Rait Financial Trust (RAS) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 02, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	1,045,425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		1,850,471

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Investment in mortgage loans, held for investment:
Commercial mortgage loans, mezzanine loans, and preferred equity interests	$ 627,910	$ 1,270,607
Allowance for loan losses	(23,617)	(14,883)
Investments in real estate, net of accumulated depreciation	123,145	245,904
Cash and cash equivalents	98,352	53,380
Restricted cash	86,154	157,914
Accrued interest receivable	24,959	29,664
Other assets	14,134	43,871
Intangible assets, net of accumulated amortization of $5,527 and $6,831, respectively	1,893	5,376
Total assets	957,603	1,791,833
Liabilities and Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $17,880 and $29,465 respectively (including $560,287 and $1,038,864 held by consolidated VIEs, respectively)	814,987	1,390,188
Accrued interest payable	3,857	4,688
Accounts payable and accrued expenses	4,931	9,641
Borrowers' escrows	46,844	117,070
Deferred taxes and other liabilities	2,573	12,116
Total liabilities	873,192	1,533,703
Series D cumulative redeemable preferred shares, $0.01 par value per share, 0 and 4,000,000 shares authorized, respectively, 0 and 3,133,720 shares issued and outstanding, respectively		78,343
Shareholders’ equity:
Common shares, $1.50 par value per share, 200,000,000 shares authorized 1,850,471 and 1,860,903 issued and outstanding, respectively, including 10,264 and 24,930 unvested restricted common share awards, respectively	2,776	2,791
Additional paid in capital	2,102,170	2,094,804
Accumulated other comprehensive income (loss)	9,743
Retained earnings (deficit)	(2,030,378)	(1,921,533)
Total shareholders’ equity	84,411	176,155
Noncontrolling interests		3,632
Total equity	84,411	179,787
Total liabilities and equity	957,603	1,791,833
Held For Investment
Investment in mortgage loans, held for investment:
Investment in mortgage loans	604,293	1,255,724
Held For Sale
Investment in mortgage loans, held for investment:
Investment in mortgage loans	4,673
7.75% Series A Cumulative Redeemable Preferred Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share	57	53
Total equity	57	53
8.375% Series B Cumulative Redeemable Preferred Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share	25	23
Total equity	25	23
8.875% Series C Cumulative Redeemable Preferred Stock
Shareholders’ equity:
Preferred shares, $0.01 par value per share	18	17
Total equity	18	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	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Real estate, accumulated depreciation	$ 9,328	$ 28,768
Investments in real estate, net of accumulated depreciation	123,145	245,904
Intangible assets, accumulated amortization	5,527	6,831
Indebtedness, unamortized discounts, premiums and deferred financing costs	17,880	29,465
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 814,987	$ 1,390,188
Preferred shares, authorized	25,000,000	25,000,000
Cumulative redeemable preferred shares, shares outstanding	0
Common shares, par value	$ 1.50	$ 1.50
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	1,850,471	1,860,903
Common shares, shares outstanding	1,850,471	1,860,903
Unvested restricted common share awards	10,264	24,930
VIE
Investment in mortgage loans	$ 599,809	$ 1,174,827
Investments in real estate, net of accumulated depreciation	18,133	18,634
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 560,287	$ 1,038,864
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	0	4,000,000
Series D cumulative redeemable preferred shares, shares issued	0	3,133,720
Series D cumulative redeemable preferred shares, shares outstanding	0	3,133,720
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	5,727,500	5,344,353
Cumulative redeemable preferred shares, shares outstanding	5,727,500	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	2,508,797	2,340,969
Cumulative redeemable preferred shares, shares outstanding	2,508,797	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	1,758,030	1,640,425
Cumulative redeemable preferred shares, shares outstanding	1,758,030	1,640,425
Preferred shares, par value	$ 0.01	$ 0.01
Series E Cumulative Redeemable Preferred Stock
Preferred shares, authorized	0	4,000,000
Cumulative redeemable preferred shares, shares issued	0	0
Cumulative redeemable preferred shares, shares outstanding	0	0
Preferred shares, par value	$ 0.01	$ 0.01

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue:
Investment interest income		$ 8,353	$ 18,115	$ 43,542	$ 50,647
Investment interest expense		(5,940)	(10,236)	(26,079)	(30,555)
Net interest margin		2,413	7,879	17,463	20,092
Property income		6,332	15,012	23,814	52,023
Fee and other income		582	1,712	2,944	4,904
Total revenue		9,327	24,603	44,221	77,019
Expenses:
Interest expense		5,791	8,656	18,918	27,682
Real estate operating expense		4,311	8,313	15,503	28,456
Property management expenses		537	1,908	4,207	6,772
General and administrative expenses:
Compensation expense		2,408	3,194	8,446	10,210
Other general and administrative expense		2,847	3,233	13,270	8,627
Total general and administrative expenses		5,255	6,427	21,716	18,837
Acquisition and integration expenses			57	133	296
Provision for loan losses		7,489	5,516	30,269	27,914
Depreciation and amortization expense		1,828	6,139	8,158	23,712
IRT internalization and management transition expenses					736
Employee separation expenses			575		575
Shareholder activism expenses			155		2,464
Total expenses		25,211	37,746	98,904	137,444
Operating (Loss) Income		(15,884)	(13,143)	(54,683)	(60,425)
Interest and other income (expense), net		342	283	785	144
Gains on assets		6,440	30	2,292	22,795
Gains (losses) on deconsolidation of properties and VIEs		870	(4,035)	(7,307)	(19,982)
Gain on sale of retail property manager		1,262		1,262
Gains (losses) on extinguishments of debt		(239)	(644)	(3,668)	944
Asset impairment		(13,267)	(3,121)	(44,083)	(96,354)
Goodwill impairment					(8,342)
Change in fair value of financial instruments		(410)	4,753	(212)	6,693
Income (loss) before taxes		(20,886)	(15,877)	(105,614)	(154,527)
Income tax benefit (provision)		(152)	34	(152)	261
Net income (loss)		(21,038)	(15,843)	(105,766)	(154,266)
(Income) loss allocated to preferred shares		(5,063)	(8,387)	(4,591)	(25,730)
(Income) loss allocated to noncontrolling interests					(76)
Net income (loss) allocable to common shares		$ (26,101)	$ (24,230)	$ (110,357)	$ (180,072)
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic		$ (14.18)	$ (13.23)	$ (60)	$ (98.47)
Weighted-average shares outstanding-Basic	[1]	1,840,168	1,831,193	1,839,172	1,828,778
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted		$ (14.18)	$ (13.23)	$ (60)	$ (98.47)
Weighted average shares outstanding-Diluted	[1]	1,840,168	1,831,193	1,839,172	1,828,778
[1]	All share and per-share amounts have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented herein.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ (21,038)	$ (15,843)	$ (105,766)	$ (154,266)
Other comprehensive income (loss):
Unrealized gains (losses) from change in fair value based on instrument specific credit risk	(2,801)		486
Total other comprehensive income (loss)	(2,801)		486
Comprehensive income (loss) before allocation to noncontrolling interests	(23,839)	(15,843)	(105,280)	(154,266)
(Income) loss allocated to noncontrolling interests				(76)
Comprehensive income (loss) allocable to common shares	$ (23,839)	$ (15,843)	$ (105,280)	$ (154,342)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands	Total	7.75% Series A Cumulative Redeemable Preferred Stock	8.375% Series B Cumulative Redeemable Preferred Stock	8.875% Series C Cumulative Redeemable Preferred Stock	Common Shares	Additional Paid In Capital	AOCI	Retained Earnings (Deficit)	Total Shareholders' Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2017	$ 179,787	$ 53	$ 23	$ 17	$ 2,791	$ 2,094,804	$ 0	$ (1,921,533)	$ 176,155	$ 3,632
Beginning Balance (in shares) at Dec. 31, 2017		5,344,353	2,340,969	1,640,425	1,860,903
Cumulative effect adjustments from adoption of recently issued accounting pronouncements at Dec. 31, 2017	761						9,257	(8,496)	761
Adjusted Balance at Dec. 31, 2017	180,548	$ 53	$ 23	$ 17	$ 2,791	2,094,804	9,257	(1,930,029)	176,916	3,632
Adjusted Balance (in shares) at Dec. 31, 2017		5,344,353	2,340,969	1,640,425	1,860,903
Net income (loss)	(105,766)							(105,766)	(105,766)
Preferred shares issued, net	4,366	$ 4	$ 2	$ 1		4,359			4,366
Preferred shares issued, net (shares)		383,147	167,828	117,605
Preferred dividends paid	(6,397)							(6,397)	(6,397)
Impact of Series D redemption	11,921					(11)		11,932	11,921
Common dividends declared	(118)							(118)	(118)
Other comprehensive income (loss), net	486						486		486
Share-based compensation	(163)					(163)			(163)
Issuance of noncontrolling interests	76									76
Distribution to noncontrolling interests	(15)									(15)
Acquisition of noncontrolling interests	(343)					3,239			3,239	(3,582)
Derecognition of noncontrolling interests	(111)									$ (111)
Common shares activity related to equity compensation	(73)				$ (15)	(58)			(73)
Common shares activity related to equity compensation (in shares)					(10,432)
Ending Balance at Sep. 30, 2018	$ 84,411	$ 57	$ 25	$ 18	$ 2,776	$ 2,102,170	$ 9,743	$ (2,030,378)	$ 84,411
Ending Balance (in shares) at Sep. 30, 2018		5,727,500	2,508,797	1,758,030	1,850,471

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating activities:
Net income (loss)	$ (105,766)	$ (154,266)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision for loan losses	30,269	27,914
Share-based compensation expense	(163)	1,833
Depreciation and amortization expense	8,158	23,712
Amortization of deferred financing costs and debt discounts	8,042	10,920
Deferral of loan origination fees and costs, net	(1,175)	1,267
(Amortization) of above/below market leases	(334)	(822)
(Gains) Losses on assets	(2,292)	(22,795)
(Gains) Losses on extinguishments of debt	3,668	(944)
(Gains) Losses on deconsolidation of properties and VIEs	7,307	19,982
(Gain) on sale of retail property manager	(1,262)
Asset impairment	44,083	96,354
Goodwill impairment		8,342
Change in fair value of financial instruments	212	(6,693)
Provision (benefit) for deferred taxes		22
Changes in assets and liabilities:
Decrease in accrued interest receivable	3,514	3,966
Decrease in other assets	2,248	2,667
(Decrease) increase in accrued interest payable	(251)	3,940
(Decrease) in accounts payable and accrued expenses	(314)	(1,817)
(Decrease) increase in other liabilities	22	(2,729)
Proceeds from sale of loans originated for sale	14,265
Cash flows provided by (used in) operating activities	10,231	10,853
Investing activities:
Origination of loans for investment	(52,215)	(369,981)
Principal repayments on loans	274,702	384,567
Proceeds from sale of interests in floating rate securitizations, net of cash and restricted cash deconsolidated	31,837
Investments in real estate	(2,457)	(5,715)
Payments related to sale of retail property manager, including cash deconsolidated	(235)
Proceeds from sale of loans originated for investment	108,494
Proceeds from the disposition of real estate	83,667	161,237
(Decrease) increase in borrowers' escrows	(47,677)	6,813
Cash flows provided by (used in) investing activities	396,116	176,921
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(828)	(975)
Repayments and repurchase of CDO notes payable and floating rate securitizations	(280,890)	(576,536)
Net proceeds from issuance of CDO notes and floating rate securitizations		276,894
Repurchase of convertible notes and senior notes	(43,953)	(7,316)
Repayments of senior secured notes	(11,500)	(48,500)
Net proceeds (repayments) related to floating rate loan repurchase agreements	(22,313)	97,498
Proceeds from issuance of other indebtedness		17,022
Distribution to noncontrolling interests	(15)	(1,702)
Acquisition of noncontrolling interests	(343)
Issuance of noncontrolling interests	76	66
Payments for deferred costs		(4,435)
Common share issuance, net of costs incurred	(74)	(1,033)
Repurchase of Series D preferred shares	(62,057)	(10,057)
Distributions paid to preferred shareholders	(11,121)	(19,601)
Distributions paid to common shareholders	(117)	(21,301)
Cash flows (used in) provided by financing activities	(433,135)	(299,976)
Net change in cash, cash equivalents, and restricted cash	(26,788)	(112,202)
Cash, cash equivalents, and restricted cash at the beginning of the period	211,294	300,710
Cash, cash equivalents, and restricted cash at the end of the period	$ 184,506	$ 188,508

THE COMPANY

THE COMPANY	9 Months Ended
	Sep. 30, 2018
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, or CRE, loans and properties. References to “RAIT”, “we”, “us”, and “our” refer to RAIT Financial Trust and its subsidiaries, unless the context otherwise requires. Effective after the close of trading on August 13, 2018, we completed a one for fifty reverse stock split, or the Reverse Stock Split of RAIT’s common shares, as previously authorized by RAIT’s board of trustees, or the Board, pursuant to authority granted to the Board by RAIT’s common shareholders. The par value of common shares changed to $1.50 per share after the Reverse Stock Split from $0.03 per share prior to the Reverse Stock Split and every fifty shares issued and outstanding prior to the Reverse Stock Split were combined into one common share after the Reverse Stock Split. The Reverse Stock Split did not change the number of authorized common shares. These financial statements give retroactive effect to such Reverse Stock Split and all share and per share amounts have been adjusted accordingly. The Reverse Stock Split did not affect RAIT’s preferred shares, including the number of authorized or outstanding RAIT preferred shares or the dividend rate per share of any outstanding RAIT preferred shares. On June 27, 2018, RAIT Asset Holdings IV, LLC, or RAIT IV, a subsidiary of RAIT, its FL5 Interests, as defined below, and FL6 Interests, as defined below (collectively, the Interests), to Melody RE II, LLC, or the Purchaser, for an aggregate purchase price of $54,632. Prior to the sale, RAIT IV wa • 60% of the units, or the FL5 Interests, of RAIT – Melody 2016 Holdings, LLC, or Holdings 2016, which controls RAIT – Melody 2016 Holdings Trust. This trust owned, at the time of sale, various classes of non-investment grade bonds and the equity of RAIT 2015-FL5 Trust, or FL5, with the remaining 40% of the units of Holdings 2016 being held by affiliates of the Purchaser; and • 60% of the units, or the FL6 Interests, of RAIT – Melody 2017 Holdings, LLC, or Holdings 2017, which controls RAIT – Melody 2017 Holdings Trust. This trust owned, at the time of sale, various classes of non-investment grade bonds and the equity of RAIT 2016-FL6 Trust, or FL6, with the remaining 40% of the units of Holdings 2017 being held by affiliates of the Purchaser. As a result of the sale, RAIT is no longer the primary beneficiary of Holdings 2016 or Holdings 2017 (collectively, the RAIT Venture VIEs), or FL5 or FL6. Therefore, RAIT deconsolidated those entities as of June 27, 2018. See Note 8: Variable Interest Entities for more information. After the sale of the Interests, RAIT retained its role as servicer and special servicer of the loans in FL5 and FL6. Also on June 27, 2018, RAIT, several of RAIT’s subsidiaries, including RAIT IV, and ARS VI Investor I, LP, or the Investor, . On September 7, 2017, we announced that our 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 had 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 its 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 suspension 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, or REO, portfolio and selling certain of our loans, 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 and in evaluating strategic and financial transactions.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2017 included in our Annual Report on Form 10-K, or the Annual Report. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The consolidated balance sheet and consolidated statement of operations as of and for the three months ended September 30, 2018 includes the impact of correcting an error made in the determination of the amount of asset impairment that was recognized during the three months ended June 30, 2018 in the amount of $850. The effect of this correction was an increase to investments in real estate and decrease in asset impairment. The consolidated statement of cash flows for the nine-month period ended September 30, 2018 includes the impact of correcting the reporting of certain activity that occurred in the six-month period ended June 30, 2018 and the three-month period ended March 31, 2018. Specifically, the correction re-classified cash proceeds from certain loan sales that were previously reported within cash flows from operating activities and should have been reported within cash flows from investing activities. The impact of this was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $108,494 for the six-month period ended June 30, 2018 ($89,583 of which related to the three-month period ended March 31, 2018). This correction had no impact to cash and cash equivalents as of June 30, 2018 (or March 31, 2018), nor did it impact any other consolidated financial statement amounts as of June 30, 2018 (or March 31, 2018) or for the six-month period ended June 30, 2018 (or the three-month period ended March 31, 2018). We evaluated these error corrections and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements for any previously filed consolidated financial statements 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 As previously disclosed, RAIT has been notified by the staff of the New York Stock Exchange, or NYSE, that RAIT is not in compliance with certain continued listing standards of the NYSE. As of the filing date of this report, $279 of our outstanding indebtedness contains provisions that would provide the holders thereof to require us to repurchase that indebtedness if RAIT was delisted from the NYSE. In October 2018, we exercised our right to call this indebtedness and expect to redeem it in November 2018. 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. Consistent with these plans, RAIT has suspended new investment activity and the Board has not declared a dividend on RAIT’s outstanding preferred shares for the two quarters ended June 30, 2018 and September 30, 2018 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 under the 7.125% senior notes, to maintain compliance with its debt covenants and to fund recurring costs of operations 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, to sell retained interests in certain FL securitizations and to continue to receive repayments of loans as they become due. While controlling costs are within management’s control to some extent, selling real estate assets, selling loans, selling other assets and the timing of loan repayments involve performance by third parties. Since many of the real estate assets, loans and other assets 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. 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, or FASB, Accounting Standards Codification, or 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 September 30, 2018 and December 31, 2017, we had $49,350 and $123,398 of restricted cash, respectively, which primarily relates to tenant escrows and borrowers’ funds. Restricted cash also includes cash received from the sale, repayment and/or other disposition of assets held by the issuers of our securitizations that are awaiting to be distributed to holders of our CDO notes payable and CMBS securitizations, as well as the proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of September 30, 2018 and December 31, 2017, we had $36,804 and $34,516, respectively, of restricted cash held by securitizations. g. Investments in Commercial 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 mortgage loans, mezzanine loans and preferred equity interests that we do not have the intention or ability to sell, 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. Loans that we have the intention and ability to sell are classified as held for sale, and are measured at the lower of amortized cost or fair value. If the amortized cost exceeds the loan’s fair value, we establish a valuation allowance equal to the difference between the amortized cost and fair value. h. Allowance for Loan Losses, Impaired Loans and Non-accrual Status We maintain an allowance for loan losses on our investments in commercial mortgage loans, mezzanine loans and preferred equity interests. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating which are categorized as either impaired or satisfactory. Management reviews loans for impairment and establishes specific reserves when a loss is probable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual loans are applied to principal until the loan is removed from non-accrual status. Loans are generally removed from non-accrual status when they are making current interest payments. The allowance for loan losses is increased by the provision for loan losses and decreased by charge-offs (net of recoveries). We charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible. 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. Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to 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. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect any properties that we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally 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. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to property income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property. j. Revenue Recognition 1) Interest income — We recognize interest income from investments in commercial mortgage loans, mezzanine loans, and preferred equity interests on a yield to maturity basis. Certain of our commercial mortgage loans, mezzanine loans and preferred equity interests provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans, the majority of which were originated prior to 2011, at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible. Management will cease accruing interest on these loans when it determines that collection of the interest income is not probable based on the value of the underlying collateral using discounted cash flow models and market based assumptions. The accrued interest receivable associated with these loans as of September 30, 2018 and December 31, 2017 was $22,402 and $23,801, respectively. During the three months ended September 30, 2018, the accrued interest receivable of $1,964 related to one of these loans was determined to be uncollectible and was written off as a reduction to investment interest income. These loans are considered to be impaired when the total contractual amount owed exceeds the estimated value of the underlying collateral. Four of these loans, with an unpaid principal balance of $28,873 and $28,904, were considered to be impaired as of September 30, 2018 and December 31, 2017, respectively, because the contractual amounts owed exceed the estimated value of the underlying collateral. Additionally, three and two of these loans with an unpaid principal amount of $32,664 and $30,379 were considered impaired as of September 30, 2018 and December 31, 2017, respectively, because their loan terms were modified in what constituted a troubled debt restructuring. 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 —We generate property income from tenant rent and other tenant-related activities at our consolidated real estate properties. For multifamily real estate properties, property income is recorded when due from residents and recognized monthly as it is earned and realizable, under lease terms which are generally for periods of one year or less. For retail and office real estate properties, property income is recognized on a straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. For retail and office real estate properties, leases also typically provide for tenant reimbursement of a portion of common area maintenance and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease. 3) Fee and other income —We have generated fee and other income through our various subsidiaries by (a) funding conduit loans for sale into unaffiliated commercial mortgage-backed securities, or CMBS, securitizations, (b) providing or arranging to provide financing to our borrowers, (c) providing ongoing asset management services to investment portfolios under cancelable management agreements, and (d) providing property management services to third parties. We recognize revenue for these activities when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. While we may receive asset management fees when they are earned, we eliminate earned asset management fee income from securitizations while such securitizations are consolidated. During the three and nine months ended September 30, 2018, we earned $129 and $443, respectively, of asset management fees, which were eliminated as they were associated with consolidated securitizations. During the three and nine months ended September 30, 2017, we earned $227 and $714, respectively, of asset management fees, which were eliminated as they were associated with consolidated securitizations. Certain components of property income and fee and other income fall within the scope of FASB ASC Topic 606, “Revenue from Contracts with Customers”. This topic requires entities to disaggregate revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. In the following table, revenue from contracts with customers is disaggregated by type of revenue. For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenue from Contracts with customers 2018 2017 2018 2017 Property Management Fee income $ 231 $ 732 $ 1,724 $ 2,333 Parking 80 433 514 1,400 Leasing Commission income 78 598 742 1,765 Other miscellaneous 410 599 887 1,789 Total $ 799 $ 2,362 $ 3,867 $ 7,287 There have been no changes in the measurement of revenue from contracts with customers resulting from the adoption of ASC 606. k. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions. l. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables. m. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method. n. Intangible Assets Intangible assets on our consolidated balance sheets represent identifiable intangible assets acquired in business acquisitions. We amortize identified intangible assets to expense over their estimated lives using the straight-line method. We evaluate intangible assets for impairment as events and circumstances change, in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment.” The gross carrying amount for our in-place leases and above market leases was $7,420 as of September 30, 2018 and December 31, 2017, respectively. The accumulated amortization for our intangible assets was $5,527 and $6,831 as of September 30, 2018 and December 31, 2017, respectively. We recorded amortization expense of $251 and $1,202 for the three months ended September 30, 2018 and 2017, respectively, and $1,069 and $5,763 for the nine months ended September 30, 2018 and 2017, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $268 for the remainder of 2018, $701 for 2019, $341 for 2020, $259 for 2021, $143 for 2022 and $181 thereafter. As of September 30, 2018, we have determined that the carrying value of our intangible assets is recoverable. o. Derivative Instruments In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives cleared through the Chicago Mercantile Exchange, or CME, and the London Clearing House, or LCH, variation margin payments are considered settlements of the related derivatives. As of September 30, 2018, we had no derivative instruments outsta

