Rait Financial Trust (RAS) 10-Q 7 Nov 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Nov. 01, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Trading Symbol	RAS
Entity Registrant Name	RAIT FINANCIAL TRUST
Entity Central Index Key	0001045425
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,849,252
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	1-14760
Entity Tax Identification Number	232919819
Entity Address, Address Line One	Two Logan Square, 100 N. 18th Street
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(215)
Local Phone Number	207-2100

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment in mortgage loans, held for investment:
Commercial mortgage loans, mezzanine loans, and preferred equity interests	$ 381,279	$ 502,397
Allowance for loan losses	(20,145)	(22,336)
Investments in real estate, net of accumulated depreciation	113,605	107,824
Investments in real estate, held for sale		4,918
Cash and cash equivalents	46,705	42,453
Restricted cash	29,282	63,067
Accrued interest receivable	16,754	18,044
Other assets	8,755	10,807
Intangible assets, net of accumulated amortization of $6,050 and $5,703, respectively	1,370	1,717
Total assets	582,578	733,764
Liabilities and Shareholders' Equity
Indebtedness, net of unamortized discounts, premiums and deferred financing costs of $15,256 and $16,643 respectively (including $301,711 and $440,776 held by consolidated VIEs, respectively)	485,951	625,916
Accrued interest payable	2,160	2,401
Accounts payable and accrued expenses	2,785	3,330
Borrowers' escrows	22,745	31,343
Other liabilities	4,483	2,268
Total liabilities	518,124	665,258
Common shares, $1.50 par value per share, 200,000,000 shares authorized 1,849,488 and 1,850,451 issued and outstanding, respectively, including 4,924 and 6,844 unvested restricted common share awards, respectively	2,774	2,776
Additional paid in capital	2,102,435	2,102,274
Accumulated other comprehensive income (loss)	12,673	11,473
Retained earnings (deficit)	(2,053,528)	(2,048,117)
Total shareholders' equity	64,454	68,506
Total liabilities and shareholders' equity	582,578	733,764
Held For Investment
Investment in mortgage loans, held for investment:
Investment in mortgage loans	361,134	480,061
Held For Sale
Investment in mortgage loans, held for investment:
Investment in mortgage loans	4,973	4,873
7.75% Series A Cumulative Redeemable Preferred Stock
Liabilities and Shareholders' Equity
Preferred shares, $0.01 par value per share	57	57
Total shareholders' equity	57	57
8.375% Series B Cumulative Redeemable Preferred Stock
Liabilities and Shareholders' Equity
Preferred shares, $0.01 par value per share	25	25
Total shareholders' equity	25	25
8.875% Series C Cumulative Redeemable Preferred Stock
Liabilities and Shareholders' Equity
Preferred shares, $0.01 par value per share	18	18
Total shareholders' equity	$ 18	$ 18

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Real estate, accumulated depreciation	$ 10,722	$ 8,768
Investments in real estate, net of accumulated depreciation	113,605	107,824
Intangible assets, accumulated amortization	6,050	5,703
Indebtedness, unamortized discounts, premiums and deferred financing costs	15,256	16,643
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 485,951	$ 625,916
Preferred shares, authorized	25,000,000	25,000,000
Common shares, par value	$ 1.50	$ 1.50
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	1,849,488	1,850,451
Common shares, shares outstanding	1,849,488	1,850,451
Unvested restricted common share awards	4,924	6,844
VIE
Investment in mortgage loans	$ 352,064	$ 467,656
Investments in real estate, net of accumulated depreciation	17,665	18,020
Indebtedness, net of unamortized discounts, premiums and deferred financing costs	$ 301,711	$ 440,776
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	5,727,500
Cumulative redeemable preferred shares, shares outstanding	5,727,500	5,727,500
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	2,508,797
Cumulative redeemable preferred shares, shares outstanding	2,508,797	2,508,797
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	1,758,030
Cumulative redeemable preferred shares, shares outstanding	1,758,030	1,758,030
Preferred shares, par value	$ 0.01	$ 0.01

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue:
Investment interest income		$ 6,063	$ 16,324	$ 12,984	$ 35,189
Investment interest expense		(3,727)	(9,590)	(7,890)	(20,139)
Net interest margin		2,336	6,734	5,094	15,050
Property income		3,323	8,666	6,630	17,482
Fee and other income		99	1,153	187	2,362
Total revenue		5,758	16,553	11,911	34,894
Expenses:
Interest expense		3,966	6,356	7,962	13,127
Real estate operating expense		1,713	5,402	3,716	11,192
Property management expenses			1,739		3,670
General and administrative expenses:
Compensation expense		1,976	3,113	4,205	6,038
Other general and administrative expense		3,637	4,085	7,088	10,423
Total general and administrative expenses		5,613	7,198	11,293	16,461
Acquisition and integration expenses					133
Provision (benefit) for loan losses		(9,509)	14,748	(10,092)	22,780
Depreciation and amortization expense		1,295	2,887	2,679	6,330
Total expenses		3,078	38,330	15,558	73,693
Operating (Loss) Income		2,680	(21,777)	(3,647)	(38,799)
Interest and other income (expense), net		254	94	358	443
Gains (losses) on assets		1,230	(3,211)	1,533	(4,148)
Gains (losses) on deconsolidation of VIEs			(8,177)		(8,177)
Gains (losses) on extinguishments of debt		(346)	(2,438)	(631)	(3,429)
Asset impairment		(2,781)	(21,625)	(2,807)	(30,816)
Change in fair value of financial instruments		(210)	111	(180)	198
Income (loss) before taxes		827	(57,023)	(5,374)	(84,728)
Net income (loss)		827	(57,023)	(5,374)	(84,728)
(Income) loss allocated to preferred shares		(5,071)	6,861	(10,134)	472
Net income (loss) allocable to common shares		$ (4,244)	$ (50,162)	$ (15,508)	$ (84,256)
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic		$ (2.30)	$ (27.26)	$ (8.41)	$ (45.82)
Weighted-average shares outstanding-Basic	[1]	1,844,563	1,839,826	1,844,302	1,838,666
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted		$ (2.30)	$ (27.26)	$ (8.41)	$ (45.82)
Weighted average shares outstanding-Diluted	[1]	1,844,563	1,839,826	1,844,302	1,838,666
[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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 827	$ (57,023)	$ (5,374)	$ (84,728)
Other comprehensive income (loss):
Unrealized gains (losses) from change in fair value based on instrument specific credit risk	620	2,021	1,200	3,287
Total other comprehensive income (loss)	620	2,021	1,200	3,287
Comprehensive income (loss)	$ 1,447	$ (55,002)	$ (4,174)	$ (81,441)

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - 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
Net income (loss)	(27,705)							(27,705)	(27,705)
Preferred dividends paid	(6,389)							(6,389)	(6,389)
Common dividends declared	(105)							(105)	(105)
Other comprehensive income (loss), net	1,266						1,266		1,266
Share-based compensation	(539)					(539)			(539)
Issuance of noncontrolling interests	76									76
Acquisition of noncontrolling interests	(343)					3,239			3,239	(3,582)
Common shares activity related to equity compensation	(71)				$ (14)	(57)			(71)
Common shares issued for equity compensation (in shares)					(9,369)
Ending Balance at Mar. 31, 2018	146,738	$ 53	$ 23	$ 17	$ 2,777	2,097,447	10,523	(1,964,228)	146,612	126
Ending Balance (in shares) at Mar. 31, 2018		5,344,353	2,340,969	1,640,425	1,851,535
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
Net income (loss)	(84,728)
Other comprehensive income (loss), net	3,287
Ending Balance at Jun. 30, 2018	108,159	$ 57	$ 25	$ 18	$ 2,776	2,102,066	12,544	(2,009,327)	108,159	0
Ending Balance (in shares) at Jun. 30, 2018		5,727,500	2,508,797	1,758,030	1,850,655
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
Ending Balance at Dec. 31, 2018	68,506	$ 57	$ 25	$ 18	$ 2,776	2,102,274	11,473	(2,048,117)	68,506
Ending Balance (in shares) at Dec. 31, 2018		5,727,500	2,508,797	1,758,030	1,850,451
Cumulative effect adjustments from adoption of recently issued accounting pronouncements	761						9,257	(8,496)	761
Adjusted Balance	180,548	$ 53	$ 23	$ 17	$ 2,791	2,094,804	9,257	(1,930,029)	176,916	3,632
Adjusted Balance (in shares)		5,344,353	2,340,969	1,640,425	1,860,903
Beginning Balance at Mar. 31, 2018	146,738	$ 53	$ 23	$ 17	$ 2,777	2,097,447	10,523	(1,964,228)	146,612	126
Beginning Balance (in shares) at Mar. 31, 2018		5,344,353	2,340,969	1,640,425	1,851,535
Net income (loss)	(57,023)							(57,023)	(57,023)
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	(8)							(8)	(8)
Impact of Series D redemption	11,932							11,932	11,932
Other comprehensive income (loss), net	2,021						2,021		2,021
Share-based compensation	262					262			262
Distribution to noncontrolling interests	(15)									(15)
Derecognition Of Noncontrolling Interests	(111)									(111)
Common shares activity related to equity compensation	(3)				$ (1)	(2)			(3)
Common shares issued for equity compensation (in shares)					(880)
Ending Balance at Jun. 30, 2018	108,159	$ 57	$ 25	$ 18	$ 2,776	2,102,066	12,544	(2,009,327)	108,159	$ 0
Ending Balance (in shares) at Jun. 30, 2018		5,727,500	2,508,797	1,758,030	1,850,655
Beginning Balance (in shares) at Dec. 31, 2018		5,727,500	2,508,797	1,758,030	1,850,451
Net income (loss)	(6,201)							(6,201)	(6,201)
Common dividends declared	(29)							(29)	(29)
Other comprehensive income (loss), net	580						580		580
Share-based compensation	89					89			89
Common shares activity related to equity compensation	(2)				$ (2)				(2)
Common shares issued for equity compensation (in shares)					(921)
Ending Balance at Mar. 31, 2019	62,943	$ 57	$ 25	$ 18	$ 2,774	2,102,363	12,053	(2,054,347)	62,943
Ending Balance (in shares) at Mar. 31, 2019		5,727,500	2,508,797	1,758,030	1,849,530
Beginning Balance at Dec. 31, 2018	68,506	$ 57	$ 25	$ 18	$ 2,776	2,102,274	11,473	(2,048,117)	68,506
Beginning Balance (in shares) at Dec. 31, 2018		5,727,500	2,508,797	1,758,030	1,850,451
Net income (loss)	(5,374)
Other comprehensive income (loss), net	1,200
Ending Balance at Jun. 30, 2019	64,454	$ 57	$ 25	$ 18	$ 2,774	2,102,435	12,673	(2,053,528)	64,454
Ending Balance (in shares) at Jun. 30, 2019		5,727,500	2,508,797	1,758,030	1,849,530
Beginning Balance at Mar. 31, 2019	62,943	$ 57	$ 25	$ 18	$ 2,774	2,102,363	12,053	(2,054,347)	62,943
Beginning Balance (in shares) at Mar. 31, 2019		5,727,500	2,508,797	1,758,030	1,849,530
Net income (loss)	827							827	827
Preferred dividends paid	(8)							(8)	(8)
Other comprehensive income (loss), net	620						620		620
Share-based compensation	72					72			72
Ending Balance at Jun. 30, 2019	$ 64,454	$ 57	$ 25	$ 18	$ 2,774	$ 2,102,435	$ 12,673	$ (2,053,528)	$ 64,454
Ending Balance (in shares) at Jun. 30, 2019		5,727,500	2,508,797	1,758,030	1,849,530

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net income (loss)	$ (5,374)	$ (84,728)
Adjustments to reconcile net income (loss) to cash flow from operating activities:
Provision (benefit) for loan losses	(10,092)	22,780
Share-based compensation expense	161	(277)
Depreciation and amortization expense	2,679	6,330
Amortization of deferred financing costs and debt discounts	1,773	5,771
(Amortization) of loan origination fees and costs, net	(249)	(602)
(Amortization) of above/below market leases	(32)	(282)
(Gains) Losses on assets	(1,533)	4,148
(Gains) Losses on extinguishments of debt	631	3,429
(Gains) Losses on deconsolidation of VIEs		8,177
Asset impairment	2,807	30,816
Change in fair value of financial instruments	180	(198)
Changes in assets and liabilities:
Decrease in accrued interest receivable	1,290	326
(Increase) decrease in other assets	597	1,842
(Decrease) increase in accrued interest payable	(240)	(745)
(Decrease) in accounts payable and accrued expenses	(527)	(568)
(Decrease) increase in other liabilities	(111)	17,237
Proceeds from sale of loans originated for sale		14,265
Cash flows provided by (used in) operating activities	(8,040)	27,721
Investing activities:
Origination of loans for investment	(7,632)	(50,826)
Principal repayments on loans	122,636	170,036
Proceeds from sale of interests in floating rate securitizations, net of cash and restricted cash deconsolidated		31,874
Investments in real estate	(288)	(1,443)
Proceeds from sale of loans originated for investment		108,494
Proceeds from the disposition of real estate	13,255	34,833
(Decrease) in borrowers' escrows	(8,074)	(38,679)
Cash flows provided by (used in) investing activities	119,897	254,289
Financing activities:
Repayments on secured credit facilities and loans payable on real estate	(372)	(652)
Repayments and repurchase of CDO notes payable and floating rate securitizations	(140,979)	(168,302)
Repurchase of convertible notes and senior notes		(41,094)
Repayments of senior secured notes		(2,000)
Net proceeds (repayments) related to floating rate loan repurchase agreements		(22,313)
Distribution to noncontrolling interests		(15)
Acquisition of noncontrolling interests		(343)
Issuance of noncontrolling interests		76
Common share issuance, net of costs incurred	(2)	(74)
Repurchase of Series D preferred shares		(62,046)
Distributions paid to preferred shareholders	(8)	(11,121)
Distributions paid to common shareholders	(29)	(105)
Cash flows (used in) provided by financing activities	(141,390)	(307,989)
Net change in cash, cash equivalents, and restricted cash	(29,533)	(25,979)
Cash, cash equivalents, and restricted cash at the beginning of the period	105,520	211,294
Cash, cash equivalents, and restricted cash at the end of the period	$ 75,987	$ 185,315

