repayments

$ 22,981,000

Number of real estate properties disposed | Property

3

Number of real estate properties disposed less than indebtedness | Property

2

Non Recourse Indebtedness | Loan Payable On Real Estate | First Mortgage | Mortgage Loan One

Debt Instrument [Line Items]

Unpaid Principal Balance

17,987,000

Non Recourse Indebtedness | Loan Payable On Real Estate | Industrial real estate properties

Debt Instrument [Line Items]

Unpaid Principal Balance

81,941,000

Non-cash gain (loss) on deconsolidation of properties

$ 5,158,000

Number of industrial real estate properties deconsolidated | Property

10

Deconsolidation of properties, carrying value

$ 17,698,000

82,501,000

Carrying value of asset held for sale

82,046,000

Extinguishment of debt

87,204,000

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

$ 697,000

Number of industrial real estate properties deconsolidated | Property

2

Deconsolidation of properties, carrying value

$ 16,216,000

$ 17,698,000

Carrying value of asset held for sale

17,625,000

Extinguishment of debt

$ 18,303,000

Number of real estate portfolio properties deconsolidation | Property

2

Number of mortgage liens properties | Property

4

Non Recourse Indebtedness | Loan Payable On Real Estate | Minimum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2021-05

2016-06

[10]

Non Recourse Indebtedness | Loan Payable On Real Estate | Maximum

Debt Instrument [Line Items]

Contractual Maturity, month and year

2021-12

2021-12

[10]

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

Debt Instrument [Line Items]

Real estate investment

$ 155,861,000

Advance rate

79.50%

Maturity date of investment

2031-05

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

Debt Instrument [Line Items]

Real estate investment

$ 181,215,000

Advance rate

81.20%

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

Debt Instrument [Line Items]

Real estate investment

$ 263,624,000

Advance rate

75.80%

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

Debt Instrument [Line Items]

Real estate investment

$ 216,677,000

Advance rate

84.00%

Outstanding principal balance of classes of investment grade senior notes

$ 120,248,000

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

Debt Instrument [Line Items]

Real estate investment

276,894,000

Advance rate

80.90%

Outstanding principal balance of classes of investment grade senior notes

$ 276,867,000

Investment Grade Senior Notes | RAIT FL Eight

Debt Instrument [Line Items]

Real estate investment

215,614,000

Advance rate

83.00%

Outstanding principal balance of classes of investment grade senior notes

$ 257,915,000

Investment Grade Senior Notes | Upon Occurrence Of Certain Events | R A I T F L Two

Debt Instrument [Line Items]

Maturity date of investment

2016-04

Investment Grade Senior Notes | CMBS securitizations | RAIT FL Eight

Debt Instrument [Line Items]

Real estate investment

213,753,000

Investment Grade Junior Notes | R A I T F L Seven

Debt Instrument [Line Items]

Real estate investment

$ 65,479,000

Investment Grade Junior Notes | RAIT FL Eight

Debt Instrument [Line Items]

Real estate investment

$ 44,162,000

Investment Grade Junior Notes | CMBS securitizations | RAIT FL Eight

Debt Instrument [Line Items]

Real estate investment

44,162,000

Investment Grade Junior Notes | Maximum | R A I T F L Seven

Debt Instrument [Line Items]

Real estate investment

$ 65,479,000

[1]

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

[2]

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

[3]

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

[4]

Collateralized by $944,894 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. 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 CMBS securitization notes purchased by us which are eliminated in consolidation

[6]

Collateralized by $789,421 principal amount of commercial mortgage loans and participation interests in commercial mortgage loans. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[7]

Collateralized by $507,306 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $274,629 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.

[8]

Excludes CDO notes payable purchased by us which are eliminated in consolidation

[9]

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.

[10]

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	Dec. 31, 2017	Dec. 31, 2016
Extinguishment Of Debt [Line Items]
Total	$ 1,419,653	$ 1,787,974
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,018	22,313
2,019	79,908
Thereafter	211,479
Total	313,700	387,179
Non Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,018	1,315
2,019	1,388
2,020	1,455
2,021	58,139
Thereafter	1,002,826
Total	$ 1,065,123	$ 1,376,474

Aggregate Contractual Maturit74

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016		Dec. 31, 2015	Mar. 21, 2011
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance		$ 1,419,653		$ 1,787,974
7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Convertible senior notes interest rate		7.00%		7.00%		7.00%
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance		$ 313,700		$ 387,179
Recourse Indebtedness | 7.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance		$ 871	[1]	$ 871	[2]
Convertible senior notes interest rate		7.00%		7.00%			7.00%
Recourse Indebtedness | 4.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance	[3]	$ 110,513		$ 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 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026.
[3]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Notional amount	$ 12,650,000	$ 44,135,000
Fair Value of Assets	11,000	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	$ 11,000	$ 71,000

Derivative Financial Instrume76

Derivative Financial Instruments - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Realized losses	$ 0	$ 4,824,000	$ 16,382,000
Unrealized gains	$ 0	$ 0	$ 0

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets
Derivative assets	$ 11
Liabilities
Junior subordinated notes	8,121	$ 11,822
Warrants and investor SARs		30,400
Carrying Amount
Assets
Total investment in mortgages and loans, net	1,255,723	1,280,285
Cash and cash equivalents	53,380	110,531
Restricted cash	157,914	190,179
Derivative assets	11	206
Carrying Amount | Warrants and investor SARs
Liabilities
Warrants and investor SARs		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	106,800	120,271
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	54,867	55,568
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	67,474	69,188
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	11,063	58,233
Carrying Amount | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	25,100	25,100
Carrying Amount | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	254,724	534,501
Carrying Amount | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	61,922	185,668
Carrying Amount | Other indebtedness
Liabilities
Indebtedness	40,955	23,915
Carrying Amount | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	736,586	641,077
Estimated Fair Value
Assets
Total investment in mortgages and loans, net	1,252,780	1,256,342
Cash and cash equivalents	53,380	110,531
Restricted cash	157,914	190,179
Derivative assets	11	206
Estimated Fair Value | Warrants and investor SARs
Liabilities
Warrants and investor SARs		30,400
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	533	890
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	103,457	116,861
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	43,009	53,231
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	61,567	69,118
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness	11,197	62,620
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	8,849	13,099
Estimated Fair Value | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	196,212	477,032
Estimated Fair Value | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	64,377	188,525
Estimated Fair Value | Other indebtedness
Liabilities
Indebtedness	40,830	24,321
Estimated Fair Value | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	744,359	646,642
Junior subordinated notes, at fair value | Carrying Amount | Recourse Indebtedness
Liabilities
Junior subordinated notes	8,121	11,822
Junior subordinated notes, at fair value | Estimated Fair Value | Recourse Indebtedness
Liabilities
Junior subordinated notes	8,121	11,822
Secured warehouse facilities | Carrying Amount | Recourse Indebtedness
Liabilities
Indebtedness	21,743	24,908
Secured warehouse facilities | Estimated Fair Value | Recourse Indebtedness
Liabilities
Indebtedness	$ 22,313	$ 26,421

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Dec. 31, 2017		Dec. 31, 2016
Assets:
Derivative assets		$ 11
Total assets		11		$ 206
Fair Value of Assets		11		206
Liabilities:
Junior subordinated notes, at fair value		8,121		11,822
Warrants and investor SARs				30,400
Total liabilities		8,121		42,222
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[1]	11
Total assets		11	[1]	206	[2]
Fair Value of Assets	[2]			206
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		8,121	[1]	11,822	[2]
Warrants and investor SARs	[2]			30,400
Total liabilities		$ 8,121	[1]	$ 42,222	[2]
[1]	During the year ended December 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.

Information of Assets and Lia79

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair value, assets, Level 1 to Level 2 transfers, amount	$ 0	$ 0
Fair value, liabilities, Level 1 to Level 2 transfers, amount	0	0
Fair value, assets and liabilities, Level 3 into and out transfers, amount	$ 0	$ 0

Fair Value of Financial Instr80

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)LoanProperty		Dec. 31, 2016USD ($)Property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 11		$ 206
Number of Loans | Loan	123
Non-Recurring Fair Value Measurements | Commercial Real Estate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	$ 119,220
Number of Loans | Loan	10
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%
Number real estate asset | Property	1
Assets Fair Value Disclosure	$ 32,948
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	18.01%		11.50%
Significant Unobservable Inputs (Level 3) | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	18.21%		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	$ 11	[1]	$ 206	[2]
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements | Purchase and Sale Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number real estate asset | Property			3
Assets Fair Value Disclosure			$ 28,250
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]
Number real estate asset | Property			3
Assets Fair Value Disclosure			$ 65,100
[1]	During the year ended December 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 42,222	$ 36,704
Change in fair value of financial instruments	(13,601)	5,518
Ending Balance	28,621	42,222
Warrants and investor SARs
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	30,400	26,200
Change in fair value of financial instruments	(9,900)	4,200
Settlement of liability	(20,500)
Ending Balance		30,400
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	11,822	10,504
Change in fair value of financial instruments	(3,701)	1,318
Ending Balance	$ 8,121	$ 11,822

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	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,255,724		$ 1,280,285
Indebtedness	1,390,188		1,751,082
Junior subordinated notes	8,121		11,822
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 8,121	[1]	$ 11,822	[2]
Valuation Technique	Discounted cash flows		Discounted cash flows
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	$ 40,955	[3]	$ 23,915	[4]
Other indebtedness | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Valuation Technique	Discounted cash flows		Discounted cash flows
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net	$ 1,255,723		$ 1,280,285
Total investment in mortgages and loans, net fair value	1,255,723		1,280,285
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	736,586		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	106,800		120,271
Carrying Amount | 7.625% senior notes due 2024
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	54,867		55,568
Carrying Amount | 7.125% Senior Notes due 2019
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	67,474		69,188
Carrying Amount | Senior Secured Notes
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	11,063		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	254,724		534,501
Carrying Amount | Loan Payable On Real Estate
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	61,922		185,668
Carrying Amount | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	40,955		23,915
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgages and loans, net fair value	1,252,780		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	1,252,780		1,256,342
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	744,359		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	533		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	103,457		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	43,009		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	61,567		69,118
Estimated Fair Value | Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Estimated Fair Value	11,197		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	8,849		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	196,212		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	64,377		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 year ended December 31, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[2]	During the year ended December 31, 2016, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.
[3]	Represents two 40% interests issued to an unaffiliated third party in two ventures to which we contributed the junior notes and equity of two floating rate securitizations. Together these ventures are referred to as the RAIT Venture VIEs. The first of these ventures, the 2016 RAIT Venture VIE, was formed in 2016. The second, the 2017 RAIT Venture VIE, was formed in 2017. We retained a 60% interest in these ventures, and, as a result of our controlling financial interest, we consolidated the ventures. We received approximately $41,689 of proceeds as a result of issuing these 40% interests, which have an unpaid principal balance of $40,830. These 40% interests have no stated maturity date and do not provide for mandatory redemption or any required return or interest payment. These interests of the ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[4]	Represents a 40% interest issued to an unaffiliated third party in a venture to which we contributed the junior notes and equity of a floating rate securitization. This venture is referred to as the 2016 RAIT Venture VIE. We retained a 60% interest in this venture, and, as a result of our controlling financial interest, we consolidated the venture. We received approximately $24,796 of proceeds as a result of issuing this 40% interest, which has an unpaid principal balance of $24,321. This 40% interest has no stated maturity date and does not provide for its mandatory redemption or any required return or interest payment. The venture interests allocate the distributions on such junior notes and equity when made between the parties to the venture