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	9 Months Ended
	Sep. 30, 2018
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 Loans Held for Investment The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests held for investment as of September 30, 2018: 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 $ 574,896 $ (546 ) $ 574,350 42 6.5 % Oct. 2018 to Jun. 2025 Mezzanine loans 21,122 164 21,286 2 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 33,279 (1 ) 33,278 15 6.7 % Nov. 2018 to Jan. 2029 Total CRE (2) 629,297 (383 ) 628,914 59 6.8 % Deferred fees and costs, net (3) (1,004 ) - (1,004 ) Total $ 628,293 $ (383 ) $ 627,910 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $3,822 of deferred fees, net of $2,818 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests held for investment 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, (j) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $8,497 of deferred fees, net of $6,153 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 held for investment as of September 30, 2018 and December 31, 2017: As of September 30, 2018 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 508,978 $ 8,892 $ 17,466 $ 39,560 $ 574,896 $ 106,860 Mezzanine loans 21,122 — — — 21,122 8,253 Preferred equity interests 33,279 — — — 33,279 8,350 Total $ 563,379 $ 8,892 $ 17,466 $ 39,560 $ 629,297 $ 123,463 (1) Includes six loans that are current, one loan that is 30 to 59 days or more past due, and one loan that is 60 to 89 days or more past due, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. Also includes one loan that is 90 days or more past due in accordance with its terms. 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 September 30, 2018 and December 31, 2017, 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 September 30, 2018, $100,442 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. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans. As of September 30, 2018 and December 31, 2017, $123,463 and $98,603, respectively, of our commercial real estate loans were on non-accrual status and had a weighted-average interest rate of 6.8% and 6.1%, respectively. Also, as of September 30, 2018 and December 31, 2017, two, and three loans with unpaid principal balances of $15,919 and $20,624, respectively, and weighted average interest rate of 13.5% and 12.9%, respectively, were not recognizing interest based on the estimated value of the underlying collateral. Additionally, as of September 30, 2018, one loan, with an unpaid principal balance of $7,948, which had previously been restructured in a troubled debt restricting, or TDR, did not accrue interest in accordance with its restructured terms. Allowance For Loan Losses And Impaired Loans During the three and nine months ended September 30, 2018, we recognized provision for loan losses of $7,489 and $30,269. Our provision for loan losses during the three and nine months ended September 30, 2018 was primarily driven by two and seven loans, respectively, where the borrower and/or property experienced an unfavorable event or events during the period, which resulted in probable, incurred losses and credit related impairments recognized on the loans transferred to loans held for sale that are further discussed below. We closely monitor our loans, which require evaluation for loan loss in two categories: satisfactory and watchlist. Loans classified as satisfactory are loans that are performing consistent with our expectations. Loans classified as watchlist are generally loans that have performed below our expectations, have credit weaknesses or in which the credit quality of the collateral has deteriorated. This is determined by evaluating quantitative factors including debt service coverage ratios, net operating income of the underlying collateral and qualitative factors such as current performance of the underlying collateral. We have classified our loans held for investment by credit risk category as of September 30, 2018 and December 31, 2017 as follows: As of September 30, 2018 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 428,646 $ — $ 13,930 $ 442,576 Watchlist (1) 146,250 21,122 19,349 186,721 Total $ 574,896 $ 21,122 $ 33,279 $ 629,297 (1) Includes $154,581 of loans that are considered to be impaired and $32,140 of loans that are not considered to be impaired. 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 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 held for investment for the three months ended September 30, 2018 and 2017: For the Three Months Ended September 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 11,226 $ 5,231 $ 242 $ 16,699 Provision (benefit) for loan losses 5,506 1,258 725 7,489 Charge-offs, net of recoveries (571 ) — — (571 ) Ending balance $ 16,161 $ 6,489 $ 967 $ 23,617 For the Three Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 Provision (benefit) for loan losses 3,368 2,148 — 5,516 Charge-offs, net of recoveries — (3,890 ) — (3,890 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests held for investment for the nine months ended September 30, 2018 and 2017: For the Nine Months Ended September 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 9,019 $ 5,622 $ 242 $ 14,883 Provision (benefit) for loan losses 25,502 4,042 725 30,269 Charge-offs, net of recoveries (1) (18,360 ) (3,175 ) — (21,535 ) Ending balance $ 16,161 $ 6,489 $ 967 $ 23,617 (1) Includes $5,331 of charge-offs related to loans transferred to held for sale during the nine months ended September 30, 2018. For the Nine Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 16,690 11,238 (14 ) 27,914 Charge-offs, net of recoveries (11,240 ) (3,888 ) — $ (15,128 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 Information on those loans considered to be impaired as of September 30, 2018 and December 31, 2017 was as follows: As of September 30, 2018 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 11,164 $ 12,869 $ 10,999 $ 35,032 Impaired loans with reserves 102,946 8,253 8,350 119,549 Total Impaired Loans (1) 114,110 21,122 19,349 154,581 Allowance for loan losses $ 16,161 $ 6,489 $ 967 $ 23,617 (1) As of September 30, 2018, there was no unpaid principal relating to previously identified TDRs that are on accrual status. 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. The average unpaid principal balance and recorded investment of total impaired loans was $141,524 and $157,649 during the three months ended September 30, 2018 and 2017, respectively and $133,201 and $153,707 for the nine months ended September 30, 2018 and 2017, respectively. We recorded interest income from impaired loans of $479 and $138 for the three months ended September 30, 2018 and 2017, respectively. We recorded interest income from impaired loans of $919 and $1,140 for the nine months ended September 30, 2018 and 2017, respectively. We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring, or TDR, under FASB ASC Topic 310, “Receivables”. During the three months ended September 30, 2018, there were no restructurings of our commercial real estate loans that constituted a TDR. During the nine months ended September 30, 2018, we determined that restructuring of one commercial real estate loan with an unpaid principal balance totaling $7,948 constituted a TDR as the interest payment rate was decreased to zero percent and the maturity date was extended. During the three and nine months ended September 30, 2017, there were no restructurings of our commercial real estate loans that constituted a TDR. During the nine months ended September 30, 2018, and September 30, 2017, there were no TDRs that subsequently defaulted for restructurings that had been entered into within the previous 12 months. Loans Held for Sale In February 2018, we began to pursue a sale of certain loans. In March 2018, we sold these loans, which had unpaid principal balance of $90,260 and received proceeds of $43,384 after repayment of $45,850 of secured warehouse facility debt and $349 of interest. We recognized a loss of $930 on the sale of these loans. During March 2018, we transferred nine additional loans to held for sale as we had the intention and ability to sell these loans. The transfer was made at the lower of cost or fair value for each respective loan. During the nine months ended September 30, 2018, six of these loans were sold or repaid, resulting in a net loss of $3,280. As of September 30, 2018, the three remaining loans held for sale were measured at the lower of cost or fair value, resulting in a loss of $1,524 for three months ended September 30, 2018. As of September 30, 2018, these loans had an unpaid principal balance of $7,015 and a carrying amount of $4,673. In May 2018, we began to pursue a sale of one additional loan. In June 2018, we sold this loan, which had unpaid principal balance of $13,000 and received proceeds of $11,577. We recognized a provision for loan loss of $1,423 on the transfer of this loan to loans held for sale. Loan-to-Real Estate Conversion In October 2018, we completed the conversion of one commercial mortgage loan with a carrying value of $5,096 to real estate owned property.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	9 Months Ended
	Sep. 30, 2018
Banking And Thrift [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 4: INVESTMENTS IN REAL ESTATE The table below summarizes our investments in real estate: Book Value As of September 30, 2018 As of December 31, 2017 Multifamily real estate properties $ — $ 17,163 Office real estate properties 51,460 130,125 Retail real estate properties 60,446 106,817 Parcels of land 20,567 20,567 Subtotal 132,473 274,672 Less: Accumulated depreciation and amortization (9,328 ) (28,768 ) Investments in real estate, net (1) $ 123,145 $ 245,904 (1) As of September 30, 2018 and December 31, 2017, there were no properties considered held-for-sale. As of September 30, 2018, our investments in real estate were comprised of land of $41,407 and buildings and improvements of $91,066. As of December 31, 2017, our investments in real estate were comprised of land of $73,003 and buildings and improvements of $201,669. As of September 30, 2018, our investments in real estate of $132,473 were financed through $40,906 of mortgage loans or other debt held by third parties and $133,525 of mortgage loans held directly by RAIT or through our RAIT I and RAIT II CDO securitizations. As of December 31, 2017, our 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 directly by RAIT or through our RAIT I and RAIT II CDO securitizations. Together, along with commercial real estate loans held by RAIT I and RAIT II, these mortgage loans serve as collateral for the CDO notes payable issued by the RAIT I and RAIT II CDO securitizations. All intercompany balances and interest charges are eliminated in consolidation. Property Sales: During the nine months ended September 30, 2018, we sold two office properties, one multifamily, and one retail property. We also recognized $6 of losses on sales related to properties sold in the prior year, as we settled remaining amounts with third parties subsequent to the sale date. The below table summarizes our property sales for the current year and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended September 30, 2018 For the Nine Months Ended September30, 2018 1501 Yamato Road (1) Office 6/15/2018 $ 42,050 $ 906 $ - $ (259 ) Erieview Tower & Parking (2) Office 8/1/2018 28,901 - (22 ) (10 ) Erieview Galleria Retail 8/1/2018 1,099 - 1 (9 ) Lexington Multifamily 8/31/2018 21,150 7,964 194 609 Total $ 93,200 $ 8,870 $ 173 $ 331 (1) We also recognized a loss on extinguishment of debt related to the sale of this property, resulting from a defeasance premium of $1,943. (2) This property was previously impaired. Impairment: During the three and nine months ended September 30, 2018, we recognized impairment charges related to certain real estate assets of $13,267 and $44,083, respectively, as it was more likely than not that we would dispose of the assets before the end of their previously estimated useful lives and a portion of our recorded investment in these assets was determined to not be recoverable. During the three months ended September 30, 2018, due to the current conditions affecting one of our retail properties in its local market, we recognized an impairment charge on one of our retail properties. The analysis performed, which included a third-party appraisal, resulted in an impairment charge of $13,482. We also recognized impairment charges of $635 on three other assets based on the status of negotiations for the sale of the assets. As discussed in Note 2: Summary of Significant Accounting Policies, we also corrected an error which resulted in the reversal of $850 of asset impairment during the three months ended September 30, 2018. During the nine months ended September 30, 2018, we recognized impairment charges on six of our real estate assets of $44,083. Due to the current conditions affecting one of our retail properties in its local market, we recognized an impairment of $13,482 based on a third-party appraisal. Due to the current conditions affecting one of our retail properties in its local market as well as our current efforts to increase our liquidity, we accepted an offer to purchase this asset which resulted in an impairment charge of $17,249 based on an executed purchase and sale agreement. We recognized impairment charges of $9,754 on three assets based on the status of negotiations for the sale of the assets. An impairment charge of $3,598 on the sixth asset was driven by a default on the asset’s associated ground lease. See Note 7: Fair Value of Financial Instruments for further information regarding our non-recurring fair value measurements. Other Dispositions: During the three months ended September 30, 2018, we recognized a non-cash gain on deconsolidation of properties of $907 relating to the voluntary surrender of a ground leasehold interest in one of our retail properties. The ground leasehold interest was held by one of our wholly owned subsidiaries, whose only assets were those relating to owning its ground leasehold interest in and operating the property. The gain on deconsolidation resulted from the derecognition of certain liabilities related to the ground lease, as the leasehold improvements had previously been reduced to $0 as a result of the ground lease default. During the nine months ended September 30, 2017, we incurred a non-cash loss on deconsolidation of properties of $20,660 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 nine months ended September 30, 2017, the senior lender foreclosed on the mortgage liens encumbering eight of these industrial properties and disposed of the properties through auction processes. These eight properties, including other assets, net of related liabilities, had an aggregate carrying value of $67,726. Upon foreclosure, we derecognized these net assets and extinguished related debt of $27,067 based on the proceeds received by the senior lender at the auctions. The difference between the net carrying value and the debt extinguished resulted in the non-cash loss noted above as full release of the remaining cross-collateralized non-recourse debt had not yet been received. The remaining two of these industrial properties had a carrying value of $13,909 of investments in real estate and $34,874 of related cross-collateralized non-recourse debt as of September 30, 2017. During the remainder of 2017, the remaining properties within this portfolio were foreclosed upon and, as a result, there were no assets or liabilities related to this portfolio on our balance sheet as of December 31, 2017.

INDEBTEDNESS

INDEBTEDNESS	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 5: INDEBTEDNESS We maintain various forms of short-term and long-term financing arrangements. Generally, these financing agreements are collateralized by assets within securitizations. The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2018: 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 $ (35 ) $ 836 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 68,222 (1,648 ) 66,574 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,282 ) 55,042 7.6 % Apr. 2024 7.125% senior notes 65,356 (492 ) 64,864 7.1 % Aug. 2019 Junior subordinated notes, at fair value (3) 18,671 (10,348 ) 8,323 6.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 4.8 % Apr. 2037 Total recourse indebtedness 234,544 (13,805 ) 220,739 6.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 152,710 (264 ) 152,446 2.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 404,707 (3,567 ) 401,140 3.6 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,906 (244 ) 40,662 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 598,323 (4,075 ) 594,248 3.5 % Total indebtedness $ 832,867 $ (17,880 ) $ 814,987 4.2 % (1) In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par. (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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018. (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 $299,250 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $162,116 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 $481,600 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. 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) 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 ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures. Recourse indebtedness refers to indebtedness that is recourse to our general assets, including the loans payable on real estate that are guaranteed by us. Non-recourse indebtedness consists of indebtedness of consolidated securitizations and loans payable on real estate which is recourse only to specific assets pledged as collateral to the lenders. The creditors of each consolidated securitization have no recourse to our general credit. The current status or activity in our financing arrangements occurring as of or during the nine months ended September 30, 2018 is as follows: Recourse Indebtedness 7.0% convertible senior notes. The 7.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 4.1217 common shares per $1 principal amount of 7.0% convertible senior notes (equivalent to a current conversion price of $242.6 per common share). As of September 30, 2018, $871 of the 7.0% convertible notes remain outstanding. The 7.0% convertible senior notes are redeemable at par, at the option of the holder, in April 2021, and April 2026. During the nine months ended September 30, 2018, there was no activity other than recurring interest during the current period. These notes do not contain financial covenants. In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at a redemption price equal to the principal amount of $871 plus accrued and unpaid interest. 4.0% convertible senior notes. The 4.0% convertible senior notes are convertible at the option of the holder at a current conversion rate of 2.1716 common shares per $1 principal amount of 4.0% convertible senior notes (equivalent to a current conversion price of $460.5 per common share). The 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028. These notes do not contain financial covenants. During the three months ended March 31, 2018, we repurchased $6,000 in principal amount of the 4% convertible senior notes for $5,708. During the three months ended June 30, 2018, we repurchased $36,291 in principal amount of the 4% convertible senior notes for $35,319. As of September 30, 2018, $68,222 of the 4.0% convertible senior notes remain outstanding. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018. 7.625% senior notes. During the nine months ended September 30, 2018, there was no activity other than recurring interest. As of September 30, 2018, $56,324 of the 7.625% senior notes remain outstanding. 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. We have not incurred debt, as defined in this indenture, since the three months ended March 31, 2018. As of March 31, 2018, the leverage ratio, calculated in accordance with the indenture, was 74.6% as compared to a maximum leverage ratio not to exceed 80%, and for the preceding four quarters, the fixed charge coverage ratio, calculated in accordance with the indenture, was 1.34x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. 7.125% senior notes. During the three months ended September 30, 2018, we repurchased $3,051 in principal amount of the 7.125% convertible senior notes for $2,852. As of September 30, 2018, $65,356 of the 7.125% senior notes remain outstanding. 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. We have not incurred debt, as defined in this indenture, since the three months ended March 31, 2018. As of March 31, 2018, the leverage ratio, calculated in accordance with the indenture, was 74.6% as compared to a maximum leverage ratio not to exceed 80%, and for the preceding four quarters, the fixed charge coverage ratio, calculated in accordance with the indenture, was 1.34x as compared to a minimum fixed charge coverage ratio of no less than 1.20x. Senior secured notes. During the three months ended March 31, 2018, we repaid $2,000 of the senior secured notes. During the three and nine months ended September 30, 2018, we redeemed the remaining $9,500 of the senior secured notes at a redemption price equal to the principal amount plus accrued and unpaid interest. These notes did not contain financial covenants. Junior subordinated notes, at fair value. At issuance, we elected to record the $18,671 junior subordinated notes at fair value under FASB ASC Topic 825. As of September 30, 2018, the fair value, or carrying amount, of this indebtedness was $8,323. These notes do not contain financial covenants. Junior subordinated notes, at amortized cost . During the nine months ended September 30, 2018, there was no activity other than recurring interest. These notes do not contain financial covenants. Secured warehouse facilities. As of September 30, 2018, we had $0 of outstanding secured warehouse borrowings and $0 of outstanding commercial mortgage borrowings under the amended and restated master repurchase agreement, or the Amended MRA. The Amended MRA had a capacity of $150,000 with a limit of $100,000 for floating rate loans. This facility was not renewed after its maturity in July 2018 and it has terminated. As of September 30, 2018, we had $0 of outstanding borrowings under the $75,000 commercial mortgage facility. This facility was not renewed after its June 2018 maturity and it has terminated. As of September 30, 2018, we had $0 of outstanding borrowings under the $150,000 commercial mortgage facility. This facility was not renewed after its June 2018 maturity and it has terminated. Non-Recourse Indebtedness CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by consolidated CDO securitizations which were used to finance the acquisition of unsecured REIT notes, CMBS securities, commercial mortgage loans and mezzanine loans in our commercial real estate portfolio. Generally, CDO notes payable are comprised of various classes of notes payable, with each class bearing interest at variable or fixed rates. Both RAIT I and RAIT II are meeting all of their over collateralization, or OC, and interest coverage, or IC, trigger tests as of September 30, 2018. CMBS securitizations On June 27, 2018, RAIT IV, a subsidiary of RAIT, completed the sale of its FL5 Interests and FL6 Interests to Melody RE II, LLC. As of September 30, 2018, our subsidiary, RAIT 2017-FL7 Trust, or RAIT FL7, had $258,404 of total collateral at par value, none of which was defaulted. As of November 2018, $9,000 of this collateral is in default. As of September 30, 2018, RAIT FL7 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $225,847 to investors. We currently own the unrated classes of junior notes, including classes with an aggregate principal balance of $65,479, and the equity, or the retained interests, of RAIT FL7. RAIT FL7 does not have OC triggers or IC triggers. As of September 30, 2018, our subsidiary, RAIT 2017-FL8 Trust, or RAIT FL8, had $223,196 of total collateral at par value, none of which was defaulted. As of September 30, 2018, RAIT FL8 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $178,860 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $44,162, and the equity, or the retained interests, of RAIT FL8. RAIT FL8 does not have OC triggers or IC triggers. The junior notes that we have retained in our CMBS securitizations include the class of junior notes that is subject to the first dollar of loss. Loans payable on real estate As of September 30, 2018, and December 31, 2017, we had $40,906 and $62,297, respectively, of other indebtedness outstanding relating to loans payable on consolidated real estate. These loans are secured by specific consolidated real estate assets included in our consolidated balance sheets. Maturity of Indebtedness Generally, the majority of our indebtedness is payable in full upon the maturity or termination date of the underlying indebtedness. The following table displays the aggregate contractual maturities of our indebtedness, outstanding as of September 30, 2018, on or before December 31 by year: Recourse indebtedness Non-recourse indebtedness 2018 $ - $ 183 2019 65,356 749 2020 - 779 2021 - 39,195 2022 - - Thereafter (1) 169,188 557,417 Total $ 234,544 $ 598,323 (1) Includes $871 of our 7.0% convertible senior notes which were fully redeemed at par in October 2018. Includes $68,222 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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2018
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 or fixed rate assets. 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 historically 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. We use regression analysis to assess the effectiveness of our hedging relationship and use the hypothetical derivative method to measure any ineffectiveness at each reporting period. As of September 30, 2018, all of our cash flow hedge interest rate swaps had reached maturity. As of September 30, 2018, no new cash flow hedge interest rate swaps have been entered into. The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of September 30, 2018 and December 31, 2017: As of September 30, 2018 As of December 31, 2017 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ — $ — $ — $ — $ — $ — Interest rate swaps — — — 12,650 11 — Net fair value $ — $ — $ — $ 12,650 $ 11 $ — Changes in fair value on our other interest rate derivatives are reported in change in fair value of financial instruments in the Consolidated Statements of Operations.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2018
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, 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. Fair Value of Investment in Mortgage Loans, Held for Investment The fair value of mortgage loans held for investment is determined using an exit price notion. Prior to adopting the January 2016 amendment to FASB ASC Topic 825, we measured the fair value of mortgage loans held for investment under an entry price notion. The entry price notion previously applied used a discounted cash flows technique to calculate the present value of expected future cash flows for a financial instrument. The exit price notion uses the same approach, but also incorporates other factors, such as enhanced credit risk, illiquidity risk, and market factors. We determined the fair value on substantially all of our loans for disclosure purposes, on an individual loan basis. The discount rates reflect current market rates for loans with similar terms to borrowers having similar credit quality on an exit price basis. The following table summarizes the carrying amount and the fair value of our financial instruments as of September 30, 2018: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 604,293 $ 579,874 Investment in mortgage loans, held for sale 4,673 4,673 Cash and cash equivalents 98,352 98,352 Restricted cash 86,154 86,154 Liabilities Recourse indebtedness: 7.0% convertible senior notes 836 579 4.0% convertible senior notes 66,574 68,817 7.625% senior notes 55,042 44,338 7.125% senior notes 64,864 63,619 Junior subordinated notes, at fair value 8,323 8,323 Junior subordinated notes, at amortized cost 25,100 9,210 Non-recourse indebtedness: CDO notes payable, at amortized cost 152,446 123,453 CMBS securitizations 401,140 404,046 Loans payable on real estate 40,662 40,289 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 mortgage loans, held for investment, 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 Fair Value Measurements The following table summarizes information about our liabilities measured at fair value on a recurring basis as of September 30, 2018, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of September 30, 2018 Junior subordinated notes, at fair value $ — $ — $ 8,323 $ 8,323 Total liabilities $ — $ — $ 8,323 $ 8,323 (1) During the nine months ended September 30, 2018, 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, 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. 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, a discounted cash flow model was used as the valuation technique and the significant unobservable inputs as of September 30, 2018 include a discount rate of 20% and as of December 31, 2017 include discount rates ranging from 18.01% to 18.21%. The gains attributable to changes in instrument-specific credit risk were determined by discounting the future cash flows of the notes at base market interest rates and subtracting this amount from the total fair value of the instrument. The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the nine months ended September 30, 2018: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2017 $ 8,121 $ 8,121 Change in fair value of financial instruments 202 202 Balance, as of September 30, 2018 $ 8,323 $ 8,323 The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three months ended September 30, 2018: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of June 30, 2018 $ 5,111 $ 5,111 Change in fair value of financial instruments 3,212 3,212 Balance, as of September 30, 2018 $ 8,323 $ 8,323 Non-Recurring Fair Value Measurements As of September 30, 2018, As of September 30, 2018, as it was impaired. The fair value was based on an appraisal received on the property and was classified within Level 3 of the fair value hierarchy. The significant inputs were the terminal capitalization rate of 9% and discount rate of 12.25%. 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 September 30, 2018, we measured the underlying collateral of nine of our loans at a fair value of $101,450 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 fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured warehouse facilities, commercial mortgage facilities and other indebtedness approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of September 30, 2018 Estimated Fair Value as of September 30, 2018 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 604,293 $ 579,874 Discounted Three Investment in mortgage loans, held for sale 4,673 4,673 Discounted cash flows Three 7.0% convertible senior notes 836 579 Trading price Two 4.0% convertible senior notes 66,574 68,817 Trading price Two 7.625% senior notes 55,042 44,338 Trading price Two 7.125% senior notes 64,864 63,619 Trading price Two Junior subordinated notes, at amortized cost 25,100 9,210 Discounted cash flows Three CDO notes payable, at amortized cost 152,446 123,453 Discounted cash flows Three CMBS securitizations 401,140 404,046 Discounted cash flows Three Loans payable on real estate 40,662 40,289 Discounted cash flows Three 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 mortgage loans, held for investment, net $ 1,255,723 $ 1,252,780 Discounted cash flows 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 The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2018 2017 2018 2017 Change in fair value of junior subordinated notes $ (410 ) $ 3,270 $ (682 ) $ 2,568 Change in fair value of derivatives — (17 ) 470 (275 ) Change in fair value of warrants and investors SARs — 1,500 — 4,400 Change in fair value of financial instruments $ (410 ) $ 4,753 $ (212 ) $ 6,693 The changes in the fair value for the junior subordinated notes for which the fair value option was elected for the three and nine months ended September 30, 2018 was primarily attributable to changes in base market interest rates. 2017 was primarily attributable to changes in base market interest rates and instrument specific credit risks. The changes in the fair value of derivatives for the three and nine months ended September 30, 2018 and 2017 was primarily attributable to changes in interest rates. The changes in fair value of the warrants and investor SARs for the three and nine months ended 30, 2017 was primarily attributable to changes in the reference stock price and volatility.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 8: VARIABLE INTEREST ENTITIES The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined that, as of September We consolidate the securitizations that we sponsor for which we have retained interests in and control the significant decisions regarding the collateral in these entities, such as the approval of loan workouts. As of September The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of September 30, 2018 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 756,004 $ — $ 756,004 Investments in real estate — 18,133 18,133 Cash and cash equivalents — 197 197 Restricted cash 36,512 302 36,814 Accrued interest receivable 26,286 — 26,286 Other assets 72 3,971 4,043 Total assets $ 818,874 $ 22,603 $ 841,477 Liabilities and Equity Indebtedness, net $ 784,873 $ 19,530 $ 804,403 Accrued interest payable 1,769 5,748 7,517 Accounts payable and accrued expenses 69 3,257 3,326 Deferred taxes, borrowers’ escrows and other liabilities — 197 197 Total liabilities 786,711 28,732 815,443 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) 32,163 (6,129 ) 26,034 Total shareholders’ equity 32,163 (6,129 ) 26,034 Total liabilities and equity $ 818,874 $ 22,603 $ 841,477 As of December 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIE Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 1,082,528 $ — $ 349,924 $ 1,432,452 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 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 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 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 $156,195 of total investments in mortgage loans and $244,116 of indebtedness as of September Deconsolidation of RAIT Venture VIEs and RAIT FL5 & RAIT FL6 On June 27, 2018, RAIT IV its FL5 Interests, as defined below, and FL6 Interests, as defined below (collectively, the Interests), to Melody RE II, LLC, or the Purchaser, for an aggregate purchase price of $54,632. Prior to the sale, wa • 60% of the units, or the FL5 Interests, of Holdings 2016, which controls RAIT – Melody 2016 Holdings Trust. This trust owned, at the time of sale, various classes of non-investment grade bonds and the equity of FL5 with the remaining 40% of the units of Holdings 2016 being held by affiliates of the Purchaser; and • 60% of the units, or the FL6 Interests, of Holdings 2017, which controls RAIT – Melody 2017 Holdings Trust. This trust owned, at the time of sale, various classes of non-investment grade bonds and the equity of FL6 with the remaining 40% of the units of Holdings 2017 being held by affiliates of the Purchaser. Holdings 2016 and Holdings 2017, have been referred to as the RAIT Venture VIEs. As a result of the sale, RAIT is no longer the primary beneficiary of the RAIT Venture VIEs, FL5 or FL6. Therefore, RAIT deconsolidated those entities as of June 27, 2018. The following table summarizes the effects of deconsolidating the RAIT Venture VIEs, RAIT FL5 and RAIT FL6 from our balance sheet as of June 27, 2018: As of June 27, 2018 Assets Commercial mortgage loans, mezzanine loans, and preferred equity interests $ 266,502 Cash and cash equivalents 189 Restricted cash 22,569 Accrued interest receivable 1,191 Other assets 1,233 Total assets $ 291,684 Liabilities Indebtedness, net $ 205,137 Accrued interest payable 502 Accounts payable and accrued expenses 45 Borrowers' escrows 22,549 Deferred taxes and other liabilities 531 Total liabilities 228,764 Equity: Stockholders' equity: Noncontrolling interests 111 Total liabilities and equity $ 228,875 RAIT IV's net investment in RAIT FL5 & RAIT FL6 $ 62,809 Purchase price for RAIT IV's FL5 Interests & FL6 Interests 54,632 Loss on deconsolidation of RAIT Venture VIEs, RAIT FL5 & RAIT FL6 $ (8,177 )