THE COMPANY

THE COMPANY	6 Months Ended
	Jun. 30, 2019
Nature Of Operations [Abstract]
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. On August 30, 2019, RAIT and its affiliates RAIT Funding LLC (“RAIT Funding”), RAIT General, Inc. (“RAIT General”), RAIT Limited, Inc. (“RAIT Limited”), Taberna Realty Finance Trust (“TRFT”), RAIT JV TRS, LLC, and RAIT JV TRS Sub, LLC (each, a “Debtor”, and together, the “Debtors”) filed voluntary bankruptcy cases (the “Chapter 11 Cases”) under chapter 11, Title 11 of the U.S. Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). No other subsidiaries of RAIT filed for bankruptcy protection. The Chapter 11 Cases are jointly administered under the caption In re: RAIT Funding, LLC, a Delaware limited liability company, et. al The Bankruptcy Court entered orders approving a variety of first-day relief designed primarily to minimize the impact of the Chapter 11 Cases on our operations and employees. We expect to continue our operations during the pendency of the Chapter 11 Cases. Immediately prior to the filing of the Chapter 11 Cases, on August 30, 2019, RAIT, RAIT General, RAIT Limited and TRFT (together, the “Sellers”), entered into an Equity and Asset Purchase Agreement (the “Purchase Agreement”) with CF RFP Holdings LLC, a Delaware limited liability company and an entity owned by funds managed by affiliates of Fortress Investment Group LLC (“Buyer”), pursuant to which, among other things, Buyer agreed to purchase certain subsidiaries and assets of the Sellers (together, the “Purchased Assets”) for a purchase price of $174,424, as adjusted pursuant to a cash adjustment (the “Purchase Price”), including the assumption of certain liabilities. Buyer deposited $8,721 as an earnest money deposit. The transactions contemplated by the Purchase Agreement (the “Transactions”) will be effected pursuant to a sale process under Section 363 of the Bankruptcy Code. On October 4, 2019, RAIT and the Sellers and the Buyer entered into Amendment No. 1 (the “Amendment”) to the Purchase Agreement which, among other things, (i) provided for an additional deposit by the Buyer in the amount of $8,721 if Buyer is the winning bidder or back-up bidder in the auction contemplated by the Purchase Agreement or if there is no such auction and (ii) added a mechanism to adjust the Purchase Price for approved expenses associated with certain new, renewed, modified or amended leases that with the consent of Buyer are entered into by a Seller or an affiliate of Seller after the date of the Amendment and prior to the closing of the transactions contemplated by the Purchase Agreement. The Amendment further provided that if Buyer does not approve a proposed new, renewed, modified or amended lease or, if Buyer approves a proposed new, renewed, modified or amended lease, but does not approve all expenses associated therewith, the Sellers will not be in breach of the Purchase Agreement for the consequences of the determination not to enter into such new, renewed, modified or amended lease or make such unapproved payments, as applicable. On August 29, 2019, RAIT entered into a Restructuring and Plan Support Agreement with TRFT and TP Management LLC, an affiliate of Buyer, in its capacity as delegate collateral manager (“TPM”) (the “Taberna RSA”). On August 31, 2019, RAIT entered into a Restructuring and Plan Support Agreement with RAIT Funding and Kodiak CDO I., Ltd., as holder of certain preferred securities (“Kodiak”, and together with TPM, the “RSA Counterparties”) (the “Kodiak RSA”, and together with the Taberna RSA, the “RSAs”). TPM is the collateral manager and Kodiak is the holder of certain securities that are collateralized by the 2035 Note (defined below, and also referred to as the junior subordinated note, at fair value) and the 2037 Note (defined below, and also referred to as the junior subordinated note, at amortized cost), respectively. Pursuant to the RSAs, each of the RSA Counterparties agreed, among other things, to support, and take reasonable necessary actions in furtherance of, the Transactions, including, among other things, the consummation of the sale of the Purchased Assets under Section 363 of the Bankruptcy Code and support the confirmation of a plan of reorganization of the Debtors. Pursuant to the RSAs, each of the RSA Counterparties has agreed, subject to certain conditions, to accept less than the total unpaid amounts due under the 2035 Note and the 2037 Note. The RSAs contain customary representations and warranties by RAIT, the applicable RAIT subsidiary and the applicable RSA Counterparty. RAIT, the applicable RAIT subsidiary and the applicable RSA Counterparty may terminate their respective RSA under certain circumstances, including, among other things, (a) the failure to satisfy certain bankruptcy-related milestones, (b) the entry of certain orders by, or upon certain actions taken by, the Bankruptcy Court, (c) breaches of representations and obligations under the applicable RSA, and (d) upon the occurrence of a material adverse change. Subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors as well as efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. As a result, for example, most creditor actions to obtain possession of property from the Debtors, or to create, perfect or enforce any lien against the Debtors, or to collect on or otherwise exercise rights or remedies with respect to a pre-petition claim are stayed. On October 2, 2019, the Bankruptcy Court entered an order (the “Bidding Procedures Order”) approving the bidding procedures (the “Bidding Procedures”) by which the Debtors expect to solicit and select the highest and otherwise best offer for the sale (the “Sale”) of the Purchased Assets, establishing related dates and deadlines, approving the Debtor’s selection of the Buyer as the “stalking horse bidder,” the break-up fee and expense reimbursement contemplated by the Purchase Agreement, approving the process of any auction that might be required under the Bidding Procedures, and granting related relief. Pursuant to the Bidding Procedures Order, the Debtors intend to sell all of their right, title and interest in and to the Purchased Assets free and clear of any pledges, liens, security interests, encumbrances, claims, charges, options, and interests thereon to the maximum extent permitted by Section 363 of the Bankruptcy Code. The deadline for the submission of bids that satisfies the requirements of the Bidding Procedures Order is November 27, 2019 at 12:00 p.m. (prevailing Eastern Time). On September 27, 2019, the Debtors filed with the Bankruptcy Court its schedules of assets and liabilities and statements of financial affairs setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements of financial affairs may be subject to further amendment or modification after filing. On October 14, 2019, the Debtors filed with the Bankruptcy Court its disclosure statement for Debtors’ Joint Chapter 11 Plan (the “Disclosure Statement”) and the Debtors’ Joint Chapter 11 Plan (the “Plan”). Under the priority requirements established by the Bankruptcy Code, pre-petition and post-petition liabilities to creditors must be satisfied in full before the holders of our outstanding preferred shares and common shares are entitled to receive any distribution or retain any property under a plan of reorganization. The ultimate recovery for creditors, if any, will not be determined until confirmation and implementation of a plan of reorganization. The outcome of the Chapter 11 Cases remains uncertain at this time and, as a result, we cannot accurately estimate the amounts or value of distributions that creditors may receive. The Plan contemplates that our senior notes, which are publicly traded, RAIT’s 7.125% Senior Notes due 2019 (the “7.125% Senior Notes”) and 7.625% Senior Notes due 2024 (the “7.625% Senior Notes , ” and, together with the 7.125% Senior Notes, the “Senior Notes”) less than the total unpaid amounts due under each note consistent with the RSAs. The filing of the Chapter 11 Cases with the Bankruptcy Court constituted an “Event of Default” under each of: (a) that certain Indenture, dated as of December 10, 2013, by and between RAIT and Wells Fargo Bank, National Association, as trustee, as subsequently modified by supplemental indentures setting forth the terms of the 7.125% Senior Notes (such indenture, the “Supplemental Indenture”) and 7.625% Senior Notes, (b) that certain Junior Subordinated Indenture, dated February 12, 2007, by and between RAIT Funding and The Bank of New York Trust Company, National Association, as Trustee, relating to the 2037 Note, and (c) that certain Junior Subordinated Indenture, dated October 25, 2010, by and between TRFT and Wells Fargo Bank, National Association, as Trustee, relating to the 2035 Note (collectively, the “Debt Instruments”). We refer to the Events of Default described in this paragraph as the “Bankruptcy Events of Default.” Each of the Debt Instruments provides that upon the occurrence of such an Event of Default, all obligations of RAIT or its applicable affiliate thereunder are accelerated and the principal and accrued interest due thereunder shall be automatically and immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments were automatically stayed as a result of the filing of the Chapter 11 Cases with the Bankruptcy Court, and the respective creditors’ rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. As of the date hereof, RAIT or its applicable affiliates had (i) $65,356 of principal amount of 7.125% Senior Notes outstanding, (ii) $56,324 of principal amount of 7.625% Senior Notes outstanding, (iii) $25,100 of principal amount of the 2037 Note, or the junior subordinated note, at amortized cost, outstanding and (iv) $18,671 of principal amount of the 2035 Note, or the junior subordinated note, at fair value, outstanding. Furthermore, RAIT’s failure to pay the principal amount of 7.125% Senior Notes by their maturity date on August 30, 2019 constituted an “Event of Default” under the Supplemental Indenture. The Plan contemplates the appointment of a Plan Administrator (the “Plan Administrator”) to implement the Plan and to distribute any proceeds of the Plan upon confirmation of the Plan by the Bankruptcy Court. We expect that, for the duration of the of the Chapter 11 Cases, our operations will be subject to significant risks and uncertainties associated with Chapter 11 Cases. As a result of these significant risks and uncertainties, our assets, liabilities, shareholders’ equity (deficit), officers and/or trustees could be significantly different following the outcome of the Chapter 11 Cases, and the description of our operations, equity, assets and liabilities included in this report may not accurately reflect our operations, assets and liabilities following the conclusion of the Chapter 11 Cases. Any fair values utilized or disclosed in our consolidated financial statements to determine the amounts of our assets, liabilities, shareholders’ equity or otherwise were developed for the purpose of complying with the accounting principles established for fair value measurements, as described below. The fair values of our assets, liabilities, shareholders’ equity or otherwise for enterprise value in our Chapter 11 Cases or as a component of the Plan may reflect differing assumptions and methodologies. These estimates of fair value will be subject to a number of approvals and reviews and therefore may be materially different than any fair values utilized in our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
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, 2018 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, equity and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The consolidated statement of cash flows for the six-month period ended June 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). 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 described in Note 1: The Company, the filing of the Chapter 11 Cases with the Bankruptcy Court triggered the Bankruptcy Events of Default and RAIT’s failure to pay the principal amount of the 7.125% Senior Notes by their maturity date on August 30, 2019 also constituted an Event of Default. Each of the Debt Instruments provides that upon the occurrence of such an Event of Default, all obligations of RAIT and/or its applicable affiliates thereunder were accelerated and the principal and accrued interest due thereunder was automatically and immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed pursuant to Section 362 of the Bankruptcy Code, and the respective creditors’ rights of enforcement in respect of the Debt Instruments are limited. As of the date hereof, the Debt Instruments of RAIT and/or its applicable affiliates had (i) $65,356 of principal amount of 7.125% Senior Notes outstanding, (ii) $56,324 of principal amount of 7.625% Senior Notes outstanding, (iii) $25,100 of principal amount of the 2037 Note, or the junior subordinated note, at amortized cost, outstanding RAIT’s current sources of liquidity, including its current cash and cash equivalents balance, are not sufficient to satisfy RAIT’s obligations arising over the next twelve months. Subject to receiving a higher and otherwise better bid as a result of the Bidding Procedures, RAIT expects to sell substantially all of its assets pursuant to the Purchase Agreement under Section 363 of the Bankruptcy Code and the Bidding Procedures Order for a purchase price of $174,424, adjusted as provided in the Purchase Agreement, including the assumption of certain liabilities. RAIT’s proposed plan of reorganization under the Chapter 11 Cases provides for the ultimate wind down of RAIT’s affairs once the transactions contemplated by the Purchase Agreement and the Bidding Procedures are completed and the plan of reorganization is confirmed. Due to the inherent risks and significant uncertainties associated with the completion of the transactions under the Purchase Agreement, the Plan, the Chapter 11 Cases, and RAIT’s recurring costs of operations, there is substantial doubt about RAIT’s ability to continue as a going concern within one year after the date that these financial statements are issued. 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 7: Variable Interest Entities for additional disclosures pertaining to VIEs. 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 June 30, 2019 and December 31, 2018, we had $25,102 and $33,300, respectively, of 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 June 30, 2019 and December 31, 2018, we had $4,180 and $29,767, 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 recognize recoveries when they are received, and we charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible. Loans which experience a modification to their contractual terms which result in a concession being granted to a borrower experiencing financial difficulties are considered troubled debt restructurings, or TDRs. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including the value of the underlying collateral. We do not consider restructurings that result in a delay in payment, in timing or amount, which is insignificant, to be a concession. i. Investments in Real Estate Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been determined to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred. 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 For investments that we do not elect to record at fair value under FASB ASC Topic 825, “Financial Instruments”, origination fees and direct loan origination costs are deferred and amortized to net investment income, using the effective interest method, over the contractual life of the underlying loan security or loan, in accordance with FASB ASC Topic 310, “Receivables.” For investments that we elect to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred. 2) Property income 3) Fee and other income 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. There have been no changes in the measurement of revenue from contracts with customers resulting from the adoption of ASC 606. For the Three Months Ended June 30, For the Six Months Ended June 30, Revenue from Contracts with customers 2019 2018 2019 2018 Property Management Fee income $ — $ 727 $ — $ 1,493 Parking — 231 — 433 Leasing Commission income — 343 — 664 Other miscellaneous 126 229 193 477 Total $ 126 $ 1,530 $ 193 $ 3,067 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 unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are subordinated debentures, and historically included trust preferred obligations and CDO notes payable, where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using valuation models that include discounted cash flow analyses. These internal valuation models include discounted cash flow analyses 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. 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 June 30, 2019 and December 31, 2018. The accumulated amortization for our intangible assets was $6,050 and $5,703 as of June 30, 2019 and December 31, 2018, respectively. We recorded amortization expense of $193, and $391 for the three months ended June 30, 2019 and 2018, respectively, and $386, and $818 for the six months ended June 30, 2019 and 2018, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $339 for 2019, $434 for 2020, $249 for 2021, $145 for 2022, $72 for 2023 and $131 thereafter. As of June 30, 2019, we have determined that no triggering events occurred that would indicate an impairment to our intangible assets. o. Derivative Instruments We have historically entered into interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with certain of our borrowings and/or our fixed rate assets. The principal objective of these 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. 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 in hedging relationships, we determine at inception whether the hedge agreement is highly effective in offsetting the related risk by using regression analysis. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recorded 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 June 30, 2019, we had no derivative instruments outstanding. p. Income Taxes RAIT and Taberna Realty Finance Trust, or TRFT, 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. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of any 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. Management believes that all of the criteria to maintain RAIT’s and TRFT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimates of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations. In the prior year, our TRS entities generated taxable revenue primarily from property management fees for services provided to RAIT properties and third-party properties. In the current year, our TRS entities have not generated any significant taxable revenue. 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. q. Recent Accounting Pronouncements Adopted within these Financial Statemen

INVESTMENTS IN COMMERCIAL MORTG

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019: 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 $ 332,040 $ (61 ) $ 331,979 25 6.8 % Jul. 2019 to Jun. 2025 Mezzanine loans 21,114 164 21,278 3 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 28,453 (1 ) 28,452 13 5.9 % Mar. 2023 to Jun. 2029 Total CRE (2) 381,607 102 381,709 41 7.1 % Deferred fees and costs, net (3) (430 ) - (430 ) Total $ 381,177 $ 102 $ 381,279 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $1,290 of deferred fees, net of $860 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, 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 $ 453,283 $ (66 ) $ 453,217 35 6.9 % Feb. 2019 to Jun. 2025 Mezzanine loans 21,114 164 21,278 3 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 28,577 (1 ) 28,576 13 6.0 % Mar. 2023 to Jun. 2029 Total CRE (2) 502,974 97 503,071 51 7.2 % Deferred fees and costs, net (3) (674 ) - (674 ) Total $ 502,300 $ 97 $ 502,397 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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 $2,558 of deferred fees, net of $1,884 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 June 30, 2019 and December 31, 2018: As of June 30, 2019 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 298,989 $ 5,098 $ — $ 27,953 $ 332,040 $ 56,449 Mezzanine loans 21,114 — — — 21,114 8,245 Preferred equity interests 28,453 — — — 28,453 7,710 Total $ 348,556 $ 5,098 $ — $ 27,953 $ 381,607 $ 72,404 (1) Includes five loans that are current, 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 their terms. As of December 31, 2018 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-Accrual (1) Commercial mortgage loans $ 414,735 $ — $ — $ 38,548 $ 453,283 $ 46,793 Mezzanine loans 12,222 — — 8,892 21,114 8,892 Preferred equity interests 28,577 — — — 28,577 37,308 Total $ 455,534 $ — $ — $ 47,440 $ 502,974 $ 92,993 (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 three loans that are 90 days or more past due in accordance with their terms. As of June 30, 2019 and December 31, 2018, all of our held for investment commercial mortgage loans, mezzanine loans and preferred equity interests that were 90 days or more past due or in foreclosure were on non-accrual status. As of June 30, 2019, $51,017 of our loans are cash flow loans, which permanently 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 June 30, 2019, and December 31, 2018, $72,404 and $92,993, respectively, of our loans were on non-accrual status and had a weighted-average interest rate of 6.9% and 6.9%, respectively. Also, as of June 30, 2019 and December 31, 2018, five loans with unpaid principal balances of $25,700, and weighted average interest rate of 11.4%, were not recognizing interest based on the estimated value of the underlying collateral. Allowance For Loan Losses And Impaired Loans During the three and six months ended June 30, 2019, we recognized a benefit for loan losses of $9,509 and $10,092, respectively. Our provision for loan losses during the three and six months ended June 30, 2019 was primarily driven by a $9,000 settlement payment received on a loan that was previously charged off. See Note 13: Commitments and Contingencies for further information related to this settlement payment. We closely monitor our loans, which require evaluation for loan loss in two categories: satisfactory and watchlist. Loans classified as satisfactory are loans that are performing consistent with our expectations. Loans classified as watchlist are generally loans that have performed below our expectations, have credit weaknesses or in which the credit quality of the collateral has deteriorated. This is determined by evaluating quantitative factors including debt service coverage ratios, net operating income of the underlying collateral and qualitative factors such as recent operating performance of the underlying property and history of the borrower’s ability to provide financial support. We have classified our loans held for investment by credit risk category as of June 30, 2019 and December 31, 2018 as follows: As of June 30, 2019 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 216,242 $ — $ 5,063 $ 221,305 Watchlist (1) 115,798 21,114 23,390 160,302 Total $ 332,040 $ 21,114 $ 28,453 $ 381,607 (1) Includes $106,052 of loans that are considered to be impaired and $54,250 of loans that are not considered to be impaired. As of December 31, 2018 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 314,104 $ — $ 5,063 $ 319,167 Watchlist (1) 139,179 21,114 23,514 183,807 Total $ 453,283 $ 21,114 $ 28,577 $ 502,974 (1) Includes $126,645 of loans that are considered to be impaired and $57,162 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 for the three months ended June 30, 2019 and 2018: For the Three Months Ended June 30, 2019 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,401 $ 6,496 $ 3,830 $ 20,727 Provision (benefit) for loan losses (9,449 ) — (60 ) (9,509 ) Charge-offs, net of recoveries 8,927 — — 8,927 Ending balance $ 9,879 $ 6,496 $ 3,770 $ 20,145 For the Three Months Ended June 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 8,259 $ 5,231 $ 242 $ 13,732 Provision (benefit) for loan losses 14,748 — — 14,748 Charge-offs, net of recoveries (1) (11,781 ) — — (11,781 ) Ending balance $ 11,226 $ 5,231 $ 242 $ 16,699 (1) Includes $1,423 of charge-offs related to loans transferred to held for sale during the three months ended June 30, 2018. The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the six months ended June 30, 2019 and 2018: For the Six Months Ended June 30, 2019 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 11,912 $ 6,496 $ 3,928 $ 22,336 Provision (benefit) for loan losses (9,934 ) — (158 ) (10,092 ) Charge-offs, net of recoveries 7,901 — — 7,901 Ending balance $ 9,879 $ 6,496 $ 3,770 $ 20,145 For the Six Months Ended June 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 9,019 $ 5,622 $ 242 $ 12,354 Provision (benefit) for loan losses 19,996 2,784 — 45,614 Charge-offs, net of recoveries (1) (17,789 ) (3,175 ) — $ (43,085 ) Ending balance $ 11,226 $ 5,231 $ 242 $ 16,699 (1) Includes $5,331 of charge-offs related to loans transferred to held for sale during the six months ended June 30, 2018. Information on those loans considered to be impaired as of June 30, 2019 and December 31, 2018 was as follows: As of June 30, 2019 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 5,099 $ 12,869 $ 19,330 $ 37,298 Impaired loans with reserves 56,449 8,245 4,060 68,754 Total Impaired Loans (1) 61,548 21,114 23,390 106,052 Allowance for loan losses $ 9,879 $ 6,496 $ 3,770 $ 20,145 (1) As of June 30, 2019, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2018 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 8,579 $ 12,869 $ 19,334 $ 40,782 Impaired loans with reserves 73,438 8,245 4,180 85,863 Total Impaired Loans (1) 82,017 21,114 23,514 126,645 Allowance for loan losses $ 11,912 $ 6,496 $ 3,928 $ 22,336 (1) As of December 31, 2018, 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 $110,835 and $125,871 during the three months ended June 30, 2019 and 2018, respectively and $116,105 and $126,074 for the six months ended June 30, 2019 and 2018, respectively. We recorded interest income from impaired loans of $0 and $313 for the three months ended June 30, 2019 and 2018, respectively. We recorded interest income from impaired loans of $0 and $440 for the six months ended June 30, 2019 and 2018, respectively. We have evaluated modifications to our commercial real estate loans to determine if the modification constitutes a troubled debt restructuring, or TDR, under FASB ASC Topic 310, “Receivables”. During the three and six months ended June 30, 2019, we determined that restructuring of one commercial real estate loan with an unpaid principal balance totaling $29,478 constituted a TDR as the interest payment rate was decreased through September 2019 although interest continues to accrue at the original contractual interest rate. During the six months ended June 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 six months ended June 30, 2019, and June 30, 2018, 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 these loans. During March 2018, we transferred nine additional loans to held for sale as we had the intent and ability to sell these loans. The transfer was made at the lower of cost or fair value for each respective loan. During the year ended December 31, 2018, six of these loans were sold or repaid, resulting in a net loss of $3,280. During the three months ended, June 30, 2019, one of the remaining loans held for sale was repaid, resulting in a net gain of $66. The two remaining loans held for sale were measured at the lower of cost or fair value, resulting in a gain of $221. As of June 30, 2019, these loans had an unpaid principal balance of $6,599 and a carrying amount of $4,973. Loan-to-Real Estate Conversions In June 2019, we completed the conversion of a portion of a commercial mortgage loan portfolio to real estate owned property. See Note 4: Investments in Real Estate - Acquisitions for further information.