Realized and Unrealized Gains a

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									$ (13,601)	$ 5,518
Change in fair value of financial instruments	$ 6,729	$ 4,753	$ 3,093	$ (1,153)	$ 1,109	$ (1,375)	$ (1,592)	$ (4,088)	13,422	(5,946)	$ 11,638
Trading securities and security-related receivables
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Assets											(172)
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									3,701	(1,318)	2,598
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									(179)	(428)	28
Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									(9,900)	4,200
Warrants and investor SARs | Fair Value, Measurements, Recurring
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities									$ 9,900	$ (4,200)	$ 9,184

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Venture	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Number of joint venture | Venture	2
Total investment in mortgages and loans, net	$ 1,255,724	$ 1,280,285
Indebtedness	1,390,188	1,751,082
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	1,174,827	1,184,588
Indebtedness	1,038,864	1,288,258
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans, net	257,625	549,879
Indebtedness	$ 370,351	$ 510,244

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	$ 1,270,607	$ 1,292,639
Allowance for loan losses	(14,883)	(12,354)	$ (17,097)	$ (9,218)
Investments in real estate
Investments in real estate	274,672	854,646	1,145,630
Accumulated depreciation	(28,768)	(138,214)	(158,688)
Total investments in real estate	245,904	716,432
Cash and cash equivalents	53,380	110,531	$ 87,581	$ 106,963
Restricted cash	157,914	190,179
Accrued interest receivable	29,664	36,271
Other assets	43,871	53,878
Intangible assets
Accumulated amortization	(6,831)	(22,230)
Total intangible assets	5,376	19,267
Total assets	1,791,833	2,406,843
Liabilities and Equity
Accrued interest payable	4,688	8,347
Accounts payable and accrued expenses	9,641	20,016
Total liabilities	1,533,703	1,947,492
Shareholders’ equity:
Total shareholders’ equity	176,155	372,384
Noncontrolling interests	3,632	5,386
Total liabilities and equity	1,791,833	2,406,843
VIE
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,432,452	1,734,467
Total investments in mortgages and loans	1,432,452	1,734,467
Investments in real estate
Investments in real estate	25,536	223,722
Accumulated depreciation	(6,902)	(31,652)
Total investments in real estate	18,634	192,070
Cash and cash equivalents	375	2,146
Restricted cash	1,315	8,876
Accrued interest receivable	44,101	58,487
Other assets	20,814	10,071
Intangible assets
Intangible assets		5,616
Accumulated amortization		(3,740)
Total intangible assets		1,876
Total assets	1,517,691	2,007,993
Liabilities and Equity
Indebtedness, net	1,409,215	1,798,502
Accrued interest payable	8,336	17,063
Accounts payable and accrued expenses	3,297	5,463
Deferred taxes, borrowers’ escrows and other liabilities	827	2,971
Total liabilities	1,421,675	1,823,999
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	95,978	182,135
Total shareholders’ equity	95,977	182,135
Noncontrolling interests	39	1,859
Total liabilities and equity	1,517,691	2,007,993
VIE | RAIT Securitizations
Investments in mortgages and loans, at amortized cost:
Commercial mortgages, mezzanine loans, other loans and preferred equity interests	1,082,528	1,409,758
Total investments in mortgages and loans	1,082,528	1,409,758
Investments in real estate
Restricted cash	1,068	6,986
Accrued interest receivable	41,639	56,974
Other assets	16,860	480
Intangible assets
Total assets	1,142,095	1,474,198
Liabilities and Equity
Indebtedness, net	1,034,750	1,244,507
Accrued interest payable	1,869	1,903
Accounts payable and accrued expenses	23	19
Total liabilities	1,036,642	1,246,429
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	105,453	227,769
Total shareholders’ equity	105,453	227,769
Total liabilities and equity	1,142,095	1,474,198
VIE | RAIT VIE Properties
Investments in real estate
Investments in real estate	25,536	223,722
Accumulated depreciation	(6,902)	(31,652)
Total investments in real estate	18,634	192,070
Cash and cash equivalents	283	2,145
Restricted cash	237	1,167
Other assets	3,954	9,591
Intangible assets
Intangible assets		5,616
Accumulated amortization		(3,740)
Total intangible assets		1,876
Total assets	23,108	206,849
Liabilities and Equity
Indebtedness, net	19,630	230,510
Accrued interest payable	5,356	14,306
Accounts payable and accrued expenses	3,274	5,443
Deferred taxes, borrowers’ escrows and other liabilities	184	2,051
Total liabilities	28,444	252,310
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(5,336)	(47,320)
Total shareholders’ equity	(5,336)	(47,320)
Noncontrolling interests		1,859
Total liabilities and equity	23,108	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	349,924	324,709
Total investments in mortgages and loans	349,924	324,709
Investments in real estate
Cash and cash equivalents	92	1
Restricted cash	10	723
Accrued interest receivable	2,462	1,513
Intangible assets
Total assets	352,488	326,946
Liabilities and Equity
Indebtedness, net	354,835	323,485
Accrued interest payable	1,111	854
Accounts payable and accrued expenses		1
Deferred taxes, borrowers’ escrows and other liabilities	643	920
Total liabilities	356,589	325,260
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(4,140)	1,686
Total shareholders’ equity	(4,140)	1,686
Noncontrolling interests	39
Total liabilities and equity	$ 352,488	$ 326,946

Discontinued Operations - Addit

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands	Oct. 05, 2016	Sep. 27, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Purchase price to be paid by IRT							$ 43,000
Net income (loss) from discontinued operations attributable to RAIT			$ 49,686	$ 2,044	$ 6,535	$ 1,519	59,784	$ 9,160
Discontinued Operations of IRT
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Net income (loss) from discontinued operations attributable to RAIT							$ 11,977	$ 9,161
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

Statements of Operations of Dis

Statements of Operations of Discontinued Operations (Detail) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Property income					$ 117,306	$ 109,574
Fee and other income					9,481	2,793
Total revenue					126,787	112,367
Expenses:
Interest expense					27,937	22,588
Real estate operating expense					48,352	46,275
Compensation expense					10,490	6,248
General and administrative expense					3,916	3,381
Acquisition expense					489	14,195
Depreciation and amortization expense					27,500	28,363
Total expenses					118,684	121,050
Operating (Loss) Income					8,103	(8,683)
Interest and other income (expense), net					(3)	75
Gains (losses) on assets					32,264	6,412
Gain (loss) on IRT merger with TSRE					732	64,604
TSRE financing extinguishment and employee separation expenses						(27,508)
Gains (losses) on extinguishments of debt					(952)
Net income (loss) from discontinued operations	$ 1,671	$ 4,112	$ 32,876	$ 1,485	$ 40,144	$ 34,900

Summary of Cash Flows of Discon

Summary of Cash Flows of Discontinued Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Discontinued Operations And Disposal Groups [Abstract]
Cash flow from operating activities from discontinued operations	$ 34,175	$ 18,729
Cash flow from investing activities from discontinued operations	(1,060)	(153,466)
Cash flow from financing activities from discontinued operations	(71,420)	158,279
Net change in cash and cash equivalents from discontinued operations	(38,305)	23,542
Cash and cash equivalents at beginning of year - discontinued operations	$ 38,305	14,763
Cash and cash equivalents at end of year - discontinued operations		$ 38,305

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail)

Jun. 22, 2017USD ($)shares

Dec. 07, 2016USD ($)shares

Mar. 31, 2018shares

Mar. 16, 2018USD ($)

Dec. 31, 2017USD ($)$ / shares

Oct. 18, 2017USD ($)

Oct. 17, 2017USD ($)

Oct. 11, 2017USD ($)

Dec. 31, 2016$ / shares

Dec. 31, 2015shares

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

Percentage of aggregate amount of common shares issuable upon exercise of warrants

5.00%

Subsequent Event

Temporary Equity [Line Items]

Net proceeds from portion of assets sold

$ 4,863,000

ARS VI

Temporary Equity [Line Items]

Aggregate purchase price under Securities Purchase Agreement

$ 100,000,000

ARS VI | Warrants and investor SARs

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

Preferred Series D

Temporary Equity [Line Items]

Cumulative redeemable preferred shares, shares issued | shares

3,133,720

3,536,000

4,000,000

Preferred shares with warrants | shares

9,931,000

Percentage of outstanding Series D preferred shares or warrants

10.00%

Preferred Shares, Dividend Rate

7.50%

Preferred Shares, Dividend Rate increase per each anniversary

0.50%

Liquidation preference per share to October 1, 2017 | $ / shares

$ 26.25

Liquidation preference per share after five years | $ / shares

$ 25

Net proceeds from sale,transfer, repayment or other disposition of investments

$ 38,941,000

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

4,000,000

Preferred Series D | Scenario Forecast

Temporary Equity [Line Items]

Cumulative redeemable preferred shares, shares outstanding | shares

2,939,190

Shares redeem and cancel, shares | shares

194,530

Preferred Series D | October 1, 2015

Temporary Equity [Line Items]

Preferred Shares, Dividend Rate

8.50%

Preferred Series D | Prior To October 1, 2017

Temporary Equity [Line Items]

Redemption price | $ / shares

$ 26.25

Preferred Series D | After October 1, 2017

Temporary Equity [Line Items]

Redemption price | $ / shares

25

Preferred Series D | October 1, 2019

Temporary Equity [Line Items]

Redemption price | $ / shares

25

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

Series E Cumulative Redeemable Preferred Stock

Temporary Equity [Line Items]

Cumulative Redeemable Preferred Shares, par value | $ / shares

$ 0.01

$ 0.01

Sales Activity of Series D Pref

Sales Activity of Series D Preferred Shares (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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	28,639
Carrying amount of Series D Preferred Shares	$ 78,343	$ 81,581