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	9 Months Ended
	Sep. 30, 2018
Temporary Equity Disclosure [Abstract]
SERIES D PREFERRED SHARES	NOTE 9: SERIES D PREFERRED SHARES On October 1, 2012, we entered into a Securities Purchase Agreement, or the purchase agreement, with ARS VI Investor I, LLC, or the Investor, an affiliate of Almanac Realty Investors, LLC, or Almanac. During the period from the effective date of the purchase agreement through March 2014, we sold to the Investor on a private placement basis in four separate sales 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, exercisable for 9,931,000 of our common shares, or the common shares (which had subsequently adjusted to 11,035,875 shares), and (iii) common share appreciation rights, or the Investor SARs, with respect to up to 6,735,667 common shares (which had subsequently adjusted to 7,485,045 shares). All transactions involving the issuance, repurchase, redemption and/or exchange of the Series D preferred shares discussed herein also involved the corresponding preferred units of RAIT IV, and with respect to the redemption on June 27, 2018 in connection with the below referenced Redemption and Exchange Agreement, resulted from the redemption of the linked preferred units of RAIT IV. 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 the Investor $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 pursuant to which we repurchased and cancelled 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 pursuant to which we repurchased and cancelled 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 March 19, 2018, we redeemed and cancelled 194,530 Series D preferred shares at par for a purchase price of $4,863 which resulted in a decrease from 3,133,720 Series D preferred shares issued and outstanding to 2,939,190 Series D preferred shares issued and outstanding. As discussed in Note 1: The Company, on June 27, 2018, we entered into a Redemption and Exchange Agreement with the Investor whereby we redeemed and cancelled the remaining 2,939,190 preferred units of RAIT IV and RAIT’s corresponding Series D preferred shares 383,147 of RAIT’s , 167,828 of RAIT’s , and 117,605 of RAIT’s In addition, RAIT paid the Investor an exchange fee of $418. This transaction is accounted for as an extinguishment of Series D preferred shares of RAIT and issuance of Series A, Series B and Series C preferred shares, in each case, of RAIT. Accordingly, the difference between the fair value of the consideration transferred to the Investor (i.e., cash and RAIT’s Series A, Series B and Series C preferred shares) and the carrying amount of the Series D preferred shares that were redeemed and exchanged represents a return from the Investor. The following table summarizes the transaction: Liquidation preference of Series D preferred shares of RAIT prior to June 27, 2018 $ 73,480 Cash received for sale of RAIT IV's interests in Holdings 2016 and Holdings 2017 $ 54,632 Defined available cash held by RAIT IV 2,133 Total par amount of Series D preferred shares of RAIT redeemed $ 56,765 Fair value of Series A preferred shares of RAIT issued in exchange 2,498 (1 ) Fair value of Series B preferred shares of RAIT issued in exchange 1,091 (2 ) Fair value of Series C preferred shares of RAIT issued in exchange 776 (3 ) Total fair value of Series A, Series B and Series C preferred shares exchanged $ 4,365 Cash exchange fee $ 418 Total consideration transferred in redemption and exchange $ 61,548 Net increase to equity as a result of redemption $ 11,932 (1) Represents the fair value of 383,147 shares of Series A preferred that were issued to the Investor. The fair value is based upon $6.52 per share, which was the closing price of the Series A preferred shares on June 27, 2018. (2) Represents the fair value of 167,828 shares of Series B preferred that were issued to the Investor. The fair value is based upon $6.50 per share, which was the closing price of the Series B preferred shares on June 27, 2018. (3) Represents the fair value of 117,605 shares of Series C preferred that were issued to the Investor. The fair value is based upon $6.60 per share, which was the closing price of the Series C preferred shares on June 27, 2018. 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.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 10: SHAREHOLDERS’ EQUITY Preferred Shares Dividends: RAIT’s Board determined that it would suspend the dividend on RAIT’s outstanding preferred shares on June 12, 2018. The Board considers dividends on a quarterly basis. The following table summarizes the dividends we declared and paid on the preferred shares for the nine months ended September March 31, 2018 Series A Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 2,589 Series B Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 1,225 Series C Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 910 Series D Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 1,665 On March 19, 2018, we redeemed and cancelled 194,530 Series D preferred shares. The Series D Preferred Shares had a $1,665 total dividend declared on March 13, 2018 with a record date of March 23, 2018 which included a $103 payment on March 19, 2018 and a $1,562 payment on March 30, 2018. As discussed in Note 9: Series D Preferred Shares, on June 27, 2018, we redeemed and cancelled the remaining 2,939,190 preferred units of RAIT IV and RAIT’s corresponding Series D preferred shares for $56,765 of cash received by RAIT IV from the sale of the Interests, defined available cash held by RAIT IV $16,715 of liquidation preference of RAIT’s publicly traded Series A preferred shares, Series B preferred shares, and Series C preferred shares (383,147 of Series A preferred shares, 167,828 of Series B preferred shares and 117,605 of Series C preferred shares). In the second quarter of 2018, the Board elected not to declare a dividend on RAIT’s Series A, B and C preferred shares. As of September 30, 2018, $10,125 of dividends on these shares were unpaid and in arrears. These dividends in arrears are included in (income) loss allocated to preferred shares on our consolidated statements of operations since they represent a claim on earnings superior to common shareholders, but have not been accrued as a liability since they have not been declared. At Market Issuance Sales Agreement (ATM): On June 13, 2014, we entered into an At Market Issuance Sales Agreement, or the 2014 Preferred ATM agreement, with MLV & Co. LLC, or MLV, providing that, from time to time during the term of the 2014 Preferred ATM agreement, on the terms and subject to the conditions set forth therein, we may issue and sell through MLV up to $150,000 aggregate amount of preferred shares. With respect to each series of preferred shares, the maximum amount issuable is as follows: 4,000,000 Series A Preferred Shares, 1,000,000 Series B Preferred Shares, and 1,000,000 Series C Preferred Shares. Unless the 2014 Preferred ATM agreement is earlier terminated by MLV or us, the 2014 Preferred ATM agreement automatically terminates upon the issuance and sale of all of the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares. As of September Common Shares Dividends: RAIT’s Board determined that it would suspend the dividend on RAIT’s outstanding common shares on November 1, 2017. The Board considers dividends on a quarterly basis. During the three and nine months ended September 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, 210,000 common shares, which has been adjusted for the Reverse Stock Split. During the nine months ended September 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 200,000 of our common shares, which has been adjusted for the reverse stock split, from time to time through JonesTrading acting as agent and/or principal, subject to the terms and conditions of the COD sales agreement. Unless the COD sales agreement is earlier terminated by JonesTrading or us, the COD sales agreement automatically terminates upon the issuance and sale of all of the common shares subject to the COD sales agreement. During the nine months ended September Shareholders’ Equity Attributable to Common Shares: As of September Non-Controlling Interests RAIT Venture VIEs: During the nine months ended September On June 27, 2018, RAIT IV, a subsidiary of RAIT, completed the sale of its FL5 Interests and FL6 Interests to Melody RE II, LLC. As a result of the sale, we deconsolidated the RAIT Venture VIEs which resulted in the derecognition of $111 of noncontrolling interests related to the RAIT Venture VIEs. See Note 8: Variable Interest Entities for more information regarding this transaction. Acquisition of noncontrolling interests related to PlazAmericas Mall: On March 16, 2018, we acquired the noncontrolling interests related to PlazAmericas Mall, a retail real estate property, for $343, including transaction costs. These noncontrolling interests had a carrying amount of $3,582. As we previously held a controlling financial interest in PlazAmericas Mall, we accounted for the acquisition of the noncontrolling interests as an equity transaction.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 11: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and nine months ended September For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) $ (21,038 ) $ (15,843 ) $ (105,766 ) $ (154,266 ) (Income) loss allocated to preferred shares (5,063 ) (8,387 ) (4,591 ) (25,730 ) (Income) loss allocated to noncontrolling interests — — — (76 ) Net income (loss) allocable to common shares (26,101 ) (24,230 ) (110,357 ) (180,072 ) Weighted-average shares outstanding—Basic (1) 1,840,168 1,831,193 1,839,172 1,828,778 Dilutive securities — — — — Weighted-average shares outstanding—Diluted (1) 1,840,168 1,831,193 1,839,172 1,828,778 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (14.18 ) $ (13.23 ) $ (60.00 ) $ (98.47 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (14.18 ) $ (13.23 ) $ (60.00 ) $ (98.47 ) (1) All share and per-share amounts have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented herein. For the three and nine months ended September

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 12: RELATED PARTY TRANSACTIONS In the ordinary course of our business operations, we have ongoing relationships and have engaged in transactions with the related entities described below. All of these relationships and transactions were approved or ratified by our audit committee as being on terms comparable to those available from an unaffiliated third party or otherwise not creating a conflict of interest. Almanac Realty On June 27, 2018, the purchase agreement that previously provided for Andrew M. Silberstein to serve as a trustee on our board was terminated as part of the Redemption and Exchange Agreement that was entered into with the Investor on June 27, 2018. As part of the Redemption and Exchange Agreement, Mr. Silberstein resigned as a trustee. While Mr. Silberstein was a trustee, his trustee fees were paid to the Investor. Mr. Silberstein is an equity owner of Almanac and an officer of the Investor and holds indirect equity interests in the Investor. The transactions completed pursuant to the purchase agreement are described above in Note 9: Series D Preferred Shares. Subsequent to June 27, 2018, Almanac is not considered a related party. Ballard Spahr LLP On June 27, 2017, Justin P. Klein was appointed as a trustee on our board. Mr. Klein is a partner at Ballard Spahr LLP. RAIT has paid Ballard Spahr LLP $3 and $88 during the three and nine months ended September Charles Frischer and the Libby Frischer Family Partnership On March 30, 2018, the Libby Frischer Family Partnership, or LFFP, Charles F. Frischer, or Mr. Frischer, and RAIT signed a letter which provided that RAIT would exempt LFFP from RAIT’s common share ownership limit up to an amount equal to 12.5%. Mr. Frischer is the general partner of LFFP. On April 6, 2018, RAIT, LFFP and Mr. Frischer entered into a cooperation agreement which sets forth certain transfer restrictions and standstill provisions, among other things, for a period of time. Subsequent to entering into the cooperation agreement, on April 6, 2018, LFFP, and Mr. Frischer and RAIT signed a letter agreement which provided that RAIT would exempt LFFP from RAIT’s common share and preferred share ownership limits up to an amount equal to 15.0% with respect to each class of shares. On May 11, 2018, RAIT, LFFP and Mr. Frischer entered into a letter agreement which provided that RAIT would exempt LFFP from RAIT’s common share and preferred share ownership limits up to an amount equal to 20.0% with respect to each class of shares. Highland Capital Management, L.P. On May 26, 2017, RAIT entered into a previously disclosed cooperation agreement with Highland Capital Management, L.P. and its affiliates (Highland), which remains in effect. IRT During 2017, RAIT engaged in transactions with a former related party, Independence Realty Trust, or IRT. RAIT ended its last arrangement with IRT as of December 20, 2017 and does not consider IRT to be a related party after that date. The following are the transactions with IRT for the nine months ended September Pursuant to a shared services agreement, IRT reimbursed RAIT $727 for general and administrative services for the nine months ended September Pursuant to property management agreements with IRT with respect to RAIT’s multifamily properties, RAIT paid IRT $239 of property management fees for the nine months ended September 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 nine months ended September In accordance with the Memorandum of Understanding dated September 26, 2016, which memorialized the terms of James J. Sebra’s resignation, he was owed a cash bonus, payable in 2017, equal to 25% of his cash bonus for the year ended December 31, 2016. As of September

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	NOTE 13: SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS The following are supplemental disclosures to the statements of cash flows for the nine months ended September For the Nine Months Ended September 30, 2018 2017 Cash paid for interest $ 37,487 $ 45,197 Cash paid (refunds received) for taxes (1 ) (70 ) Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans — 1,590 Non-cash increase (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties 907 (84,285 ) Non-cash increase (decrease) in indebtedness from debt extinguishments (1,464 ) (4,640 ) Non-cash increase (decrease) to noncontrolling interests from distribution of limited partnership units on South Terrace — (1,618 ) Non-cash increase (decrease) in indebtedness from deconsolidation of properties — (64,790 ) For a discussion of the non-cash changes in indebtedness and investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities that occurred during the nine months ended September During the nine months ended September in Commercial Mortgage Loans, Mezzanine Loans, and Preferred Equity Interests for further discussion. During the nine months ended September During the nine months ended September The following table summarizes our cash and cash equivalents and restricted cash balances as of September As of September 30, 2018 As of September 30, 2017 Cash and cash equivalents $ 98,352 $ 46,019 Restricted cash 86,154 142,489 Total cash and cash equivalents and restricted cash $ 184,506 $ 188,508