INVESTMENTS IN REAL ESTATE

INVESTMENTS IN REAL ESTATE	6 Months Ended
	Jun. 30, 2019
Banking And Thrift [Abstract]
INVESTMENTS IN REAL ESTATE	NOTE 4: INVESTMENTS IN REAL ESTATE The table below summarizes our investments in real estate: Book Value As of June 30, 2019 As of December 31, 2018 Office real estate properties $ 49,027 $ 48,760 Retail real estate properties 56,556 49,088 Parcels of land 18,744 18,744 Subtotal 124,327 116,592 Less: Accumulated depreciation and amortization (10,722 ) (8,768 ) Investments in real estate, net $ 113,605 $ 107,824 As of June 30, 2019, our investments in real estate were comprised of land of $41,119 and buildings and improvements of $83,208. As of December 31, 2018, our investments in real estate were comprised of land of $36,905 and buildings and improvements of $79,687. As of June 30, 2019, our investments in real estate of $124,327 were financed through $40,351 of mortgage loans or other debt held by third parties and $96,168 of mortgage loans held directly by RAIT or through our RAIT I securitization. As of December 31, 2018, our investments in real estate of $116,592 were financed through $40,724 of mortgage loans or other debt held by third parties and $80,562 of mortgage loans held directly by RAIT or through our RAIT I securitization. Together, along with the other commercial real estate loans held by our RAIT I securitization, these mortgage loans serve as collateral for the CDO notes payable issued by our RAIT I securitization. All intercompany balances and interest charges are eliminated in consolidation. The following table represents the minimum future lease payments for our office and retail properties as of June 30, 2019. 2019 $ 4,776 2020 7,930 2021 5,690 2022 3,703 2023 1,980 2024 and thereafter 5,168 Total $ 29,247 Acquisitions: As described in Note 3: Investments in Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests, in June 2019, we completed the conversion of a portion of a commercial mortgage loan portfolio with a carrying value of $7,448 to real estate owned property. The conversion resulted in approximately $7,448 of real estate assets being reflected on our consolidated balance sheet. Property Sales: During the six months ended June 30, 2019, we disposed of two real estate owned properties. The below table summarizes the current year dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of any gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Rte 18 Central Plaza Retail 2/26/2019 $ 5,100 $ - $ 5 $ (55 ) 735 Collins Ave Retail 5/14/2019 8,705 943 (17 ) (17 ) Total $ 13,805 $ 943 $ (12 ) $ (72 )

INDEBTEDNESS

INDEBTEDNESS	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
INDEBTEDNESS	NOTE 5: INDEBTEDNESS We maintain various forms of short-term and long-term financing arrangements. The following tables summarize our total recourse and non-recourse indebtedness as of June 30, 2019 and December 31, 2018, but do not reflect any potential impacts of the Chapter 11 Cases or any other “Event of Default” as discussed in Note 1: The Company or otherwise in “Defaults on Recourse Indebtedness” below. The following table summarizes our total recourse and non-recourse indebtedness as of June 30, 2019: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.625% Senior Notes $ 56,324 $ (1,107 ) $ 55,217 7.6 % Apr. 2024 7.125% Senior Notes 65,356 (92 ) 65,264 7.1 % Aug. 2019 Junior subordinated notes, at fair value (1) 18,671 (13,581 ) 5,090 6.6 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 5.1 % Apr. 2037 Total recourse indebtedness 165,451 (14,780 ) 150,671 6.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (2)(3) 99,875 — 99,875 2.4 % Nov. 2046 CMBS securitizations (4)(5) 195,530 (291 ) 195,239 4.5 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,351 (185 ) 40,166 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 335,756 (476 ) 335,280 3.9 % Total indebtedness $ 501,207 $ (15,256 ) $ 485,951 4.9 % ( 1) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (2) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (3) Collateralized by $156,339 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,585 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. (4) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (5) Collateralized by $298,988 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. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2018: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.625% Senior Notes $ 56,324 $ (1,224 ) $ 55,100 7.6 % Apr. 2024 7.125% Senior Notes 65,356 (359 ) 64,997 7.1 % Aug. 2019 Junior subordinated notes, at fair value (1) 18,671 (12,561 ) 6,110 6.4 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 5.0 % Apr. 2037 Total recourse indebtedness 165,451 (14,144 ) 151,307 6.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (2)(3) 116,102 — 116,102 3.1 % Nov. 2046 CMBS securitizations (4)(5) 320,282 (2,274 ) 318,008 4.0 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,724 (225 ) 40,499 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 477,108 (2,499 ) 474,609 3.9 % Total indebtedness $ 642,559 $ (16,643 ) $ 625,916 4.6 % (1) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (2) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (3) Collateralized by $170,124 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,191 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. (4) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (5) Collateralized by $409,218 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. Recourse indebtedness refers to indebtedness that is recourse to our general assets. 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 activity in our financing arrangements occurring as of or during the six months ended June 30, 2019 is as follows: Recourse Indebtedness 7.625% Senior Notes. During the three months ended June 30, 2019, there was no activity other than recurring interest. As of June 30, 2019, $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 June 30, 2019, there was no activity other than recurring interest. As of June 30, 2019, $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. Junior subordinated notes, at fair value. At issuance, we elected to record the $18,671 junior subordinated notes at fair value under FASB ASC Topic 825, with all subsequent changes in fair value recorded in earnings. Starting in January 2018, in accordance with an update to FASB ASC Topic 825, we began recording the change in fair value due to instrument-specific credit risk in other comprehensive income, with all other changes in fair value recorded in earnings. As of June 30, 2019, the fair value, or carrying amount, of this indebtedness was $5,090. These notes do not contain financial covenants. Junior subordinated notes, at amortized cost . During the three months ended June 30, 2019, there was no activity other than recurring interest. These notes do not contain financial covenants. Non-Recourse Indebtedness CDO notes payable, at amortized cost. CDO notes payable at amortized cost represent notes issued by RAIT I which were used to finance the acquisition of 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. The RAIT I securitization contains interest coverage trigger tests, or IC triggers, and overcollateralization trigger tests, or OC triggers. If the IC triggers or OC triggers are not met in a given period, then the interest distributions are redirected from lower rated tranches and used to repay the principal amounts to the senior tranches of CDO notes payable. These conditions and the re-direction of interest distributions continue until the triggers are met by curing the underlying cause of the IC trigger or OC trigger failure, which may include curing payment defaults, paying down the CDO notes payable, or other actions permitted under the relevant securitization indenture . As of December 31, 2018, RAIT I was meeting all its OC and IC trigger tests. Starting in January 2019 through the date of the filing of this Quarterly Report on Form 10-Q, the Class F/G/H OC test for RAIT I has not been met. In October 2019, the Class F/G/H IC test for RAIT I was not met. As a result, certain interest payments that would have otherwise been directed to the Class J notes and equity issued by RAIT I, which are owned by us, are instead being redirected to pay principal on the most senior class of CDO notes payable that are outstanding. The failure of these tests do not represent an event of default under the RAIT I securitization indenture. CMBS securitizations As of June 30, 2019, our subsidiary, RAIT 2017-FL7 Trust, or RAIT FL7, had $184,911 of total collateral at par value, none of which was defaulted. As of June 30, 2019, RAIT FL7 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $119,432 to investors. We currently own the unrated classes of junior notes, including a class with an aggregate principal balance of $65,479, and the equity, or the retained interests, of RAIT FL7. RAIT FL7 does not have OC triggers or IC triggers. As of June 30, 2019, our subsidiary, RAIT 2017-FL8 Trust, or RAIT FL8, had $120,260 of total collateral at par value, none of which was defaulted. As of June 30, 2019, RAIT FL8 had classes of investment grade senior notes with an aggregate principal balance outstanding of approximately $76,098 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. 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 June 30, 2019 by year, but does not reflect any potential impacts of the Chapter 11 Cases as discussed in Note 1: Recourse indebtedness Non-recourse indebtedness 2019 $ 65,356 $ 376 2020 - 779 2021 - 39,196 2022 - - 2023 - - Thereafter 100,095 295,405 Total $ 165,451 $ 335,756 Defaults on Recourse Indebtedness The filing of the Chapter 11 Cases with the Bankruptcy Court triggered the Bankruptcy Events of Default, see Note 1: The Company for further information. Furthermore, RAIT’s failure to pay the principal amount of the 7.125% Senior Notes by their maturity date on August 30, 2019 constituted an “Event of Default” under the applicable supplemental indenture. Prior to the filing of the Chapter 11 Cases, on August 20, 2019, RAIT received a notice of default relating to the 7.125% Senior Notes and the 7.625% Senior Notes from the indenture trustee. The notice stated that RAIT has defaulted under Section 4.02 of each of the supplemental indentures that govern those Senior Notes because RAIT failed to timely file the quarterly report for the fiscal quarter ended March 31, 2019 that RAIT is required to file with the Securities and Exchange Commission. The notice demanded RAIT remedy such default. Under the supplemental indentures, the default will not become an “Event of Default” unless RAIT failed to remedy the default within 60 days after the date on which notice was received. If such an “Event of Default” occurred, then in lieu of acceleration of the repayment obligation, RAIT may at its option elect to pay additional interest on the respective Senior Note at an annual rate equal to 0.50% of the principal amount of the respective Senior Note for up to one year after the occurrence of such “Event of Default”. Notwithstanding the foregoing, subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 Cases automatically stayed most judicial or administrative actions against the Debtors as well as efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 6: 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 and restricted cash 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 June 30, 2019: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 361,134 $ 333,668 Investment in mortgage loans, held for sale 4,973 4,973 Cash and cash equivalents 46,705 46,705 Restricted cash 29,282 29,282 Liabilities Recourse indebtedness: 7.625% Senior Notes 55,217 38,300 7.125% Senior Notes 65,264 56,834 Junior subordinated notes, at fair value 5,090 5,090 Junior subordinated notes, at amortized cost 25,100 5,780 Non-recourse indebtedness: CDO notes payable, at amortized cost 99,875 75,063 CMBS securitizations 195,239 195,765 Loans payable on real estate 40,166 40,911 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2018: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 480,061 $ 444,962 Investment in mortgage loans, held for sale 4,873 4,873 Cash and cash equivalents 42,453 42,453 Restricted cash 63,067 63,067 Liabilities Recourse indebtedness: 7.625% Senior Notes 55,100 41,229 7.125% Senior Notes 64,997 58,010 Junior subordinated notes, at fair value 6,110 6,110 Junior subordinated notes, at amortized cost 25,100 6,550 Non-recourse indebtedness: CDO notes payable, at amortized cost 116,102 94,513 CMBS securitizations 318,008 320,711 Loans payable on real estate 40,499 40,608 Fair Value Measurements The following table summarizes information about our liabilities measured at fair value on a recurring basis as of June 30, 2019, and indicates 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 June 30, 2019 Junior subordinated notes, at fair value $ — $ — $ 5,090 $ 5,090 Total liabilities $ — $ — $ 5,090 $ 5,090 (1) During the six months ended June 30, 2019, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3. The following table summarizes information about our liabilities measured at fair value on a recurring basis as of December 31, 2018, and indicates 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 December 31, 2018 Junior subordinated notes, at fair value $ — $ — $ 6,110 $ 6,110 Total liabilities $ — $ — $ 6,110 $ 6,110 (1) During the year ended December 31, 2018, 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 June 30, 2019 include a discount rate of 30% and as of December 31, 2018 include a discount rate of 27%. 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 our liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the six months ended June 30, 2019: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2018 $ 6,110 $ 6,110 Change in fair value of financial instruments (1,020 ) (1,020 ) Balance, as of June 30, 2019 $ 5,090 $ 5,090 The following table summarizes additional information about our liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three months ended June 30, 2019: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of March 31, 2019 $ 5,500 $ 5,500 Change in fair value of financial instruments (410 ) (410 ) Balance, as of June 30, 2019 $ 5,090 $ 5,090 Non-Recurring Fair Value Measurements Our 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 June 30, 2019, we measured the underlying collateral of five of our loans at a fair value of $48,872 in our consolidated balance sheet as they were impaired. Our other non-recurring fair value measurements relate to our commercial real estate loans that are considered held for sale and are recorded at the lower of cost or fair value in our consolidated balance sheets. In evaluating our loans held for sale, we estimate the fair value of each loan and compare that fair value to our total investment in the loan. The estimate of fair value for each loan is determined using a discounted cash flow analysis. The significant inputs to these valuations are estimated future cash flows for each loan and market discount rates. The discount rates are based on underlying property performance and recent data from comparable lending markets. As of June 30, 2019, we measured two loans held for sale at a fair value of $4,973 in our consolidated balance sheet. Fair Value of Financial Instruments The following tables summarize the valuation technique and the level of the fair value hierarchy for financial instruments that are not recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of June 30, 2019 Estimated Fair Value as of June 30, 2019 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 361,134 $ 333,668 Discounted Three Investment in mortgage loans, held for sale 4,973 4,973 Discounted cash flows Three 7.625% Senior Notes 55,217 38,300 Trading price Two 7.125% Senior Notes 65,264 56,834 Trading price Two Junior subordinated notes, at amortized cost 25,100 5,780 Discounted cash flows Three CDO notes payable, at amortized cost 99,875 75,063 Discounted cash flows Three CMBS securitizations 195,239 195,765 Discounted cash flows Three Loans payable on real estate 40,166 40,911 Discounted cash flows Three Carrying Amount as of December 31, 2018 Estimated Fair Value as of December 31, 2018 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 480,061 $ 444,962 Discounted cash flows Three Investment in mortgage loans, held for sale 4,873 4,873 Discounted cash flows Three 7.625% Senior Notes 55,100 41,229 Trading price Two 7.125% Senior Notes 64,997 58,010 Trading price Two Junior subordinated notes, at amortized cost 25,100 6,550 Discounted cash flows Three CDO notes payable, at amortized cost 116,102 94,513 Discounted cash flows Three CMBS securitizations 318,008 320,711 Discounted cash flows Three Loans payable on real estate 40,499 40,608 Discounted cash flows Three The following table summarizes realized and unrealized gains and losses on assets and liabilities for which we elected the fair value option of FASB ASC Topic 825, “Financial Instruments” and derivatives as reported in change in fair value of financial instruments in the accompanying consolidated statements of operations: For the Three Months Ended June 30, For the Six Months Ended June 30, Description 2019 2018 2019 2018 Change in fair value of junior subordinated notes $ (210 ) $ (77 ) $ (180 ) $ (272 ) Change in fair value of derivatives — 188 — 470 Change in fair value of financial instruments $ (210 ) $ 111 $ (180 ) $ 198 The changes in the fair value for the junior subordinated notes for which the fair value option was elected for the three and six months ended June 30, 2019 and 2018 was primarily attributable to changes in base market interest rates. The changes in the fair value of derivatives for the three and six months ended June 30, 2018 was primarily attributable to changes in interest rates.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	NOTE 7: VARIABLE INTEREST ENTITIES The determination of when to consolidate a VIE is based on the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance together with either the obligation to absorb losses or the right to receive benefits that could be significant to the VIE. We evaluated our investments and determined that, as of June 30, 2019 and December 31, 2018, our consolidated VIEs were: RAIT I, RAIT FL7, RAIT FL8, and the RAIT VIE Properties (Willow Grove and Cherry Hill). 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 June 30, 2019, we consolidated the VIE properties as we own the entities that control the significant capital and operating decisions regarding the properties. The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of June 30, 2019 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 437,183 $ — $ 437,183 Investments in real estate — 17,665 17,665 Cash and cash equivalents — 221 221 Restricted cash 4,162 505 4,667 Accrued interest receivable 17,585 — 17,585 Other assets 78 678 756 Total assets $ 459,008 $ 19,069 $ 478,077 Liabilities and Equity Indebtedness, net $ 479,745 $ 19,426 $ 499,171 Accrued interest payable 1,114 6,143 7,257 Accounts payable and accrued expenses 67 135 202 Deferred taxes, borrowers’ escrows and other liabilities — 201 201 Total liabilities 480,926 25,905 506,831 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) (21,918 ) (6,836 ) (28,754 ) Total shareholders’ equity (21,918 ) (6,836 ) (28,754 ) Total liabilities and equity $ 459,008 $ 19,069 $ 478,077 As of December 31, 2018 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 561,101 $ — $ 561,101 Investments in real estate — 18,020 18,020 Cash and cash equivalents — 209 209 Restricted cash 29,658 374 30,032 Accrued interest receivable 18,849 — 18,849 Other assets 153 3,854 4,007 Total assets $ 609,761 $ 22,457 $ 632,218 Liabilities and Equity Indebtedness, net $ 618,516 $ 19,495 $ 638,011 Accrued interest payable 1,534 5,883 7,417 Accounts payable and accrued expenses 74 3,315 3,389 Deferred taxes, borrowers’ escrows and other liabilities 2 197 199 Total liabilities 620,126 28,890 649,016 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) (10,365 ) (6,433 ) (16,798 ) Total shareholders’ equity (10,365 ) (6,433 ) (16,798 ) Total liabilities and equity $ 609,761 $ 22,457 $ 632,218 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 $85,119 of total investments in mortgage loans and $197,460 of indebtedness as of June 30, 2019 and $93,445 of total investments in mortgage loans and $197,235 of indebtedness as of December 31, 2018. We do not have any contractual obligation to provide the VIEs listed above with any financial support. We have not and do not intend to provide financial support to these VIEs that we were not previously contractually required to provide.