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	Mar. 13, 2018$ / shares	Jun. 30, 2017USD ($)	Jun. 23, 2017USD ($)	Jun. 22, 2017USD ($)shares	Jan. 03, 2017USD ($)	Dec. 07, 2016USD ($)shares	Oct. 05, 2016$ / sharesshares	Sep. 17, 2015shares	Dec. 31, 2017USD ($)$ / sharesshares	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)shares	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)Property$ / sharesshares	Dec. 31, 2015USD ($)shares	Dec. 31, 2007$ / sharesshares	Dec. 31, 2016USD ($)$ / sharesshares	Jun. 13, 2014USD ($)shares	Nov. 21, 2012shares	Dec. 31, 2004$ / sharesshares
Class of Stock [Line Items]
Net proceeds received																					$ 21,000
Common shares remaining available under the DRSPP | shares									7,739,162												7,739,162
Total shareholders’ equity									$ 176,155,000				$ 372,384,000								$ 176,155,000	$ 372,384,000			$ 372,384,000
Total dividend amount																					25,998,000	27,374,000	$ 26,275,000
Impairment of derecognized noncontrolling interest of industrial property																						$ 2,436,000
Number Of Derecognized Industrial Properties | Property																						10
Preferred share issuance, net of costs incurred																						$ 610,000	13,055,000
Preferred dividends																					$ 25,998,000	27,374,000	$ 26,275,000
Coles Crossing
Class of Stock [Line Items]
Derecognized noncontrolling interest													$ 2,518,000									$ 2,518,000			$ 2,518,000
South Terrace | Multifamily properties
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
IRT
Class of Stock [Line Items]
Shares outstanding | shares																	7,269,719						7,269,719
Ownership percentage									0.00%				0.00%				15.50%				0.00%	0.00%	15.50%		0.00%
IROP | Trade Street Residential, Inc
Class of Stock [Line Items]
Common stock issued in connection with acquisition | shares								1,925,419
Other Comprehensive Income (Loss)
Class of Stock [Line Items]
Loss from discontinued operations																						$ 719,000	$ 8,000
Jones Trading Institutional Services LLC
Class of Stock [Line Items]
Common shares issued, net (in shares) | shares																					2,081,081
Weighted-average price per shares | $ / shares									$ 7.96												$ 7.96
Net proceeds received from issuance of common shares																					$ 16,139,000
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
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 Series D
Class of Stock [Line Items]
Cumulative redeemable preferred shares, liquidation preference | $ / shares									$ 26.25												$ 26.25
Shares repurchased and canceled | shares				402,280		464,000
Total dividend amount				$ 1,879,000		$ 2,125,000
Dividend declared date				May 18, 2017		Nov. 2, 2016
Dividend record date				Jun. 1, 2017		Dec. 1, 2016
Dividend payment		$ 1,665,000	$ 214,000		$ 1,879,000	$ 246,000
Dividend payment date		Jun. 30, 2017	Jun. 23, 2017		Jan. 3, 2017	Dec. 7, 2016
Preferred dividends				$ 1,879,000		$ 2,125,000
7.75% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares									5,344,353				5,344,353								5,344,353	5,344,353			5,344,353
Cumulative redeemable preferred shares, liquidation preference | $ / shares									$ 25				$ 25								$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued | shares																						38,269	530,515
8.375% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares									2,340,969				2,340,969								2,340,969	2,340,969			2,340,969
Cumulative redeemable preferred shares, liquidation preference | $ / shares									$ 25				$ 25								$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued | shares																							52,504
8.875% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares									1,640,425				1,640,425								1,640,425	1,640,425			1,640,425
Cumulative redeemable preferred shares, liquidation preference | $ / shares									$ 25				$ 25								$ 25	$ 25			$ 25
Cumulative redeemable preferred shares, shares issued | shares																							325
Series A Preferred Shares
Class of Stock [Line Items]
Total dividend amount																					$ 15,000
Preferred dividends																					15,000
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	Mar. 23, 2018
Dividend payment date	Apr. 2, 2018
Preferred Stock | Preferred Series D
Class of Stock [Line Items]
Total dividend amount									$ 1,665,000	$ 1,665,000	$ 1,879,000	$ 1,879,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 1,875,000	$ 1,875,000	$ 1,875,000	7,088,000	$ 8,500,000	$ 7,750,000
Dividend declared date									Nov. 2, 2017	Aug. 2, 2017	May 18, 2017	Feb. 15, 2017	Nov. 2, 2016	Jul. 27, 2016	May 19, 2016	Feb. 16, 2016	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015
Dividend record date									Dec. 1, 2017	Sep. 1, 2017	Jun. 1, 2017	Mar. 1, 2017	Dec. 1, 2016	Sep. 1, 2016	Jun. 1, 2016	Mar. 1, 2016	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015
Dividend payment date									Dec. 28, 2017	Sep. 29, 2017	Jun. 30, 2017	Mar. 31, 2017	Jan. 3, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Preferred dividends									$ 1,665,000	$ 1,665,000	$ 1,879,000	$ 1,879,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 2,125,000	$ 1,875,000	$ 1,875,000	$ 1,875,000	$ 7,088,000	8,500,000	7,750,000
Preferred Stock | Preferred Series D | Subsequent Event
Class of Stock [Line Items]
Preferred Shares, dividend declared | $ / shares	$ 0.5312500
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares																												2,760,000
Preferred shares, dividend rate																												7.75%
Cumulative redeemable preferred shares, liquidation preference | $ / shares																												$ 25
Cumulative redeemable preferred shares, liquidation preference per year per share | $ / shares																												$ 1.9375
Preferred shares authorized to be issued under agreement | shares																										4,000,000
Cumulative redeemable preferred shares, shares issued | shares																									1,275,065
Weighted-average price per share | $ / shares																									$ 23.50
Net proceeds received from issuance of Preferred Shares																									$ 29,109,000
Aggregate of Series A,B,C Preferred Shares available for issuance | shares									2,724,935												2,724,935
Total dividend amount									$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,570,000	$ 2,570,000	$ 2,570,000	$ 2,570,000	$ 2,569,000	$ 2,313,000	$ 10,356,000	10,318,000	10,022,000
Dividend declared date									Nov. 2, 2017	Aug. 2, 2017	May 18, 2017	Feb. 15, 2017	Nov. 2, 2016	Jul. 27, 2016	May 19, 2016	Feb. 16, 2016	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015
Dividend record date									Dec. 1, 2017	Sep. 1, 2017	Jun. 1, 2017	Mar. 1, 2017	Dec. 1, 2016	Sep. 1, 2016	Jun. 1, 2016	Mar. 1, 2016	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015
Dividend payment date									Jan. 2, 2018	Oct. 2, 2017	Jun. 30, 2017	Mar. 31, 2017	Jan. 3, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Preferred dividends									$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,589,000	$ 2,570,000	$ 2,570,000	$ 2,570,000	$ 2,570,000	$ 2,569,000	$ 2,313,000	$ 10,356,000	10,318,000	10,022,000
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred shares, dividend rate	7.75%
Preferred Shares, dividend declared | $ / shares	$ 0.484375
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares																												2,258,300
Preferred shares, dividend rate																												8.375%
Cumulative redeemable preferred shares, liquidation preference | $ / shares																												$ 25
Cumulative redeemable preferred shares, liquidation preference per year per share | $ / shares																												$ 2.09375
Preferred shares authorized to be issued under agreement | shares																										1,000,000
Cumulative redeemable preferred shares, shares issued | shares																									52,504
Weighted-average price per share | $ / shares																									$ 23.65
Net proceeds received from issuance of Preferred Shares																									$ 1,203,000
Aggregate of Series A,B,C Preferred Shares available for issuance | shares									947,496												947,496
Total dividend amount									$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,215,000	$ 1,198,000	$ 4,900,000	4,900,000	4,863,000
Dividend declared date									Nov. 2, 2017	Aug. 2, 2017	May 18, 2017	Feb. 15, 2017	Nov. 2, 2016	Jul. 27, 2016	May 19, 2016	Feb. 16, 2016	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015
Dividend record date									Dec. 1, 2017	Sep. 1, 2017	Jun. 1, 2017	Mar. 1, 2017	Dec. 1, 2016	Sep. 1, 2016	Jun. 1, 2016	Mar. 1, 2016	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015
Dividend payment date									Jan. 2, 2018	Oct. 2, 2017	Jun. 30, 2017	Mar. 31, 2017	Jan. 3, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Preferred dividends									$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,225,000	$ 1,215,000	$ 1,198,000	$ 4,900,000	4,900,000	4,863,000
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred shares, dividend rate	8.375%
Preferred Shares, dividend declared | $ / shares	$ 0.5234375
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued | shares																								1,600,000
Preferred shares, dividend rate																								8.875%
Cumulative redeemable preferred shares, liquidation preference | $ / shares																								$ 25
Public offering price | $ / shares																								$ 25
Preferred shares authorized to be issued under agreement | shares																										1,000,000
Cumulative redeemable preferred shares, shares issued | shares																									325
Weighted-average price per share | $ / shares																									$ 22.90
Net proceeds received from issuance of Preferred Shares																									$ 7,000
Aggregate of Series A,B,C Preferred Shares available for issuance | shares									999,675												999,675
Total dividend amount									$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 3,640,000	3,640,000	3,640,000
Dividend declared date									Nov. 2, 2017	Aug. 2, 2017	May 18, 2017	Feb. 15, 2017	Nov. 2, 2016	Jul. 27, 2016	May 19, 2016	Feb. 16, 2016	Nov. 4, 2015	Jul. 28, 2015	May 20, 2015	Feb. 10, 2015
Dividend record date									Dec. 1, 2017	Sep. 1, 2017	Jun. 1, 2017	Mar. 1, 2017	Dec. 1, 2016	Sep. 1, 2016	Jun. 1, 2016	Mar. 1, 2016	Dec. 1, 2015	Sep. 1, 2015	Jun. 1, 2015	Mar. 2, 2015
Dividend payment date									Jan. 2, 2018	Oct. 2, 2017	Jun. 30, 2017	Mar. 31, 2017	Jan. 3, 2017	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015
Preferred dividends									$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 910,000	$ 3,640,000	$ 3,640,000	$ 3,640,000
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock | Subsequent Event
Class of Stock [Line Items]
Preferred shares, dividend rate	8.875%
Preferred Shares, dividend declared | $ / shares	$ 0.5546875
Preferred Stock | Series A Preferred Shares
Class of Stock [Line Items]
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
Common Shares
Class of Stock [Line Items]
Common shares issued, net (in shares) | shares																					13,317	9,243	8,008,817
Total shareholders’ equity									$ 56,989,000												$ 56,989,000
Dividend declared date											Aug. 2, 2017	May 2, 2017	Dec. 16, 2016	Sep. 19, 2016	Jun. 15, 2016	Mar. 14, 2016	Dec. 7, 2015	Sep. 17, 2015	Jun. 22, 2015	Mar. 16, 2015
Dividend record date											Aug. 25, 2017	May 26, 2017	Jan. 10, 2017	Oct. 7, 2016	Jul. 8, 2016	Apr. 8, 2016	Jan. 8, 2016	Oct. 9, 2015	Jul. 10, 2015	Apr. 10, 2015
Dividend payment date											Sep. 15, 2017	Jun. 15, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 29, 2016	Apr. 29, 2016	Jan. 29, 2016	Oct. 30, 2015	Jul. 31, 2015	Apr. 30, 2015
Common Shares | IRT
Class of Stock [Line Items]
Number of shares sold to IRT | shares							7,269,719
Sale of common stock price per share | $ / shares | $ / shares							$ 8.55