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14: COMMITMENTS AND CONTINGENCIES General 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, except as described below. Employment Related Commitments and Contingencies 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, under which Mr. Davidson’s employment with RAIT terminated effective February 28, 2018, each reserved their respective rights as to whether “Good Reason” exists. On May 16, 2018, Mr. Davidson filed for arbitration against RAIT and, on June 14, 2018, against the trustees for RAIT's alleged non-payment of post-resignation compensation which he claims he is entitled to under his employment contract in the amount of $4,547 and alleged that the non-payment also constituted a breach of the Pennsylvania Wage Payment and Collection Law which he claims entitles him to interest, attorney’s fees, costs and liquidated damages. We have not accrued any liability related to this matter as we have concluded it is not probable that a loss has been incurred. We may incur additional expenses and costs in connection with During the nine months ended September RAIT Preferred Funding II, Ltd. v. CWCapital Asset Management LLC, et al.–Index No. 651729/2016 (Sup. Ct. N.Y.) On September 20, 2017, RAIT Preferred Funding II, Ltd., or RAIT II, filed an amended complaint against CWCapital Asset Management, LLC, or CWCapital, Wells Fargo Bank N.A., or Wells Fargo, and U.S. Bank N.A., or U.S. Bank. This action concerns a loan, or the mortgage loan, to a non-party borrower, or the borrower, made in 2007. RAIT II purchased $18,500 of the mortgage loan for which it holds a promissory note, or note B. U.S. Bank is the trustee for a securitization trust that purchased the remaining $190,000 of the mortgage loan and for which it held a promissory note, or note A. CWCapital is the special servicer and Wells Fargo is the master servicer for the mortgage loan (including note A and note B). The parties’ rights and obligations are governed by, among other things, a pooling and servicing agreement and a co-lender agreement. The mortgage loan was repaid in May of 2017, and the defendants have alleged that RAIT II was not entitled to receive any payoff of principal under note B pursuant to the subordination and other provisions of the co-lender agreement. RAIT charged off its $18,500 note B during the year ended December 31, 2017. In the amended complaint, RAIT II alleges, among other things, that the defendants breached certain of their obligations under the operative documents and RAIT II should have received, among other things, all of its $18,500 principal under note B. The court denied defendants’ motion to dismiss RAIT II’s amended complaint, and the parties are now in the midst of the discovery phase of the litigation. Loan Funding Commitments Certain of the existing mortgage loans that we previously originated contain commitments to fund certain amounts that were not funded upon the origination of the mortgage loan. Senior participation interests in these loans are held by certain of our FL securitizations and these FL securitizations are required to purchase additional participation interests in these loans that include the funded portions of these funding commitments from us and at our direction as the commitments are funded by us and as funds become available from loan payoffs in the FL securitization. As of September 30, 2018, our total outstanding funding commitment was $9,990.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15: SUBSEQUENT EVENTS We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of September

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. Certain information and footnote disclosures normally included in annual consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although we believe that the included disclosures are adequate to make the information presented not misleading. The unaudited interim consolidated financial statements should be read in conjunction with our audited financial statements as of and for the year ended December 31, 2017 included in our Annual Report on Form 10-K, or the Annual Report. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our consolidated financial position and consolidated results of operations and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The consolidated balance sheet and consolidated statement of operations as of and for the three months ended September 30, 2018 includes the impact of correcting an error made in the determination of the amount of asset impairment that was recognized during the three months ended June 30, 2018 in the amount of $850. The effect of this correction was an increase to investments in real estate and decrease in asset impairment. The consolidated statement of cash flows for the nine-month period ended September 30, 2018 includes the impact of correcting the reporting of certain activity that occurred in the six-month period ended June 30, 2018 and the three-month period ended March 31, 2018. Specifically, the correction re-classified cash proceeds from certain loan sales that were previously reported within cash flows from operating activities and should have been reported within cash flows from investing activities. The impact of this was a decrease to cash flows from operating activities and an increase to cash flows from investing activities of $108,494 for the six-month period ended June 30, 2018 ($89,583 of which related to the three-month period ended March 31, 2018). This correction had no impact to cash and cash equivalents as of June 30, 2018 (or March 31, 2018), nor did it impact any other consolidated financial statement amounts as of June 30, 2018 (or March 31, 2018) or for the six-month period ended June 30, 2018 (or the three-month period ended March 31, 2018). We evaluated these error corrections and determined, based on quantitative and qualitative factors, the changes were not material to the consolidated financial statements for any previously filed consolidated financial statements
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 As previously disclosed, RAIT has been notified by the staff of the New York Stock Exchange, or NYSE, that RAIT is not in compliance with certain continued listing standards of the NYSE. As of the filing date of this report, $279 of our outstanding indebtedness contains provisions that would provide the holders thereof to require us to repurchase that indebtedness if RAIT was delisted from the NYSE. In October 2018, we exercised our right to call this indebtedness and expect to redeem it in November 2018. 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. Consistent with these plans, RAIT has suspended new investment activity and the Board has not declared a dividend on RAIT’s outstanding preferred shares for the two quarters ended June 30, 2018 and September 30, 2018 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 under the 7.125% senior notes, to maintain compliance with its debt covenants and to fund recurring costs of operations 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, to sell retained interests in certain FL securitizations and to continue to receive repayments of loans as they become due. While controlling costs are within management’s control to some extent, selling real estate assets, selling loans, selling other assets and the timing of loan repayments involve performance by third parties. Since many of the real estate assets, loans and other assets 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.
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, or FASB, Accounting Standards Codification, or 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 September 30, 2018 and December 31, 2017, we had $49,350 and $123,398 of restricted cash, respectively, which primarily relates to tenant escrows and borrowers’ funds. Restricted cash also includes cash received from the sale, repayment and/or other disposition of assets held by the issuers of our securitizations that are awaiting to be distributed to holders of our CDO notes payable and CMBS securitizations, as well as the proceeds from the issuance of CDO notes payable by securitizations that are restricted for the purpose of funding additional investments in securities subsequent to the balance sheet date. As of September 30, 2018 and December 31, 2017, we had $36,804 and $34,516, respectively, of restricted cash held by securitizations.
Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests	g. Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests We have invested in commercial mortgage loans, mezzanine loans and preferred equity interests. We account for our investments in commercial mortgage loans, mezzanine loans and preferred equity interests that we do not have the intention or ability to sell, 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. Loans that we have the intention and ability to sell are classified as held for sale, and are measured at the lower of amortized cost or fair value. If the amortized cost exceeds the loan’s fair value, we establish a valuation allowance equal to the difference between the amortized cost and fair value.
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 mortgage loans, mezzanine loans and preferred equity interests. Management’s periodic evaluation of the adequacy of the allowance is based upon expected and inherent risks in the portfolio, the estimated value of underlying collateral, and current economic conditions. The credit quality of our loans is monitored via quantitative and qualitative metrics. Quantitatively we evaluate items such as the current debt service coverage ratio and annual net operating income of the underlying property. Qualitatively we evaluate items such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. These items together are considered in developing our view of each loan’s risk rating which are categorized as either impaired or satisfactory. Management reviews loans for impairment and establishes specific reserves when a loss is probable under the provisions of FASB ASC Topic 310, “Receivables.” A loan is impaired when it is probable that we may not collect all principal and interest payments according to the contractual terms. As part of the detailed loan review, we consider many factors about the specific loan, including payment history, asset performance, borrower’s financial capability and other characteristics. Management evaluates loans for non-accrual status each reporting period. A loan is placed on non-accrual status when the loan payment deficiencies exceed 90 days unless it is well secured and in the process of collection, or if the collection of principal and interest in full is not probable. Payments received for non-accrual loans are applied to principal until the loan is removed from non-accrual status. Loans are generally removed from non-accrual status when they are making current interest payments. The allowance for loan losses is increased by the provision for loan losses and decreased by charge-offs (net of recoveries). We charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible.
Investments in Real Estate	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. Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to 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. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect any properties that we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally 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. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual assets and liabilities acquired based upon their relative fair value. In determining the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the differences between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the lease. The capitalized above-market lease values and the capitalized below-market lease values are amortized as an adjustment to property income over the lease term. The aggregate value of in-place leases is determined by evaluating various factors, including an estimate of carrying costs during the expected lease-up periods, current market conditions and similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, legal and other related costs. The value assigned to this intangible asset is amortized over the assumed lease up period. Management reviews our investments in real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on an estimate of the future undiscounted cash flows (excluding interest charges) expected to result from the long-lived asset’s use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If impairment exists due to the inability to recover the carrying value of a long-lived asset, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property.
Revenue Recognition	j. Revenue Recognition 1) Interest income — We recognize interest income from investments in commercial mortgage loans, mezzanine loans, and preferred equity interests on a yield to maturity basis. Certain of our commercial mortgage loans, mezzanine loans and preferred equity interests provide for the accrual of interest at specified rates which differ from current payment terms. Interest income is recognized on such loans, the majority of which were originated prior to 2011, at the accrual rate subject to management’s determination that accrued interest and outstanding principal are ultimately collectible. Management will cease accruing interest on these loans when it determines that collection of the interest income is not probable based on the value of the underlying collateral using discounted cash flow models and market based assumptions. The accrued interest receivable associated with these loans as of September 30, 2018 and December 31, 2017 was $22,402 and $23,801, respectively. During the three months ended September 30, 2018, the accrued interest receivable of $1,964 related to one of these loans was determined to be uncollectible and was written off as a reduction to investment interest income. These loans are considered to be impaired when the total contractual amount owed exceeds the estimated value of the underlying collateral. Four of these loans, with an unpaid principal balance of $28,873 and $28,904, were considered to be impaired as of September 30, 2018 and December 31, 2017, respectively, because the contractual amounts owed exceed the estimated value of the underlying collateral. Additionally, three and two of these loans with an unpaid principal amount of $32,664 and $30,379 were considered impaired as of September 30, 2018 and December 31, 2017, respectively, because their loan terms were modified in what constituted a troubled debt restructuring. 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 —We generate property income from tenant rent and other tenant-related activities at our consolidated real estate properties. For multifamily real estate properties, property income is recorded when due from residents and recognized monthly as it is earned and realizable, under lease terms which are generally for periods of one year or less. For retail and office real estate properties, property income is recognized on a straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. For retail and office real estate properties, leases also typically provide for tenant reimbursement of a portion of common area maintenance and other operating expenses to the extent that a tenant’s pro rata share of expenses exceeds a base year level set in the lease. 3) Fee and other income —We have generated fee and other income through our various subsidiaries by (a) funding conduit loans for sale into unaffiliated commercial mortgage-backed securities, or CMBS, securitizations, (b) providing or arranging to provide financing to our borrowers, (c) providing ongoing asset management services to investment portfolios under cancelable management agreements, and (d) providing property management services to third parties. We recognize revenue for these activities when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. While we may receive asset management fees when they are earned, we eliminate earned asset management fee income from securitizations while such securitizations are consolidated. During the three and nine months ended September 30, 2018, we earned $129 and $443, respectively, of asset management fees, which were eliminated as they were associated with consolidated securitizations. During the three and nine months ended September 30, 2017, we earned $227 and $714, respectively, of asset management fees, which were eliminated as they were associated with consolidated securitizations. Certain components of property income and fee and other income fall within the scope of FASB ASC Topic 606, “Revenue from Contracts with Customers”. This topic requires entities to disaggregate revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. In the following table, revenue from contracts with customers is disaggregated by type of revenue. For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenue from Contracts with customers 2018 2017 2018 2017 Property Management Fee income $ 231 $ 732 $ 1,724 $ 2,333 Parking 80 433 514 1,400 Leasing Commission income 78 598 742 1,765 Other miscellaneous 410 599 887 1,789 Total $ 799 $ 2,362 $ 3,867 $ 7,287 There have been no changes in the measurement of revenue from contracts with customers resulting from the adoption of ASC 606.
Fair Value of Financial Instruments	k. Fair Value of Financial Instruments In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity for disclosure purposes. Assets and liabilities recorded at fair value in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their value. Hierarchical levels, as defined in FASB ASC Topic 820, “Fair Value Measurements and Disclosures” and directly related to the amount of subjectivity associated with the inputs to fair valuations of these assets and liabilities, are as follows: • Level 1 Valuations are based on unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The types of assets carried at Level 1 fair value generally are equity securities listed in active markets. As such, valuations of these investments do not entail a significant degree of judgment. • Level 2 Valuations are based on quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Fair value assets and liabilities that are generally included in this category are derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using internal valuation models. These internal valuation models include discounted cash flow analyses developed by management using current interest rates, estimates of the term of the particular instrument, specific issuer information and other market data for securities without an active market. In accordance with FASB ASC Topic 820, “Fair Value Measurements and Disclosures”, the impact of our own credit spreads is also considered when measuring the fair value of financial assets or liabilities, including derivative contracts. Where appropriate, valuation adjustments are made to account for various factors, including bid-ask spreads, credit quality and market liquidity. These adjustments are applied on a consistent basis and are based on observable inputs where available. Management’s estimate of fair value requires significant management judgment and is subject to a high degree of variability based upon market conditions, the availability of specific issuer information and management’s assumptions.
Transfers of Financial Assets	l. Transfers of Financial Assets We account for transfers of financial assets under FASB ASC Topic 860, “Transfers and Servicing”, as either sales or financings. Transfers of financial assets that result in sales accounting are those in which (1) the transfer legally isolates the transferred assets from the transferor, (2) the transferee has the right to pledge or exchange the transferred assets and no condition both constrains the transferee’s right to pledge or exchange the assets and provides more than a trivial benefit to the transferor, and (3) the transferor does not maintain effective control over the transferred assets. If the transfer does not meet these criteria, the transfer is accounted for as a financing. Financial assets that are treated as sales are removed from our accounts with any realized gain (loss) reflected in earnings during the period of sale. Financial assets that are treated as financings are maintained on the balance sheet with proceeds received from the legal transfer reflected as securitized borrowings or security-related receivables.
Deferred Financing Costs	m. Deferred Financing Costs Costs incurred in connection with debt financing are deferred and classified within indebtedness and charged to interest expense over the terms of the related debt agreements, under the effective interest method.
Intangible Assets	n. Intangible Assets Intangible assets on our consolidated balance sheets represent identifiable intangible assets acquired in business acquisitions. We amortize identified intangible assets to expense over their estimated lives using the straight-line method. We evaluate intangible assets for impairment as events and circumstances change, in accordance with FASB ASC Topic 360, “Property, Plant, and Equipment.” The gross carrying amount for our in-place leases and above market leases was $7,420 as of September 30, 2018 and December 31, 2017, respectively. The accumulated amortization for our intangible assets was $5,527 and $6,831 as of September 30, 2018 and December 31, 2017, respectively. We recorded amortization expense of $251 and $1,202 for the three months ended September 30, 2018 and 2017, respectively, and $1,069 and $5,763 for the nine months ended September 30, 2018 and 2017, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $268 for the remainder of 2018, $701 for 2019, $341 for 2020, $259 for 2021, $143 for 2022 and $181 thereafter. As of September 30, 2018, we have determined that the carrying value of our intangible assets is recoverable.
Derivative Instruments	o. Derivative Instruments In accordance with FASB ASC Topic 815, “Derivatives and Hedging”, we measure each derivative instrument at fair value and record such amounts in our consolidated balance sheet as either an asset or liability. For derivatives designated as fair value hedges, derivatives not designated as hedges, or for derivatives designated as cash flow hedges associated with debt for which we elected the fair value option under FASB ASC Topic 825, “Financial Instruments”, the changes in fair value of the derivative instrument are recorded in earnings. For derivatives designated as cash flow hedges, the changes in the fair value of the effective portions of the derivative are reported in other comprehensive income. Changes in the ineffective portions of cash flow hedges, if any, are recognized in earnings. For derivatives cleared through the Chicago Mercantile Exchange, or CME, and the London Clearing House, or LCH, variation margin payments are considered settlements of the related derivatives. As of September 30, 2018, we had no derivative instruments outstanding.
Income Taxes	p. Income Taxes RAIT, Taberna Realty Finance Trust, or TRFT, and the RAIT Venture REITs 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. 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 were created to 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 and the RAIT Venture VIEs 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. As discussed in Note 1: The Company, we completed the sale of our interests in the RAIT Venture VIEs on June 27, 2018, and, as a result, the purchaser is responsible for their REIT compliance from and after that date. We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimates of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations. In prior years, our TRS entities generated taxable revenue primarily from (i) advisory fees for services provided to IRT, (ii) property management fees for services provided to RAIT properties, IRT properties and third-party properties, and (iii) fees and other income from our CMBS lending business. In the current year, our TRS entities generate taxable revenue primarily from (i) property management fees for services provided to RAIT properties and third-party properties, and (ii) fees and other income from our CMBS lending business. On August 1, 2018, we sold the TRS entity that generates taxable revenue from property management fees. See item (q.) below for further discussion. 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 during the year ended December 31, 2016 and to decrease administrative processes, we moved our active TRS entities under a single holding company. We elected a November 30 th
Sale of Retail Property Manager	q. Sale of Retail Property Manager On August 1, 2018, we completed the sale of our retail property management subsidiary for nominal consideration. We recognized a gain of $1,262 during the three months ended September 30, 2018 related to the sale as the liabilities associated with this business exceeded its assets.
Recent Accounting Pronouncements	r. Recent Accounting Pronouncements 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 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. 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. We have adopted this new standard as of January 1, 2018, and have applied the modified retrospective method, which resulted in a cumulative effect adjustment as an increase to accumulated other comprehensive income (loss) and a decrease to retained earnings (deficit) in the amount of $9,257 as of the adoption date. This adjustment relates to the separate presentation of changes in instrument-specific credit risk on our junior subordinated notes, at fair value. 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. This standard did not have an impact on our consolidated financial statements. 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. This standard did not have an 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. We have adopted this new standard as of January 1, 2018 and have utilized a retrospective transition method for each period presented in our consolidated financial statements. The adoption of this standard has resulted in the presentation of additional details regarding the changes in restricted cash in the consolidated statements of cash flows. 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. We have adopted this new standard as of January 1, 2018 although it has not yet had an impact on our consolidated financial statements as no acquisition transactions have been completed as of September 30, 2018. 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. Not Yet Adopted Within These Financial Statements In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. This accounting standard states that a lessee should recognize the assets and liabilities that arise from all leases with a term greater than 12 months. The core principle requires the lessee to recognize a liability to make lease payments and a right-of-use (“ROU”) asset. The accounting applied by the lessor is relatively unchanged. During 2017 and 2018, the FASB issued multiple amendments to this accounting standard that provide further clarification to this accounting standard. We currently expect to recognize a lease liability and an offsetting ROU asset for one of our real estate operating leases for which we are the lessee. We do not expect the standard to have a significant impact on any of our real estate leases for which we are the lessor. 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 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2018
Revenue From Contract With Customer [Abstract]
Summary of Revenue from Contracts with Customers Disaggregated by Type of Revenue	Certain components of property income and fee and other income fall within the scope of FASB ASC Topic 606, “Revenue from Contracts with Customers”. This topic requires entities to disaggregate revenue into categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. In the following table, revenue from contracts with customers is disaggregated by type of revenue. For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenue from Contracts with customers 2018 2017 2018 2017 Property Management Fee income $ 231 $ 732 $ 1,724 $ 2,333 Parking 80 433 514 1,400 Leasing Commission income 78 598 742 1,765 Other miscellaneous 410 599 887 1,789 Total $ 799 $ 2,362 $ 3,867 $ 7,287 There have been no changes in the measurement of revenue from contracts with customers resulting from the adoption of ASC 606.

INVESTMENTS IN COMMERCIAL MOR_2

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Loans Held for Investment	Loans Held for Investment The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests held for investment as of September 30, 2018: 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 $ 574,896 $ (546 ) $ 574,350 42 6.5 % Oct. 2018 to Jun. 2025 Mezzanine loans 21,122 164 21,286 2 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 33,279 (1 ) 33,278 15 6.7 % Nov. 2018 to Jan. 2029 Total CRE (2) 629,297 (383 ) 628,914 59 6.8 % Deferred fees and costs, net (3) (1,004 ) - (1,004 ) Total $ 628,293 $ (383 ) $ 627,910 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $3,822 of deferred fees, net of $2,818 of deferred costs. The following table summarizes our investments in commercial mortgage loans, mezzanine loans and preferred equity interests held for investment 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, (j) Revenue Recognition, for further discussion of our cash flow loans. (3) Includes $8,497 of deferred fees, net of $6,153 of deferred costs.
Delinquency Statistics of Commercial Real Estate Loan Held for Investment	The following table summarizes the delinquency statistics of our commercial real estate loans held for investment as of September 30, 2018 and December 31, 2017: As of September 30, 2018 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 508,978 $ 8,892 $ 17,466 $ 39,560 $ 574,896 $ 106,860 Mezzanine loans 21,122 — — — 21,122 8,253 Preferred equity interests 33,279 — — — 33,279 8,350 Total $ 563,379 $ 8,892 $ 17,466 $ 39,560 $ 629,297 $ 123,463 (1) Includes six loans that are current, one loan that is 30 to 59 days or more past due, and one loan that is 60 to 89 days or more past due, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. Also includes one loan that is 90 days or more past due in accordance with its terms. 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.
Loans Held for Investment by Credit Risk Category	We have classified our loans held for investment by credit risk category as of September 30, 2018 and December 31, 2017 as follows: As of September 30, 2018 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 428,646 $ — $ 13,930 $ 442,576 Watchlist (1) 146,250 21,122 19,349 186,721 Total $ 574,896 $ 21,122 $ 33,279 $ 629,297 (1) Includes $154,581 of loans that are considered to be impaired and $32,140 of loans that are not considered to be impaired. 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 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 held for investment for the three months ended September 30, 2018 and 2017: For the Three Months Ended September 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 11,226 $ 5,231 $ 242 $ 16,699 Provision (benefit) for loan losses 5,506 1,258 725 7,489 Charge-offs, net of recoveries (571 ) — — (571 ) Ending balance $ 16,161 $ 6,489 $ 967 $ 23,617 For the Three Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 12,722 $ 9,092 $ 1,700 $ 23,514 Provision (benefit) for loan losses 3,368 2,148 — 5,516 Charge-offs, net of recoveries — (3,890 ) — (3,890 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140 The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests held for investment for the nine months ended September 30, 2018 and 2017: For the Nine Months Ended September 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 9,019 $ 5,622 $ 242 $ 14,883 Provision (benefit) for loan losses 25,502 4,042 725 30,269 Charge-offs, net of recoveries (1) (18,360 ) (3,175 ) — (21,535 ) Ending balance $ 16,161 $ 6,489 $ 967 $ 23,617 (1) Includes $5,331 of charge-offs related to loans transferred to held for sale during the nine months ended September 30, 2018. For the Nine Months Ended September 30, 2017 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,640 $ — $ 1,714 $ 12,354 Provision (benefit) for loan losses 16,690 11,238 (14 ) 27,914 Charge-offs, net of recoveries (11,240 ) (3,888 ) — $ (15,128 ) Ending balance $ 16,090 $ 7,350 $ 1,700 $ 25,140
Loans Considered to be Impaired	Information on those loans considered to be impaired as of September 30, 2018 and December 31, 2017 was as follows: As of September 30, 2018 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 11,164 $ 12,869 $ 10,999 $ 35,032 Impaired loans with reserves 102,946 8,253 8,350 119,549 Total Impaired Loans (1) 114,110 21,122 19,349 154,581 Allowance for loan losses $ 16,161 $ 6,489 $ 967 $ 23,617 (1) As of September 30, 2018, there was no unpaid principal relating to previously identified TDRs that are on accrual status. 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.