SERIES D PREFERRED SHARES

SERIES D PREFERRED SHARES	6 Months Ended
	Jun. 30, 2019
Temporary Equity Disclosure [Abstract]
SERIES D PREFERRED SHARES	Error extracting Word content

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 9: SHAREHOLDERS’ EQUITY Preferred Shares Dividends: RAIT’s Board of Trustees (the “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. As of , 2019, $25,313 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. Common Shares Dividends: The Board determined that it would suspend the dividend on RAIT’s outstanding common shares on November 1, 2017. During the six months ended June 30, 2019, we paid $29 of dividends on restricted common share awards that vested in this period. These dividends were declared during the vesting period but remained forfeitable prior to vesting and became payable upon vesting in accordance with the terms of these awards. Shareholders’ Equity Attributable to Common Shares: As of June 30, 2019, total shareholders’ equity attributable to common shares was a deficit of $185,405. Noncontrolling Interests RAIT Venture VIEs: During the year ended December 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	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	NOTE 10: EARNINGS (LOSS) PER SHARE The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Income (loss) $ 827 $ (57,023 ) $ (5,374 ) $ (84,728 ) (Income) loss allocated to preferred shares (5,071 ) 6,861 (10,134 ) 472 Net income (loss) allocable to common shares $ (4,244 ) $ (50,162 ) $ (15,508 ) $ (84,256 ) Weighted-average shares outstanding—Basic (1) 1,844,563 1,839,826 1,844,302 1,838,666 Weighted-average shares outstanding—Diluted (1) 1,844,563 1,839,826 1,844,302 1,838,666 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (2.30 ) $ (27.26 ) $ (8.41 ) $ (45.82 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (2.30 ) $ (27.26 ) $ (8.41 ) $ (45.82 ) (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 six months ended June 30, 2019, securities convertible into 4,966 and 5,488 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive. For the three and six months ended June 30, 2018, securities convertible into 163,502 and 167,075 common shares, respectively, were excluded from the earnings (loss) per share computations because their effect would have been anti-dilutive.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 11: 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 8: Series D Preferred Shares. Subsequent to June 27, 2018, Almanac is not considered a related party. Ballard Spahr LLP Justin P. Klein has served as a Trustee on our Board since June 2017 and is a partner of the law firm Ballard Spahr LLP, or Ballard Spahr. RAIT did not have any transactions with Ballard Spahr during the six months ended June 30, 2019. RAIT has paid Ballard Spahr LLP $52 and $84 during the three and six months ended June 30, 2018. The approximate dollar value of Mr. Klein’s interest in these fees was $1 for the six months ended June 30, 2018, based on Mr. Klein’s Ballard partnership interest. Mr. Klein is a member of the RAIT board and receives board fees. The fees are paid to Ballard Spahr. 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 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. There were no transactions with Highland Capital Management, L.P. (“Highland”) or its affiliates in 2019 or 2018. It is noted that remaining obligations under the previously disclosed cooperation agreement between RAIT and Highland entered into on May 26, 2017 relating to a defined “standstill period” that ended on May 26, 2019 and that Highland and certain of its affiliates filed a Schedule 13G/A with the SEC on February 14, 2019 disclosing that their aggregate holdings of RAIT’s common shares had reduced to 4.9% of RAIT’s outstanding common shares.

SUPPLEMENTAL DISCLOSURE TO STAT

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS	NOTE 12: SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS The following are supplemental disclosures to the statements of cash flows for the six months ended June 30, 2019 and 2018: For the Six Months Ended June 30, 2019 2018 Cash paid for interest $ 14,311 $ 28,483 Cash paid (refunds received) for taxes (38 ) (1 ) Non-cash increase in investments in real estate from conversion of loans 7,448 — Non-cash increase (decrease) in indebtedness from debt extinguishments — (1,265 ) During the three months ended March 31, 2019, we consolidated the Collins Avenue VIE as described in Note 7: Variable Interest Entities. This resulted in a non-cash increase of $7,448 to investments in real estate, held for sale, and a non-cash decrease of $7,866 to investments in mortgage loans. During the three months ended June 30, 2019, we disposed of the Collins Avenue property. See Note 4: Investments in Real Estate for further discussion. During the six months ended June 30, 2018, we transferred nine 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 six months ended June 30, 2018, we sold six loans, which had an unpaid principal balance and carrying amount of $31,377. See Note 3: Investment in Commercial Mortgage Loans, Mezzanine Loans, and Preferred Equity Interests for further discussion During the six months ended June 30, 2018, we acquired the noncontrolling interests related to PlazAmericas Mall for $343, including transaction costs. See Note 9: Shareholders’ Equity for further discussion. During the six months ended June 30, 2018, we redeemed and cancelled the remaining 2,939,190 preferred units of RAIT IV and the corresponding Series D preferred shares for $56,765 of cash and $16,715 of liquidation preference of RAIT’s publicly traded Series A preferred shares, Series B preferred shares and Series C preferred shares. See Note 8: Series D Preferred Shares for further discussion. The following table summarizes our cash and cash equivalents and restricted cash balances as of June 30, 2019 and June 30, 2018: As of June 30, 2019 As of June 30, 2018 Cash and cash equivalents $ 46,705 $ 72,224 Restricted cash 29,282 113,091 Total cash and cash equivalents and restricted cash $ 75,987 $ 185,315

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 13: 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, discrimination claims, negligence claims, 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. The Chapter 11 Cases For a description of the Chapter 11 Cases, see Note 1: The Company, which is incorporated herein by reference. 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 the following defendants, or the Defendants, CWCapital Asset Management, LLC, or CWCapital, Wells Fargo Bank N.A., or Wells Fargo, and U.S. Bank N.A., or U.S. Bank, in the Supreme Court of the State of New York, County of New York, or the Court. 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 held 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. 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. On October 11, 2017, CWCapital and U.S. Bank moved to dismiss the amended complaint and on November 13, 2017 Wells Fargo moved to dismiss the amended complaint. RAIT II filed its opposition to the motions to dismiss on November 27, 2017. By Decision and Order dated January 29, 2018, the Court denied the defendants’ motions to dismiss the contract claims, leaving intact RAIT II’s breach of contract claims against all defendants. The Court dismissed RAIT II’s non-contract claims (unjust enrichment, conversion, money had and received, and declaratory judgment) as duplicative of the surviving contract claims. The parties have since concluded discovery, and Defendants filed a motion for summary judgment on March 18, 2019. That motion was adjourned as a result of the Settlement Agreement and Agreement to Discontinue referenced below, and the litigation is scheduled to be discontinued with prejudice by Stipulation after TRFT receives payment under the Settlement Agreement. On December 17, 2018, RAIT II assigned its interest in note B to TRFT in connection with TRFT’s redemption of RAIT II described in the 2018 Annual Report, see Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Securitization Summary.” On April 8, 2019, the Court granted RAIT II’s motion to substitute TRFT as the plaintiff in this litigation. Effective May 8, 2019, TRFT, RAIT II, CWCapital and U.S. Bank entered into a Settlement Agreement and Mutual Release, or the Settlement Agreement. The Settlement Agreement provides (a) that CWCapital and U.S. Bank shall pay, or cause to be paid by the related securitization trust, $9,000, or the Settlement Payment, to TRFT within ten calendar days, (b) that the parties will execute and, after that Settlement Payment is received by TRFT, TRFT will file a Stipulation of Discontinuance with Prejudice, or the Stipulation, with the Court dismissing this litigation, and (c) for mutual releases between TRFT and RAIT II, on the one hand, and the Defendants, on the other hand, of claims relating to this litigation. Also, effective May 8, 2019, TRFT, RAIT II and Wells Fargo entered into an Agreement to Discontinue and Dismiss Litigation with Prejudice, or the Agreement to Discontinue. The Agreement to Discontinue also provides (a) that TRFT, RAIT II and Wells Fargo shall sign the Stipulation, (b) that, after the Settlement Payment is received by TRFT, TRFT will file the Stipulation and (c) for mutual releases between TRFT and RAIT II, on the one hand, and Wells Fargo, on the other hand, of claims relating to this litigation. The $9,000 Settlement Payment was received in May 2019 and is included within provision (benefit) for loan losses in the accompanying consolidated statements of operations. 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 June 30, 2019, we had no outstanding funding commitments. Lease Obligation We lease office space in Philadelphia for use in our operations. We account for this lease as an operating lease and recognize lease expense on a straight-line basis over the lease term. As of June 30, 2019, the lease had a remaining term of 12.8 years with an option to extend for an additional 5 years. As discussed in Note 2: Summary of Significant Accounting Policies, (q) Recent Accounting Pronouncements, we adopted the provisions of ASC Topic 842, “Leases” related to this lease on January 1, 2019. When establishing the value of our right-of-use asset and lease liability, we calculated the present value of future lease payments over the lease term. Since the discount rate implicit in the lease could not be determined, we used our incremental borrowing rate of 12.6%, which was based on information available as of the effective date. As of June 30, 2019, the office lease liability and corresponding operating lease asset had carrying amounts of $2,983 and $308, respectively, and are included within other liabilities and other assets, respectively, in the accompanying consolidated balance sheet. During the three months ended June 30, 2019, we recognized an impairment charge of $2,076 on our operating lease asset as it was more likely than not we would not realize the benefits of this asset over its remaining term and a portion of this asset was determined to not be recoverable. During the three months ended June 30, 2019, we also recognized an impairment charge of $705 on other fixed assets as it was more likely than not we would not realize the benefits of these assets over their remaining useful lives and a portion of these assets were determined to not be recoverable. For the three months ended June 30, 2019, our operating lease costs and variable lease costs associated with the office lease were $107 and $74, respectively. For the six months ended June 30, 2019, our operating lease costs and variable lease costs associated with the office lease were $214 and $153, respectively. Our operating and variable lease costs are included within other general and administrative expenses in the accompanying consolidated statements of operations. The annual minimum rent due pursuant to the office lease for each of the next five years and thereafter is estimated to be as follows as of June 30, 2019: 2019 $ 215 2020 438 2021 447 2022 456 2023 465 Thereafter 4,626 Total undiscounted payments 6,647 Less imputed interest (3,664 ) Total lease liability $ 2,983 The annual minimum rent due pursuant to the office lease for each of the next five years and thereafter is estimated to be as follows as of December 31, 2018: 2019 $ 479 2020 438 2021 447 2022 456 2023 465 Thereafter 4,626 Total $ 6,911