Dividends Declared or Paid (Det

Dividends Declared or Paid (Detail) - USD ($) $ / shares in Units, $ in Thousands

Jun. 30, 2017

Jun. 23, 2017

Jun. 22, 2017

Jan. 03, 2017

Dec. 07, 2016

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Dividends [Line Items]

Total dividend amount

$ 25,998

$ 27,374

$ 26,275

Series D cumulative redeemable preferred shares

Dividends [Line Items]

Date declared

May 18, 2017

Nov. 2, 2016

Record date

Jun. 1, 2017

Dec. 1, 2016

Date paid

Jun. 30, 2017

Jun. 23, 2017

Jan. 3, 2017

Dec. 7, 2016

Total dividend amount

$ 1,879

$ 2,125

Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock

Dividends [Line Items]

Date declared

Nov. 2, 2017

Aug. 2, 2017

May 18, 2017

Feb. 15, 2017

Nov. 2, 2016

Jul. 27, 2016

May 19, 2016

Feb. 16, 2016

Nov. 4, 2015

Jul. 28, 2015

May 20, 2015

Feb. 10, 2015

Record date

Dec. 1, 2017

Sep. 1, 2017

Jun. 1, 2017

Mar. 1, 2017

Dec. 1, 2016

Sep. 1, 2016

Jun. 1, 2016

Mar. 1, 2016

Dec. 1, 2015

Sep. 1, 2015

Jun. 1, 2015

Mar. 2, 2015

Date paid

Jan. 2, 2018

Oct. 2, 2017

Jun. 30, 2017

Mar. 31, 2017

Jan. 3, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Total dividend amount

$ 2,589

$ 2,589

$ 2,589

$ 2,589

$ 2,589

$ 2,589

$ 2,570

$ 2,570

$ 2,570

$ 2,570

$ 2,569

$ 2,313

10,356

10,318

10,022

Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock

Dividends [Line Items]

Date declared

Nov. 2, 2017

Aug. 2, 2017

May 18, 2017

Feb. 15, 2017

Nov. 2, 2016

Jul. 27, 2016

May 19, 2016

Feb. 16, 2016

Nov. 4, 2015

Jul. 28, 2015

May 20, 2015

Feb. 10, 2015

Record date

Dec. 1, 2017

Sep. 1, 2017

Jun. 1, 2017

Mar. 1, 2017

Dec. 1, 2016

Sep. 1, 2016

Jun. 1, 2016

Mar. 1, 2016

Dec. 1, 2015

Sep. 1, 2015

Jun. 1, 2015

Mar. 2, 2015

Date paid

Jan. 2, 2018

Oct. 2, 2017

Jun. 30, 2017

Mar. 31, 2017

Jan. 3, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Total dividend amount

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,225

$ 1,215

$ 1,198

4,900

4,900

4,863

Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock

Dividends [Line Items]

Date declared

Nov. 2, 2017

Aug. 2, 2017

May 18, 2017

Feb. 15, 2017

Nov. 2, 2016

Jul. 27, 2016

May 19, 2016

Feb. 16, 2016

Nov. 4, 2015

Jul. 28, 2015

May 20, 2015

Feb. 10, 2015

Record date

Dec. 1, 2017

Sep. 1, 2017

Jun. 1, 2017

Mar. 1, 2017

Dec. 1, 2016

Sep. 1, 2016

Jun. 1, 2016

Mar. 1, 2016

Dec. 1, 2015

Sep. 1, 2015

Jun. 1, 2015

Mar. 2, 2015

Date paid

Jan. 2, 2018

Oct. 2, 2017

Jun. 30, 2017

Mar. 31, 2017

Jan. 3, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Total dividend amount

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

$ 910

3,640

3,640

3,640

Preferred Stock | Series D cumulative redeemable preferred shares

Dividends [Line Items]

Date declared

Nov. 2, 2017

Aug. 2, 2017

May 18, 2017

Feb. 15, 2017

Nov. 2, 2016

Jul. 27, 2016

May 19, 2016

Feb. 16, 2016

Nov. 4, 2015

Jul. 28, 2015

May 20, 2015

Feb. 10, 2015

Record date

Dec. 1, 2017

Sep. 1, 2017

Jun. 1, 2017

Mar. 1, 2017

Dec. 1, 2016

Sep. 1, 2016

Jun. 1, 2016

Mar. 1, 2016

Dec. 1, 2015

Sep. 1, 2015

Jun. 1, 2015

Mar. 2, 2015

Date paid

Dec. 28, 2017

Sep. 29, 2017

Jun. 30, 2017

Mar. 31, 2017

Jan. 3, 2017

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Total dividend amount

$ 1,665

$ 1,665

$ 1,879

$ 1,879

$ 2,125

$ 2,125

$ 2,125

$ 2,125

$ 2,125

$ 1,875

$ 1,875

$ 1,875

$ 7,088

$ 8,500

$ 7,750

Common Stock

Dividends [Line Items]

Date declared

Aug. 2, 2017

May 2, 2017

Dec. 16, 2016

Sep. 19, 2016

Jun. 15, 2016

Mar. 14, 2016

Dec. 7, 2015

Sep. 17, 2015

Jun. 22, 2015

Mar. 16, 2015

Record date

Aug. 25, 2017

May 26, 2017

Jan. 10, 2017

Oct. 7, 2016

Jul. 8, 2016

Apr. 8, 2016

Jan. 8, 2016

Oct. 9, 2015

Jul. 10, 2015

Apr. 10, 2015

Date paid

Sep. 15, 2017

Jun. 15, 2017

Jan. 31, 2017

Oct. 31, 2016

Jul. 29, 2016

Apr. 29, 2016

Jan. 29, 2016

Oct. 30, 2015

Jul. 31, 2015

Apr. 30, 2015

Dividend per share

$ 0.05

$ 0.09

$ 0.09

$ 0.09

$ 0.09

$ 0.09

$ 0.09

$ 0.18

$ 0.18

$ 0.18

$ 0.14

$ 0.36

$ 0.63

Total dividend declared

$ 4,574

$ 8,220

$ 8,202

$ 8,202

$ 8,202

$ 8,200

$ 8,170

$ 16,276

$ 14,775

$ 14,777

$ 12,794

$ 32,806

$ 53,998

Summary of Changes in Accumulat

Summary of Changes in Accumulated Other Comprehensive loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 744,741	$ 587,842
Other comprehensive income (loss) before reclassifications	(852)	(293)
Amounts reclassified from accumulated other comprehensive income (loss)	5,551	16,382
Net current period other comprehensive income	4,699	16,089
Ending Balance	377,770	744,741
Interest Rate Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(4,699)	(20,788)
Other comprehensive income (loss) before reclassifications	(852)	(293)
Amounts reclassified from accumulated other comprehensive income (loss)	5,551	16,382
Net current period other comprehensive income	4,699	16,089
Ending Balance		(4,699)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (4,699)	(20,788)
Ending Balance		$ (4,699)

Share-Based Compensation and 94

Share-Based Compensation and Employee Benefits - Additional Information (Detail)	Apr. 26, 2017USD ($)$ / sharesshares	Feb. 15, 2017USD ($)$ / sharesshares	Jan. 09, 2017Executiveshares	Mar. 31, 2015	Jun. 30, 2017shares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)Executiveshares	Dec. 31, 2015USD ($)shares	Dec. 20, 2016shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual incentive compensation plan description						On March 31, 2015, the compensation committee adopted a 2015 Annual Incentive Compensation Plan, or the annual cash bonus plan, and made awards to three of our executive officers, or the eligible officers, setting forth the basis on which 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. The 2015 LTIP was adopted pursuant to our 2012 IAP.
Closing stock price | $ / shares						$ 0.38
Term of U.S. treasury used in determining risk free rate						5 years
Share based compensation expense						$ 2,612,000	$ 6,752,000	$ 4,466,000
Share based compensation granted to number of executives | Executive							2
Percentage of additional contribution						2.00%
Contribution expense						$ 376,000	$ 749,000	$ 548,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of employer matching contribution						4.00%
IRT Internalization and Management Transition Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense							$ 3,355,000
Performance Based Long Term Incentive Plan | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Compensation awarded, Percentage of award				75.00%
Time Based Long Term Incentive Plan | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Compensation awarded, Percentage of award				25.00%
One Executive | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of recourse debt reductions				15.00%
Percentage of G&A management				0.15
Percentage of equity raise				15.00%
One Executive | Cash Bonus Plan Tranche One | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target awards payable				75.00%
Percentage of cash available for distribution				10.00%
Percentage of property sales				20.00%
Other Executive Officer | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of recourse debt reductions				20.00%
Percentage of G&A management				0.20
Other Executive Officer | Cash Bonus Plan Tranche One | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target awards payable				75.00%
Percentage of cash available for distribution				10.00%
Percentage of property sales				25.00%
Other Executive Officer | Cash Bonus Plan Tranche Two | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of target awards payable				25.00%
Minimum Performance Target | Other Executive Officer | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target incentive opportunity payable percentage				50.00%
Target Performance Target | Other Executive Officer | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target incentive opportunity payable percentage				100.00%
Maximum Performance Target | Other Executive Officer | Short Term Annual Cash Bonus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target incentive opportunity payable percentage				150.00%
Peer Group of Public Companies Over The Same Period | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Awards Payment Percentage				40.00%
TSR for the NAREIT Mortgage Index | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Awards Payment Percentage				30.00%
Absolute TSR | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity Awards Payment Percentage				30.00%
2012 IAP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares to be issued | shares						7,500,000	4,000,000
Common shares available for issuance under amended and restated | shares						3,361,603
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic value						$ 0
Unrecognized compensation costs related to unvested award						$ 500,000
Number of shares awarded, share | shares						832,500	895,000	1,177,500
Stock Appreciation Rights (SARs) | Non Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Number of shares awarded, share | shares		832,500
Number of shares awarded, value		$ 574,000
Expiration date		Feb. 14, 2022
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing stock price | $ / shares						$ 0.38
Deferred compensation costs related to unvested award						$ 1,817,000
Estimated fair value of restricted common share awards vested						$ 2,540,000	$ 1,248,000	$ 1,688,000
Share based compensation expense							$ 2,571,000
Share based compensation granted to number of executives | Executive			1
Number of shares awarded, share | shares					211,420	1,149,293	1,356,999	386,905
Portion of awards granted with respect to MOU, grant date						Dec. 23, 2016
Number of shares awarded, value						$ 80,000
Number of shares, vested | shares						702,185	507,407	234,197
Restricted Stock | IRT Internalization and Management Transition Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense						$ 2,068,000
Restricted Stock | One Executive
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares to be issued | shares									600,000
Number of shares awarded, share | shares			344,042
Restricted Stock | Non Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Closing stock price | $ / shares		$ 3.78
Number of shares awarded, share | shares		332,500
Number of shares awarded, value		$ 1,257,000
Restricted Stock | Executive Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Closing stock price | $ / shares	$ 3.07
Number of shares awarded, share | shares	189,738
Number of shares awarded, value	$ 583,000
Restricted Stock | Chairman
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Closing stock price | $ / shares						$ 2.14
Number of shares awarded, share | shares						70,093
Number of shares awarded, value						$ 75,000
Number of shares, vested | shares						35,046
Number of remaining shares, expect to vest | shares						35,047
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation costs related to unvested award						$ 413,000
Weighted-average period of estimated future expenses						2 years 2 months 12 days
Modification of SARs, Restricted Awards and PSUs | Two Executives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense							$ 784,000