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	9 Months Ended
	Sep. 30, 2018
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of September 30, 2018 As of December 31, 2017 Multifamily real estate properties $ — $ 17,163 Office real estate properties 51,460 130,125 Retail real estate properties 60,446 106,817 Parcels of land 20,567 20,567 Subtotal 132,473 274,672 Less: Accumulated depreciation and amortization (9,328 ) (28,768 ) Investments in real estate, net (1) $ 123,145 $ 245,904 (1) As of September 30, 2018 and December 31, 2017, there were no properties considered held-for-sale.
Summary of Disposition and Each Property's Contribution	The below table summarizes our property sales for the current year and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended September 30, 2018 For the Nine Months Ended September30, 2018 1501 Yamato Road (1) Office 6/15/2018 $ 42,050 $ 906 $ - $ (259 ) Erieview Tower & Parking (2) Office 8/1/2018 28,901 - (22 ) (10 ) Erieview Galleria Retail 8/1/2018 1,099 - 1 (9 ) Lexington Multifamily 8/31/2018 21,150 7,964 194 609 Total $ 93,200 $ 8,870 $ 173 $ 331 (1) We also recognized a loss on extinguishment of debt related to the sale of this property, resulting from a defeasance premium of $1,943. (2) This property was previously impaired.

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of September 30, 2018: 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 $ (35 ) $ 836 7.0 % Apr. 2031 (1) 4.0% convertible senior notes (2) 68,222 (1,648 ) 66,574 4.0 % Oct. 2033 (2) 7.625% senior notes 56,324 (1,282 ) 55,042 7.6 % Apr. 2024 7.125% senior notes 65,356 (492 ) 64,864 7.1 % Aug. 2019 Junior subordinated notes, at fair value (3) 18,671 (10,348 ) 8,323 6.3 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 4.8 % Apr. 2037 Total recourse indebtedness 234,544 (13,805 ) 220,739 6.0 % Non-recourse indebtedness: CDO notes payable, at amortized cost (4)(5) 152,710 (264 ) 152,446 2.9 % Jun. 2045 to Nov. 2046 CMBS securitizations (6)(7) 404,707 (3,567 ) 401,140 3.6 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,906 (244 ) 40,662 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 598,323 (4,075 ) 594,248 3.5 % Total indebtedness $ 832,867 $ (17,880 ) $ 814,987 4.2 % (1) In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par. (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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018. (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 $299,250 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $162,116 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 $481,600 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors. 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) 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 ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
Aggregate Contractual Maturities of Indebtedness by Year	The following table displays the aggregate contractual maturities of our indebtedness, outstanding as of September 30, 2018, on or before December 31 by year: Recourse indebtedness Non-recourse indebtedness 2018 $ - $ 183 2019 65,356 749 2020 - 779 2021 - 39,195 2022 - - Thereafter (1) 169,188 557,417 Total $ 234,544 $ 598,323 (1) Includes $871 of our 7.0% convertible senior notes which were fully redeemed at par in October 2018. Includes $68,222 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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments	The following table summarizes the aggregate notional amount and estimated net fair value of our derivative instruments as of September 30, 2018 and December 31, 2017: As of September 30, 2018 As of December 31, 2017 Notional Fair Value of Assets Fair Value of Liabilities Notional Fair Value of Assets Fair Value of Liabilities Interest rate caps $ — $ — $ — $ — $ — $ — Interest rate swaps — — — 12,650 11 — Net fair value $ — $ — $ — $ 12,650 $ 11 $ —

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Carrying Amount and Fair Value of Financial Instruments	The following table summarizes the carrying amount and the fair value of our financial instruments as of September 30, 2018: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 604,293 $ 579,874 Investment in mortgage loans, held for sale 4,673 4,673 Cash and cash equivalents 98,352 98,352 Restricted cash 86,154 86,154 Liabilities Recourse indebtedness: 7.0% convertible senior notes 836 579 4.0% convertible senior notes 66,574 68,817 7.625% senior notes 55,042 44,338 7.125% senior notes 64,864 63,619 Junior subordinated notes, at fair value 8,323 8,323 Junior subordinated notes, at amortized cost 25,100 9,210 Non-recourse indebtedness: CDO notes payable, at amortized cost 152,446 123,453 CMBS securitizations 401,140 404,046 Loans payable on real estate 40,662 40,289 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 mortgage loans, held for investment, 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
Information of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes information about our liabilities measured at fair value on a recurring basis as of September 30, 2018, and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value: Liabilities: Quoted Prices in Active Markets for Identical Assets (Level 1) (1) Significant Other Observable Inputs (Level 2) (1) Significant Unobservable Inputs (Level 3) (1) Balance as of September 30, 2018 Junior subordinated notes, at fair value $ — $ — $ 8,323 $ 8,323 Total liabilities $ — $ — $ 8,323 $ 8,323 (1) During the nine months ended September 30, 2018, 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, 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.
Rollforward of Level 3 Liabilities	The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the nine months ended September 30, 2018: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2017 $ 8,121 $ 8,121 Change in fair value of financial instruments 202 202 Balance, as of September 30, 2018 $ 8,323 $ 8,323 The following table summarizes additional information about assets and liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three months ended September 30, 2018: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of June 30, 2018 $ 5,111 $ 5,111 Change in fair value of financial instruments 3,212 3,212 Balance, as of September 30, 2018 $ 8,323 $ 8,323
Fair Value Hierarchy for Financial Instruments Not Fair Valued but For Which Fair Value Is Required To Be Disclosed	The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not fair valued in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents, restricted cash, secured warehouse facilities, commercial mortgage facilities and other indebtedness approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of September 30, 2018 Estimated Fair Value as of September 30, 2018 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 604,293 $ 579,874 Discounted Three Investment in mortgage loans, held for sale 4,673 4,673 Discounted cash flows Three 7.0% convertible senior notes 836 579 Trading price Two 4.0% convertible senior notes 66,574 68,817 Trading price Two 7.625% senior notes 55,042 44,338 Trading price Two 7.125% senior notes 64,864 63,619 Trading price Two Junior subordinated notes, at amortized cost 25,100 9,210 Discounted cash flows Three CDO notes payable, at amortized cost 152,446 123,453 Discounted cash flows Three CMBS securitizations 401,140 404,046 Discounted cash flows Three Loans payable on real estate 40,662 40,289 Discounted cash flows Three 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 mortgage loans, held for investment, net $ 1,255,723 $ 1,252,780 Discounted cash flows 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
Summary of Realized and Unrealized Gains and Losses on Assets and Liabilities	The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Three Months Ended September 30, For the Nine Months Ended September 30, Description 2018 2017 2018 2017 Change in fair value of junior subordinated notes $ (410 ) $ 3,270 $ (682 ) $ 2,568 Change in fair value of derivatives — (17 ) 470 (275 ) Change in fair value of warrants and investors SARs — 1,500 — 4,400 Change in fair value of financial instruments $ (410 ) $ 4,753 $ (212 ) $ 6,693

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	9 Months Ended
	Sep. 30, 2018
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities of Consolidated Variable Interest Entities	The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of September 30, 2018 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 756,004 $ — $ 756,004 Investments in real estate — 18,133 18,133 Cash and cash equivalents — 197 197 Restricted cash 36,512 302 36,814 Accrued interest receivable 26,286 — 26,286 Other assets 72 3,971 4,043 Total assets $ 818,874 $ 22,603 $ 841,477 Liabilities and Equity Indebtedness, net $ 784,873 $ 19,530 $ 804,403 Accrued interest payable 1,769 5,748 7,517 Accounts payable and accrued expenses 69 3,257 3,326 Deferred taxes, borrowers’ escrows and other liabilities — 197 197 Total liabilities 786,711 28,732 815,443 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) 32,163 (6,129 ) 26,034 Total shareholders’ equity 32,163 (6,129 ) 26,034 Total liabilities and equity $ 818,874 $ 22,603 $ 841,477 As of December 31, 2017 RAIT Securitizations RAIT VIE Properties RAIT Venture VIE Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 1,082,528 $ — $ 349,924 $ 1,432,452 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 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 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
Assets and Liabilities of Deconsolidated Variable Interest Entities	The following table summarizes the effects of deconsolidating the RAIT Venture VIEs, RAIT FL5 and RAIT FL6 from our balance sheet as of June 27, 2018: As of June 27, 2018 Assets Commercial mortgage loans, mezzanine loans, and preferred equity interests $ 266,502 Cash and cash equivalents 189 Restricted cash 22,569 Accrued interest receivable 1,191 Other assets 1,233 Total assets $ 291,684 Liabilities Indebtedness, net $ 205,137 Accrued interest payable 502 Accounts payable and accrued expenses 45 Borrowers' escrows 22,549 Deferred taxes and other liabilities 531 Total liabilities 228,764 Equity: Stockholders' equity: Noncontrolling interests 111 Total liabilities and equity $ 228,875 RAIT IV's net investment in RAIT FL5 & RAIT FL6 $ 62,809 Purchase price for RAIT IV's FL5 Interests & FL6 Interests 54,632 Loss on deconsolidation of RAIT Venture VIEs, RAIT FL5 & RAIT FL6 $ (8,177 )

SERIES D PREFERRED SHARES (Tabl

SERIES D PREFERRED SHARES (Tables)	9 Months Ended
	Sep. 30, 2018
Temporary Equity Disclosure [Abstract]
Summary of Difference Between Fair Value of Consideration Transferred and Carrying Amount of Shares that were Redeemed and Exchanged	This transaction is accounted for as an extinguishment of Series D preferred shares of RAIT and issuance of Series A, Series B and Series C preferred shares, in each case, of RAIT. Accordingly, the difference between the fair value of the consideration transferred to the Investor (i.e., cash and RAIT’s Series A, Series B and Series C preferred shares) and the carrying amount of the Series D preferred shares that were redeemed and exchanged represents a return from the Investor. The following table summarizes the transaction: Liquidation preference of Series D preferred shares of RAIT prior to June 27, 2018 $ 73,480 Cash received for sale of RAIT IV's interests in Holdings 2016 and Holdings 2017 $ 54,632 Defined available cash held by RAIT IV 2,133 Total par amount of Series D preferred shares of RAIT redeemed $ 56,765 Fair value of Series A preferred shares of RAIT issued in exchange 2,498 (1 ) Fair value of Series B preferred shares of RAIT issued in exchange 1,091 (2 ) Fair value of Series C preferred shares of RAIT issued in exchange 776 (3 ) Total fair value of Series A, Series B and Series C preferred shares exchanged $ 4,365 Cash exchange fee $ 418 Total consideration transferred in redemption and exchange $ 61,548 Net increase to equity as a result of redemption $ 11,932 (1) Represents the fair value of 383,147 shares of Series A preferred that were issued to the Investor. The fair value is based upon $6.52 per share, which was the closing price of the Series A preferred shares on June 27, 2018. (2) Represents the fair value of 167,828 shares of Series B preferred that were issued to the Investor. The fair value is based upon $6.50 per share, which was the closing price of the Series B preferred shares on June 27, 2018. (3) Represents the fair value of 117,605 shares of Series C preferred that were issued to the Investor. The fair value is based upon $6.60 per share, which was the closing price of the Series C preferred shares on June 27, 2018.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Dividends Declared and Paid on Preferred Shares	The following table summarizes the dividends we declared and paid on the preferred shares for the nine months ended September March 31, 2018 Series A Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 2,589 Series B Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 1,225 Series C Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 910 Series D Preferred Shares Date declared 3/13/2018 Record date 3/23/2018 Date paid 3/30/2018 Total dividend amount $ 1,665

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and nine months ended September For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Income (loss) $ (21,038 ) $ (15,843 ) $ (105,766 ) $ (154,266 ) (Income) loss allocated to preferred shares (5,063 ) (8,387 ) (4,591 ) (25,730 ) (Income) loss allocated to noncontrolling interests — — — (76 ) Net income (loss) allocable to common shares (26,101 ) (24,230 ) (110,357 ) (180,072 ) Weighted-average shares outstanding—Basic (1) 1,840,168 1,831,193 1,839,172 1,828,778 Dilutive securities — — — — Weighted-average shares outstanding—Diluted (1) 1,840,168 1,831,193 1,839,172 1,828,778 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (14.18 ) $ (13.23 ) $ (60.00 ) $ (98.47 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (14.18 ) $ (13.23 ) $ (60.00 ) $ (98.47 ) (1) All share and per-share amounts have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented herein.

SUPPLEMENTAL DISCLOSURE TO CONS

SUPPLEMENTAL DISCLOSURE TO CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures to Statements of Cash Flows	The following are supplemental disclosures to the statements of cash flows for the nine months ended September For the Nine Months Ended September 30, 2018 2017 Cash paid for interest $ 37,487 $ 45,197 Cash paid (refunds received) for taxes (1 ) (70 ) Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans — 1,590 Non-cash increase (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties 907 (84,285 ) Non-cash increase (decrease) in indebtedness from debt extinguishments (1,464 ) (4,640 ) Non-cash increase (decrease) to noncontrolling interests from distribution of limited partnership units on South Terrace — (1,618 ) Non-cash increase (decrease) in indebtedness from deconsolidation of properties — (64,790 )
Summary of Cash and Cash Equivalents and Restricted Cash Balances	The following table summarizes our cash and cash equivalents and restricted cash balances as of September As of September 30, 2018 As of September 30, 2017 Cash and cash equivalents $ 98,352 $ 46,019 Restricted cash 86,154 142,489 Total cash and cash equivalents and restricted cash $ 184,506 $ 188,508

The Company - Additional Inform

The Company - Additional Information (Detail) $ / shares in Units, $ in Thousands	Aug. 14, 2018$ / shares	Jun. 27, 2018USD ($)shares	Jun. 26, 2018USD ($)	Mar. 19, 2018USD ($)	Jun. 22, 2017USD ($)	Dec. 07, 2016USD ($)	Sep. 30, 2018USD ($)$ / sharesshares	Aug. 13, 2018$ / shares	Dec. 31, 2017$ / shares
Nature Of Operations [Line Items]
Reverse stock split, conversion ratio	0.02
Common shares, par value | $ / shares	$ 1.50						$ 1.50	$ 0.03	$ 1.50
Reverse stock split, description							Effective after the close of trading on August 13, 2018, we completed a one for fifty reverse stock split, or the Reverse Stock Split of RAIT’s common shares, as previously authorized by RAIT’s board of trustees, or the Board, pursuant to authority granted to the Board by RAIT’s common shareholders. The par value of common shares changed to $1.50 per share after the Reverse Stock Split from $0.03 per share prior to the Reverse Stock Split and every fifty shares issued and outstanding prior to the Reverse Stock Split were combined into one common share after the Reverse Stock Split. The Reverse Stock Split did not change the number of authorized common shares. These financial statements give retroactive effect to such Reverse Stock Split and all share and per share amounts have been adjusted accordingly. The Reverse Stock Split did not affect RAIT’s preferred shares, including the number of authorized or outstanding RAIT preferred shares or the dividend rate per share of any outstanding RAIT preferred shares.
Preferred Series D
Nature Of Operations [Line Items]
Proceeds from sale of investment		$ 56,765		$ 4,863	$ 10,057	$ 11,600
Liquidation preference			$ 73,480
Variable Interest Entity, Not Primary Beneficiary | RAIT FL5 & FL6 | Preferred Series D
Nature Of Operations [Line Items]
Shares repurchased and cancelled, shares | shares		2,939,190					2,939,190
Proceeds from sale of investment		$ 56,765					$ 56,765
Variable Interest Entity, Not Primary Beneficiary | RAIT FL5 & FL6 | Preferred Series A, B, and C
Nature Of Operations [Line Items]
Liquidation preference		16,715					$ 16,715
Variable Interest Entity, Not Primary Beneficiary | RAIT FL5 | Melody 2016 Holdings, LLC
Nature Of Operations [Line Items]
Sale of Interest owned in joint venture			60.00%
Percentage of interest issued to affliated of purchaser			40.00%
Variable Interest Entity, Not Primary Beneficiary | RAIT FL6 | Melody 2017 Holdings, LLC
Nature Of Operations [Line Items]
Sale of Interest owned in joint venture			60.00%
Percentage of interest issued to affliated of purchaser			40.00%
Variable Interest Entity, Not Primary Beneficiary | RAIT IV | RAIT FL5 & FL6
Nature Of Operations [Line Items]
Aggregate purchase price		$ 54,632

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended				6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)LoanInstrumentPropertyshares	Jun. 30, 2018USD ($)shares	Mar. 31, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)LoanInstrumentPropertyshares	Jun. 30, 2018USD ($)shares	Sep. 30, 2018USD ($)LoanInstrumentPropertyshares	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)LoanLandParcel	Nov. 30, 2018USD ($)	Jan. 01, 2018USD ($)
Significant Accounting Policies [Line Items]
Asset impairment	$ (13,267,000)			$ (3,121,000)			$ (44,083,000)	$ (96,354,000)
Decrease to cash flows from operating activities						$ (108,494,000)
Increase to cash flows from investing activities						108,494,000
Proceeds from sale of loans originated for sale			$ 89,583,000				14,265,000
Unpaid Principal Balance	$ 832,867,000				$ 832,867,000		832,867,000		$ 1,419,653,000
Preferred dividends declared					$ 0	$ 0	$ 6,397,000
Cumulative redeemable preferred shares, shares outstanding | shares	0	0			0	0	0
Federal deposit insurance corporation, insurance limit per institution	$ 250,000				$ 250,000		$ 250,000
Restricted cash	86,154,000			142,489,000	86,154,000		86,154,000	142,489,000	157,914,000
Accrued interest receivable	24,959,000				24,959,000		24,959,000		29,664,000
Earned asset management fees from consolidated securitizations, eliminated	129,000			227,000			443,000	714,000
Intangible assets, accumulated amortization	5,527,000				5,527,000		5,527,000		6,831,000
Intangible assets, amortization expenses	251,000			1,202,000			1,069,000	5,763,000
Expected amortization expense of intangible assets, remainder of 2018	268,000				268,000		268,000
Expected amortization expense of intangible assets in 2019	701,000				701,000		701,000
Expected amortization expense of intangible assets in 2020	341,000				341,000		341,000
Expected amortization expense of intangible assets in 2021	259,000				259,000		259,000
Expected amortization expense of intangible assets in 2022	143,000				143,000		143,000
Expected amortization expense of intangible assets thereafter	$ 181,000				$ 181,000		$ 181,000
Number of derivative instruments outstanding | Instrument	0				0		0
Reversal of accrued current income tax liability				$ 249,000				$ 249,000
Gain on sale of retail property management	$ 1,262,000						$ 1,262,000
Cumulative effect adjustment as an increase to shareholders' equity									$ 180,548,000
Number of land parcels sold | LandParcel									2
Revenue from Contracts with Customers | Difference between Revenue Guidance in Effect before and after Topic 606
Significant Accounting Policies [Line Items]
Cumulative effect adjustment as an increase to shareholders' equity											$ 761,000
Financial Instruments
Significant Accounting Policies [Line Items]
Cumulative effect adjustment increase to accumulated other comprehensive income (loss) and decrease to retained earnings (deficit)											$ 9,257,000
Topic 842
Significant Accounting Policies [Line Items]
Number of real estate operating leases expected to recognize as lease liability and offsetting ROU asset | Property	1				1		1
TRS Enitities
Significant Accounting Policies [Line Items]
Income tax provision	$ 152,000
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount	7,420,000				$ 7,420,000		$ 7,420,000		$ 7,420,000
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable	$ 22,402,000				$ 22,402,000		22,402,000		23,801,000
Impairment of loans							$ 28,873,000		28,904,000
Number of impaired loans | Loan	4				4		4
Loans and Finance Receivables | Uncollectible and Written Off
Significant Accounting Policies [Line Items]
Accrued interest receivable written off as reduction to investment interest income	$ 1,964,000
Loans and Finance Receivables | Troubled Debt Restructured Loans
Significant Accounting Policies [Line Items]
Impairment of loans							$ 32,664,000		$ 30,379,000
Number of impaired loans | Loan	3				3		3		2
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	$ 49,350,000				$ 49,350,000		$ 49,350,000		$ 123,398,000
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash	36,804,000				36,804,000		36,804,000		34,516,000
Scenario Forecast
Significant Accounting Policies [Line Items]
Debt instrument redemption amount										$ 279,000
Recourse Indebtedness
Significant Accounting Policies [Line Items]
Unpaid Principal Balance	$ 234,544,000				$ 234,544,000		$ 234,544,000		$ 313,700,000
Recourse Indebtedness | 7.125% senior notes
Significant Accounting Policies [Line Items]
Stated interest rate	7.125%				7.125%		7.125%
Unpaid Principal Balance	$ 65,356,000				$ 65,356,000		$ 65,356,000
Contractual Maturity, month and year							2019-08
Restatement Adjustment
Significant Accounting Policies [Line Items]
Asset impairment		$ 850,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Revenue from Contracts with Customers Disaggregated by Type of Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	$ 799	$ 2,362	$ 3,867	$ 7,287
Property Management Fee income
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	231	732	1,724	2,333
Parking
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	80	433	514	1,400
Leasing Commission income
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	78	598	742	1,765
Other miscellaneous
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	$ 410	$ 599	$ 887	$ 1,789

Loans Held for Investment (Deta

Loans Held for Investment (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2018USD ($)Loan		Dec. 31, 2017USD ($)Loan		Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance						$ 13,000	$ 90,260
Carrying Amount		$ 7,015
Number of Loans | Loan		9
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 629,297	[1]	$ 1,273,507	[2]
Total investment in loans, Unamortized (Discounts) Premiums		(383)	[1]	(556)	[2]
Carrying Amount		$ 628,914	[1]	$ 1,272,951	[2]
Number of Loans | Loan		59	[1]	123	[2]
Weighted-Average Coupon	[3]	6.80%	[1]	6.50%	[2]
Deferred fees and costs, net		$ (1,004)	[4]	$ (2,344)	[5]
Total investments in loans, Unpaid Principal Balance		628,293		1,271,163
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		627,910		1,270,607
Commercial mortgage loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		574,896		1,194,735
Total investment in loans, Unamortized (Discounts) Premiums		(546)		(719)
Carrying Amount		$ 574,350		$ 1,194,016
Number of Loans | Loan		42		95
Weighted-Average Coupon	[3]	6.50%		6.30%
Range of Maturity Dates, Minimum		Oct. 31, 2018		Jan. 31, 2018
Range of Maturity Dates, Maximum		Jun. 30, 2025		Dec. 31, 2025
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 21,122		$ 45,488
Total investment in loans, Unamortized (Discounts) Premiums		164		164
Carrying Amount		$ 21,286		$ 45,652
Number of Loans | Loan		2		13
Weighted-Average Coupon	[3]	13.30%		11.20%
Range of Maturity Dates, Minimum		Jun. 30, 2020		May 31, 2018
Range of Maturity Dates, Maximum		Mar. 31, 2023		May 31, 2025
Preferred Equity Interests | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 33,279		$ 33,284
Total investment in loans, Unamortized (Discounts) Premiums		(1)		(1)
Carrying Amount		$ 33,278		$ 33,283
Number of Loans | Loan		15		15
Weighted-Average Coupon	[3]	6.70%		9.10%
Range of Maturity Dates, Minimum		Nov. 30, 2018		Nov. 30, 2018
Range of Maturity Dates, Maximum		Jan. 31, 2029		Jan. 31, 2029
[1]	Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $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, (j) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount.
[4]	Includes $3,822 of deferred fees, net of $2,818 of deferred costs.
[5]	Includes $8,497 of deferred fees, net of $6,153 of deferred costs.