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14: SUBSEQUENT EVENTS We have evaluated subsequent events or transactions that have occurred after the consolidated balance sheet date of June 30, 2019, but prior to the filing of the consolidated financial statements with the SEC on this Quarterly Report on Form 10-Q. We have determined that, except as disclosed within this Note and other Notes, including, without limitation, Note 1: The Company, there are no subsequent events that require disclosure in this Quarterly Report on Form 10-Q.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
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, 2018 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, equity and cash flows are included. The results of operations for the interim periods presented are not necessarily indicative of the results for the full year. The consolidated statement of cash flows for the six-month period ended June 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).
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 described in Note 1: The Company, the filing of the Chapter 11 Cases with the Bankruptcy Court triggered the Bankruptcy Events of Default and RAIT’s failure to pay the principal amount of the 7.125% Senior Notes by their maturity date on August 30, 2019 also constituted an Event of Default. Each of the Debt Instruments provides that upon the occurrence of such an Event of Default, all obligations of RAIT and/or its applicable affiliates thereunder were accelerated and the principal and accrued interest due thereunder was automatically and immediately due and payable. Any efforts to enforce such payment obligations under the Debt Instruments are automatically stayed pursuant to Section 362 of the Bankruptcy Code, and the respective creditors’ rights of enforcement in respect of the Debt Instruments are limited. As of the date hereof, the Debt Instruments of RAIT and/or its applicable affiliates had (i) $65,356 of principal amount of 7.125% Senior Notes outstanding, (ii) $56,324 of principal amount of 7.625% Senior Notes outstanding, (iii) $25,100 of principal amount of the 2037 Note, or the junior subordinated note, at amortized cost, outstanding RAIT’s current sources of liquidity, including its current cash and cash equivalents balance, are not sufficient to satisfy RAIT’s obligations arising over the next twelve months. Subject to receiving a higher and otherwise better bid as a result of the Bidding Procedures, RAIT expects to sell substantially all of its assets pursuant to the Purchase Agreement under Section 363 of the Bankruptcy Code and the Bidding Procedures Order for a purchase price of $174,424, adjusted as provided in the Purchase Agreement, including the assumption of certain liabilities. RAIT’s proposed plan of reorganization under the Chapter 11 Cases provides for the ultimate wind down of RAIT’s affairs once the transactions contemplated by the Purchase Agreement and the Bidding Procedures are completed and the plan of reorganization is confirmed. Due to the inherent risks and significant uncertainties associated with the completion of the transactions under the Purchase Agreement, the Plan, the Chapter 11 Cases, and RAIT’s recurring costs of operations, there is substantial doubt about RAIT’s ability to continue as a going concern within one year after the date that these financial statements are issued.
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 7: Variable Interest Entities for additional disclosures pertaining to VIEs.
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 June 30, 2019 and December 31, 2018, we had $25,102 and $33,300, respectively, of 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 June 30, 2019 and December 31, 2018, we had $4,180 and $29,767, 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 recognize recoveries when they are received, and we charge off a loan when we determine that all commercially reasonable means of recovering the loan balance have been exhausted. This may occur at a variety of times, including when we receive cash or other assets in a pre-foreclosure sale or take control of the underlying collateral in full satisfaction of the loan upon foreclosure. We consider circumstances such as these to indicate that the loan collection process has ceased and that a loan is uncollectible. Loans which experience a modification to their contractual terms which result in a concession being granted to a borrower experiencing financial difficulties are considered troubled debt restructurings, or TDRs. A concession is deemed granted when, as a result of the restructuring, we do not expect to collect all amounts due, including interest accrued, at the original contractual interest rate. As appropriate, we also consider other qualitative factors in determining whether a concession is deemed granted, including the value of the underlying collateral. We do not consider restructurings that result in a delay in payment, in timing or amount, which is insignificant, to be a concession.
Investments in Real Estate	i. Investments in Real Estate Investments in real estate are shown net of accumulated depreciation. We capitalize those costs that have been determined to improve the real property and depreciate those costs on a straight-line basis over the useful life of the asset. We depreciate real property using the following useful lives: buildings and improvements—30 to 40 years; furniture, fixtures, and equipment—5 to 10 years; and tenant improvements—shorter of the lease term or the life of the asset. Costs for ordinary maintenance and repairs are charged to expense as incurred. 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 For investments that we do not elect to record at fair value under FASB ASC Topic 825, “Financial Instruments”, origination fees and direct loan origination costs are deferred and amortized to net investment income, using the effective interest method, over the contractual life of the underlying loan security or loan, in accordance with FASB ASC Topic 310, “Receivables.” For investments that we elect to record at fair value under FASB ASC Topic 825, origination fees and direct loan costs are recorded in income and are not deferred. 2) Property income 3) Fee and other income 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. There have been no changes in the measurement of revenue from contracts with customers resulting from the adoption of ASC 606. For the Three Months Ended June 30, For the Six Months Ended June 30, Revenue from Contracts with customers 2019 2018 2019 2018 Property Management Fee income $ — $ 727 $ — $ 1,493 Parking — 231 — 433 Leasing Commission income — 343 — 664 Other miscellaneous 126 229 193 477 Total $ 126 $ 1,530 $ 193 $ 3,067
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 unsecured REIT note receivables, commercial mortgage-backed securities, or CMBS, receivables and certain financial instruments classified as derivatives where the fair value is based on observable market inputs. • Level 3 Inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Generally, assets and liabilities carried at fair value and included in this category are subordinated debentures, and historically included trust preferred obligations and CDO notes payable, where observable market inputs do not exist. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors, including, for example, the type of investment, whether the investment is new, whether the investment is traded on an active exchange or in the secondary market, and the current market condition. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by us in determining fair value is greatest for instruments categorized in Level 3. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that management believes market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that management believes are current as of the measurement date, including during periods of market dislocation. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition could cause an instrument to be transferred from Level 1 to Level 2 or Level 2 to Level 3. Many financial instruments have bid and ask prices that can be observed in the marketplace. Bid prices reflect the highest price that buyers in the market are willing to pay for an asset. Ask prices represent the lowest price that sellers in the market are willing to accept for an asset. For financial instruments whose inputs are based on bid-ask prices, we do not require that fair value always be a predetermined point in the bid-ask range. Our policy is to allow for mid-market pricing and adjusting to the point within the bid-ask range that results in our best estimate of fair value. Fair value for certain of our Level 3 financial instruments is derived using valuation models that include discounted cash flow analyses. These internal valuation models include discounted cash flow analyses 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. 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 June 30, 2019 and December 31, 2018. The accumulated amortization for our intangible assets was $6,050 and $5,703 as of June 30, 2019 and December 31, 2018, respectively. We recorded amortization expense of $193, and $391 for the three months ended June 30, 2019 and 2018, respectively, and $386, and $818 for the six months ended June 30, 2019 and 2018, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $339 for 2019, $434 for 2020, $249 for 2021, $145 for 2022, $72 for 2023 and $131 thereafter. As of June 30, 2019, we have determined that no triggering events occurred that would indicate an impairment to our intangible assets.
Derivative Instruments	o. Derivative Instruments We have historically entered into interest rate derivative contracts to hedge all or a portion of the interest rate risk associated with certain of our borrowings and/or our fixed rate assets. The principal objective of these 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. 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 in hedging relationships, we determine at inception whether the hedge agreement is highly effective in offsetting the related risk by using regression analysis. For derivatives not designated as hedges, the changes in fair value of the derivative instrument are recorded 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 June 30, 2019, we had no derivative instruments outstanding.
Income Taxes	p. Income Taxes RAIT and Taberna Realty Finance Trust, or TRFT, 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. Accordingly, we generally will not be subject to U.S. federal income tax to the extent of any 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. Management believes that all of the criteria to maintain RAIT’s and TRFT’s REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. We maintain various taxable REIT subsidiaries, or TRSs, which may be subject to U.S. federal, state and local income taxes and foreign taxes. Current and deferred taxes are provided on the portion of earnings (losses) recognized by us with respect to our interest in domestic TRSs. Deferred income tax assets and liabilities are computed based on temporary differences between our GAAP consolidated financial statements and the federal and state income tax basis of assets and liabilities as of the consolidated balance sheet date. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available, and the general and industry specific economic outlook. This realizability analysis is inherently subjective, as it requires management to forecast our business and general economic environment in future periods. Changes in estimates of deferred tax asset realizability, if any, are included in income tax expense on the consolidated statements of operations. In the prior year, our TRS entities generated taxable revenue primarily from property management fees for services provided to RAIT properties and third-party properties. In the current year, our TRS entities have not generated any significant taxable revenue. 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.
Recent Accounting Pronouncements	q. Recent Accounting Pronouncements 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. The new standard is effective for us on January 1, 2019, with early adoption permitted. A modified retrospective transition approach is required, applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. We have adopted the new standard effective January 1, 2019 and have used the effective date as our date of initial application. The new standard provides a number of optional practical expedients in transition. We have elected the “package of practical expedients” for all our leases that exist at the date of initial application. This package permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also have elected the practical expedient to not separate lease and non-lease components for all of our leases. The adoption of FASB ASC Topic 842 resulted in the recognition of a lease liability of $3,008 and a ROU asset of $2,416 as of the adoption date for one of our operating leases for which we are the lessee. The standard did not have an impact on any of our real estate leases for which we are the lessor. Not Yet Adopted Within These Financial Statements In June 2016, the FASB issued an accounting standard classified under FASB ASC Topic 326, “Financial Instruments-Credit Losses”. The amendments in this standard provide an approach based on expected losses to estimate credit losses on certain types of financial instruments. The amendments also modify the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The amendments in this standard expand the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for loan and lease losses. In addition, public business entities will need to disclose the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination. During 2019, the FASB issued an amendment to this accounting standard which provides further clarification to this accounting standard. This standard and its amendment are effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early application of the guidance will be permitted for all entities for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Management is currently evaluating the impact that this standard will have on our consolidated financial statements. In August 2018, the FASB issued an accounting standard classified under FASB ASC Topic 820, “Fair Value Measurement”. The amendments in this standard eliminate, add and modify certain disclosure requirements for fair value measurements. For example, entities will no longer have to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but public companies will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. The amendments in this accounting standard are effective for fiscal years beginning after December 15, 2019. Management is currently evaluating the impact that this standard will have on our consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, For the Six Months Ended June 30, Revenue from Contracts with customers 2019 2018 2019 2018 Property Management Fee income $ — $ 727 $ — $ 1,493 Parking — 231 — 433 Leasing Commission income — 343 — 664 Other miscellaneous 126 229 193 477 Total $ 126 $ 1,530 $ 193 $ 3,067

INVESTMENTS IN COMMERCIAL MOR_2

INVESTMENTS IN COMMERCIAL MORTGAGE LOANS, MEZZANINE LOANS AND PREFERRED EQUITY INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019: 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 $ 332,040 $ (61 ) $ 331,979 25 6.8 % Jul. 2019 to Jun. 2025 Mezzanine loans 21,114 164 21,278 3 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 28,453 (1 ) 28,452 13 5.9 % Mar. 2023 to Jun. 2029 Total CRE (2) 381,607 102 381,709 41 7.1 % Deferred fees and costs, net (3) (430 ) - (430 ) Total $ 381,177 $ 102 $ 381,279 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $1,290 of deferred fees, net of $860 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, 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 $ 453,283 $ (66 ) $ 453,217 35 6.9 % Feb. 2019 to Jun. 2025 Mezzanine loans 21,114 164 21,278 3 13.3 % Jun. 2020 to Mar. 2023 Preferred equity interests 28,577 (1 ) 28,576 13 6.0 % Mar. 2023 to Jun. 2029 Total CRE (2) 502,974 97 503,071 51 7.2 % Deferred fees and costs, net (3) (674 ) - (674 ) Total $ 502,300 $ 97 $ 502,397 (1) Weighted-average coupon is calculated on the unpaid principal balance, which does not necessarily correspond to the carrying amount. (2) Includes $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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 $2,558 of deferred fees, net of $1,884 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 June 30, 2019 and December 31, 2018: As of June 30, 2019 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-accrual (1) Commercial mortgage loans $ 298,989 $ 5,098 $ — $ 27,953 $ 332,040 $ 56,449 Mezzanine loans 21,114 — — — 21,114 8,245 Preferred equity interests 28,453 — — — 28,453 7,710 Total $ 348,556 $ 5,098 $ — $ 27,953 $ 381,607 $ 72,404 (1) Includes five loans that are current, 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 their terms. As of December 31, 2018 Delinquency Status Current 30 to 59 days 60 to 89 days 90 days or more Total Non-Accrual (1) Commercial mortgage loans $ 414,735 $ — $ — $ 38,548 $ 453,283 $ 46,793 Mezzanine loans 12,222 — — 8,892 21,114 8,892 Preferred equity interests 28,577 — — — 28,577 37,308 Total $ 455,534 $ — $ — $ 47,440 $ 502,974 $ 92,993 (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 three 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 June 30, 2019 and December 31, 2018 as follows: As of June 30, 2019 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 216,242 $ — $ 5,063 $ 221,305 Watchlist (1) 115,798 21,114 23,390 160,302 Total $ 332,040 $ 21,114 $ 28,453 $ 381,607 (1) Includes $106,052 of loans that are considered to be impaired and $54,250 of loans that are not considered to be impaired. As of December 31, 2018 Credit Status Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Satisfactory $ 314,104 $ — $ 5,063 $ 319,167 Watchlist (1) 139,179 21,114 23,514 183,807 Total $ 453,283 $ 21,114 $ 28,577 $ 502,974 (1) Includes $126,645 of loans that are considered to be impaired and $57,162 of loans that are not considered impaired.
Roll-Forwards of Allowance for Loan Losses for Commercial Mortgage Loans, Mezzanine Loans and Preferred Equity Interests Held for Investment	The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the three months ended June 30, 2019 and 2018: For the Three Months Ended June 30, 2019 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 10,401 $ 6,496 $ 3,830 $ 20,727 Provision (benefit) for loan losses (9,449 ) — (60 ) (9,509 ) Charge-offs, net of recoveries 8,927 — — 8,927 Ending balance $ 9,879 $ 6,496 $ 3,770 $ 20,145 For the Three Months Ended June 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 8,259 $ 5,231 $ 242 $ 13,732 Provision (benefit) for loan losses 14,748 — — 14,748 Charge-offs, net of recoveries (1) (11,781 ) — — (11,781 ) Ending balance $ 11,226 $ 5,231 $ 242 $ 16,699 (1) Includes $1,423 of charge-offs related to loans transferred to held for sale during the three months ended June 30, 2018. The following tables provide a roll-forward of our allowance for loan losses for our commercial mortgage loans, mezzanine loans and preferred equity interests for the six months ended June 30, 2019 and 2018: For the Six Months Ended June 30, 2019 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 11,912 $ 6,496 $ 3,928 $ 22,336 Provision (benefit) for loan losses (9,934 ) — (158 ) (10,092 ) Charge-offs, net of recoveries 7,901 — — 7,901 Ending balance $ 9,879 $ 6,496 $ 3,770 $ 20,145 For the Six Months Ended June 30, 2018 Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Beginning balance $ 9,019 $ 5,622 $ 242 $ 12,354 Provision (benefit) for loan losses 19,996 2,784 — 45,614 Charge-offs, net of recoveries (1) (17,789 ) (3,175 ) — $ (43,085 ) Ending balance $ 11,226 $ 5,231 $ 242 $ 16,699 (1) Includes $5,331 of charge-offs related to loans transferred to held for sale during the six months ended June 30, 2018.
Loans Considered to be Impaired	Information on those loans considered to be impaired as of June 30, 2019 and December 31, 2018 was as follows: As of June 30, 2019 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 5,099 $ 12,869 $ 19,330 $ 37,298 Impaired loans with reserves 56,449 8,245 4,060 68,754 Total Impaired Loans (1) 61,548 21,114 23,390 106,052 Allowance for loan losses $ 9,879 $ 6,496 $ 3,770 $ 20,145 (1) As of June 30, 2019, there was no unpaid principal relating to previously identified TDRs that are on accrual status. As of December 31, 2018 Impaired Loans Commercial Mortgage Loans Mezzanine Loans Preferred Equity Total Impaired loans expecting full recovery $ 8,579 $ 12,869 $ 19,334 $ 40,782 Impaired loans with reserves 73,438 8,245 4,180 85,863 Total Impaired Loans (1) 82,017 21,114 23,514 126,645 Allowance for loan losses $ 11,912 $ 6,496 $ 3,928 $ 22,336 (1) As of December 31, 2018, there was no unpaid principal relating to previously identified TDRs that are on accrual status.

INVESTMENTS IN REAL ESTATE (Tab

INVESTMENTS IN REAL ESTATE (Tables)	6 Months Ended
	Jun. 30, 2019
Banking And Thrift [Abstract]
Summary of Investments in Real Estate	The table below summarizes our investments in real estate: Book Value As of June 30, 2019 As of December 31, 2018 Office real estate properties $ 49,027 $ 48,760 Retail real estate properties 56,556 49,088 Parcels of land 18,744 18,744 Subtotal 124,327 116,592 Less: Accumulated depreciation and amortization (10,722 ) (8,768 ) Investments in real estate, net $ 113,605 $ 107,824
Summary of Minimum Future Lease Payments	The following table represents the minimum future lease payments for our office and retail properties as of June 30, 2019. 2019 $ 4,776 2020 7,930 2021 5,690 2022 3,703 2023 1,980 2024 and thereafter 5,168 Total $ 29,247
Summary of Disposition and Each Property's Contribution	The below table summarizes the current year dispositions and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of any gain (loss) on sale: Net income (loss) allocable to common shares Property Name Property Type Date of Sale Sale Price Gain (loss) on sale For the Three Months Ended June 30, 2019 For the Six Months Ended June 30, 2019 Rte 18 Central Plaza Retail 2/26/2019 $ 5,100 $ - $ 5 $ (55 ) 735 Collins Ave Retail 5/14/2019 8,705 943 (17 ) (17 ) Total $ 13,805 $ 943 $ (12 ) $ (72 )

INDEBTEDNESS (Tables)

INDEBTEDNESS (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Total Recourse and Non-Recourse Indebtedness	The following table summarizes our total recourse and non-recourse indebtedness as of June 30, 2019: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.625% Senior Notes $ 56,324 $ (1,107 ) $ 55,217 7.6 % Apr. 2024 7.125% Senior Notes 65,356 (92 ) 65,264 7.1 % Aug. 2019 Junior subordinated notes, at fair value (1) 18,671 (13,581 ) 5,090 6.6 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 5.1 % Apr. 2037 Total recourse indebtedness 165,451 (14,780 ) 150,671 6.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (2)(3) 99,875 — 99,875 2.4 % Nov. 2046 CMBS securitizations (4)(5) 195,530 (291 ) 195,239 4.5 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,351 (185 ) 40,166 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 335,756 (476 ) 335,280 3.9 % Total indebtedness $ 501,207 $ (15,256 ) $ 485,951 4.9 % ( 1) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (2) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (3) Collateralized by $156,339 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,585 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. (4) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (5) Collateralized by $298,988 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. The following table summarizes our total recourse and non-recourse indebtedness as of December 31, 2018: Description Unpaid Principal Balance Unamortized Discount/Premium and Deferred Financing Costs Carrying Amount Weighted- Average Interest Rate Contractual Maturity Recourse indebtedness: 7.625% Senior Notes $ 56,324 $ (1,224 ) $ 55,100 7.6 % Apr. 2024 7.125% Senior Notes 65,356 (359 ) 64,997 7.1 % Aug. 2019 Junior subordinated notes, at fair value (1) 18,671 (12,561 ) 6,110 6.4 % Mar. 2035 Junior subordinated notes, at amortized cost 25,100 — 25,100 5.0 % Apr. 2037 Total recourse indebtedness 165,451 (14,144 ) 151,307 6.9 % Non-recourse indebtedness: CDO notes payable, at amortized cost (2)(3) 116,102 — 116,102 3.1 % Nov. 2046 CMBS securitizations (4)(5) 320,282 (2,274 ) 318,008 4.0 % Jun. 2037 to Dec. 2037 Loans payable on real estate 40,724 (225 ) 40,499 4.7 % Oct. 2021 to Dec. 2021 Total non-recourse indebtedness 477,108 (2,499 ) 474,609 3.9 % Total indebtedness $ 642,559 $ (16,643 ) $ 625,916 4.6 % (1) Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825. (2) Excludes CDO notes payable purchased by us which are eliminated in consolidation. (3) Collateralized by $170,124 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,191 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. (4) Excludes CMBS securitization notes purchased by us which are eliminated in consolidation. (5) Collateralized by $409,218 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 Maturities of Indebtedness Outstanding, by Year	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 June 30, 2019 by year, but does not reflect any potential impacts of the Chapter 11 Cases as discussed in Note 1: Recourse indebtedness Non-recourse indebtedness 2019 $ 65,356 $ 376 2020 - 779 2021 - 39,196 2022 - - 2023 - - Thereafter 100,095 295,405 Total $ 165,451 $ 335,756