Summary of SARs Activity of 201

Summary of SARs Activity of 2012 IAP (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, January 1,	4,050,984	3,620,700	2,780,242
Granted	832,500	895,000	1,177,500
Expired	(1,004,066)	(126,499)	(106,500)
Exercised	(58,294)		(61,667)
Forfeited	(178,170)	(338,217)	(168,875)
Balance, December 31,	3,642,954	4,050,984	3,620,700
SARs exercisable at December 31,	2,094,385	2,373,462	1,649,643
Outstanding, January 1,	$ 6.06	$ 7.01	$ 6.92
Granted	3.78	2.38	7.23
Expired	6.12	7.14	6.17
Exercised	2.38		6.30
Forfeited	4.02	5.55	7.53
Outstanding, December 31,	5.68	6.06	7.01
SARs exercisable at December 31,	$ 6.93	$ 6.82	$ 6.52

Weighted Average Grant Date Fai

Weighted Average Grant Date Fair Value of SARs and Assumptions used in Computing Fair Values (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 0.76	$ 0.23	$ 0.96
Stock Price	3.78	2.38	7.23
Strike Price	$ 3.78	$ 2.38	$ 7.23
Risk-free interest rate	1.60%	1.00%	1.20%
Dividend yield	9.50%	15.10%	10.00%
Volatility	43.00%	38.00%	32.00%
Expected term	3 years 6 months	3 years 6 months	3 years 6 months

Summary of SARs Outstanding and

Summary of SARs Outstanding and exercisable (Detail) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price, Lower Limit	$ 2.38
Exercise Price, Upper Limit	$ 8.29
Number Outstanding	3,642,954
Outstanding Weighted Average Remaining Contractual Life	2 years 2 months 12 days
Number Exercisable	2,094,385	2,373,462	1,649,643
Exercisable Weighted Average Remaining Contractual Life	1 year 2 months 12 days

Summary of Restricted Common Sh

Summary of Restricted Common Shares Awards (Detail) - Restricted Stock - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, January 1,		1,079,193	559,583	455,917
Granted	211,420	1,149,293	1,356,999	386,905
Vested		(702,185)	(507,407)	(234,197)
Forfeited		(279,818)	(329,982)	(49,042)
Balance, December 31,		1,246,483	1,079,193	559,583
Balance, January 1,		$ 7.41	$ 7.41	$ 7.67
Granted		3.18	2.84	7.23
Vested		3.79	5.29	7.46
Forfeited		3.47	4.03	7.54
Balance, December 31,		$ 3.56	$ 7.41	$ 7.41

Summary of PSUs Granted (Detail

Summary of PSUs Granted (Detail) - $ / shares	Jun. 22, 2017	Apr. 24, 2017	Apr. 22, 2016	Mar. 31, 2015	Dec. 31, 2017
March 31, 2015 3-Year TSR vs Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date				Mar. 31, 2015
Number of PSUs Granted				136,115
Performance Period Commencement Date				Jan. 1, 2015
Performance Period End Date				Dec. 31, 2017
Grant Date Fair Value				$ 3.35
Number of PSUs Outstanding as of December 31, 2017					136,115
March 31, 2015 3-Year TSR vs NAREIT Mortgage Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date				Mar. 31, 2015
Number of PSUs Granted				68,057
Performance Period Commencement Date				Jan. 1, 2015
Performance Period End Date				Dec. 31, 2017
Grant Date Fair Value				$ 3.26
Number of PSUs Outstanding as of December 31, 2017					68,057
March 31, 2015 Absolute 3-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date				Mar. 31, 2015
Number of PSUs Granted				68,057
Performance Period Commencement Date				Jan. 1, 2015
Performance Period End Date				Dec. 31, 2017
Grant Date Fair Value				$ 2.17
Number of PSUs Outstanding as of December 31, 2017					68,057
Strategic Objectives
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date				Mar. 31, 2015
Number of PSUs Granted				68,057
Performance Period Commencement Date				Jan. 1, 2015
Performance Period End Date				Dec. 31, 2017
Grant Date Fair Value				$ 6.86
Number of PSUs Outstanding as of December 31, 2017					68,057
April 22, 2016 3-Year TSR vs Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date			Apr. 22, 2016
Number of PSUs Granted			325,348
Performance Period Commencement Date			Jan. 1, 2016
Performance Period End Date			Dec. 31, 2018
Grant Date Fair Value			$ 1.55
Number of PSUs Outstanding as of December 31, 2017					325,348
April 22, 2016 3-Year TSR vs NAREIT Mortgage Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date			Apr. 22, 2016
Number of PSUs Granted			244,011
Performance Period Commencement Date			Jan. 1, 2016
Performance Period End Date			Dec. 31, 2018
Grant Date Fair Value			$ 1.44
Number of PSUs Outstanding as of December 31, 2017					244,011
April 22, 2016 Absolute 3-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date			Apr. 22, 2016
Number of PSUs Granted			244,011
Performance Period Commencement Date			Jan. 1, 2016
Performance Period End Date			Dec. 31, 2018
Grant Date Fair Value			$ 1.07
Number of PSUs Outstanding as of December 31, 2017					244,011
April 26, 2017 3-Year TSR vs NAREIT Mortgage Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Apr. 26, 2017
Number of PSUs Granted		150,854
Performance Period Commencement Date		Jan. 1, 2017
Performance Period End Date		Dec. 31, 2019
Grant Date Fair Value		$ 1.18
Number of PSUs Outstanding as of December 31, 2017					47,637
April 26, 2017 Absolute 3-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date		Apr. 26, 2017
Number of PSUs Granted		150,854
Performance Period Commencement Date		Jan. 1, 2017
Performance Period End Date		Dec. 31, 2019
Grant Date Fair Value		$ 0.90
Number of PSUs Outstanding as of December 31, 2017					47,637
June 22, 2017 3-Year TSR vs NAREIT Mortgage Index
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jun. 22, 2017
Number of PSUs Granted	183,225
Performance Period Commencement Date	Jan. 1, 2017
Performance Period End Date	Dec. 31, 2019
Grant Date Fair Value	$ 0.23
Number of PSUs Outstanding as of December 31, 2017					183,225
June 22, 2017 Absolute 3-Year TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant Date	Jun. 22, 2017
Number of PSUs Granted	183,225
Performance Period Commencement Date	Jan. 1, 2017
Performance Period End Date	Dec. 31, 2019
Grant Date Fair Value	$ 0.15
Number of PSUs Outstanding as of December 31, 2017					183,225

Summary of Assumptions Used in

Summary of Assumptions Used in Computing the Fair Value of the PSUs (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
PSUs Grant Date of April 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	10.70%
Volatility	41.00%
Expected term	2 years 8 months 12 days
PSUs Grant Date of June 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	14.50%
Volatility	39.00%
Expected term	2 years 6 months
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield		10.60%	8.00%
Volatility		53.00%	39.00%
Expected term		2 years 8 months 12 days	2 years 9 months 18 days

Summary of Assumptions Used 101

Summary of Assumptions Used in Computing the Fair Value of the PSUs (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield assumptions used for peer group and NAREIT mortgage index range		0.00%	0.00%
Volatility assumptions used for peer group and NAREIT mortgage index range		17.00%	17.00%
Minimum | PSUs Grant Date of April 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield assumptions used for peer group and NAREIT mortgage index range	0.00%
Volatility assumptions used for peer group and NAREIT mortgage index range	15.00%
Minimum | PSUs Grant Date of June 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield assumptions used for peer group and NAREIT mortgage index range	0.00%
Volatility assumptions used for peer group and NAREIT mortgage index range	15.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility assumptions used for peer group and NAREIT mortgage index range		48.00%	50.00%
Maximum | PSUs Grant Date of April 26, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield assumptions used for peer group and NAREIT mortgage index range	17.40%
Volatility assumptions used for peer group and NAREIT mortgage index range	47.00%
Maximum | PSUs Grant Date of June 22, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield assumptions used for peer group and NAREIT mortgage index range	18.80%
Volatility assumptions used for peer group and NAREIT mortgage index range	35.00%

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 2,463		$ (15,843)		$ (116,884)		$ (21,539)		$ (24,748)		$ 5,328		$ (6,471)		$ (11,988)		$ (151,803)	$ (37,879)	$ 28,593
(Income) loss allocated to preferred shares																	(32,816)	(35,160)	(32,830)
(Income) loss allocated to noncontrolling interests																	(76)	3,435	2,235
Income (loss) from continuing operations allocable to common shares	(4,623)		(24,230)		(125,757)		(30,085)		(34,078)		(2,048)		(14,115)		(19,363)		(184,695)	(69,604)	(2,002)
Total Income (loss) from discontinued operations																		87,952	34,900
(Income) loss from discontinued operations allocated to noncontrolling interests																		(28,168)	(25,740)
Income (loss) from discontinued operations allocable to common shares									49,686		2,044		6,535		1,519			59,784	9,160
Net income (loss) allocable to common shares	$ (4,623)		$ (24,230)		$ (125,757)		$ (30,085)		$ 15,608		$ (4)		$ (7,580)		$ (17,844)		$ (184,695)	$ (9,820)	$ 7,158
Weighted-average shares outstanding-Basic																	91,479,533	91,153,861	85,524,073
Dilutive securities																			933,798
Weighted-average shares outstanding—Diluted																	91,479,533	91,153,861	86,457,871
Earnings (loss) per share-Basic:
Continuing operations	$ (0.05)	[1]	$ (0.26)	[1]	$ (1.38)	[1]	$ (0.33)	[1]	$ (0.37)	[1]	$ (0.02)	[1]	$ (0.15)	[1]	$ (0.22)	[1]	$ (2.02)	$ (0.77)	$ (0.03)
Discontinued operations									0.54	[1]	0.02	[1]	0.07	[1]	0.02	[1]		0.66	0.11
Earnings (loss) per share-Basic	(0.05)	[1]	(0.26)	[1]	(1.38)	[1]	(0.33)	[1]	0.17	[1]			(0.08)	[1]	(0.20)	[1]	(2.02)	(0.11)	0.08
Earnings (loss) per share-Diluted:
Continuing operations	(0.05)	[1]	(0.26)	[1]	(1.38)	[1]	(0.33)	[1]	(0.37)	[1]	(0.02)	[1]	(0.15)	[1]	(0.22)	[1]	(2.02)	(0.77)	(0.03)
Discontinued operations									0.54	[1]	$ 0.02	[1]	0.07	[1]	0.02	[1]		0.66	0.11
Earnings (loss) per share-Diluted	$ (0.05)	[1]	$ (0.26)	[1]	$ (1.38)	[1]	$ (0.33)	[1]	$ 0.17	[1]			$ (0.08)	[1]	$ (0.20)	[1]	$ (2.02)	$ (0.11)	$ 0.08
[1]	The summation of quarterly per share amounts may not equal the full year amounts.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	13,867,014	26,457,897	21,807,918