Loans Held for Investment (Pare

Loans Held for Investment (Parenthetical) (Detail) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2018		Dec. 31, 2017
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	$ 7,015
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	628,914	[1]	$ 1,272,951	[2]
Commercial Portfolio Segment | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	100,442		106,136
Commercial Portfolio Segment | Commercial mortgage loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	574,350		1,194,016
Commercial Portfolio Segment | Commercial mortgage loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	49,690		55,353
Commercial Portfolio Segment | Commercial mortgage loans | Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Deferred fees	3,822		8,497
Deferred costs	2,818		6,153
Commercial Portfolio Segment | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	21,286		45,652
Commercial Portfolio Segment | Mezzanine Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	21,122		21,149
Commercial Portfolio Segment | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	33,278		33,283
Commercial Portfolio Segment | Preferred Equity Interests | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	$ 29,630		$ 29,634
[1]	Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $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, (j) Revenue Recognition, for further discussion of our cash flow loans.

Delinquency Statistics of Comme

Delinquency Statistics of Commercial Real Estate Loan Held for Investment (Detail) - USD ($) $ in Thousands	Sep. 30, 2018		Dec. 31, 2017
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 629,297		$ 1,273,507
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	574,896		1,194,735
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	21,122		45,488
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	33,279		33,284
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	563,379		1,223,043
Current | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	508,978		1,149,501
Current | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	21,122		40,258
Current | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	33,279		33,284
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	8,892
30 to 59 days | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	8,892
60 to 89 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	17,466
60 to 89 days | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	17,466
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	39,560		50,464
90 days or more | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	39,560		45,234
90 days or more | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			5,230
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	123,463	[1]	98,603	[2]
Non-accrual | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	106,860	[1]	81,443	[2]
Non-accrual | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	8,253	[1]	13,510	[2]
Non-accrual | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 8,350	[1]	$ 3,650	[2]
[1]	Includes six loans that are current, one loan that is 30 to 59 days or more past due, and one loan that is 60 to 89 days or more past due, but are on non-accrual due to uncertainty over whether we will fully collect principal and interest. Also includes one loan that is 90 days or more past due in accordance with its terms
[2]	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.

Investments in Commercial Mor_3

Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests - Additional Information (Detail) $ in Thousands	1 Months Ended				3 Months Ended			9 Months Ended			12 Months Ended
	Oct. 31, 2018USD ($)Loan	Jun. 30, 2018USD ($)	May 31, 2018Loan	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)Loan		Sep. 30, 2017USD ($)Loan	Sep. 30, 2018USD ($)Loan		Sep. 30, 2017USD ($)Loan	Dec. 31, 2017USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance					$ 7,015			$ 7,015
Number of Loans | Loan								9
Unpaid Principal Balance		$ 13,000		$ 90,260
Carrying amount of loans					4,673			$ 4,673
Provision for loan losses					7,489		$ 5,516	30,269		$ 27,914
Average impaired loans unpaid balance					141,524		157,649	133,201		153,707
Interest income from impaired loans					479		138	$ 919		1,140
Proceeds from sale of loans held-for-sale		11,577		43,384
Loss on sale of loans		$ 1,423		930
Number of loans sold | Loan			1					6
Net loss on sale of loans								$ 3,280
Number of loans available for sale | Loan								3
Loss on loans available for sale					1,524
Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Provision for loan losses					5,506		$ 3,368	$ 25,502		$ 16,690
Commercial Mortgage Loans | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan	1
Carrying Value, Transfer of commercial real estate loan to real estate owned	$ 5,096
Secured warehouse facility
Accounts Notes And Loans Receivable [Line Items]
Repayments of debt				45,850
Interest paid				$ 349
Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Principal balance					628,914	[1]		$ 628,914	[1]		$ 1,272,951	[2]
Number of Loans | Loan								59	[1]		123	[2]
Unpaid Principal Balance					$ 629,297	[1]		$ 629,297	[1]		$ 1,273,507	[2]
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan								0		0
Modification troubled debt restructuring, number of loans | Loan					0		0	0		0
Commercial Portfolio Segment | Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance					$ 574,350			$ 574,350			$ 1,194,016
Number of Loans | Loan								42			95
Unpaid Principal Balance					574,896			$ 574,896			$ 1,194,735
Commercial Portfolio Segment | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, number of loans | Loan								1
Unpaid principal balance constituted a TDR					$ 7,948			$ 7,948
Percentage of interest payment rate					0.00%			0.00%
Commercial Portfolio Segment | Cash Flow Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance					$ 100,442			$ 100,442			106,136
Commercial Portfolio Segment | Cash Flow Loans | Commercial Mortgage Loans
Accounts Notes And Loans Receivable [Line Items]
Principal balance					49,690			$ 49,690			$ 55,353
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					$ 123,463			$ 123,463			$ 98,603
Weighted-average interest rate					6.80%			6.80%			6.10%
Recognizing interest on the cash basis | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Weighted-average interest rate					13.50%			13.50%			12.90%
Number of Loans | Loan								2			3
Unpaid Principal Balance					$ 15,919			$ 15,919			$ 20,624
Troubled Debt Restructured Loans | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan								1
Carrying amount of loans					$ 7,948			$ 7,948
Loans Originated Prior to 2010
Accounts Notes And Loans Receivable [Line Items]
Number of Loans | Loan					2			7
Provision for loan losses					$ 7,489			$ 30,269
[1]	Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $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, (j) Revenue Recognition, for further discussion of our cash flow loans.

Loans Held for Investment by Cr

Loans Held for Investment by Credit Risk Category (Detail) - USD ($) $ in Thousands	Sep. 30, 2018		Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance			$ 13,000	$ 90,260
Commercial Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 629,297	[1]			$ 1,273,507	[2]
Commercial Portfolio Segment | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	574,896				1,194,735
Commercial Portfolio Segment | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	21,122				45,488
Commercial Portfolio Segment | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	33,279				33,284
Commercial Portfolio Segment | Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	442,576				1,124,729
Commercial Portfolio Segment | Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	428,646				1,083,741
Commercial Portfolio Segment | Satisfactory | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance					19,109
Commercial Portfolio Segment | Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	13,930				21,879
Commercial Portfolio Segment | Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	186,721	[3]			148,778	[4]
Commercial Portfolio Segment | Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	146,250	[3]			110,994	[4]
Commercial Portfolio Segment | Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	21,122	[3]			26,379	[4]
Commercial Portfolio Segment | Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 19,349	[3]			$ 11,405	[4]
[1]	Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans.
[2]	Includes $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, (j) Revenue Recognition, for further discussion of our cash flow loans.
[3]	Includes $154,581 of loans that are considered to be impaired and $32,140 of loans that are not considered to be impaired.
[4]	Includes $126,478 of loans that are considered to be impaired and $22,300 of loans that are not considered impaired.

Loans Held for Investment by _2

Loans Held for Investment by Credit Risk Category (Parenthetical) (Detail) - Watchlist - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 154,581	$ 126,478
Loans not impaired	$ 32,140	$ 22,300

Roll-Forwards of Allowance for

Roll-Forwards of Allowance for Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests Held for Investment (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018		Sep. 30, 2017
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 16,699	$ 23,514	$ 14,883		$ 12,354
Provision (benefit) for loan losses	7,489	5,516	30,269		27,914
Charge-offs, net of recoveries	(571)	(3,890)	(21,535)	[1]	(15,128)
Ending balance	23,617	25,140	23,617		25,140
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	11,226	12,722	9,019		10,640
Provision (benefit) for loan losses	5,506	3,368	25,502		16,690
Charge-offs, net of recoveries	(571)		(18,360)	[1]	(11,240)
Ending balance	16,161	16,090	16,161		16,090
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	5,231	9,092	5,622
Provision (benefit) for loan losses	1,258	2,148	4,042		11,238
Charge-offs, net of recoveries		(3,890)	(3,175)	[1]	(3,888)
Ending balance	6,489	7,350	6,489		7,350
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	242	1,700	242		1,714
Provision (benefit) for loan losses	725		725		(14)
Ending balance	$ 967	$ 1,700	$ 967		$ 1,700
[1]	Includes $5,331 of charge-offs related to loans transferred to held for sale during the nine months ended September 30, 2018.

Roll-Forwards of Allowance fo_2

Roll-Forwards of Allowance for Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests Held for Investment (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Receivables [Abstract]
Impairments related to loans transferred to held for sale	$ 5,331

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Sep. 30, 2018		Jun. 30, 2018	Dec. 31, 2017		Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	$ 35,032			$ 34,946
Impaired loans with reserves	119,549			91,532
Total Impaired Loans	154,581	[1]		126,478	[2]
Allowance for loan losses	23,617		$ 16,699	14,883		$ 25,140	$ 23,514	$ 12,354
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	11,164			14,321
Impaired loans with reserves	102,946			74,372
Total Impaired Loans	114,110	[1]		88,693	[2]
Allowance for loan losses	16,161		11,226	9,019		16,090	12,722	10,640
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	12,869			12,869
Impaired loans with reserves	8,253			13,510
Total Impaired Loans	21,122	[1]		26,379	[2]
Allowance for loan losses	6,489		5,231	5,622		7,350	9,092
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	10,999			7,756
Impaired loans with reserves	8,350			3,650
Total Impaired Loans	19,349	[1]		11,406	[2]
Allowance for loan losses	$ 967		$ 242	$ 242		$ 1,700	$ 1,700	$ 1,714
[1]	As of September 30, 2018, there was no unpaid principal relating to previously identified TDRs that are on accrual status.
[2]	As of December 31, 2017, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

Loans Considered to be Impair_2

Loans Considered to be Impaired (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Receivables [Abstract]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 0	$ 0

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 132,473	$ 274,672
Less: Accumulated depreciation and amortization	(9,328)	(28,768)
Investments in real estate, net	123,145	245,904
Multifamily real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value		17,163
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	51,460	130,125
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	60,446	106,817
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 20,567	$ 20,567

Summary of Investments in Rea_2

Summary of Investments in Real Estate (Parenthetical) (Detail) - Property	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Number of real estate properties held for sale	0	0

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Property	Sep. 30, 2017USD ($)Property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	$ 123,145		$ 123,145		$ 245,904
Investments in real estate	132,473		132,473		274,672
Mortgages loans or other debt held by third parties	40,906		40,906		62,297
Mortgages loans held by consolidated securitizations	133,525		$ 133,525		298,050
Number of multifamily disposed | Property			1
Number of retail properties disposed | Property			1
Gain (loss) on sale	1,262		$ 1,262
Impairment charges on real estate assets	13,267		44,083
Reversal of asset impairment charges	850
Gains (losses) on deconsolidation of properties	870	$ (4,035)	(7,307)	$ (19,982)
Prior Year Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Gain (loss) on sale			(6)
Office
Real Estate Properties [Line Items]
Investments in real estate	51,460		$ 51,460		130,125
Number of real estate properties disposed | Property			2
One Retail Property
Real Estate Properties [Line Items]
Impairment charges on real estate assets	13,482
Gains (losses) on deconsolidation of properties	907
Three Other Assets Real Estate Properties
Real Estate Properties [Line Items]
Impairment charges on real estate assets	635
Six Real Estate Assets
Real Estate Properties [Line Items]
Impairment charges on real estate assets			$ 44,083
One Real Estate Retail Property | Third-Party Appraisal
Real Estate Properties [Line Items]
Impairment charges on real estate assets			13,482
One Real Estate Retail Property | Purchase and Sale Agreement
Real Estate Properties [Line Items]
Impairment charges on real estate assets			17,249
Three Assets Real Estate Properties
Real Estate Properties [Line Items]
Impairment charges on real estate assets			9,754
Sixth Assets Real Estate Properties
Real Estate Properties [Line Items]
Impairment charges on real estate assets			3,598
Industrial real estate properties | Non Recourse Indebtedness | Loan Payable On Real Estate
Real Estate Properties [Line Items]
Gains (losses) on deconsolidation of properties				$ (20,660)
Number of industrial real estate properties deconsolidated | Property				10
Deconsolidation of properties, carrying value		13,909		$ 13,909		$ 82,501
Cross-collateralized non-recourse debt related to deconsolidation of property		34,874		$ 34,874		$ 81,941
Number of mortgage liens properties | Property				8
Carrying value of asset held for sale		$ 67,726		$ 67,726
Extinguishment of debt				$ 27,067
Remaining Number Of Industrial Real Estate Properties | Property				2
Land
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	41,407		41,407		73,003
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	91,066		$ 91,066		$ 201,669
Leasehold Improvements
Real Estate Properties [Line Items]
Gains (losses) on deconsolidation of properties	$ 0

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate Properties [Line Items]
Gain (loss) on sale		$ 1,262		$ 1,262
Net income (loss) allocable to common shares		(26,101)	$ (24,230)	(110,357)	$ (180,072)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price				93,200
Gain (loss) on sale				8,870
Net income (loss) allocable to common shares		173		$ 331
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | 1501 Yamato Road
Real Estate Properties [Line Items]
Date of Sale	[1]			Jun. 15, 2018
Sale Price	[1]			$ 42,050
Gain (loss) on sale	[1]			906
Net income (loss) allocable to common shares	[1]			$ (259)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Office | Erieview Tower & Parking
Real Estate Properties [Line Items]
Date of Sale	[2]			Aug. 1, 2018
Sale Price	[2]			$ 28,901
Net income (loss) allocable to common shares	[2]	(22)		$ (10)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Retail | Erieview Galleria
Real Estate Properties [Line Items]
Date of Sale				Aug. 1, 2018
Sale Price				$ 1,099
Net income (loss) allocable to common shares		1		$ (9)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Multifamily | Lexington
Real Estate Properties [Line Items]
Date of Sale				Aug. 31, 2018
Sale Price				$ 21,150
Gain (loss) on sale				7,964
Net income (loss) allocable to common shares		$ 194		$ 609
[1]	We also recognized a loss on extinguishment of debt related to the sale of this property, resulting from a defeasance premium of $1,943.
[2]	This property was previously impaired.

Summary of Disposition and Ea_2

Summary of Disposition and Each Property's Contribution (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate Properties [Line Items]
Gains (losses) on extinguishments of debt	$ 239	$ 644	$ 3,668	$ (944)
1501 Yamato Road | Office
Real Estate Properties [Line Items]
Gains (losses) on extinguishments of debt			$ 1,943

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2018		Dec. 31, 2017
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 832,867		$ 1,419,653
Unamortized Discount/Premium and Deferred Financing Costs		(17,880)		(29,465)
Indebtedness		$ 814,987		$ 1,390,188
Weighted-Average Interest Rate		4.20%		3.70%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 234,544		$ 313,700
Unamortized Discount/Premium and Deferred Financing Costs		(13,805)		(17,699)
Indebtedness		$ 220,739		$ 296,001
Weighted-Average Interest Rate		6.00%		5.50%
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 598,323		$ 1,065,123
Unamortized Discount/Premium and Deferred Financing Costs		(4,075)		(11,891)
Indebtedness		$ 594,248		$ 1,053,232
Weighted-Average Interest Rate		3.50%		3.20%
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		(35)	[1]	(38)	[2]
Indebtedness		$ 836	[1]	$ 833	[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		$ 68,222	[3]	$ 110,513	[4]
Unamortized Discount/Premium and Deferred Financing Costs		(1,648)	[3]	(3,713)	[4]
Indebtedness		$ 66,574	[3]	$ 106,800	[4]
Weighted-Average Interest Rate		4.00%	[3]	4.00%	[4]
Contractual Maturity, month and year		2033-10	[3]	2033-10	[4]
7.625% senior notes due 2024 | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 56,324		$ 56,324
Unamortized Discount/Premium and Deferred Financing Costs		(1,282)		(1,457)
Indebtedness		$ 55,042		$ 54,867
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		$ 65,356		$ 68,408
Unamortized Discount/Premium and Deferred Financing Costs		(492)		(934)
Indebtedness		$ 64,864		$ 67,474
Weighted-Average Interest Rate		7.10%		7.10%
Contractual Maturity, month and year		2019-08		2019-08
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[5]	$ 18,671		$ 18,671
Unamortized Discount/Premium and Deferred Financing Costs	[5]	(10,348)		(10,550)
Indebtedness	[5]	$ 8,323		$ 8,121
Weighted-Average Interest Rate	[5]	6.30%		5.30%
Contractual Maturity, month and year	[5]	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		4.80%		3.90%
Contractual Maturity, month and year		2037-04		2037-04
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 152,710	[6],[7]	$ 258,063	[8],[9]
Unamortized Discount/Premium and Deferred Financing Costs		(264)	[6],[7]	(3,339)	[8],[9]
Indebtedness		$ 152,446	[6],[7]	$ 254,724	[8],[9]
Weighted-Average Interest Rate		2.90%	[6],[7]	2.20%	[8],[9]
CDO notes payable, at amortized cost | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2045-06	[6],[7]	2045-06	[8],[9]
CDO notes payable, at amortized cost | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2046-11	[6],[7]	2046-11	[8],[9]
Loan Payable On Real Estate | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 40,906		$ 62,297
Unamortized Discount/Premium and Deferred Financing Costs		(244)		(375)
Indebtedness		$ 40,662		$ 61,922
Weighted-Average Interest Rate		4.70%		5.20%
Loan Payable On Real Estate | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-10		2021-05
Loan Payable On Real Estate | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-12		2021-12
Senior Secured Notes | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance				$ 11,500
Unamortized Discount/Premium and Deferred Financing Costs				(437)
Indebtedness				$ 11,063
Weighted-Average Interest Rate				7.30%
Contractual Maturity, month and year				2019-04
Secured warehouse facilities | Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance				$ 22,313
Unamortized Discount/Premium and Deferred Financing Costs				(570)
Indebtedness				$ 21,743
Weighted-Average Interest Rate				3.50%
Secured warehouse facilities | Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year				2018-01
Secured warehouse facilities | Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year				2018-07
Other indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[10]			$ 40,830
Unamortized Discount/Premium and Deferred Financing Costs	[10]			125
Indebtedness	[10]			40,955
CMBS securitizations | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[12]	$ 404,707	[11]	744,763	[13]
Unamortized Discount/Premium and Deferred Financing Costs	[12]	(3,567)	[11]	(8,177)	[13]
Indebtedness	[12]	$ 401,140	[11]	$ 736,586	[13]
Weighted-Average Interest Rate	[12]	3.60%	[11]	3.40%	[13]
CMBS securitizations | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[12]	2037-06	[11]	2031-01	[13]
CMBS securitizations | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[12]	2037-12	[11]	2037-12	[13]
[1]	In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par.
[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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.
[4]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[5]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[6]	Collateralized by $299,250 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $162,116 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[7]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[8]	Collateralized by $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.
[9]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[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 ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.
[11]	Collateralized by $481,600 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[12]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.
[13]	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.

Summary of Total Recourse and_2

Summary of Total Recourse and Non-Recourse Indebtedness (Parenthetical) (Detail) $ in Thousands		9 Months Ended		12 Months Ended
		Sep. 30, 2018USD ($)Venture		Dec. 31, 2017USD ($)Venture		Nov. 30, 2018USD ($)	Nov. 16, 2018USD ($)	Jun. 30, 2018
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 832,867		$ 1,419,653
Number of joint venture | Venture				2
Scenario Forecast
Debt Instrument [Line Items]
Debt instrument redemption amount						$ 279
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		234,544		$ 313,700
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		598,323		1,065,123
Non Recourse Indebtedness | CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral		481,600		944,894
Unpaid Principal Balance	[2]	404,707	[1]	744,763	[3]
Non Recourse Indebtedness | Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral		$ 162,116		$ 274,629
7.0% convertible senior notes | Recourse Indebtedness
Debt Instrument [Line Items]
Stated interest rate		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%				4.00%
Unpaid Principal Balance		$ 68,222	[6]	$ 110,513	[7]
4.0% convertible senior notes | Recourse Indebtedness | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument redemption amount							$ 279
CDO notes payable, at amortized cost | Non Recourse Indebtedness
Debt Instrument [Line Items]
Underlying collateral		299,250		507,306
Unpaid Principal Balance		$ 152,710	[8],[9]	$ 258,063	[10],[11]
Other indebtedness
Debt Instrument [Line Items]
Percentage of interest issued to unaffiliated third party				40.00%
Proceeds from issuance of joint venture interests accounted for as indebtedness				$ 41,689
Unpaid Principal Balance	[12]			$ 40,830
Interest owned in joint venture				60.00%
Number of joint venture | Venture		2
[1]	Collateralized by $481,600 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[2]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.
[3]	Collateralized by $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.
[4]	In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par.
[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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.
[7]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.
[8]	Collateralized by $299,250 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $162,116 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[9]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[10]	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.
[11]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[12]	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 ventures allocate the distributions on such junior notes and equity when made between the parties to the ventures.