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 361,134 $ 333,668 Investment in mortgage loans, held for sale 4,973 4,973 Cash and cash equivalents 46,705 46,705 Restricted cash 29,282 29,282 Liabilities Recourse indebtedness: 7.625% Senior Notes 55,217 38,300 7.125% Senior Notes 65,264 56,834 Junior subordinated notes, at fair value 5,090 5,090 Junior subordinated notes, at amortized cost 25,100 5,780 Non-recourse indebtedness: CDO notes payable, at amortized cost 99,875 75,063 CMBS securitizations 195,239 195,765 Loans payable on real estate 40,166 40,911 The following table summarizes the carrying amount and the fair value of our financial instruments as of December 31, 2018: Financial Instrument Carrying Amount Estimated Fair Value Assets Total investment in mortgage loans, held for investment, net $ 480,061 $ 444,962 Investment in mortgage loans, held for sale 4,873 4,873 Cash and cash equivalents 42,453 42,453 Restricted cash 63,067 63,067 Liabilities Recourse indebtedness: 7.625% Senior Notes 55,100 41,229 7.125% Senior Notes 64,997 58,010 Junior subordinated notes, at fair value 6,110 6,110 Junior subordinated notes, at amortized cost 25,100 6,550 Non-recourse indebtedness: CDO notes payable, at amortized cost 116,102 94,513 CMBS securitizations 318,008 320,711 Loans payable on real estate 40,499 40,608
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 June 30, 2019, and indicates 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 June 30, 2019 Junior subordinated notes, at fair value $ — $ — $ 5,090 $ 5,090 Total liabilities $ — $ — $ 5,090 $ 5,090 (1) During the six months ended June 30, 2019, there were no transfers between Level 1 and Level 2, and there were no transfers into and/or out of Level 3. The following table summarizes information about our liabilities measured at fair value on a recurring basis as of December 31, 2018, and indicates 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 December 31, 2018 Junior subordinated notes, at fair value $ — $ — $ 6,110 $ 6,110 Total liabilities $ — $ — $ 6,110 $ 6,110 (1) During the year ended December 31, 2018, 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 our liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the six months ended June 30, 2019: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of December 31, 2018 $ 6,110 $ 6,110 Change in fair value of financial instruments (1,020 ) (1,020 ) Balance, as of June 30, 2019 $ 5,090 $ 5,090 The following table summarizes additional information about our liabilities that are measured at fair value on a recurring basis for which we have utilized level 3 inputs to determine fair value for the three months ended June 30, 2019: Liabilities Junior Subordinated Notes, at Fair Value Total Level 3 Liabilities Balance, as of March 31, 2019 $ 5,500 $ 5,500 Change in fair value of financial instruments (410 ) (410 ) Balance, as of June 30, 2019 $ 5,090 $ 5,090
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 recorded at fair value in the accompanying consolidated balance sheets but for which fair value is required to be disclosed. The fair value of cash and cash equivalents and restricted cash approximates cost due to the nature of these instruments and are not included in the tables below. Carrying Amount as of June 30, 2019 Estimated Fair Value as of June 30, 2019 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 361,134 $ 333,668 Discounted Three Investment in mortgage loans, held for sale 4,973 4,973 Discounted cash flows Three 7.625% Senior Notes 55,217 38,300 Trading price Two 7.125% Senior Notes 65,264 56,834 Trading price Two Junior subordinated notes, at amortized cost 25,100 5,780 Discounted cash flows Three CDO notes payable, at amortized cost 99,875 75,063 Discounted cash flows Three CMBS securitizations 195,239 195,765 Discounted cash flows Three Loans payable on real estate 40,166 40,911 Discounted cash flows Three Carrying Amount as of December 31, 2018 Estimated Fair Value as of December 31, 2018 Valuation Technique Level in Fair Value Hierarchy Total investment in mortgage loans, held for investment, net $ 480,061 $ 444,962 Discounted cash flows Three Investment in mortgage loans, held for sale 4,873 4,873 Discounted cash flows Three 7.625% Senior Notes 55,100 41,229 Trading price Two 7.125% Senior Notes 64,997 58,010 Trading price Two Junior subordinated notes, at amortized cost 25,100 6,550 Discounted cash flows Three CDO notes payable, at amortized cost 116,102 94,513 Discounted cash flows Three CMBS securitizations 318,008 320,711 Discounted cash flows Three Loans payable on real estate 40,499 40,608 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 June 30, For the Six Months Ended June 30, Description 2019 2018 2019 2018 Change in fair value of junior subordinated notes $ (210 ) $ (77 ) $ (180 ) $ (272 ) Change in fair value of derivatives — 188 — 470 Change in fair value of financial instruments $ (210 ) $ 111 $ (180 ) $ 198

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Assets and Liabilities of Consolidated Variable Interest Entities	The following tables present the assets and liabilities of our consolidated VIEs as of each respective date. Certain amounts included in the tables below are eliminated upon consolidation with our other subsidiaries that maintain investments in the debt or equity securities issued by these entities. As of June 30, 2019 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 437,183 $ — $ 437,183 Investments in real estate — 17,665 17,665 Cash and cash equivalents — 221 221 Restricted cash 4,162 505 4,667 Accrued interest receivable 17,585 — 17,585 Other assets 78 678 756 Total assets $ 459,008 $ 19,069 $ 478,077 Liabilities and Equity Indebtedness, net $ 479,745 $ 19,426 $ 499,171 Accrued interest payable 1,114 6,143 7,257 Accounts payable and accrued expenses 67 135 202 Deferred taxes, borrowers’ escrows and other liabilities — 201 201 Total liabilities 480,926 25,905 506,831 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) (21,918 ) (6,836 ) (28,754 ) Total shareholders’ equity (21,918 ) (6,836 ) (28,754 ) Total liabilities and equity $ 459,008 $ 19,069 $ 478,077 As of December 31, 2018 RAIT Securitizations RAIT VIE Properties Total Assets Investments in commercial mortgage loans, mezzanine loans and preferred equity interests $ 561,101 $ — $ 561,101 Investments in real estate — 18,020 18,020 Cash and cash equivalents — 209 209 Restricted cash 29,658 374 30,032 Accrued interest receivable 18,849 — 18,849 Other assets 153 3,854 4,007 Total assets $ 609,761 $ 22,457 $ 632,218 Liabilities and Equity Indebtedness, net $ 618,516 $ 19,495 $ 638,011 Accrued interest payable 1,534 5,883 7,417 Accounts payable and accrued expenses 74 3,315 3,389 Deferred taxes, borrowers’ escrows and other liabilities 2 197 199 Total liabilities 620,126 28,890 649,016 Equity: Shareholders’ equity: RAIT investment and Retained earnings (deficit) (10,365 ) (6,433 ) (16,798 ) Total shareholders’ equity (10,365 ) (6,433 ) (16,798 ) Total liabilities and equity $ 609,761 $ 22,457 $ 632,218

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Earnings (Loss) Per Share	The following table presents a reconciliation of basic and diluted earnings (loss) per share for the three and six months ended June 30, 2019 and 2018: For the Three Months Ended June 30, For the Six Months Ended June 30, 2019 2018 2019 2018 Income (loss) $ 827 $ (57,023 ) $ (5,374 ) $ (84,728 ) (Income) loss allocated to preferred shares (5,071 ) 6,861 (10,134 ) 472 Net income (loss) allocable to common shares $ (4,244 ) $ (50,162 ) $ (15,508 ) $ (84,256 ) Weighted-average shares outstanding—Basic (1) 1,844,563 1,839,826 1,844,302 1,838,666 Weighted-average shares outstanding—Diluted (1) 1,844,563 1,839,826 1,844,302 1,838,666 Earnings (loss) per share—Basic: Earnings (loss) per share—Basic $ (2.30 ) $ (27.26 ) $ (8.41 ) $ (45.82 ) Earnings (loss) per share—Diluted: Earnings (loss) per share—Diluted $ (2.30 ) $ (27.26 ) $ (8.41 ) $ (45.82 ) (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 ST_2

SUPPLEMENTAL DISCLOSURE TO STATEMENT OF CASH FLOWS (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Disclosures to Statements of Cash Flows	The following are supplemental disclosures to the statements of cash flows for the six months ended June 30, 2019 and 2018: For the Six Months Ended June 30, 2019 2018 Cash paid for interest $ 14,311 $ 28,483 Cash paid (refunds received) for taxes (38 ) (1 ) Non-cash increase in investments in real estate from conversion of loans 7,448 — Non-cash increase (decrease) in indebtedness from debt extinguishments — (1,265 )
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 June 30, 2019 and June 30, 2018: As of June 30, 2019 As of June 30, 2018 Cash and cash equivalents $ 46,705 $ 72,224 Restricted cash 29,282 113,091 Total cash and cash equivalents and restricted cash $ 75,987 $ 185,315

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Annual Minimum Rent Due Pursuant to Leases Topic 842	The annual minimum rent due pursuant to the office lease for each of the next five years and thereafter is estimated to be as follows as of June 30, 2019: 2019 $ 215 2020 438 2021 447 2022 456 2023 465 Thereafter 4,626 Total undiscounted payments 6,647 Less imputed interest (3,664 ) Total lease liability $ 2,983
Annual Minimum Rent Due Pursuant to Leases Topic 840	The annual minimum rent due pursuant to the office lease for each of the next five years and thereafter is estimated to be as follows as of December 31, 2018: 2019 $ 479 2020 438 2021 447 2022 456 2023 465 Thereafter 4,626 Total $ 6,911

The Company - Additional Inform

The Company - Additional Information (Detail) - USD ($) $ in Thousands		Aug. 30, 2019	Jun. 30, 2019	Oct. 04, 2019	Dec. 31, 2018
Nature Of Operations [Line Items]
Principal amount outstanding			$ 501,207		$ 642,559
Recourse Indebtedness
Nature Of Operations [Line Items]
Principal amount outstanding			$ 165,451		165,451
Recourse Indebtedness | 7.125% Senior Notes due 2019
Nature Of Operations [Line Items]
Stated interest rate			7.125%
Principal amount outstanding			$ 65,356
Contractual maturity date			Aug. 30, 2019
Recourse Indebtedness | 7.625% Senior Notes due 2024
Nature Of Operations [Line Items]
Stated interest rate			7.625%
Principal amount outstanding			$ 56,324
Recourse Indebtedness | Junior Subordinated Notes, at Amortized Cost
Nature Of Operations [Line Items]
Principal amount outstanding			25,100		25,100
Recourse Indebtedness | Junior Subordinated Notes, at Fair Value
Nature Of Operations [Line Items]
Principal amount outstanding	[1]		$ 18,671		$ 18,671
Purchase Agreement | CF RFP Holdings LLC | Subsequent Event
Nature Of Operations [Line Items]
Purchase price		$ 174,424
Earnest money deposits		$ 8,721
Amendment | CF RFP Holdings LLC | Subsequent Event
Nature Of Operations [Line Items]
Additional deposits				$ 8,721
[1]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands		Aug. 30, 2019USD ($)	Jun. 30, 2019USD ($)LoanPropertyInstrument	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)LoanPropertyInstrument	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2019USD ($)Property
Significant Accounting Policies [Line Items]
Decrease to cash flows from operating activities					$ (89,583)		$ (108,494)
Increase to cash flows from investing activities					$ 89,583		108,494
Principal amount outstanding			$ 501,207			$ 501,207		$ 642,559
Federal deposit insurance corporation, insurance limit per institution			250			250
Restricted cash			29,282	$ 113,091		29,282	113,091	63,067
Accrued interest receivable			16,754			16,754		18,044
Earned asset management fees from consolidated securitizations, eliminated			52	152		111	314
Intangible assets, accumulated amortization			6,050			6,050		5,703
Intangible assets, amortization expenses			193	$ 391		386	$ 818
Expected amortization expense of intangible assets, remainder of 2019			339			339
Expected amortization expense of intangible assets in 2020			434			434
Expected amortization expense of intangible assets in 2021			249			249
Expected amortization expense of intangible assets in 2022			145			145
Expected amortization expense of intangible assets in 2023			72			72
Expected amortization expense of intangible assets thereafter			$ 131			$ 131
Number of derivative instruments outstanding | Instrument			0			0
Lease liability			$ 2,983			$ 2,983
ROU asset			308			308
ASU Topic 842
Significant Accounting Policies [Line Items]
Lease liability									$ 3,008
ROU asset									$ 2,416
Number of real estate operating leases, recognition of lease liability and ROU asset | Property									1
In-place leases
Significant Accounting Policies [Line Items]
Intangible assets, gross carrying amount			$ 7,420			$ 7,420		7,420
Multifamily real estate properties
Significant Accounting Policies [Line Items]
Number of real estate properties held | Property			0			0
Loans and Finance Receivables
Significant Accounting Policies [Line Items]
Accrued interest receivable			$ 15,175			$ 15,175		15,870
Impairment of loans						$ 32,906		33,030
Number of impaired loans | Loan			7			7
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			$ 25,102			$ 25,102		33,300
Securitizations
Significant Accounting Policies [Line Items]
Restricted cash			4,180			4,180		29,767
Purchase Agreement | CF RFP Holdings LLC | Subsequent Event
Significant Accounting Policies [Line Items]
Purchase price		$ 174,424
Recourse Indebtedness
Significant Accounting Policies [Line Items]
Principal amount outstanding			$ 165,451			$ 165,451		165,451
7.125% Senior Notes due 2019 | Recourse Indebtedness
Significant Accounting Policies [Line Items]
Stated interest rate			7.125%			7.125%
Principal amount outstanding			$ 65,356			$ 65,356
Contractual maturity date						Aug. 30, 2019
7.625% Senior Notes due 2024 | Recourse Indebtedness
Significant Accounting Policies [Line Items]
Stated interest rate			7.625%			7.625%
Principal amount outstanding			$ 56,324			$ 56,324
Junior Subordinated Notes, at Amortized Cost | Recourse Indebtedness
Significant Accounting Policies [Line Items]
Principal amount outstanding			25,100			25,100		25,100
Junior Subordinated Notes, at Fair Value | Recourse Indebtedness
Significant Accounting Policies [Line Items]
Principal amount outstanding	[1]		$ 18,671			$ 18,671		$ 18,671
[1]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	$ 126	$ 1,530	$ 193	$ 3,067
Property Management Fee income
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers		727		1,493
Parking
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers		231		433
Leasing Commission income
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers		343		664
Other miscellaneous
Disaggregation Of Revenue [Line Items]
Revenue from Contracts with customers	$ 126	$ 229	$ 193	$ 477

Loans Held for Investment (Deta

Loans Held for Investment (Detail) $ in Thousands		6 Months Ended			12 Months Ended
		Jun. 30, 2019USD ($)Loan		Jun. 30, 2018Loan	Dec. 31, 2018USD ($)Loan		Mar. 31, 2018USD ($)
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance							$ 90,260
Carrying Amount		$ 6,599
Number of Loans | Loan				9
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		381,607	[1]		$ 502,974	[2]
Total investment in loans, Unamortized (Discounts) Premiums		102	[1]		97	[2]
Carrying Amount		$ 381,709	[1]		$ 503,071	[2]
Number of Loans | Loan		41	[1]		51	[2]
Weighted-Average Coupon	[3]	7.10%	[1]		7.20%	[2]
Deferred fees and costs, net		$ (430)	[4]		$ (674)	[5]
Total investments in loans, Unpaid Principal Balance		381,177			502,300
Commercial mortgages, mezzanine loans and other loans, Carrying Amount		381,279			502,397
Commercial Mortgage Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		332,040			453,283
Total investment in loans, Unamortized (Discounts) Premiums		(61)			(66)
Carrying Amount		$ 331,979			$ 453,217
Number of Loans | Loan		25			35
Weighted-Average Coupon	[3]	6.80%			6.90%
Range of Maturity Dates, Minimum		Jul. 31, 2019			Feb. 28, 2019
Range of Maturity Dates, Maximum		Jun. 30, 2025			Jun. 30, 2025
Mezzanine Loans | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 21,114			$ 21,114
Total investment in loans, Unamortized (Discounts) Premiums		164			164
Carrying Amount		$ 21,278			$ 21,278
Number of Loans | Loan		3			3
Weighted-Average Coupon	[3]	13.30%			13.30%
Range of Maturity Dates, Minimum		Jun. 30, 2020			Jun. 30, 2020
Range of Maturity Dates, Maximum		Mar. 31, 2023			Mar. 31, 2023
Preferred Equity Interests | Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Unpaid Principal Balance		$ 28,453			$ 28,577
Total investment in loans, Unamortized (Discounts) Premiums		(1)			(1)
Carrying Amount		$ 28,452			$ 28,576
Number of Loans | Loan		13			13
Weighted-Average Coupon	[3]	5.90%			6.00%
Range of Maturity Dates, Minimum		Mar. 31, 2023			Mar. 31, 2023
Range of Maturity Dates, Maximum		Jun. 30, 2029			Jun. 30, 2029
[1]	Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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 $1,290 of deferred fees, net of $860 of deferred costs
[5]	Includes $2,558 of deferred fees