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule Of Income Taxes [Line Items]
Ordinary taxable income distributable to shareholders		90.00%
Percentage of dividends characterized as ordinary income		10.00%	47.00%
Percentage of dividends characterized as capital gain distribution		90.00%	53.00%
Provision for foreign income taxes		$ 0	$ 0	$ 0
Net operating loss carryforwards		12,475,000
Valuation allowance		18,795,000
ATM credit carryforward		531,000
Valuation allowance associated with ATM credit carryforward		0
Liability for uncertain tax positions		$ 0	$ 0	$ 0	$ 0
Corporate income tax rate		35.00%
Scenario Plan
Schedule Of Income Taxes [Line Items]
Corporate income tax rate	21.00%
Earliest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax year subject to examination			2,013
Latest Tax Year
Schedule Of Income Taxes [Line Items]
Open tax year subject to examination			2,016
Capital Loss Carryforward
Schedule Of Income Taxes [Line Items]
Capital loss carryforwards		$ 6,320,000

Components of Income Tax Benefi

Components of Income Tax Benefit (Provision) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Current benefit (provision), Federal	$ 64,000	$ (9,000)	$ (268,000)
Deferred benefit (provision), Federal	583,000	(2,127,000)	(2,110,000)
Income tax benefit (provision), Federal	647,000	(2,136,000)	(2,378,000)
Current benefit (provision), State and Local	220,000	(329,000)	(46,000)
Deferred benefit (provision), State and Local	(6,000)	(85,000)	(374,000)
Income tax benefit (provision), State and Local	214,000	(414,000)	(420,000)
Income tax benefit (provision), Foreign	0	0	0
Current benefit (provision), Total	284,000	(338,000)	(314,000)
Deferred benefit (provision), Total	577,000	(2,212,000)	(2,484,000)
Income tax benefit (provision)	$ 861,000	$ (2,550,000)	$ (2,798,000)

Reconciliation of Income Tax Be

Reconciliation of Income Tax Benefit (Provision) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal statutory rate	$ 7,224	$ (8,530)	$ (1,718)
State statutory, net of federal benefit	214	(299)	(404)
Loss limited by ownership change	(18,795)
Change in valuation allowance	16,746	5,670	(55)
Permanent items	(2,924)	(54)	(41)
Change in Tax Rate	(1,668)
Provision to return adjustments	64	207	(580)
Other		456
Income tax benefit (provision)	$ 861	$ (2,550)	$ (2,798)

Components of Deferred Tax Asse

Components of Deferred Tax Assets (Liabilities) (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Net operating losses, at TRSs		$ 13,899
Capital losses		8,498
Other	$ 2,322	595
Total deferred tax assets	2,322	22,992
Valuation allowance	(1,778)	(22,683)
Net deferred tax assets	544	309
Identified intangibles		(276)
Other	(91)	(156)
Deferred tax (liabilities)	(91)	(432)
Net deferred tax assets	$ 454
Net deferred tax liabilities		$ (123)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	Jun. 30, 2017USD ($)	May 26, 2017USD ($)	Dec. 23, 2016shares	Dec. 20, 2016USD ($)	Oct. 05, 2016shares	May 07, 2013Property	Jan. 31, 2017USD ($)	Dec. 31, 2017USD ($)Property$ / shares	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)
Related Party Transaction [Line Items]
Earned asset management fees								$ 915,000	$ 1,420,000	$ 1,892,000
Number of real estate properties disposed | Property								5	16
Accrued interest receivable								$ 29,664,000	$ 36,271,000
Reimbursed for general and administrative expense paid on IRT								13,426,000	18,437,000	15,349,000
Multifamily properties | South Terrace
Related Party Transaction [Line Items]
Cost of sale	$ 42,950,000
Gain (loss) on sale	$ 9,189,000
Consolidation Eliminations
Related Party Transaction [Line Items]
Earned asset management fees									4,984,000	1,582,000
Incentive fees								350,000	629,000	154,000
Ballard Spahr LLP
Related Party Transaction [Line Items]
Trustee fee paid								$ 134,000	378,000
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
IRT
Related Party Transaction [Line Items]
Extended term of advisory agreement								Oct. 1, 2020
Management fee percentage						0.1875%		0.375%
Advisor incentive fee								20.00%
Internal return per share | $ / shares								$ 0.20
Number of properties excluded from computation of base management fee | Property						8
Earned asset management fees								$ 0	7,092,000	4,984,000
Incentive fees								0	350,000	629,000
Earned property and construction management fees									4,769,000	3,675,000
Property management and leasing fees								$ 0	$ 4,769,000	$ 3,675,000
Ownership percentage								0.00%	0.00%	15.50%
Accrued interest receivable								$ 0	$ 0
Reimbursed for general and administrative services								727,000
Reimbursed for general and administrative expense paid on IRT								155,000
Payments for property management fees								261,000
Earned and paid on consulting agreement								$ 375,000
IRT | Chief Executive Officer
Related Party Transaction [Line Items]
Compensation received				$ 375,000
Number of shares awarded, share | shares			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
IRT | Common Shares
Related Party Transaction [Line Items]
Number of shares sold to IRT | shares					7,269,719
IRT | Consolidation Eliminations
Related Party Transaction [Line Items]
Earned asset management fees								0	7,092,000	$ 4,984,000
Incentive fees								0	350,000	629,000
Property management and leasing fees								0	4,769,000	3,675,000
Dividends received									3,926,000	5,234,000
Line of credit facility, repayments									$ 38,075,000
Number of real estate properties disposed | Property									2
Exit fees pursuant to contractual terms of the mortgage indebtedness								0
Interest received								0	$ 361,000	$ 965,000
IRT | Consolidation Eliminations | Fees and Other Income
Related Party Transaction [Line Items]
Earned asset management fees									5,584,000
IRT | If Pre-incentive Fee Core FFO Exceeds Hurdle Rate
Related Party Transaction [Line Items]
Advisor incentive fee						20.00%
Maximum | Ballard Spahr LLP
Related Party Transaction [Line Items]
Interest on trustee fee								$ 1,000	$ 3,000
Maximum | IRT
Related Party Transaction [Line Items]
Management fee percentage								4.00%
Maximum | IRT | If IROP Elects to Extend its Maturity
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate						1.75%
Cumulative gross amount of equity capital, annual hurdle rate						7.00%
Minimum | IRT | If Pre-incentive Fee Core FFO Exceeds Hurdle Rate
Related Party Transaction [Line Items]
Cumulative gross amount of equity capital, hurdle rate						1.75%
Cumulative gross amount of equity capital, annual hurdle rate						7.00%

Supplemental Disclosure to C109

Supplemental Disclosure to Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash Flow Supplemental Disclosures [Line Items]
Cash paid for interest	$ 65,732	$ 98,154	$ 80,748
Cash paid for taxes	27	268	500
Non-cash increase (decrease) in investments in real estate, intangible assets, and other liabilities from conversion of loans	1,590	33,271	159,214
Non-cash increase in noncontrolling interests from property acquisition			123,855
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	(93,531)
Non-cash increase (decrease) in indebtedness from debt extinguishments	(4,640)		(4,018)
Non-cash increase (decrease) in indebtedness from the assumption of debt from property acquisitions			$ 204,308
Non-cash (decrease) in assets from discontinued operations		(1,277,292)
Non-cash decrease in liabilities and equity from discontinued operations		$ 1,245,720
Non-cash increase (decrease) in indebtedness from deconsolidation of properties	(99,665)
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)

Supplemental Disclosure to C110

Supplemental Disclosure to Consolidated Statements of Cash Flows - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Property	Dec. 31, 2015USD ($)Property
Property One
Cash Flow Supplemental Disclosures [Line Items]
Number Of real estate properties deconsolidated | Property		2
Deconsolidated | Property Three
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	$ 16,367
Number Of real estate properties deconsolidated | Property	1
Deconsolidated | Property Four
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates	$ 14,839
Number Of real estate properties deconsolidated | Property	2
Non-cash increase in investment in mortgages, loans and preferred equity interests	$ 15,540
Deconsolidated | Property One
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates		$ 45,650
Non-cash increase in investment in mortgages, loans and preferred equity interests		4,791
Non-cash decrease in indebtedness		47,888
Deconsolidated | Property Two
Cash Flow Supplemental Disclosures [Line Items]
Non-cash decrease in investments in real estates		15,848
Non-cash increase in investment in mortgages, loans and preferred equity interests		$ 18,000
Number of real estate properties sold | Property		1

Summary of Quarterly Financial

Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended																12 Months Ended
	Dec. 31, 2017		Sep. 30, 2017		Jun. 30, 2017		Mar. 31, 2017		Dec. 31, 2016		Sep. 30, 2016		Jun. 30, 2016		Mar. 31, 2016		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 22,699		$ 24,603		$ 22,813		$ 29,603		$ 35,745		$ 43,237		$ 45,974		$ 48,651		$ 99,718	$ 173,607	$ 211,614
Change in fair value of financial instruments	6,729		4,753		3,093		(1,153)		1,109		(1,375)		(1,592)		(4,088)		13,422	(5,946)	11,638
Income (loss) from continuing operations	2,463		(15,843)		(116,884)		(21,539)		(24,748)		5,328		(6,471)		(11,988)		(151,803)	(37,879)	28,593
Income (loss) from discontinued operations									1,671		4,112		32,876		1,485			40,144	34,900
Net income (loss)	2,463		(15,843)		(116,884)		(21,539)		24,731		9,440		26,405		(10,503)		(151,803)	50,073	63,493
Net income (loss) available to common shares from continuing operations	(4,623)		(24,230)		(125,757)		(30,085)		(34,078)		(2,048)		(14,115)		(19,363)		(184,695)	(69,604)	(2,002)
Net income (loss) available to common shares from discontinued operations									49,686		2,044		6,535		1,519			59,784	9,160
Net income (loss) allocable to common shares	$ (4,623)		$ (24,230)		$ (125,757)		$ (30,085)		$ 15,608		$ (4)		$ (7,580)		$ (17,844)		$ (184,695)	$ (9,820)	$ 7,158
Earnings (loss) per share from continuing operations - Basic	$ (0.05)	[1]	$ (0.26)	[1]	$ (1.38)	[1]	$ (0.33)	[1]	$ (0.37)	[1]	$ (0.02)	[1]	$ (0.15)	[1]	$ (0.22)	[1]	$ (2.02)	$ (0.77)	$ (0.03)
Earnings (loss) per share from discontinued operations - Basic									0.54	[1]	0.02	[1]	0.07	[1]	0.02	[1]		0.66	0.11
Total earnings (loss) per share—Basic	(0.05)	[1]	(0.26)	[1]	(1.38)	[1]	(0.33)	[1]	0.17	[1]			(0.08)	[1]	(0.20)	[1]	(2.02)	(0.11)	0.08
Earnings (loss) per share from continuing operations - Diluted	(0.05)	[1]	(0.26)	[1]	(1.38)	[1]	(0.33)	[1]	(0.37)	[1]	(0.02)	[1]	(0.15)	[1]	(0.22)	[1]	(2.02)	(0.77)	(0.03)
Earnings (loss) per share from discontinued operations - Diluted									0.54	[1]	$ 0.02	[1]	0.07	[1]	0.02	[1]		0.66	0.11
Total earnings (loss) per share—Diluted	$ (0.05)	[1]	$ (0.26)	[1]	$ (1.38)	[1]	$ (0.33)	[1]	$ 0.17	[1]			$ (0.08)	[1]	$ (0.20)	[1]	$ (2.02)	$ (0.11)	$ 0.08
[1]	The summation of quarterly per share amounts may not equal the full year amounts.