Indebtedness - Recourse Indebte

Indebtedness - Recourse Indebtedness - Additional Information (Detail)	3 Months Ended	9 Months Ended
	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)$ / shares		Nov. 30, 2018USD ($)	Nov. 16, 2018USD ($)	Oct. 31, 2018USD ($)	Oct. 01, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 832,867,000							$ 1,419,653,000
Scenario Forecast
Debt Instrument [Line Items]
Debt instrument redemption amount				$ 279,000
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		234,544,000							$ 313,700,000
Recourse Indebtedness | Seventy Five Thousand CMF [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		0
Line of credit facility, borrowing capacity		$ 75,000,000
Debt instrument, financial covenant compliance		This facility was not renewed after its June 2018 maturity and it has terminated.
Recourse Indebtedness | One Hundred Fifty Thousand CMF Two [Member] | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 0
Line of credit facility, borrowing capacity		$ 150,000,000
Debt instrument, financial covenant compliance		This facility was not renewed after its June 2018 maturity and it has terminated.
Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		7.00%							7.00%
Convertible note conversion rate		4.1217
Principal amount of convertible note, conversion rate		$ 1,000
Initial conversion price | $ / shares		$ 242.6
Unpaid Principal Balance		$ 871,000	[1]						$ 871,000	[2]
Recourse Indebtedness | 7.0% convertible senior notes | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate						7.00%
Debt instrument redemption amount						$ 871,000
Recourse Indebtedness | 4.0% convertible senior notes
Debt Instrument [Line Items]
Stated interest rate		4.00%						4.00%	4.00%
Convertible note conversion rate		2.1716
Principal amount of convertible note, conversion rate		$ 1,000
Initial conversion price | $ / shares		$ 460.5
Unpaid Principal Balance		$ 68,222,000	[3]						$ 110,513,000	[4]
Principal amount repurchase convertible senior notes	$ 6,000,000							$ 36,291,000
Consideration from repurchase convertible senior notes	$ 5,708,000							$ 35,319,000
Recourse Indebtedness | 4.0% convertible senior notes | Scenario Forecast
Debt Instrument [Line Items]
Debt instrument redemption amount					$ 279,000
Remaining outstanding amount option to redeem and cancel					$ 279,000
Recourse Indebtedness | 4.0% convertible senior notes | Subsequent Event
Debt Instrument [Line Items]
Stated interest rate							4.00%
Unpaid Principal Balance							$ 279,000
Principal amount repurchase convertible senior notes							$ 67,943,000
Recourse Indebtedness | 7.625% senior notes due 2024
Debt Instrument [Line Items]
Stated interest rate		7.625%
Unpaid Principal Balance		$ 56,324,000							56,324,000
Covenant leverage ratio	74.60%
Covenant fixed charge coverage ratio	134.00%
Recourse Indebtedness | 7.625% senior notes due 2024 | Maximum
Debt Instrument [Line Items]
Covenant leverage ratio	80.00%
Recourse Indebtedness | 7.625% senior notes due 2024 | Minimum
Debt Instrument [Line Items]
Covenant fixed charge coverage ratio	120.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019
Debt Instrument [Line Items]
Stated interest rate		7.125%
Unpaid Principal Balance		$ 65,356,000							68,408,000
Principal amount repurchase convertible senior notes		3,051,000
Consideration from repurchase convertible senior notes		2,852,000
Covenant leverage ratio	74.60%
Covenant fixed charge coverage ratio	134.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Maximum
Debt Instrument [Line Items]
Covenant leverage ratio	80.00%
Recourse Indebtedness | 7.125% Senior Notes due 2019 | Minimum
Debt Instrument [Line Items]
Covenant fixed charge coverage ratio	120.00%
Recourse Indebtedness | Senior Secured Notes
Debt Instrument [Line Items]
Unpaid Principal Balance									11,500,000
Debt instrument redemption amount		9,500,000
Payment of notes	$ 2,000,000
Recourse Indebtedness | Junior subordinated notes, at fair value
Debt Instrument [Line Items]
Aggregate principal amount of notes issued		18,671,000
Fair value of indebtedness		8,323,000
Recourse Indebtedness | Secured warehouse facilities
Debt Instrument [Line Items]
Unpaid Principal Balance									$ 22,313,000
Recourse Indebtedness | Secured warehouse facilities | CMBS Borrowings
Debt Instrument [Line Items]
Unpaid Principal Balance		0
Recourse Indebtedness | Secured warehouse facilities | Commercial mortgage loans
Debt Instrument [Line Items]
Unpaid Principal Balance		0
Line of credit facility, borrowing capacity		150,000,000
Recourse Indebtedness | Secured warehouse facilities | Floating Rate Loans
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity		$ 100,000,000
Convertible notes redemption period One | Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period		2021-04
Convertible notes redemption period Two | Recourse Indebtedness | 7.0% convertible senior notes
Debt Instrument [Line Items]
Convertible senior notes redemption period		2026-04
[1]	In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par.
[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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.
[4]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Indebtedness - Non-Recourse Ind

Indebtedness - Non-Recourse Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands		Nov. 30, 2018	Sep. 30, 2018		Dec. 31, 2017
Debt Instrument [Line Items]
Unpaid Principal Balance			$ 832,867		$ 1,419,653
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance			598,323		1,065,123
Non Recourse Indebtedness | Loan Payable On Real Estate
Debt Instrument [Line Items]
Unpaid Principal Balance			40,906		62,297
CMBS securitizations | Non Recourse Indebtedness
Debt Instrument [Line Items]
Underlying collateral			481,600		944,894
Unpaid Principal Balance	[2]		404,707	[1]	$ 744,763	[3]
CMBS securitizations | Non Recourse Indebtedness | R A I T F L Seven
Debt Instrument [Line Items]
Underlying collateral			258,404
Unpaid Principal Balance			225,847
CMBS securitizations | Non Recourse Indebtedness | R A I T F L Seven | Scenario Forecast
Debt Instrument [Line Items]
Collateral default amount		$ 9,000
CMBS securitizations | Non Recourse Indebtedness | R A I T F L Seven | Junior Notes
Debt Instrument [Line Items]
Owned unrated classes of junior notes			65,479
CMBS securitizations | Non Recourse Indebtedness | RAIT FL Eight
Debt Instrument [Line Items]
Underlying collateral			223,196
Unpaid Principal Balance			178,860
CMBS securitizations | Non Recourse Indebtedness | RAIT FL Eight | Junior Notes
Debt Instrument [Line Items]
Owned unrated classes of junior notes			$ 44,162
[1]	Collateralized by $481,600 principal amount of commercial mortgage loans and participation interests. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[2]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.
[3]	Collateralized by $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.

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness by Year (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Extinguishment Of Debt [Line Items]
Total	$ 832,867	$ 1,419,653
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,019	65,356
Thereafter	169,188
Total	234,544	313,700
Non Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2,018	183
2,019	749
2,020	779
2,021	39,195
Thereafter	557,417
Total	$ 598,323	$ 1,065,123

Aggregate Contractual Maturit_2

Aggregate Contractual Maturities of Indebtedness by Year (Parenthetical) (Detail) - USD ($) $ in Thousands	Nov. 30, 2018	Nov. 16, 2018	Sep. 30, 2018		Jun. 30, 2018	Dec. 31, 2017
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance			$ 832,867			$ 1,419,653
Scenario Forecast
Extinguishment Of Debt [Line Items]
Debt instrument redemption amount	$ 279
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance			234,544			313,700
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%
Recourse Indebtedness | 4.0% convertible senior notes
Extinguishment Of Debt [Line Items]
Unpaid Principal Balance			$ 68,222	[3]		$ 110,513	[4]
Convertible senior notes interest rate			4.00%		4.00%	4.00%
Recourse Indebtedness | 4.0% convertible senior notes | Scenario Forecast
Extinguishment Of Debt [Line Items]
Debt instrument redemption amount		$ 279
[1]	In October 2018, we exercised our right to optionally redeem and cancel the remaining 7.0% convertible senior notes at par.
[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. On October 1, 2018, we repurchased $67,943 in principal amount of the 4.0% convertible senior notes at par pursuant to the exercise by the holders of these notes of their redemption option, leaving $279 aggregate principal amount outstanding. On October 2, 2018, we notified the Trustee for the 4% convertible senior notes that we would exercise our right to optionally redeem and cancel the remaining $279 on November 16, 2018.
[4]	Our 4.0% convertible senior notes are redeemable at par, at the option of the holder, in October 2018, October 2023, and October 2028.

Aggregate Notional Amount and E

Aggregate Notional Amount and Estimated Net Fair Value of Derivative Instruments (Detail)	Dec. 31, 2017USD ($)
Derivative [Line Items]
Notional amount	$ 12,650,000
Fair Value of Assets	11,000
Interest rate swaps
Derivative [Line Items]
Notional amount	12,650,000
Fair Value of Assets	$ 11,000

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Assets
Derivative assets		$ 11
Liabilities
Junior subordinated notes	$ 8,323	8,121
Carrying Amount
Assets
Total investment in mortgage loans, held for investment, net	604,293	1,255,723
Investment in mortgage loans, held for sale	4,673
Cash and cash equivalents	98,352	53,380
Restricted cash	86,154	157,914
Derivative assets		11
Carrying Amount | 7.0% convertible senior notes
Liabilities
Convertible senior notes	836	833
Carrying Amount | 4.0% convertible senior notes
Liabilities
Convertible senior notes	66,574	106,800
Carrying Amount | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,042	54,867
Carrying Amount | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	64,864	67,474
Carrying Amount | Senior Secured Notes
Liabilities
Indebtedness		11,063
Carrying Amount | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	25,100	25,100
Carrying Amount | CDO notes payable, at amortized cost
Liabilities
Notes payable	152,446	254,724
Carrying Amount | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,662	61,922
Carrying Amount | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	836	833
Carrying Amount | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	66,574	106,800
Carrying Amount | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	55,042	54,867
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	64,864	67,474
Carrying Amount | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness		11,063
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	152,446	254,724
Carrying Amount | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,662	61,922
Carrying Amount | Other indebtedness
Liabilities
Indebtedness		40,955
Carrying Amount | CMBS securitizations
Liabilities
Notes payable	401,140	736,586
Carrying Amount | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	401,140	736,586
Carrying Amount | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	8,323	8,121
Carrying Amount | Secured warehouse facilities
Liabilities
Indebtedness		21,743
Estimated Fair Value
Assets
Total investment in mortgage loans, held for investment, net	579,874	1,252,780
Investment in mortgage loans, held for sale	4,673
Cash and cash equivalents	98,352	53,380
Restricted cash	86,154	157,914
Derivative assets		11
Estimated Fair Value | Recourse Indebtedness | 7.0% convertible senior notes
Liabilities
Convertible senior notes	579	533
Estimated Fair Value | Recourse Indebtedness | 4.0% convertible senior notes
Liabilities
Convertible senior notes	68,817	103,457
Estimated Fair Value | Recourse Indebtedness | 7.625% senior notes due 2024
Liabilities
Indebtedness	44,338	43,009
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	63,619	61,567
Estimated Fair Value | Recourse Indebtedness | Senior Secured Notes
Liabilities
Indebtedness		11,197
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	9,210	8,849
Estimated Fair Value | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	123,453	196,212
Estimated Fair Value | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,289	64,377
Estimated Fair Value | Other indebtedness
Liabilities
Indebtedness		40,830
Estimated Fair Value | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	404,046	744,359
Estimated Fair Value | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	$ 8,323	8,121
Estimated Fair Value | Secured warehouse facilities
Liabilities
Indebtedness		$ 22,313

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands		Sep. 30, 2018		Dec. 31, 2017
Assets:
Derivative assets				$ 11
Total assets				11
Liabilities:
Junior subordinated notes, at fair value		$ 8,323		8,121
Total liabilities		8,323		8,121
Significant Other Observable Inputs (Level 2)
Assets:
Derivative assets	[1]			11
Total assets	[1]			11
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value		8,323	[2]	8,121	[1]
Total liabilities		$ 8,323	[2]	$ 8,121	[1]
[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 nine months ended September 30, 2018, 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 Lia_2

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
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 Instr_3

Fair Value of Financial Instruments - Additional Information (Detail) $ in Thousands		9 Months Ended
		Sep. 30, 2018USD ($)LoanProperty	Dec. 31, 2017USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure			$ 11
Number of Loans | Loan		9
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		$ 101,450
Number of Loans | Loan		9
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Appraisal Received on Property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure		$ 10,100
Number real estate asset | Property		1
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Appraisal Received on Property | Terminal Capitalization Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate assets, fair value measurement rate		0.09
Significant Unobservable Inputs (Level 3) | Non-Recurring Fair Value Measurements | Appraisal Received on Property | Discount Rate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Real estate assets, fair value measurement rate		0.1225
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure	[1]		$ 11
Significant Other Observable Inputs (Level 2) | Non-Recurring Fair Value Measurements | Purchase and Sale Agreement
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets Fair Value Disclosure		$ 31,252
Number real estate asset | Property		2
Junior Subordinated Notes, at Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Valuation Technique [Extensible List]		us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt Instrument, Measurement Input [Extensible List]		us-gaap:MeasurementInputDiscountRateMember	us-gaap:MeasurementInputDiscountRateMember
Junior Subordinated Notes, at Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate		0.20
Junior Subordinated Notes, at Fair Value | Significant Unobservable Inputs (Level 3) | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate			0.1801
Junior Subordinated Notes, at Fair Value | Significant Unobservable Inputs (Level 3) | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate			0.1821
[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.

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 5,111	$ 8,121
Change in fair value of financial instruments	3,212	202
Ending Balance	8,323	8,323
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	5,111	8,121
Change in fair value of financial instruments	3,212	202
Ending Balance	$ 8,323	$ 8,323

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	Sep. 30, 2018		Dec. 31, 2017
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 8,323		$ 8,121
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 8,323	[1]	$ 8,121	[2]
Total investment in mortgage loans, held for investment, net, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Investment in mortgage loans, held for sale, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Significant Unobservable Inputs (Level 3) | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique			us-gaap:ValuationTechniqueDiscountedCashFlowMember
CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgage loans, held for investment, net	$ 604,293		$ 1,255,723
Investment in mortgage loans, held for sale	4,673
Carrying Amount | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness			40,955
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	401,140		736,586
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgage loans, held for investment, net	579,874		1,252,780
Investment in mortgage loans, held for sale	4,673
Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgage loans, held for investment, net	579,874		1,252,780
Investment in mortgage loans, held for sale	4,673
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | Other indebtedness
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness			40,830
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	$ 404,046		$ 744,359
7.0% convertible senior notes | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	ras:ValuationTechniqueTradingPricingMember		ras:ValuationTechniqueTradingPricingMember
7.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	$ 836		$ 833
7.0% convertible senior notes | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	$ 579		$ 533
4.0% convertible senior notes | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	ras:ValuationTechniqueTradingPricingMember		ras:ValuationTechniqueTradingPricingMember
4.0% convertible senior notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	$ 66,574		$ 106,800
4.0% convertible senior notes | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Convertible senior notes	$ 68,817		$ 103,457
7.625% senior notes due 2024 | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	ras:ValuationTechniqueTradingPricingMember		ras:ValuationTechniqueTradingPricingMember
7.625% senior notes due 2024 | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 55,042		$ 54,867
7.625% senior notes due 2024 | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 44,338		$ 43,009
7.125% Senior Notes due 2019 | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	ras:ValuationTechniqueTradingPricingMember		ras:ValuationTechniqueTradingPricingMember
7.125% Senior Notes due 2019 | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 64,864		$ 67,474
7.125% Senior Notes due 2019 | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 63,619		$ 61,567
Senior Secured Notes | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique			us-gaap:ValuationTechniqueDiscountedCashFlowMember
Senior Secured Notes | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness			$ 11,063
Senior Secured Notes | Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness			$ 11,197
Junior subordinated notes, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Junior subordinated notes, at amortized cost | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 25,100		$ 25,100
Junior subordinated notes, at amortized cost | Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 9,210		$ 8,849
CDO notes payable, at amortized cost | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember		us-gaap:ValuationTechniqueDiscountedCashFlowMember
CDO notes payable, at amortized cost | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	$ 152,446		$ 254,724
CDO notes payable, at amortized cost | Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	$ 123,453		$ 196,212
Loan Payable On Real Estate | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness, Valuation Technique	us-gaap:ValuationTechniqueDiscountedCashFlowMember		us-gaap:ValuationTechniqueDiscountedCashFlowMember
Loan Payable On Real Estate | Carrying Amount
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate	$ 40,662		$ 61,922
Loan Payable On Real Estate | Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Loans payable on real estate	$ 40,289		$ 64,377
[1]	During the nine months ended September 30, 2018, 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, 2017, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3.

Realized and Unrealized Gains a

Realized and Unrealized Gains and Losses on Assets and Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ 3,212		$ 202
Change in fair value of financial instruments	(410)	$ 4,753	(212)	$ 6,693
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (410)	3,270	(682)	2,568
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities		(17)	$ 470	(275)
Fair Value, Measurements, Recurring | Warrants and investor SARs
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities		$ 1,500		$ 4,400

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) $ in Thousands	Jun. 26, 2018	Dec. 31, 2017USD ($)Venture	Sep. 30, 2018USD ($)	Jun. 27, 2018USD ($)
Variable Interest Entity [Line Items]
Number of joint venture | Venture		2
Indebtedness		$ 1,390,188	$ 814,987
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans,net		1,174,827	599,809
Indebtedness		1,038,864	560,287
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans,net		257,625	156,195
Indebtedness		$ 370,351	$ 244,116
Variable Interest Entity, Not Primary Beneficiary | RAIT FL5 | Melody 2016 Holdings, LLC
Variable Interest Entity [Line Items]
Sale of Interest owned in joint venture	60.00%
Percentage of interest issued to affliated of purchaser	40.00%
Variable Interest Entity, Not Primary Beneficiary | RAIT FL6 | Melody 2017 Holdings, LLC
Variable Interest Entity [Line Items]
Sale of Interest owned in joint venture	60.00%
Percentage of interest issued to affliated of purchaser	40.00%
Variable Interest Entity, Not Primary Beneficiary | RAIT IV | RAIT FL5 & FL6
Variable Interest Entity [Line Items]
Aggregate purchase price				$ 54,632

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Assets
Investments in real estate, net	$ 123,145	$ 245,904
Cash and cash equivalents	98,352	53,380	$ 46,019
Restricted cash	86,154	157,914	$ 142,489
Accrued interest receivable	24,959	29,664
Other assets	14,134	43,871
Total assets	957,603	1,791,833
Liabilities and Equity
Accrued interest payable	3,857	4,688
Accounts payable and accrued expenses	4,931	9,641
Total liabilities	873,192	1,533,703
Shareholders’ equity:
Total shareholders’ equity	84,411	176,155
Noncontrolling Interests		3,632
Total liabilities and equity	957,603	1,791,833
VIE
Assets
Investments in commercial mortgage loans, mezzanine loans and preferred equity interests	756,004	1,432,452
Investments in real estate, net	18,133	18,634
Cash and cash equivalents	197	375
Restricted cash	36,814	1,315
Accrued interest receivable	26,286	44,101
Other assets	4,043	20,814
Total assets	841,477	1,517,691
Liabilities and Equity
Indebtedness, net	804,403	1,409,215
Accrued interest payable	7,517	8,336
Accounts payable and accrued expenses	3,326	3,297
Deferred taxes, borrowers’ escrows and other liabilities	197	827
Total liabilities	815,443	1,421,675
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	26,034	95,978
Total shareholders’ equity	26,034	95,977
Noncontrolling Interests		39
Total liabilities and equity	841,477	1,517,691
VIE | RAIT Securitizations
Assets
Investments in commercial mortgage loans, mezzanine loans and preferred equity interests	756,004	1,082,528
Restricted cash	36,512	1,068
Accrued interest receivable	26,286	41,639
Other assets	72	16,860
Total assets	818,874	1,142,095
Liabilities and Equity
Indebtedness, net	784,873	1,034,750
Accrued interest payable	1,769	1,869
Accounts payable and accrued expenses	69	23
Total liabilities	786,711	1,036,642
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	32,163	105,453
Total shareholders’ equity	32,163	105,453
Total liabilities and equity	818,874	1,142,095
VIE | RAIT VIE Properties
Assets
Investments in real estate, net	18,133	18,634
Cash and cash equivalents	197	283
Restricted cash	302	237
Other assets	3,971	3,954
Total assets	22,603	23,108
Liabilities and Equity
Indebtedness, net	19,530	19,630
Accrued interest payable	5,748	5,356
Accounts payable and accrued expenses	3,257	3,274
Deferred taxes, borrowers’ escrows and other liabilities	197	184
Total liabilities	28,732	28,444
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(6,129)	(5,336)
Total shareholders’ equity	(6,129)	(5,336)
Total liabilities and equity	$ 22,603	23,108
VIE | RAIT Joint Venture VIE
Assets
Investments in commercial mortgage loans, mezzanine loans and preferred equity interests		349,924
Cash and cash equivalents		92
Restricted cash		10
Accrued interest receivable		2,462
Total assets		352,488
Liabilities and Equity
Indebtedness, net		354,835
Accrued interest payable		1,111
Deferred taxes, borrowers’ escrows and other liabilities		643
Total liabilities		356,589
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)		(4,140)
Total shareholders’ equity		(4,140)
Noncontrolling Interests		39
Total liabilities and equity		$ 352,488