Loans Held for Investment (Pare

Loans Held for Investment (Parenthetical) (Detail) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019		Dec. 31, 2018
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	$ 6,599
Commercial Portfolio Segment
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	381,709	[1]	$ 503,071	[2]
Commercial Portfolio Segment | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	51,017		54,621
Commercial Portfolio Segment | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	331,979		453,217
Commercial Portfolio Segment | Commercial Mortgage Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	5,099		8,579
Commercial Portfolio Segment | Commercial Mortgage Loans | Conduit Loans
Mortgage Loans On Real Estate [Line Items]
Deferred fees	1,290		2,558
Deferred costs	860		1,884
Commercial Portfolio Segment | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	21,278		21,278
Commercial Portfolio Segment | Mezzanine Loans | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	21,114		21,114
Commercial Portfolio Segment | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	28,452		28,576
Commercial Portfolio Segment | Preferred Equity Interests | Cash Flow Loans
Mortgage Loans On Real Estate [Line Items]
Carrying Amount	$ 24,804		$ 24,928
[1]	Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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	Jun. 30, 2019		Dec. 31, 2018
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 381,607		$ 502,974
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	332,040		453,283
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	21,114		21,114
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	28,453		28,577
Current
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	348,556		455,534
Current | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	298,989		414,735
Current | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	21,114		12,222
Current | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	28,453		28,577
30 to 59 days
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	5,098
30 to 59 days | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	5,098
90 days or more
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	27,953		47,440
90 days or more | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	27,953		38,548
90 days or more | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total			8,892
Non-accrual
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	72,404	[1]	92,993	[2]
Non-accrual | Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	56,449	[1]	46,793	[2]
Non-accrual | Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	8,245	[1]	8,892	[2]
Non-accrual | Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Delinquency statistics, Total	$ 7,710	[1]	$ 37,308	[2]
[1]	Includes five loans that are current, 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 their 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 three 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	May 08, 2019USD ($)	Mar. 31, 2018USD ($)Loan	Jun. 30, 2019USD ($)Loan		Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Loan		Jun. 30, 2018USD ($)Loan	Dec. 31, 2018USD ($)Loan
Accounts Notes And Loans Receivable [Line Items]
Principal balance			$ 6,599			$ 6,599
Number of Loans | Loan								9
Unpaid Principal Balance		$ 90,260
Provision for loan losses			9,509		$ (14,748)	10,092		$ (45,614)
Settlement agreement, amount to be paid by related securitization trust	$ 9,000		9,000			9,000
Average impaired loans unpaid balance			110,835		125,871	116,105		126,074
Interest income from impaired loans			0		313	$ 0		440
Proceeds from sale of loans held-for-sale		43,384						$ 14,265
Loss on sale of loans		$ 930	$ (66)
Number of loans held for sale | Loan		9						6
Number of loans sold | Loan									6
Net loss on sale of loans									$ 3,280
Number of remaining loans held for sale repaid | Loan			1
Net gain on loans held for sale repaid		$ (930)	$ 66
Number of loans available for sale | Loan						2
Gain on loans available for sale						$ 221
Carrying amount of loans held for sale			4,973			4,973
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			381,709	[1]		$ 381,709	[1]		$ 503,071	[2]
Number of Loans | Loan						41	[1]		51	[2]
Unpaid Principal Balance			$ 381,607	[1]		$ 381,607	[1]		$ 502,974	[2]
Commercial Portfolio Segment | One Commercial Mortgage Loan
Accounts Notes And Loans Receivable [Line Items]
Modification troubled debt restructuring, subsequently defaulted, number of loans | Loan						0		0
Modification troubled debt restructuring, number of loans | Loan			1			1		1
Unpaid principal balance constituted a TDR			$ 29,478		$ 7,948	$ 29,478		$ 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			51,017			$ 51,017			$ 54,621
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			$ 72,404			$ 72,404			$ 92,993
Weighted-average interest rate			6.90%			6.90%			6.90%
Recognizing interest on the cash basis | Commercial Portfolio Segment
Accounts Notes And Loans Receivable [Line Items]
Weighted-average interest rate			11.40%			11.40%			11.40%
Number of Loans | Loan						5			5
Unpaid Principal Balance			$ 25,700			$ 25,700			$ 25,700
Loans Originated Prior to 2010
Accounts Notes And Loans Receivable [Line Items]
Provision for loan losses			$ 9,509			$ 10,092
[1]	Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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	Jun. 30, 2019		Dec. 31, 2018		Mar. 31, 2018
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance					$ 90,260
Commercial Portfolio Segment
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 381,607	[1]	$ 502,974	[2]
Commercial Portfolio Segment | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	332,040		453,283
Commercial Portfolio Segment | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	21,114		21,114
Commercial Portfolio Segment | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	28,453		28,577
Commercial Portfolio Segment | Satisfactory
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	221,305		319,167
Commercial Portfolio Segment | Satisfactory | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	216,242		314,104
Commercial Portfolio Segment | Satisfactory | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	5,063		5,063
Commercial Portfolio Segment | Watchlist
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	160,302	[3]	183,807	[4]
Commercial Portfolio Segment | Watchlist | Commercial Mortgage Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	115,798	[3]	139,179	[4]
Commercial Portfolio Segment | Watchlist | Mezzanine Loans
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	21,114	[3]	21,114	[4]
Commercial Portfolio Segment | Watchlist | Preferred Equity Interests
Financing Receivable Recorded Investment [Line Items]
Unpaid Principal Balance	$ 23,390	[3]	$ 23,514	[4]
[1]	Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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 $106,052 of loans that are considered to be impaired and $54,250 of loans that are not considered to be impaired.
[4]	Includes $126,645 of loans that are considered to be impaired and $57,162 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	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable Recorded Investment [Line Items]
Total Impaired Loans	$ 106,052	$ 126,645
Loans not impaired	$ 54,250	$ 57,162

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			6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018		Jun. 30, 2019	Jun. 30, 2018
Mortgage Loans On Real Estate [Line Items]
Beginning balance	$ 20,727	$ 13,732		$ 22,336	$ 12,354
Provision (benefit) for loan losses	(9,509)	14,748		(10,092)	45,614
Charge-offs, net of recoveries	8,927	(11,781)	[1]	7,901	(43,085)
Ending balance	20,145	16,699		20,145	16,699
Mezzanine Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	6,496	5,231		6,496	5,622
Provision (benefit) for loan losses					2,784
Charge-offs, net of recoveries					(3,175)
Ending balance	6,496	5,231		6,496	5,231
Preferred Equity Interests
Mortgage Loans On Real Estate [Line Items]
Beginning balance	3,830	242		3,928	242
Provision (benefit) for loan losses	(60)			(158)
Ending balance	3,770	242		3,770	242
Commercial Mortgage Loans
Mortgage Loans On Real Estate [Line Items]
Beginning balance	10,401	8,259		11,912	9,019
Provision (benefit) for loan losses	(9,449)	14,748		(9,934)	19,996
Charge-offs, net of recoveries	8,927	(11,781)	[1]	7,901	(17,789)
Ending balance	$ 9,879	$ 11,226		$ 9,879	$ 11,226
[1]	Includes $1,423 of charge-offs related to loans transferred to held for sale during the three months ended June 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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Receivables [Abstract]
Impairments related to loans transferred to held for sale	$ 1,423	$ 5,331

Loans Considered to be Impaired

Loans Considered to be Impaired (Detail) - USD ($) $ in Thousands	Jun. 30, 2019		Mar. 31, 2019	Dec. 31, 2018		Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	$ 37,298			$ 40,782
Impaired loans with reserves	68,754			85,863
Total Impaired Loans	106,052	[1]		126,645	[2]
Allowance for loan losses	20,145		$ 20,727	22,336		$ 16,699	$ 13,732	$ 12,354
Commercial Mortgage Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	5,099			8,579
Impaired loans with reserves	56,449			73,438
Total Impaired Loans	61,548	[1]		82,017	[2]
Allowance for loan losses	9,879		10,401	11,912		11,226	8,259	9,019
Mezzanine Loans
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	12,869			12,869
Impaired loans with reserves	8,245			8,245
Total Impaired Loans	21,114	[1]		21,114	[2]
Allowance for loan losses	6,496		6,496	6,496		5,231	5,231	5,622
Preferred Equity Interests
Financing Receivable Impaired [Line Items]
Impaired loans expecting full recovery	19,330			19,334
Impaired loans with reserves	4,060			4,180
Total Impaired Loans	23,390	[1]		23,514	[2]
Allowance for loan losses	$ 3,770		$ 3,830	$ 3,928		$ 242	$ 242	$ 242
[1]	As of June 30, 2019, there was no unpaid principal relating to previously identified TDRs that are on accrual status.
[2]	As of December 31, 2018, 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	Jun. 30, 2019	Dec. 31, 2018
Receivables [Abstract]
Unpaid principal relating to previously identified TDRs that are on accrual status	$ 0	$ 0

Summary of Investments in Real

Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 124,327	$ 116,592
Less: Accumulated depreciation and amortization	(10,722)	(8,768)
Investments in real estate, net	113,605	107,824
Office real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	49,027	48,760
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate, Book Value	56,556	49,088
Parcels of land
Real Estate Properties [Line Items]
Investments in real estate, Book Value	$ 18,744	$ 18,744

Investments in Real Estate - Ad

Investments in Real Estate - Additional Information (Detail) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)Property	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	$ 113,605	$ 113,605	$ 107,824
Investments in real estate	124,327	124,327	116,592
Mortgages loans or other debt held by third parties	40,351	40,351	40,724
Mortgages loans held by consolidated securitizations	96,168	96,168	80,562
Retail real estate properties
Real Estate Properties [Line Items]
Investments in real estate	56,556	$ 56,556	49,088
Number of real estate properties disposed | Property		2
Commercial Mortgage Loans
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	7,448	$ 7,448
Carrying Value, Transfer of commercial real estate loan to real estate owned	7,448
Land
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	41,119	41,119	36,905
Building and Building Improvements
Real Estate Properties [Line Items]
Investments in real estate, net, Book Value	$ 83,208	$ 83,208	$ 79,687

Summary of Minimum Future Lease

Summary of Minimum Future Lease Payments (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Lessor Disclosure [Abstract]
2019	$ 4,776
2020	7,930
2021	5,690
2022	3,703
2023	1,980
2024 and thereafter	5,168
Total	$ 29,247

Summary of Disposition and Each

Summary of Disposition and Each Property's Contribution (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate Properties [Line Items]
Net income (loss) allocable to common shares	$ (4,244)	$ (50,162)	$ (15,508)	$ (84,256)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations
Real Estate Properties [Line Items]
Sale Price			13,805
Gain (loss) on sale			943
Net income (loss) allocable to common shares	(12)		$ (72)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | Rte 18 Central Plaza | Retail real estate properties
Real Estate Properties [Line Items]
Date of Sale			Feb. 26, 2019
Sale Price			$ 5,100
Net income (loss) allocable to common shares	5		$ (55)
Disposal Group Held For Sale Or Disposed Of By Sale Not Discontinued Operations | 735 Collins Ave | Retail real estate properties
Real Estate Properties [Line Items]
Date of Sale			May 14, 2019
Sale Price			$ 8,705
Gain (loss) on sale			943
Net income (loss) allocable to common shares	$ (17)		$ (17)

Summary of Total Recourse and N

Summary of Total Recourse and Non-Recourse Indebtedness (Detail) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2019		Dec. 31, 2018
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 501,207		$ 642,559
Unamortized Discount/Premium and Deferred Financing Costs		(15,256)		(16,643)
Indebtedness		$ 485,951		$ 625,916
Weighted-Average Interest Rate		4.90%		4.60%
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 165,451		$ 165,451
Unamortized Discount/Premium and Deferred Financing Costs		(14,780)		(14,144)
Indebtedness		$ 150,671		$ 151,307
Weighted-Average Interest Rate		6.90%		6.90%
Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 335,756		$ 477,108
Unamortized Discount/Premium and Deferred Financing Costs		(476)		(2,499)
Indebtedness		$ 335,280		$ 474,609
Weighted-Average Interest Rate		3.90%		3.90%
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		(1,107)		(1,224)
Indebtedness		$ 55,217		$ 55,100
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		$ 65,356
Unamortized Discount/Premium and Deferred Financing Costs		(92)		(359)
Indebtedness		$ 65,264		$ 64,997
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	[1]	$ 18,671		$ 18,671
Unamortized Discount/Premium and Deferred Financing Costs	[1]	(13,581)		(12,561)
Indebtedness	[1]	$ 5,090		$ 6,110
Weighted-Average Interest Rate	[1]	6.60%		6.40%
Contractual Maturity, month and year	[1]	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		5.10%		5.00%
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	[3]	$ 99,875	[2]	$ 116,102	[4]
Indebtedness	[3]	$ 99,875	[2]	$ 116,102	[4]
Weighted-Average Interest Rate	[3]	2.40%	[2]	3.10%	[4]
Contractual Maturity, month and year	[3]	2046-11	[2]	2046-11	[4]
Loan Payable On Real Estate | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance		$ 40,351		$ 40,724
Unamortized Discount/Premium and Deferred Financing Costs		(185)		(225)
Indebtedness		$ 40,166		$ 40,499
Weighted-Average Interest Rate		4.70%		4.70%
Loan Payable On Real Estate | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-10		2021-10
Loan Payable On Real Estate | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year		2021-12		2021-12
CMBS securitizations | Non Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	[6]	$ 195,530	[5]	$ 320,282	[7]
Unamortized Discount/Premium and Deferred Financing Costs	[6]	(291)	[5]	(2,274)	[7]
Indebtedness	[6]	$ 195,239	[5]	$ 318,008	[7]
Weighted-Average Interest Rate	[6]	4.50%	[5]	4.00%	[7]
CMBS securitizations | Non Recourse Indebtedness | Minimum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]	2037-06	[5]	2037-06	[7]
CMBS securitizations | Non Recourse Indebtedness | Maximum
Debt Instrument [Line Items]
Contractual Maturity, month and year	[6]	2037-12	[5]	2037-12	[7]
[1]	Relates to liabilities which we elected to record at fair value under FASB ASC Topic 825.
[2]	Collateralized by $156,339 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,585 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.
[3]	Excludes CDO notes payable purchased by us which are eliminated in consolidation.
[4]	Collateralized by $170,124 principal amount of commercial mortgage loans, mezzanine loans, other loans and preferred equity interests, $94,191 of which is eliminated in consolidation. These obligations were issued by separate legal entities and consequently the assets of the special purpose entities that collateralize these obligations are not available to our creditors.
[5]	Collateralized by $298,988 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.
[6]	Excludes CMBS securitization notes purchased by us which are eliminated in consolidation.
[7]	Collateralized by $409,218 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) - Non Recourse Indebtedness - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CMBS securitizations
Debt Instrument [Line Items]
Underlying collateral	$ 298,988	$ 409,218
CDO notes payable, at amortized cost
Debt Instrument [Line Items]
Underlying collateral	156,339	170,124
Consolidation Eliminations
Debt Instrument [Line Items]
Underlying collateral	$ 94,585	$ 94,191

Indebtedness - Recourse Indebte

Indebtedness - Recourse Indebtedness - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Mar. 31, 2018
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 501,207	$ 642,559
Recourse Indebtedness
Debt Instrument [Line Items]
Unpaid Principal Balance	$ 165,451	165,451
Recourse Indebtedness | 7.625% Senior Notes due 2024
Debt Instrument [Line Items]
Stated interest rate	7.625%
Unpaid Principal Balance	$ 56,324	56,324
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	$ 65,356
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 | Junior subordinated notes, at fair value
Debt Instrument [Line Items]
Aggregate principal amount of notes issued	18,671
Fair value of indebtedness	$ 5,090

Indebtedness - Non-Recourse Ind

Indebtedness - Non-Recourse Indebtedness - Additional Information (Detail)	Jun. 30, 2019USD ($)
Debt Instrument [Line Items]
Real estate investment	$ 6,599,000
CMBS securitizations | Non Recourse Indebtedness | RAIT FL7
Debt Instrument [Line Items]
Real estate investment	184,911,000
Collateral default amount	0
CMBS securitizations | Non Recourse Indebtedness | RAIT FL8
Debt Instrument [Line Items]
Real estate investment	120,260,000
Collateral default amount	0
CMBS securitizations | Investment Grade Senior Notes | RAIT FL7
Debt Instrument [Line Items]
Outstanding principal balance of classes of investment grade senior notes	119,432,000
CMBS securitizations | Investment Grade Senior Notes | RAIT FL8
Debt Instrument [Line Items]
Outstanding principal balance of classes of investment grade senior notes	76,098,000
CMBS securitizations | Investment Grade Junior Notes | RAIT FL7
Debt Instrument [Line Items]
Real estate investment	65,479,000
CMBS securitizations | Investment Grade Junior Notes | RAIT FL8
Debt Instrument [Line Items]
Real estate investment	$ 44,162,000