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017Segment
Segment Reporting [Abstract]
Number of reportable segment	1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Employee	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Commitment And Contingencies [Line Items]
Rent expense	$ 1,365	$ 2,130	$ 2,817
Outstanding funding commitment	1,390,188	$ 1,751,082
Lending Arrangements
Commitment And Contingencies [Line Items]
Outstanding funding commitment	15,859
Former Employee One
Commitment And Contingencies [Line Items]
Principle to settled former employee	175
Former Employee Two
Commitment And Contingencies [Line Items]
Principle to settled former employee	$ 575
Former Employees
Commitment And Contingencies [Line Items]
Number of employees settled with litigation settlement during period | Employee	2

Annual Minimum Rent Due Pursuan

Annual Minimum Rent Due Pursuant to Leases (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,018	$ 1,992
2,019	1,490
2,020	1,332
2,021	1,094
2,022	1,103
Thereafter	22,042
Total	$ 29,053

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation And Qualifying Accounts [Abstract]
Beginning balance		$ 12,354	$ 17,097	$ 9,218
Additions, Provision		45,614	8,050	8,300
Additions, Other	[1]		1,019
Deductions		(43,085)	(13,812)	(421)
Ending balance		$ 14,883	$ 12,354	$ 17,097
[1]	Represents capitalization of past due interest on modified loans.

Real Estate and Accumulated Dep

Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real Estate and Accumulated Depreciation [Line Items]
Initial Cost, Land		$ 73,002
Initial Cost, Building		156,773
Cost of Improvements, net of Retirements, Building		44,898
Gross Carrying Amount, Land	[1]	73,002
Gross Carrying Amount, Building	[1]	201,671
Less: Accumulated depreciation and amortization		(28,768)	$ (138,214)	$ (158,688)
Encumbrances (Unpaid Principal)		$ (349,769)
Willow Grove | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Willow Grove, PA
Initial Cost, Land		$ 307
Gross Carrying Amount, Land	[1]	$ 307
Year of Acquisition		2,001
Cherry Hill Mews | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Cherry Hill, NJ
Initial Cost, Land		$ 307
Gross Carrying Amount, Land	[1]	$ 307
Year of Acquisition		2,001
Corey Landings | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		St. Pete Beach, FL
Initial Cost, Land		$ 9,735
Cost of Improvements, net of Retirements, Building		5,024
Gross Carrying Amount, Land	[1]	9,735
Gross Carrying Amount, Building	[1]	$ 5,024
Year of Acquisition		2,009
Plaz America | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Houston, TX
Initial Cost, Land		$ 6,736
Initial Cost, Building		15,866
Cost of Improvements, net of Retirements, Building		7,274
Gross Carrying Amount, Land	[1]	6,736
Gross Carrying Amount, Building	[1]	23,140
Less: Accumulated depreciation and amortization		(375)
Encumbrances (Unpaid Principal)	[2]	$ (52,962)
Year of Acquisition		2,009
Life of Depreciation		30 years
Inlet Square Mall | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Myrtle Beach, SC
Initial Cost, Building		$ 140
Cost of Improvements, net of Retirements, Building		3,558
Gross Carrying Amount, Building	[1]	3,698
Less: Accumulated depreciation and amortization		(232)
Encumbrances (Unpaid Principal)	[2]	$ (30,175)
Year of Acquisition		2,009
Life of Depreciation		30 years
1501 Yamato Road | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Boca Raton, FL
Initial Cost, Land		$ 8,200
Initial Cost, Building		32,800
Cost of Improvements, net of Retirements, Building		6,328
Gross Carrying Amount, Land	[1]	8,200
Gross Carrying Amount, Building	[1]	39,128
Less: Accumulated depreciation and amortization		(11,928)
Encumbrances (Unpaid Principal)	[3]	$ (53,359)
Year of Acquisition		2,009
Life of Depreciation		30 years
Executive Mews - Willow Grove | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Willow Grove, PA
Initial Cost, Land		$ 2,280
Initial Cost, Building		9,120
Cost of Improvements, net of Retirements, Building		1,555
Gross Carrying Amount, Land	[1]	2,280
Gross Carrying Amount, Building	[1]	10,675
Less: Accumulated depreciation and amortization		(3,241)
Encumbrances (Unpaid Principal)	[2]	$ (11,246)
Year of Acquisition		2,010
Life of Depreciation		30 years
Executive Mews - Cherry Hill | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Cherry Hill, NJ
Initial Cost, Land		$ 1,980
Initial Cost, Building		7,920
Cost of Improvements, net of Retirements, Building		2,906
Gross Carrying Amount, Land	[1]	1,980
Gross Carrying Amount, Building	[1]	10,826
Less: Accumulated depreciation and amortization		(3,802)
Encumbrances (Unpaid Principal)	[4]	$ (8,600)
Year of Acquisition		2,010
Life of Depreciation		30 years
Lexington | Multi Family
Real Estate and Accumulated Depreciation [Line Items]
Location		Jackson, MS
Initial Cost, Land		$ 3,168
Initial Cost, Building		12,672
Cost of Improvements, net of Retirements, Building		1,323
Gross Carrying Amount, Land	[1]	3,168
Gross Carrying Amount, Building	[1]	13,995
Less: Accumulated depreciation and amortization		(4,016)
Encumbrances (Unpaid Principal)	[2]	$ (20,280)
Year of Acquisition		2,010
Life of Depreciation		30 years
Beachcomber Beach Resort | Land
Real Estate and Accumulated Depreciation [Line Items]
Location		Daytona Beach, FL
Initial Cost, Land		$ 5,151
Cost of Improvements, net of Retirements, Building		43
Gross Carrying Amount, Land	[1]	5,151
Gross Carrying Amount, Building	[1]	43
Encumbrances (Unpaid Principal)	[2]	$ (12,649)
Year of Acquisition		2,011
Union Medical | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Colorado Springs, CO
Initial Cost, Land		$ 2,448
Initial Cost, Building		19,873
Cost of Improvements, net of Retirements, Building		2,315
Gross Carrying Amount, Land	[1]	2,448
Gross Carrying Amount, Building	[1]	22,188
Less: Accumulated depreciation and amortization		(305)
Encumbrances (Unpaid Principal)	[2]	$ (26,085)
Year of Acquisition		2,014
Life of Depreciation		30 years
Oakland Square | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Troy, MI
Initial Cost, Land		$ 6,031
Initial Cost, Building		15,836
Cost of Improvements, net of Retirements, Building		498
Gross Carrying Amount, Land	[1]	6,031
Gross Carrying Amount, Building	[1]	16,334
Less: Accumulated depreciation and amortization		(2,042)
Encumbrances (Unpaid Principal)	[5]	$ (16,296)
Year of Acquisition		2,014
Life of Depreciation		30 years
Oakland Plaza | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Troy, MI
Initial Cost, Land		$ 5,353
Initial Cost, Building		19,381
Cost of Improvements, net of Retirements, Building		838
Gross Carrying Amount, Land	[1]	5,353
Gross Carrying Amount, Building	[1]	20,219
Less: Accumulated depreciation and amortization		(2,404)
Encumbrances (Unpaid Principal)	[5]	$ (18,125)
Year of Acquisition		2,014
Life of Depreciation		30 years
Erieview Tower | Office
Real Estate and Accumulated Depreciation [Line Items]
Location		Cleveland, OH
Initial Cost, Land		$ 17,385
Initial Cost, Building		2,183
Cost of Improvements, net of Retirements, Building		12,832
Gross Carrying Amount, Land	[1]	17,385
Gross Carrying Amount, Building	[1]	15,015
Encumbrances (Unpaid Principal)	[2]	$ (69,402)
Year of Acquisition		2,015
Life of Depreciation		30 years
Raritan Shopping Center | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Raritan, NJ
Initial Cost, Land		$ 3,313
Initial Cost, Building		20,697
Cost of Improvements, net of Retirements, Building		166
Gross Carrying Amount, Land	[1]	3,313
Gross Carrying Amount, Building	[1]	20,863
Less: Accumulated depreciation and amortization		(364)
Encumbrances (Unpaid Principal)	[2]	$ (29,000)
Year of Acquisition		2,016
Life of Depreciation		30 years
Erieview Galleria | Retail
Real Estate and Accumulated Depreciation [Line Items]
Location		Cleveland, OH
Initial Cost, Land		$ 608
Initial Cost, Building		285
Cost of Improvements, net of Retirements, Building		238
Gross Carrying Amount, Land	[1]	608
Gross Carrying Amount, Building	[1]	523
Less: Accumulated depreciation and amortization		(59)
Encumbrances (Unpaid Principal)	[2]	$ (1,590)
Year of Acquisition		2,017
Life of Depreciation		30 years
[1]	The aggregate cost basis for federal income tax purposes of our investments in real estate approximates the carrying amount at December 31, 2017.
[2]	These encumbrances are held by our consolidated securitizations, RAIT I and RAIT II
[3]	Of these encumbrances, $20,859 is held by third parties and $32,500 is held by RAIT I.
[4]	Of these encumbrances, $7,017 is held by third parties and $1,584 is held by RAIT.
[5]	These encumbrances are held entirely by third parties.