Assets and Liabilities of Decon

Assets and Liabilities of Deconsolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands	Jun. 27, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Assets
Commercial mortgage loans, mezzanine loans, and preferred equity interests		$ 627,910		$ 627,910		$ 1,270,607
Cash and cash equivalents		98,352	$ 46,019	98,352	$ 46,019	53,380
Restricted cash		86,154	142,489	86,154	142,489	157,914
Accrued interest receivable		24,959		24,959		29,664
Other assets		14,134		14,134		43,871
Liabilities and Equity
Accrued interest payable		3,857		3,857		4,688
Accounts payable and accrued expenses		4,931		4,931		9,641
Borrowers' escrows		46,844		46,844		117,070
Deferred taxes and other liabilities		2,573		2,573		12,116
Shareholders’ equity:
Noncontrolling interests						3,632
Total liabilities and equity		957,603		957,603		$ 1,791,833
Loss on deconsolidation of RAIT Venture VIEs, RAIT FL5 & RAIT FL6		$ 870	$ (4,035)	$ (7,307)	$ (19,982)
Variable Interest Entity, Not Primary Beneficiary
Shareholders’ equity:
RAIT IV's net investment in RAIT FL5 & RAIT FL6	$ 62,809
Purchase price for RAIT IV's FL5 Interests & FL6 Interests	54,632
Loss on deconsolidation of RAIT Venture VIEs, RAIT FL5 & RAIT FL6	(8,177)
Variable Interest Entity, Not Primary Beneficiary | RAIT Joint Venture VIE | RAIT FL5 & FL6
Assets
Commercial mortgage loans, mezzanine loans, and preferred equity interests	266,502
Cash and cash equivalents	189
Restricted cash	22,569
Accrued interest receivable	1,191
Other assets	1,233
Total assets	291,684
Liabilities and Equity
Indebtedness, net	205,137
Accrued interest payable	502
Accounts payable and accrued expenses	45
Borrowers' escrows	22,549
Deferred taxes and other liabilities	531
Total liabilities	228,764
Shareholders’ equity:
Noncontrolling interests	111
Total liabilities and equity	$ 228,875

Series D Preferred Shares - Add

Series D Preferred Shares - Additional Information (Detail)	Jun. 27, 2018USD ($)shares	Mar. 19, 2018USD ($)shares	Jun. 22, 2017USD ($)shares	Dec. 07, 2016USD ($)shares	Sep. 30, 2018$ / sharesshares	Jun. 26, 2018USD ($)	Dec. 31, 2017$ / sharesshares	Oct. 18, 2017USD ($)	Oct. 17, 2017USD ($)	Oct. 11, 2017USD ($)	Dec. 31, 2015shares	Sep. 30, 2015USD ($)Covenant	Oct. 01, 2012USD ($)$ / sharesshares
Temporary Equity [Line Items]
Stock Appreciation Rights													6,735,667
Share repurchase, exchange fees | $	$ 418,000
Redemption and Exchange Agreement
Temporary Equity [Line Items]
Share repurchase, exchange fees | $	418,000
Adjusted
Temporary Equity [Line Items]
Warrants exercisable for common shares					11,035,875
Stock Appreciation Rights					7,485,045
ARS VI
Temporary Equity [Line Items]
Aggregate purchase price under Securities Purchase Agreement | $													$ 100,000,000
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		2,939,190	3,133,720	3,536,000			3,133,720				4,000,000
Preferred shares with warrants													9,931,000
Shares repurchased and cancelled, shares		194,530	402,280	464,000
Proceeds from sale of investment | $	56,765,000	$ 4,863,000	$ 10,057,000	$ 11,600,000
Cumulative redeemable preferred shares, shares outstanding		2,939,190	3,133,720	3,536,000			3,133,720				4,000,000
Liquidation preference | $						$ 73,480,000
Preferred Series D | Redemption and Exchange Agreement
Temporary Equity [Line Items]
Proceeds from sale of investment | $	$ 56,765,000
Shares repurchased and cancelled, shares	2,939,190
Preferred Series D | ARS VI
Temporary Equity [Line Items]
Cumulative redeemable preferred shares, shares issued													4,000,000
Cumulative Redeemable Preferred Shares, par value | $ / shares													$ 0.01
Number of covenants | Covenant												2
Consideration paid under Securities Purchase Agreement | $												$ 450,000
Preferred Series A, B, and C | Redemption and Exchange Agreement
Temporary Equity [Line Items]
Liquidation preference | $	$ 16,715,000
7.75% Series A Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Cumulative Redeemable Preferred Shares, par value | $ / shares					$ 0.01		$ 0.01
Preferred shares issued, net (shares)	383,147				383,147
7.75% Series A Cumulative Redeemable Preferred Stock | Redemption and Exchange Agreement
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	383,147
8.375% Series B Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Cumulative Redeemable Preferred Shares, par value | $ / shares					$ 0.01		0.01
Preferred shares issued, net (shares)	167,828				167,828
8.375% Series B Cumulative Redeemable Preferred Stock | Redemption and Exchange Agreement
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	167,828
8.875% Series C Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Cumulative Redeemable Preferred Shares, par value | $ / shares					$ 0.01		$ 0.01
Preferred shares issued, net (shares)	117,605				117,605
8.875% Series C Cumulative Redeemable Preferred Stock | Redemption and Exchange Agreement
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	117,605

Summary of Difference Between F

Summary of Difference Between Fair Value of Consideration Transferred and Carrying Amount of Shares that were Redeemed and Exchanged (Detail) - USD ($) $ in Thousands		Jun. 27, 2018	Mar. 19, 2018	Jun. 22, 2017	Dec. 07, 2016	Sep. 30, 2018	Jun. 26, 2018
Temporary Equity [Line Items]
Share repurchase, exchange fees		$ 418
Total consideration transferred in redemption and exchange		61,548
Net increase to equity as a result of redemption		11,932				$ 11,921
Preferred Series D
Temporary Equity [Line Items]
Liquidation preference of Series D preferred shares of RAIT prior to June 27, 2018							$ 73,480
Cash received for sale of RAIT IV's interests in Holdings 2016 and Holdings 2017		54,632
Defined available cash held by RAIT IV		2,133
Total par amount of Series D preferred shares of RAIT redeemed		56,765	$ 4,863	$ 10,057	$ 11,600
7.75% Series A Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Total fair value of series preferred shares exchanged	[1]	2,498
8.375% Series B Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Total fair value of series preferred shares exchanged	[2]	1,091
8.875% Series C Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Total fair value of series preferred shares exchanged	[3]	776
Preferred Series A, B, and C
Temporary Equity [Line Items]
Total fair value of series preferred shares exchanged		$ 4,365
[1]	Represents the fair value of 383,147 shares of Series A preferred that were issued to the Investor. The fair value is based upon $6.52 per share, which was the closing price of the Series A preferred shares on June 27, 2018.
[2]	Represents the fair value of 167,828 shares of Series B preferred that were issued to the Investor. The fair value is based upon $6.50 per share, which was the closing price of the Series B preferred shares on June 27, 2018.
[3]	Represents the fair value of 117,605 shares of Series C preferred that were issued to the Investor. The fair value is based upon $6.60 per share, which was the closing price of the Series C preferred shares on June 27, 2018.

Summary of Difference Between_2

Summary of Difference Between Fair Value of Consideration Transferred and Carrying Amount of Shares that were Redeemed and Exchanged (Parenthetical) (Detail) - $ / shares	Jun. 27, 2018	Sep. 30, 2018
7.75% Series A Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	383,147	383,147
Fair value of preferred share price per share	$ 6.52
8.375% Series B Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	167,828	167,828
Fair value of preferred share price per share	$ 6.50
8.875% Series C Cumulative Redeemable Preferred Stock
Temporary Equity [Line Items]
Preferred shares issued, net (shares)	117,605	117,605
Fair value of preferred share price per share	$ 6.60

Dividends Declared and Paid on

Dividends Declared and Paid on Preferred Shares (Detail) - USD ($)	Mar. 19, 2018	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2018
Dividends [Line Items]
Total dividend amount		$ 0	$ 0	$ 6,397,000
Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Mar. 13, 2018
Record date				Mar. 23, 2018
Date paid				Mar. 30, 2018
Total dividend amount				$ 2,589,000
Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Mar. 13, 2018
Record date				Mar. 23, 2018
Date paid				Mar. 30, 2018
Total dividend amount				$ 1,225,000
Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Stock
Dividends [Line Items]
Date declared				Mar. 13, 2018
Record date				Mar. 23, 2018
Date paid				Mar. 30, 2018
Total dividend amount				$ 910,000
Preferred Stock | Series D Cumulative Redeemable Preferred Shares
Dividends [Line Items]
Date declared	Mar. 13, 2018			Mar. 13, 2018
Record date	Mar. 23, 2018			Mar. 23, 2018
Date paid				Mar. 30, 2018
Total dividend amount	$ 1,665,000			$ 1,665,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($)

Jun. 27, 2018

Mar. 30, 2018

Mar. 19, 2018

Mar. 16, 2018

Jun. 22, 2017

Dec. 07, 2016

Sep. 30, 2018

Sep. 30, 2018

Jun. 30, 2018

Sep. 30, 2018

Sep. 30, 2017

Jun. 26, 2018

Dec. 31, 2017

Jun. 13, 2014

Nov. 21, 2012

Class Of Stock [Line Items]

Total dividend amount

$ 0

$ 0

$ 6,397,000

Distributions paid to preferred shareholders

11,121,000

$ 19,601,000

Common stock, dividend paid

$ 118,000

Common shares remaining available under the DRSPP

154,783

154,783

154,783

Total shareholders’ equity

$ 84,411,000

$ 84,411,000

$ 84,411,000

$ 176,155,000

Distributed to non-controlling interests

15,000

Derecognition of noncontrolling interests

(111,000)

Plaz America

Class Of Stock [Line Items]

Acquired the non-controlling interests

$ 343,000

343,000

Acquired the non-controlling interests carrying amount

$ 3,582,000

RAIT Joint Venture VIE

Class Of Stock [Line Items]

Distributed to non-controlling interests

$ 15,000

Derecognition of noncontrolling interests

$ 111,000

Jones Trading Institutional Services LLC

Class Of Stock [Line Items]

Common shares issued, net (in shares)

0

Common shares remaining available for issuance

158,378

Jones Trading Institutional Services LLC | Maximum

Class Of Stock [Line Items]

Common shares to be issued and sold

200,000

Restricted Stock

Class Of Stock [Line Items]

Common stock, dividend paid

$ 12,000

$ 117,000

Dividend Reinvestment And Share Purchase Plan

Class Of Stock [Line Items]

Registered and reserved common shares

210,000

210,000

210,000

Common shares issued, net (in shares)

0

Preferred Series D

Class Of Stock [Line Items]

Proceeds from sale of investment

$ 56,765,000

$ 4,863,000

$ 10,057,000

$ 11,600,000

Liquidation preference

$ 73,480,000

Preferred Series D | RAIT IV | Variable Interest Entity, Not Primary Beneficiary

Class Of Stock [Line Items]

Shares repurchased and cancelled, shares

2,939,190

Proceeds from sale of investment

$ 56,765,000

7.75% Series A Cumulative Redeemable Preferred Stock

Class Of Stock [Line Items]

Preferred shares issued, net

383,147

Total fair value of series preferred shares exchanged

[1]

$ 2,498,000

Preferred shares issued, net (shares)

383,147

383,147

Preferred Series A, B, and C

Class Of Stock [Line Items]

Total fair value of series preferred shares exchanged

$ 4,365,000

Dividends unpaid and arrears

$ 10,125,000

$ 10,125,000

$ 10,125,000

Preferred Series A, B, and C | RAIT IV | Variable Interest Entity, Not Primary Beneficiary

Class Of Stock [Line Items]

Liquidation preference

$ 16,715,000

8.375% Series B Cumulative Redeemable Preferred Stock

Class Of Stock [Line Items]

Preferred shares issued, net

167,828

Total fair value of series preferred shares exchanged

[2]

$ 1,091,000

Preferred shares issued, net (shares)

167,828

167,828

8.875% Series C Cumulative Redeemable Preferred Stock

Class Of Stock [Line Items]

Preferred shares issued, net

117,605

Total fair value of series preferred shares exchanged

[3]

$ 776,000

Preferred shares issued, net (shares)

117,605

117,605

Preferred Stock

Class Of Stock [Line Items]

Preferred shares aggregate amount to be issued and sold

$ 150,000,000

Preferred Stock | RAIT Joint Venture VIE

Class Of Stock [Line Items]

Preferred shares issued, net (shares)

125

Weighted-average price per share

$ 1,000

Preferred share issuance, net of costs incurred

$ 76,000

Preferred Stock | Preferred Series D

Class Of Stock [Line Items]

Shares redeem and cancel, shares

194,530

Total dividend amount

$ 1,665,000

$ 1,665,000

Date declared

Mar. 13, 2018

Mar. 13, 2018

Record date

Mar. 23, 2018

Mar. 23, 2018

Distributions paid to preferred shareholders

$ 1,562,000

$ 103,000

Preferred Stock | 7.75% Series A Cumulative Redeemable Preferred Shares

Class Of Stock [Line Items]

Total dividend amount

$ 2,589,000

Date declared

Mar. 13, 2018

Record date

Mar. 23, 2018

Preferred shares authorized to be issued under agreement

4,000,000

Aggregate of Series A,B,C Preferred Shares not been issued

2,724,935

2,724,935

2,724,935

Preferred Stock | 8.375% Series B Cumulative Redeemable Preferred Shares

Class Of Stock [Line Items]

Total dividend amount

$ 1,225,000

Date declared

Mar. 13, 2018

Record date

Mar. 23, 2018

Preferred shares authorized to be issued under agreement

1,000,000

Aggregate of Series A,B,C Preferred Shares not been issued

947,496

947,496

947,496

Preferred Stock | 8.875% Series C Cumulative Redeemable Preferred Shares

Class Of Stock [Line Items]

Total dividend amount

$ 910,000

Date declared

Mar. 13, 2018

Record date

Mar. 23, 2018

Preferred shares authorized to be issued under agreement

1,000,000

Aggregate of Series A,B,C Preferred Shares not been issued

999,675

999,675

999,675

Common Shares

Class Of Stock [Line Items]

Total shareholders’ equity

$ 165,447,000

$ 165,447,000

$ 165,447,000

[1]

Represents the fair value of 383,147 shares of Series A preferred that were issued to the Investor. The fair value is based upon $6.52 per share, which was the closing price of the Series A preferred shares on June 27, 2018.

[2]

Represents the fair value of 167,828 shares of Series B preferred that were issued to the Investor. The fair value is based upon $6.50 per share, which was the closing price of the Series B preferred shares on June 27, 2018.

[3]

Represents the fair value of 117,605 shares of Series C preferred that were issued to the Investor. The fair value is based upon $6.60 per share, which was the closing price of the Series C preferred shares on June 27, 2018.

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Income (loss)		$ (21,038)	$ (15,843)	$ (105,766)	$ (154,266)
(Income) loss allocated to preferred shares		(5,063)	(8,387)	(4,591)	(25,730)
(Income) loss allocated to noncontrolling interests					(76)
Net income (loss) allocable to common shares		$ (26,101)	$ (24,230)	$ (110,357)	$ (180,072)
Weighted-average shares outstanding-Basic	[1]	1,840,168	1,831,193	1,839,172	1,828,778
Weighted-average shares outstanding—Diluted	[1]	1,840,168	1,831,193	1,839,172	1,828,778
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic		$ (14.18)	$ (13.23)	$ (60)	$ (98.47)
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted		$ (14.18)	$ (13.23)	$ (60)	$ (98.47)
[1]	All share and per-share amounts have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented herein.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	162,170	523,243	164,786	520,507

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	May 11, 2018	Apr. 06, 2018	Dec. 23, 2016	Dec. 20, 2016	Jan. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Mar. 30, 2018
Related Party Transaction [Line Items]
Reimbursed for general and administrative expense paid on IRT						$ 2,408	$ 3,194	$ 8,446	$ 10,210
Ballard Spahr LLP
Related Party Transaction [Line Items]
Trustee fee paid						$ 3		88
Ballard Spahr LLP | Maximum
Related Party Transaction [Line Items]
Interest on trustee fee								$ 1
Libby Frischer Family Partnership
Related Party Transaction [Line Items]
Maximum common shares ownership percentage that would exempt common share ownership limit											12.50%
LFFP and Mr. Frischer | Cooperation Agreement
Related Party Transaction [Line Items]
Related party transaction agreement date		Apr. 6, 2018
Maximum common shares and preferred shares ownership percentage that would exempt ownership limit		15.00%
LFFP and Mr. Frischer | Letter Agreement
Related Party Transaction [Line Items]
Related party transaction agreement date	May 11, 2018
Maximum common shares and preferred shares ownership percentage that would exempt ownership limit	20.00%
Highland Capital Management, L. P.
Related Party Transaction [Line Items]
Related party transaction agreement date								May 26, 2017
IRT
Related Party Transaction [Line Items]
Reimbursed for general and administrative services									727
Reimbursed for general and administrative expense paid on IRT									155
Payments for property management fees									239
Earned and paid on consulting agreement									282
IRT | Chief Executive Officer
Related Party Transaction [Line Items]
Compensation received				$ 375
Number of shares awarded, share			150,000
Cash payments					$ 500
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		$ 110

Schedule of Supplemental Disclo

Schedule of Supplemental Disclosures to Statements of Cash Flows (Detail) (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash Flow Supplemental Disclosures [Line Items]
Cash paid for interest	$ 37,487	$ 45,197
Cash paid (refunds received) for taxes	(1)	(70)
Non-cash increase in investments in real estate, intangible assets, and other liabilities from conversion of loans		1,590
Non-cash increase (decrease) in investments in real estate, restricted cash, other assets, intangible assets, accounts payable and accrued expenses, and other liabilities from deconsolidation of properties	907	(84,285)
Non-cash increase (decrease) in indebtedness from debt extinguishments	$ (1,464)	(4,640)
Non-cash increase (decrease) in indebtedness from deconsolidation of properties		(64,790)
South Terrace
Cash Flow Supplemental Disclosures [Line Items]
Non-cash increase (decrease) to noncontrolling interests from distribution of limited partnership units on South Terrace		$ (1,618)

Supplemental Disclosure to Co_2

Supplemental Disclosure to Consolidated Statements of Cash Flows - Additional Information (Detail) $ in Thousands

Jun. 27, 2018USD ($)shares

Mar. 19, 2018USD ($)

Mar. 16, 2018USD ($)

Jun. 22, 2017USD ($)

Dec. 07, 2016USD ($)

May 31, 2018Loan

Sep. 30, 2018USD ($)Loanshares

Dec. 31, 2017USD ($)Loan

[2]

Jun. 30, 2018USD ($)

Jun. 26, 2018USD ($)

Mar. 31, 2018USD ($)

Cash Flow Supplemental Disclosures [Line Items]

Number of Loans | Loan

9

Number of loans sold | Loan

1

6

Unpaid principal balance

$ 13,000

$ 90,260

Principal balance

$ 7,015

Preferred Series D

Cash Flow Supplemental Disclosures [Line Items]

Proceeds from sale of interests

$ 56,765

$ 4,863

$ 10,057

$ 11,600

Liquidation preference

$ 73,480

Variable Interest Entity, Not Primary Beneficiary | Preferred Series D | RAIT FL5 & FL6

Cash Flow Supplemental Disclosures [Line Items]

Shares repurchased and cancelled, shares | shares

2,939,190

2,939,190

Proceeds from sale of interests

$ 56,765

$ 56,765

Other cash held

2,133

Variable Interest Entity, Not Primary Beneficiary | Preferred Series A, B, and C | RAIT FL5 & FL6

Cash Flow Supplemental Disclosures [Line Items]

Liquidation preference

$ 16,715

16,715

Plaz America

Cash Flow Supplemental Disclosures [Line Items]

Acquired the non-controlling interests

$ 343

$ 343

Commercial Portfolio Segment

Cash Flow Supplemental Disclosures [Line Items]

Number of Loans | Loan

59

[1]

123

Unpaid principal balance

$ 629,297

[1]

$ 1,273,507

Principal balance

628,914

[1]

$ 1,272,951

Commercial Portfolio Segment | Commercial Mortgage Loans Sold

Cash Flow Supplemental Disclosures [Line Items]

Unpaid principal balance

31,377

Principal balance

$ 31,377

[1]

Includes $100,442 of cash flow loans, of which $49,690 are commercial mortgage loans, $21,122 are mezzanine loans and $29,630 are preferred equity interests. See Note 2: Summary of Significant Accounting Policies, (j) Revenue Recognition, for further discussion of our cash flow loans.

[2]

Includes $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, (j) Revenue Recognition, for further discussion of our cash flow loans.

Summary of Cash and Cash Equiva

Summary of Cash and Cash Equivalents and Restricted Cash Balances (Detail) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 98,352	$ 53,380	$ 46,019
Restricted cash	86,154	$ 157,914	142,489
Total cash and cash equivalents and restricted cash	$ 184,506		$ 188,508

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 20, 2017	Sep. 30, 2017	Dec. 31, 2017	Sep. 30, 2018	Jun. 14, 2018
Commitment And Contingencies [Line Items]
Non-payment of post-resignation compensation claims entitlement under employment contract					$ 4,547
Outstanding funding commitment			$ 1,390,188	$ 814,987
Lending Arrangements
Commitment And Contingencies [Line Items]
Outstanding funding commitment				9,990
Note B
Commitment And Contingencies [Line Items]
Payment to purchase mortgage loan	$ 18,500
Mortgage loan charged off			$ 18,500
Mortgage loan principal to be received				$ 18,500
Note A
Commitment And Contingencies [Line Items]
Payment to purchase mortgage loan	$ 190,000
Former Employee
Commitment And Contingencies [Line Items]
Principle to settle former employee		$ 175