Aggregate Contractual Maturitie

Aggregate Contractual Maturities of Indebtedness Outstanding, by Year (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Extinguishment Of Debt [Line Items]
Total	$ 501,207	$ 642,559
Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2019	65,356
Thereafter	100,095
Total	165,451	165,451
Non Recourse Indebtedness
Extinguishment Of Debt [Line Items]
2019	376
2020	779
2021	39,196
Thereafter	295,405
Total	$ 335,756	$ 477,108

Indebtedness - Defaults on Reco

Indebtedness - Defaults on Recourse Indebtedness - Additional Information (Detail)	Aug. 20, 2019	Jun. 30, 2019
Subsequent Event
Debt Instrument [Line Items]
Time period to take remedy action to avoid default	60 days
Default stated interest rate	0.50%
7.125% Senior Notes due 2019
Debt Instrument [Line Items]
Default stated interest rate		7.125%
Default maturity date		Aug. 30, 2019
7.125% Senior Notes due 2019 | Subsequent Event
Debt Instrument [Line Items]
Default stated interest rate	7.125%
7.625% Senior Notes due 2024 | Subsequent Event
Debt Instrument [Line Items]
Default stated interest rate	7.625%

Carrying Amount and Fair Value

Carrying Amount and Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Liabilities
Junior subordinated notes	$ 5,090	$ 6,110
Carrying Amount
Assets
Total investment in mortgage loans, held for investment, net	361,134	480,061
Investment in mortgage loans, held for sale	4,973	4,873
Cash and cash equivalents	46,705	42,453
Restricted cash	29,282	63,067
Carrying Amount | 7.625% Senior Notes due 2024
Liabilities
Indebtedness	55,217	55,100
Carrying Amount | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	65,264	64,997
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	99,875	116,102
Carrying Amount | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,166	40,499
Carrying Amount | Recourse Indebtedness | 7.625% Senior Notes due 2024
Liabilities
Indebtedness	55,217	55,100
Carrying Amount | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	65,264	64,997
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	99,875	116,102
Carrying Amount | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,166	40,499
Carrying Amount | CMBS securitizations
Liabilities
Notes payable	195,239	318,008
Carrying Amount | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	195,239	318,008
Carrying Amount | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	5,090	6,110
Estimated Fair Value
Assets
Total investment in mortgage loans, held for investment, net	333,668	444,962
Investment in mortgage loans, held for sale	4,973	4,873
Cash and cash equivalents	46,705	42,453
Restricted cash	29,282	63,067
Estimated Fair Value | Recourse Indebtedness | 7.625% Senior Notes due 2024
Liabilities
Indebtedness	38,300	41,229
Estimated Fair Value | Recourse Indebtedness | 7.125% Senior Notes due 2019
Liabilities
Indebtedness	56,834	58,010
Estimated Fair Value | Recourse Indebtedness | Junior subordinated notes, at amortized cost
Liabilities
Junior subordinated notes	5,780	6,550
Estimated Fair Value | Non Recourse Indebtedness | CDO notes payable, at amortized cost
Liabilities
Notes payable	75,063	94,513
Estimated Fair Value | Non Recourse Indebtedness | Loan Payable On Real Estate
Liabilities
Loans payable on real estate	40,911	40,608
Estimated Fair Value | CMBS securitizations | Non Recourse Indebtedness
Liabilities
Notes payable	195,765	320,711
Estimated Fair Value | Junior subordinated notes, at fair value | Recourse Indebtedness
Liabilities
Junior subordinated notes	$ 5,090	$ 6,110

Information of Assets and Liabi

Information of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2019		Dec. 31, 2018
Liabilities:
Junior subordinated notes, at fair value	$ 5,090		$ 6,110
Total liabilities	5,090		6,110
Significant Unobservable Inputs (Level 3)
Liabilities:
Junior subordinated notes, at fair value	5,090	[1]	6,110	[2]
Total liabilities	$ 5,090	[1]	$ 6,110	[2]
[1]	During the six months ended June 30, 2019, 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, 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 ($)	Jun. 30, 2019	Dec. 31, 2018
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	6 Months Ended
	Jun. 30, 2019USD ($)Loan	Jun. 30, 2018Loan	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of Loans		9
Non-Recurring Fair Value Measurements | Commercial Real Estate
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of Loans	5
Assets Fair Value Disclosure | $	$ 48,872
Non-Recurring Fair Value Measurements | Commercial Real Estate | Held For Sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Number of Loans	2
Assets Fair Value Disclosure | $	$ 4,973
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
Significant Unobservable Inputs (Level 3) | Junior Subordinated Notes, at Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Discount rate	0.30		0.27

Additional Information about As

Additional Information about Assets and Liabilities That Are Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 5,500	$ 6,110
Change in fair value of financial instruments	(410)	(1,020)
Ending Balance	5,090	5,090
Junior Subordinated Notes, at Fair Value
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	5,500	6,110
Change in fair value of financial instruments	(410)	(1,020)
Ending Balance	$ 5,090	$ 5,090

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	Jun. 30, 2019		Dec. 31, 2018
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 5,090		$ 6,110
Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Junior subordinated notes	$ 5,090	[1]	$ 6,110	[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
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	$ 361,134		$ 480,061
Investment in mortgage loans, held for sale	4,973		4,873
Carrying Amount | CMBS securitizations
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	195,239		318,008
Estimated Fair Value
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgage loans, held for investment, net	333,668		444,962
Investment in mortgage loans, held for sale	4,973		4,873
Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Total investment in mortgage loans, held for investment, net	333,668		444,962
Investment in mortgage loans, held for sale	4,973		4,873
Estimated Fair Value | CMBS securitizations | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	$ 195,765		$ 320,711
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	$ 55,217		$ 55,100
7.625% Senior Notes due 2024 | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 38,300		$ 41,229
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	$ 65,264		$ 64,997
7.125% Senior Notes due 2019 | Estimated Fair Value | Significant Other Observable Inputs (Level 2)
Fair Value Measurement Inputs Disclosure [Line Items]
Indebtedness	$ 56,834		$ 58,010
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	$ 5,780		$ 6,550
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	$ 99,875		$ 116,102
CDO notes payable, at amortized cost | Estimated Fair Value | Significant Unobservable Inputs (Level 3)
Fair Value Measurement Inputs Disclosure [Line Items]
Notes payable	$ 75,063		$ 94,513
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	$ 40,166		$ 40,499
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	$ 40,911		$ 40,608
[1]	During the six months ended June 30, 2019, 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, 2018, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (410)		$ (1,020)
Change in fair value of financial instruments	(210)	$ 111	(180)	$ 198
Junior subordinated notes
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities	$ (210)	(77)	$ (180)	(272)
Derivative
Fair Value Assets And Liabilities Measured On Unobservable Inputs [Line Items]
Change in fair value of financial instruments, Liabilities		$ 188		$ 470

Assets and Liabilities of Conso

Assets and Liabilities of Consolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018
Assets
Investments in real estate	$ 113,605		$ 107,824
Cash and cash equivalents	46,705		42,453	$ 72,224
Restricted cash	29,282		63,067	$ 113,091
Accrued interest receivable	16,754		18,044
Other assets	8,755		10,807
Total assets	582,578		733,764
Liabilities and Equity
Accrued interest payable	2,160		2,401
Accounts payable and accrued expenses	2,785		3,330
Total liabilities	518,124		665,258
Shareholders’ equity:
Total shareholders’ equity	64,454	$ 62,943	68,506
Total liabilities and shareholders' equity	582,578		733,764
VIE
Assets
Investments in commercial mortgage loans, mezzanine loans and preferred equity interests	437,183		561,101
Investments in real estate	17,665		18,020
Cash and cash equivalents	221		209
Restricted cash	4,667		30,032
Accrued interest receivable	17,585		18,849
Other assets	756		4,007
Total assets	478,077		632,218
Liabilities and Equity
Indebtedness, net	499,171		638,011
Accrued interest payable	7,257		7,417
Accounts payable and accrued expenses	202		3,389
Deferred taxes, borrowers’ escrows and other liabilities	201		199
Total liabilities	506,831		649,016
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(28,754)		(16,798)
Total shareholders’ equity	(28,754)		(16,798)
Total liabilities and shareholders' equity	478,077		632,218
VIE | RAIT Securitizations
Assets
Investments in commercial mortgage loans, mezzanine loans and preferred equity interests	437,183		561,101
Restricted cash	4,162		29,658
Accrued interest receivable	17,585		18,849
Other assets	78		153
Total assets	459,008		609,761
Liabilities and Equity
Indebtedness, net	479,745		618,516
Accrued interest payable	1,114		1,534
Accounts payable and accrued expenses	67		74
Deferred taxes, borrowers’ escrows and other liabilities			2
Total liabilities	480,926		620,126
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(21,918)		(10,365)
Total shareholders’ equity	(21,918)		(10,365)
Total liabilities and shareholders' equity	459,008		609,761
VIE | RAIT VIE Properties
Assets
Investments in real estate	17,665		18,020
Cash and cash equivalents	221		209
Restricted cash	505		374
Other assets	678		3,854
Total assets	19,069		22,457
Liabilities and Equity
Indebtedness, net	19,426		19,495
Accrued interest payable	6,143		5,883
Accounts payable and accrued expenses	135		3,315
Deferred taxes, borrowers’ escrows and other liabilities	201		197
Total liabilities	25,905		28,890
Shareholders’ equity:
RAIT investment and Retained earnings (deficit)	(6,836)		(6,433)
Total shareholders’ equity	(6,836)		(6,433)
Total liabilities and shareholders' equity	$ 19,069		$ 22,457

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Indebtedness	$ 485,951	$ 625,916
VIE
Variable Interest Entity [Line Items]
Total investment in mortgages and loans,net	352,064	467,656
Indebtedness	301,711	440,776
VIE | Consolidation Eliminations
Variable Interest Entity [Line Items]
Total investment in mortgages and loans,net	85,119	93,445
Indebtedness	$ 197,460	$ 197,235

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

Jun. 30, 2018shares

Jun. 30, 2019$ / sharesshares

Dec. 31, 2018$ / shares

Dec. 31, 2017shares

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

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

Repurchased shares price | $

$ 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

Preferred Series D | Redemption and Exchange Agreement

Temporary Equity [Line Items]

Repurchased shares price | $

$ 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

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

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

8.875% Series C Cumulative Redeemable Preferred Stock | Redemption and Exchange Agreement

Temporary Equity [Line Items]

Preferred shares issued, net (shares)

117,605

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 16, 2018	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class Of Stock [Line Items]
Common stock, dividend paid		$ 29	$ 105
Plaz America
Class Of Stock [Line Items]
Acquired the non-controlling interests	$ 343				$ 343
Acquired the non-controlling interests carrying amount	$ 3,582
Restricted Stock
Class Of Stock [Line Items]
Common stock, dividend paid				$ 29
Preferred Stock
Class Of Stock [Line Items]
Dividends unpaid and arrears				25,313
Preferred Stock | RAIT Joint Venture VIE
Class Of Stock [Line Items]
Cumulative redeemable preferred shares, shares issued						125
Weighted-average price per share						$ 1,000
Preferred share issuance, net of costs incurred						$ 76
Common Shares
Class Of Stock [Line Items]
Total shareholders’ equity, deficit				$ 185,405

Reconciliation of Basic and Dil

Reconciliation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Income (loss)		$ 827	$ (57,023)	$ (5,374)	$ (84,728)
(Income) loss allocated to preferred shares		(5,071)	6,861	(10,134)	472
Net income (loss) allocable to common shares		$ (4,244)	$ (50,162)	$ (15,508)	$ (84,256)
Weighted-average shares outstanding-Basic	[1]	1,844,563	1,839,826	1,844,302	1,838,666
Weighted-average shares outstanding—Diluted	[1]	1,844,563	1,839,826	1,844,302	1,838,666
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic		$ (2.30)	$ (27.26)	$ (8.41)	$ (45.82)
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted		$ (2.30)	$ (27.26)	$ (8.41)	$ (45.82)
[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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares not included in computation of earnings per common share	4,966	163,502	5,488	167,075

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	May 11, 2018	Apr. 06, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 30, 2018
Ballard Spahr LLP
Related Party Transaction [Line Items]
Trustee fee paid			$ 52		$ 84
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
Related party transaction maturity date				May 26, 2019
Reduction of outstanding common shares				4.90%

Supplemental Disclosure to St_3

Supplemental Disclosure to Statement of Cash Flows (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest		$ 14,311	$ 28,483
Cash paid (refunds received) for taxes		(38)	(1)
Non-cash increase in investments in real estate from conversion of loans	$ 7,448	$ 7,448
Non-cash increase (decrease) in indebtedness from debt extinguishments			$ (1,265)

Supplemental Disclosure to St_4

Supplemental Disclosure to Statement of Cash Flows - Additional Information (Detail) $ in Thousands	Mar. 19, 2018USD ($)	Mar. 16, 2018USD ($)	Jun. 22, 2017USD ($)	Dec. 07, 2016USD ($)	Mar. 31, 2018USD ($)Loan	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)Loan		Jun. 30, 2018USD ($)Loanshares	Dec. 31, 2018USD ($)Loan	[2]
Cash Flow Supplemental Disclosures [Line Items]
Increase in non-cash investment in real estate						$ 7,448	$ 7,448
Decrease in non-cash investment in mortgage loans						$ 7,866
Number of Loans | Loan									9
Number of loans held for sale | Loan					9				6
Unpaid principal balance					$ 90,260
Principal balance							$ 6,599
Preferred Series D
Cash Flow Supplemental Disclosures [Line Items]
Proceeds from sale of interests	$ 4,863		$ 10,057	$ 11,600
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
Proceeds from sale of interests									$ 56,765
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
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							41	[1]		51
Unpaid principal balance							$ 381,607	[1]		$ 502,974
Principal balance							$ 381,709	[1]		$ 503,071
Commercial Portfolio Segment | Commercial Mortgage Loans Sold
Cash Flow Supplemental Disclosures [Line Items]
Unpaid principal balance									31,377
Principal balance									$ 31,377
[1]	Includes $51,017 of cash flow loans, of which $5,099 are commercial mortgage loans, $21,114 are mezzanine loans and $24,804 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 $54,621 of cash flow loans, of which $8,579 are commercial mortgage loans, $21,114 are mezzanine loans and $24,928 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	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 46,705	$ 42,453	$ 72,224
Restricted cash	29,282	$ 63,067	113,091
Total cash and cash equivalents and restricted cash	$ 75,987		$ 185,315

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	May 08, 2019	Sep. 20, 2017	May 31, 2019	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Commitment And Contingencies [Line Items]
Settlement agreement, amount to be paid by related securitization trust	$ 9,000			$ 9,000	$ 9,000
Settlement payment received			$ 9,000
Outstanding funding commitment				$ 485,951	$ 485,951	$ 625,916
Remaining operating lease term					12 years 9 months 18 days
Operating lease extended term					5 years
Incremental borrowing rate					12.60%
Operating Lease, Liability, Statement of Financial Position [Extensible List]				us-gaap:OtherLiabilities	us-gaap:OtherLiabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]				us-gaap:OtherAssets	us-gaap:OtherAssets
Operating lease liability				$ 2,983	$ 2,983
Operating lease asset				308	308
Impairment charge on operating lease assets				2,076
Impairment charges of other fixed assets				705
Other General and Administrative Expenses
Commitment And Contingencies [Line Items]
Operating lease costs				107	214
Variable lease costs				74	153
Lending Arrangements
Commitment And Contingencies [Line Items]
Outstanding funding commitment				0	0
Note B
Commitment And Contingencies [Line Items]
Payment to purchase mortgage loan		$ 18,500
Mortgage loan principal to be received				$ 18,500	$ 18,500
Note A
Commitment And Contingencies [Line Items]
Payment to purchase mortgage loan		$ 190,000

Annual Minimum Rent Due Pursuan

Annual Minimum Rent Due Pursuant to Leases Topic 842 (Detail) $ in Thousands	Jun. 30, 2019USD ($)
Commitments And Contingencies Disclosure [Abstract]
2019	$ 215
2020	438
2021	447
2022	456
2023	465
Thereafter	4,626
Total undiscounted payments	6,647
Less imputed interest	(3,664)
Operating lease liability	$ 2,983

Annual Minimum Rent Due Pursu_2

Annual Minimum Rent Due Pursuant to Leases Topic 840 (Detail) $ in Thousands	Dec. 31, 2018USD ($)
Commitments And Contingencies Disclosure [Abstract]
2019	$ 479
2020	438
2021	447
2022	456
2023	465
Thereafter	4,626
Total	$ 6,911