Real Estate and Accumulated 117

Real Estate and Accumulated Depreciation (Parenthetical) (Detail) $ in Thousands	Dec. 31, 2017USD ($)
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	$ 349,769
Executive Mews - Cherry Hill | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	7,017
Executive Mews - Cherry Hill | RAIT
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	1,584
1501 Yamato Road | Third Party
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	20,859
1501 Yamato Road | RAIT II
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances (Unpaid Principal)	$ 32,500

Investment in Real Estate (Deta

Investment in Real Estate (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 854,646	$ 1,145,630
Additions during period:
Acquisitions	1,118	49,734
Improvements to land and building	9,362	22,701
Deductions during period:
Dispositions, impairments and deconsolidation of real estate	(590,454)	(363,419)
Balance, end of period:	$ 274,672	$ 854,646

Accumulated Depreciation (Detai

Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance, beginning of period	$ 138,214	$ 158,688
Depreciation expense	20,422	36,944
Dispositions and deconsolidation of real estate	(129,868)	(57,418)
Balance, end of period:	$ 28,768	$ 138,214

Summary of Commercial Mortgage

Summary of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail)		12 Months Ended
		Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		123
Carrying Amount of Mortgages		$ 1,272,951,000	[1]	$ 1,294,066,000	$ 1,625,838,000
Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		0.00%
Principal		$ 14,885,000
Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		14.50%
Principal		$ 181,269,000
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		13
Carrying Amount of Mortgages	[1]	$ 45,652,000
Mezzanine Loans | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal		1,173,000
Mezzanine Loans | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal		$ 17,857,000
Mezzanine Loans | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		5
Carrying Amount of Mortgages	[1]	$ 18,808,000
Mezzanine Loans | Multi-family real estate properties | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		6.00%
Maturity Date		Oct. 1, 2020
Principal		$ 496,000
Mezzanine Loans | Multi-family real estate properties | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		14.50%
Maturity Date		Jan. 1, 2025
Principal		$ 12,504,000
Mezzanine Loans | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		7
Carrying Amount of Mortgages	[1]	$ 26,721,000
Mezzanine Loans | Office | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		5.10%
Maturity Date		Aug. 1, 2018
Principal		$ 554,000
Mezzanine Loans | Office | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		12.10%
Maturity Date		May 1, 2025
Principal		$ 5,230,000
Mezzanine Loans | Retail
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		1
Carrying Amount of Mortgages	[1]	$ 123,000
Mezzanine Loans | Retail | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		5.00%
Maturity Date		May 8, 2018
Principal		$ 123,000
Mezzanine Loans | Retail | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		5.00%
Maturity Date		May 8, 2018
Principal		$ 123,000
Commercial mortgages
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		95
Carrying Amount of Mortgages	[1]	$ 1,194,016,000
Commercial mortgages | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal		12,727,000
Commercial mortgages | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal		$ 151,815,000
Commercial mortgages | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		32
Carrying Amount of Mortgages	[1]	$ 372,190,000
Commercial mortgages | Multi-family real estate properties | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		5.20%
Maturity Date		Mar. 1, 2018
Principal		$ 2,977,000
Commercial mortgages | Multi-family real estate properties | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		7.30%
Maturity Date		Jan. 1, 2021
Principal		$ 30,000,000
Commercial mortgages | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		25
Carrying Amount of Mortgages	[1]	$ 341,990,000
Commercial mortgages | Office | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		4.90%
Maturity Date		Jan. 1, 2018
Principal		$ 5,250,000
Commercial mortgages | Office | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		7.20%
Maturity Date		Jul. 1, 2022
Principal		$ 32,815,000
Commercial mortgages | Retail
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		29
Carrying Amount of Mortgages	[1]	$ 342,651,000
Commercial mortgages | Retail | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		4.60%
Maturity Date		Jan. 1, 2018
Principal		$ 299,000
Commercial mortgages | Retail | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		7.50%
Maturity Date		Dec. 1, 2025
Principal		$ 26,000,000
Commercial mortgages | Other
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		9
Carrying Amount of Mortgages	[1]	$ 137,185,000
Commercial mortgages | Other | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		5.70%
Maturity Date		Jan. 1, 2018
Principal		$ 4,201,000
Commercial mortgages | Other | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		11.50%
Maturity Date		Oct. 1, 2020
Principal		$ 63,000,000
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		15
Carrying Amount of Mortgages	[1]	$ 33,283,000
Preferred Equity Interests | Minimum
Mortgage Loans On Real Estate [Line Items]
Principal		985,000
Preferred Equity Interests | Maximum
Mortgage Loans On Real Estate [Line Items]
Principal		$ 11,597,000
Preferred Equity Interests | Multi-family real estate properties
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		6
Carrying Amount of Mortgages	[1]	$ 20,766,000
Preferred Equity Interests | Multi-family real estate properties | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		6.00%
Maturity Date		Apr. 1, 2020
Principal		$ 235,000
Preferred Equity Interests | Multi-family real estate properties | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		11.00%
Maturity Date		Jun. 1, 2027
Principal		$ 7,948,000
Preferred Equity Interests | Office
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan		9
Carrying Amount of Mortgages	[1]	$ 12,517,000
Preferred Equity Interests | Office | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		0.00%
Maturity Date		Nov. 11, 2018
Principal		$ 750,000
Preferred Equity Interests | Office | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate		11.00%
Maturity Date		Jan. 2, 2029
Principal		$ 3,649,000
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans.

Summary of Commercial Mortga121

Summary of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 1,272,951	[1]	$ 1,294,066	$ 1,625,838
Equity Investments | Investment 1
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 3,700
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans.

Reconciliation of Carrying Amou

Reconciliation of Carrying Amount of Commercial Mortgage Loans, Mezzanine Loans, Other Loans and Preferred Equity Interests (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017		Dec. 31, 2016
Mortgage Loans On Real Estate [Line Items]
Balance, beginning of period	$ 1,294,066		$ 1,625,838
Investments in loans	476,723		165,240
Accretion of discount	248		458
Collections of principal	(453,768)		(417,735)
Conversion of loans to real estate and charge-offs	(44,318)		(44,558)
Balance, end of period:	$ 1,272,951	[1]	1,294,066
Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Sales of loans			$ (35,177)
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans.

Summary of Commercial Mortga123

Summary of Commercial Mortgage Loans, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)Loan		Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	123
Total Carrying Amount of Mortgages	$ 1,272,951,000	[1]	$ 1,294,066,000	$ 1,625,838,000
Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	0.00%
Principal	$ 146,956,000
Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	14.50%
Principal	$ 456,546,000
Texas
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	26
Total Carrying Amount of Mortgages	$ 244,287,000
Texas | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.20%
Principal	$ 235,000
Texas | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	14.50%
Principal	$ 27,582,000
California
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	20
Total Carrying Amount of Mortgages	$ 215,767,000
California | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	0.00%
Principal	$ 3,150,000
California | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.10%
Principal	$ 30,650,000
Florida
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	15
Total Carrying Amount of Mortgages	$ 179,702,000
Florida | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	4.60%
Principal	$ 123,000
Florida | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	11.50%
Principal	$ 32,815,000
Pennsylvania
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Total Carrying Amount of Mortgages	$ 86,625,000
Pennsylvania | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.70%
Principal	$ 11,040,000
Pennsylvania | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.50%
Principal	$ 63,000,000
Georgia
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Total Carrying Amount of Mortgages	$ 47,354,000
Georgia | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.70%
Principal	$ 4,800,000
Georgia | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 22,054,000
Ohio
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Total Carrying Amount of Mortgages	$ 43,730,000
Ohio | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.30%
Principal	$ 3,000,000
Ohio | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 20,000,000
Nevada
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Total Carrying Amount of Mortgages	$ 43,350,000
Nevada | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.80%
Principal	$ 8,400,000
Nevada | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.10%
Principal	$ 26,000,000
Oklahoma
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Total Carrying Amount of Mortgages	$ 42,665,000
Oklahoma | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.20%
Principal	$ 4,805,000
Oklahoma | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	10.00%
Principal	$ 30,000,000
Virginia
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Total Carrying Amount of Mortgages	$ 38,745,000
Virginia | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	4.80%
Principal	$ 5,600,000
Virginia | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 16,645,000
Colorado
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	3
Total Carrying Amount of Mortgages	$ 35,156,000
Colorado | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.10%
Principal	$ 806,000
Colorado | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 23,600,000
Arizona
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	5
Total Carrying Amount of Mortgages	$ 34,510,000
Arizona | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.30%
Principal	$ 2,000,000
Arizona | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	12.10%
Principal	$ 11,750,000
Wisconsin
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	12
Total Carrying Amount of Mortgages	$ 33,343,000
Wisconsin | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.00%
Principal	$ 496,000
Wisconsin | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	11.00%
Principal	$ 13,000,000
Alabama
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	4
Total Carrying Amount of Mortgages	$ 31,955,000
Alabama | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.60%
Principal	$ 5,830,000
Alabama | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.30%
Principal	$ 9,400,000
Illinois
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Total Carrying Amount of Mortgages	$ 23,925,000
Illinois | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.00%
Principal	$ 10,925,000
Illinois | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.80%
Principal	$ 13,000,000
Minnesota
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Total Carrying Amount of Mortgages	$ 19,995,000
Minnesota | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	4.90%
Principal	$ 19,995,000
Minnesota | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.30%
Principal	$ 19,995,000
North Carolina
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 18,000,000
North Carolina | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.80%
Principal	$ 18,000,000
North Carolina | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.80%
Principal	$ 18,000,000
Oregon
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Total Carrying Amount of Mortgages	$ 15,370,000
Oregon | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.80%
Principal	$ 5,250,000
Oregon | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.90%
Principal	$ 10,120,000
Washington
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 11,000,000
Washington | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 11,000,000
Washington | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 11,000,000
Maryland
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 8,950,000
Maryland | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 8,950,000
Maryland | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 8,950,000
Connecticut
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 8,280,000
Connecticut | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	12.00%
Principal	$ 554,000
Connecticut | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	12.00%
Principal	$ 3,978,000
Tennessee
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 7,250,000
Tennessee | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.00%
Principal	$ 7,250,000
Tennessee | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.00%
Principal	$ 7,250,000
Kentucky
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 6,400,000
Kentucky | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.80%
Principal	$ 6,400,000
Kentucky | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	5.80%
Principal	$ 6,400,000
New Mexico
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 4,550,000
New Mexico | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 4,550,000
New Mexico | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	6.60%
Principal	$ 4,550,000
Missouri
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 2,600,000
Missouri | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	9.00%
Principal	$ 2,600,000
Missouri | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	9.00%
Principal	$ 2,600,000
Indiana
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	1
Total Carrying Amount of Mortgages	$ 899,000
Indiana | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	10.00%
Principal	$ 899,000
Indiana | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	10.00%
Principal	$ 899,000
Various States
Mortgage Loans On Real Estate [Line Items]
Number of Loans | Loan	2
Total Carrying Amount of Mortgages	$ 68,543,000
Various States | Minimum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	4.80%
Principal	$ 299,000
Various States | Maximum
Mortgage Loans On Real Estate [Line Items]
Interest Rate	7.50%
Principal	$ 23,308,000
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans.

Summary of Commercial Mortga124

Summary of Commercial Mortgage Loans, Mezzanine Loans, Preferred Equity and Other loans by Geographic location (Parenthetical) (Detail) - USD ($) $ in Thousands	Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 1,272,951	[1]	$ 1,294,066	$ 1,625,838
Equity Investments | Investment 1
Mortgage Loans On Real Estate [Line Items]
Carrying Amount of Mortgages	$ 3,700
[1]	The tax basis of the commercial mortgage loans, mezzanine loans and preferred equity interests approximates the recorded investment of the loans.